MIRA
INFORM REPORT
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Report Date : |
14.07.2007 |
IDENTIFICATION DETAILS
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Name : |
Azar Chemical Industries Ltd |
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Registered Office : |
Ajuma Links off Graphic Rd, South Industrial Area, Kaneshi P.
O. Box 30 |
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Country : |
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Date of Incorporation : |
20th March, 1968 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of paints |
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 : |
Regular |
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Litigation : |
Clear |
Name
Azar Chemical Industries Ltd
Address
Ajuma Links off Graphic Rd, South Industrial Area, Kaneshi P. O. Box 30
Accra-
Tel: 23321
229570/ 223113 / 233659
Fax: 23321 227098
/ 233659
E-mail: info@azarghana.com
Website: www.azarghana.com
Registered Office
N/A
Date Incorporated
20th March, 1968
Started Business
9th April 1968
Managing Director/CEO
Mr. Khazi Ruston Azar
Legal Form
Private Limited Liability Company
RC No.
N/A, information not available with register General In Accra
Authorized Capital
N/A, Information not available with register General In Accra
Line of Business
Manufacturing of paints
Product/Service
Azar Gloss, Savana Emulsion paint, Shield Acrylic paints, Azar Fix,
Nitro Cellulose Lacquer, Car Flex and Tiles.
Number of Employees
110
Trade Membership
N/A
Networth
Financial information was not provided, despite our visit to their
office
Financial Condition
Operating Trend: Steady
Payments: Prompt
Public: Nothing
detrimental uncovere
BUSINESS RISKS
SUBJECT’S BUSINESS
ENVIRONMENT
Presently, Ghanaian economy is improving with higher
capacity utilization in the industries and low inflationary trends. Moreover,
there are influx of foreign investment into the country.
Azar Gloss
Azar Fix
Savan Emulsion paint
Nitro Cellulose Lacquer
Shield Acrylic paint
Tiles
Car Flex
EXISTING COMPETITORS
- Deluxe paint
- Falcon paint
- Anchor paint
- Acrylic
shield paint
SHAREHOLDERS &
SHARES HELD
Ghazi
George Chammas
Samuel Christian
Narayan Kandada
Comment: Information on shareholders held was not
provided.
PREMISES
The factory and administrative office are situated at South Industrial
Kaneshi,
MANAGEMENT PROFILE
Name Designation
Ghazi
Comment: Information on other line managers was
not provided as at the reporting date.
EMPLOYEES
One hundred and
fifty
COMMENT: Subject is still
at its growing state.
FINANCIAL INFORMATION
Financial information was not provided by subject’s principal despite
our numerous call and visits to their office.
BANKERS
Eco
LOCAL DIVIDEND PAYOUT
REQUIREMENTS
Private limited liability companies are not obliged by law to declare dividend. This is done only at the instance of the shareholders.
STOCK MARKET SHARE
MOVEMENT
Stock
Price: Subject is a private limited liability company. Henceforth, it shares are not quoted on the floor of Ghana Stock Exchange.
COMMENT AND RECOMMENDATION
Azar Chemical Industries limited was incorporated in
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%)