MIRA INFORM REPORT

 

 

Report Date :

23.07.2007

 

IDENTIFICATION DETAILS

 

Name :

Bogoso Gold Limited

 

 

Registered Office :

32 Fourth Close Drive, Dr Amicar Carbal Road Airport Accra

 

 

Country :

Ghana

 

 

Date of Incorporation :

1999

 

 

Com. Reg. No.:

C29,939

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Gold Mining

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Name

 

Bogoso Gold Limited

 

 

Address

 

32 Fourth Close Drive, Dr Amicar Carbal Road Airport Accra.

Telephone:        233 21779040/233321779041

Fax:                  23321777700

email:               Information was not provided

 


Date of Incorporation

 

1999, as it was indicated at Register General in Accra

 

 

Rc No

 

C29,939

 

 

Share Capital

 

Not stated at the Register General in Accra

 

 

Legal  Form

 

Private Limited Liability Company

 

 

Managing Director

 

Mr Bradford Peter

 

 

Line of Business

 

Gold Mining

 

 

Products

 

Gold

 

Number of Employee

 

Fifty

 

 

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


Bogoso Gold Limited has been in the business of Gold Mining since 1999 in 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

 

Bogoso Gold Limited Products covers the entire Ghana  and African Countries

 

 

Directors

 

Gold Star Resources Limited--90percent

Ghanaian Government----10percent

Gold Star Resources Limited Diretor

Mr Bradford Peter

Mr Gray  Richard

Mr  Marter Allan

Mr  Macgregor  Ian

Mr  Higson Bruce

Dr  Jones  Doug

Mr Johansson Eric

 

 

 

Competitor

 

Chirano  Gold Mine limited

 

 

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

 

Barclays Bank Ltd

Ghana Commercial Bank Ltd

 

 

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

 

Bogoso Gold Limited was incorporated in Ghana  as a private Limited liability company. It was Brought to Ghana By Gold Star Resources Limited, it is a going concern business.

 

We recommend for normal business relationship.  

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions