MIRA
INFORM REPORT
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Report Date : |
31.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
Ghana Engineering Support Co. Limited |
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Registered Office : |
House 4 Abeka Junction Tesano, Accra. P.o
Box Dantu |
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Country : |
Ghana |
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Date of Incorporation : |
3rd May, 1984 |
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Com. Reg. No.: |
C24356 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Selling Agriculture and Construction Equipment,
concrete mixers and Vibrators |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Name
Ghana Engineering Support Co. Limited
Address
House 4 Abeka Junction Tesano, Accra. P.o Box Dantu
Telephone: 233-21-221587, 23321, 223094.
Fax: 233-21-226875
email: vincomgh@yahoo.com
Date of
Incorporation
3rd May, 1984
Rc No
C24356
Share Capital
cedi 4300,000,000
Legal Form
Private Limited Liability Company
Managing Director
Mr. Vinod Dhawan
Line of Business
Business of Agriculture and construction Plant and Machinery and other Engineering support Equipment.
Products
Selling Agriculture and Construction Equipment, concrete mixers and Vibrators
Number of Employee
Fifteen
Business Risks
Subjects
Business Environment
Presently, Ghanaian economy is improving with the higher capacity utilization in industries and low inflationary trends and there are influx of foreign investors into the country.
Nature of subject
Business
Ghana Engineering support company Limited has been in the business of selling of Agriculture and Construction Equipment, Concrete Mixers and Vibrators since 1984 in Accra, Ghana
Subject and its
industry
Subject is a major and Viable player within the industry. The industry is dominated by foreign companies
Cash Flow
and Profitability
Despite our visit to subject office Financial Business information was not provided
Market Coverage
Ghana Engineering support company Limited Products covers the entire Ghana
Directors
Mr Vinod Dhawan
Mr Kapil Dhawan
Mr Bukare Yakubu
Comment
Shares allotted was not stated at the register General in Accra
Competitors
Pasico Ghana Limited
Agrico Ghana Limited
Nadanta Enterprise Limited
Agric Merchanisation Ltd
Economic
Trend 2007
Foreign Exchange Rate to US Dollar CEDI 9,400
Interest Rate ( Lending ) 14.5 percent
Financial
Information
Financial Information was not provided despite our visit to subject office
Banker
Metropolitan and allied Bank
Stock Market
share Movement
Subject is a private Limited Liability Company, its shares are not quoted on the floor of Ghana Stock Exchange
CONCLUSION AND
RECOMMENDATION
Ghana Engineering Support Company Limited was incorporated in Ghana as a private Limited liability company. it is a going concern business.
We recommend for normal business relationship.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)