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MIRA
INFORM REPORT
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Report No. : |
510512 |
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Report Date : |
23.05.2018 |
IDENTIFICATION DETAILS
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Name : |
SIERRA FISHING COMPANY LIMITED |
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Registered Office : |
Kissy Dockyard Adjacent to Freetown's Main Port, P. o. Box 1143 Freetown |
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Country : |
Sierra Leone |
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Financials (as on) : |
2017 (Summarized) |
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Date of Incorporation : |
04.04.2007 |
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Legal Form : |
Limited
Corporation |
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Line of Business : |
Subject operate
as distributors and exporters of sea food products |
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No. of Employees : |
15 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
NB |
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Credit Rating |
Explanation |
Rating Comments |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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Maximum Credit Limit : |
USD 50,000 |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Sierra Leone |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SIERRA
LEONE - ECONOMIC OVERVIEW
Sierra Leone is extremely poor and nearly half of the working-age population engages in subsistence agriculture. The country possesses substantial mineral, agricultural, and fishery resources, but it is still recovering from a civil war that destroyed most institutions before ending in the early 2000s.
In recent years, economic growth has been driven by mining - particularly iron ore. The country’s principal exports are iron ore, diamonds, and rutile, and the economy is vulnerable to fluctuations in international prices. Until 2014, the government had relied on external assistance to support its budget, but it was gradually becoming more independent. The Ebola outbreak of 2014 and 2015, combined with falling global commodities prices, caused a significant contraction of economic activity in all areas. While the World Health Organization declared an end to the Ebola outbreak in Sierra Leone in November 2015, low commodity prices in 2015-2016 contributed to the country’s biggest fiscal shortfall since 2001. In 2017, increased iron ore exports, together with the end of the Ebola epidemic, supported a resumption of economic growth.
Continued economic growth will depend on rising commodities prices and increased efforts to diversify the sources of growth. Non-mining activities will remain constrained by inadequate infrastructure, such as power and roads, even though power sector projects may provide some additional electricity capacity in the near term. Pervasive corruption and undeveloped human capital will continue to deter foreign investors. Sustained international donor support in the near future will partially offset these fiscal constraints.
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Source
: CIA |
Company NAME
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Registered Name: |
SIERRA
FISHING COMPANY LIMITED |
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Requested Name: |
SIERRA FISHING COMPANY LIMITED |
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Other Names: |
None |
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ADDRESS AND TELECOMMUNICATION |
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Physical Address: |
Kissy Dockyard Adjacent to Freetown's Main Port, |
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Postal Address: |
P. o. Box 1143 |
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Freetown, |
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Country: |
Sierra Leone |
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Phone: |
232-76767676/77622446 |
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Fax: |
232-76767676 |
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Email: |
africastarfish@yahoo.com |
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Website: |
www.sierrafishingcompany.com |
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CREDIT OPINION |
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Financial Index as
of December 2017 shows subject firm with a medium risk of credit. However,
bank and credit information obtained reveal a history of prompt payments. We
recommend Credit of USD 50,000 on 90 days. |
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LEGAL |
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
04-April-2007 |
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Reg. Number: |
Sierra Leone |
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Nominal Capital |
SLL. 1,000,000 |
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Subscribed Capital |
SLL. 1,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Bassem Mohamed |
MD |
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Director |
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RELATED COMPANIES |
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None |
Parent company. |
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None |
Subsidiary company. |
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None |
Affiliated company. |
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None |
Shareholder of
subject firm. |
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In Bo, Makeni, Kenema, Kono, Magburaka, Moyamba, Kambia, Tongo |
Branches of the
firm |
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OPERATIONS |
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Registered to
operate as distributors and exporters of sea food products |
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Imports: |
Asia |
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Exports: |
Neighbouring countries |
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Trademarks: |
None |
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Terms of sale: |
Cash (30%) and 25-90 days (70%), invoices. |
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Main Customers: |
Local agencies, distriutors, stores etc |
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Employees: |
15 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Sierra Leone |
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Location: |
Leased premises, 5,000 square feet, |
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AUDITORS AND INSURANCE |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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FINANCE |
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Currency Reported: |
Sierra Leonen Leone
(SLL.) |
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Fiscal Year End: |
December 31, 2017 |
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Inflation: |
According to information given by independent sources, the
inflation at December 31st, 2017 was of 13%. |
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Financial
Information not Submitted |
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Profit and Loss
(expressed in SLL.) |
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2017 |
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Sales |
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11,200,000,000 |
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BANK |
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Bank Name: |
Sierra Leone Commercial Bank |
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Branch: |
Sierra Leone |
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Comments: |
None |
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TRADE
REFERENCES
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Experiences: |
Good |
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NOTARIAL
BONDS
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None |
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COMMENTS / ADDITIONAL INFORMATION |
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This information
was obtained from outside sources other than the subject company itself and
confirmed the above subject. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.02 |
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1 |
INR 91.25 |
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Euro |
1 |
INR 80.07 |
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SLL |
1 |
INR 0.0089 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VAR |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.