MIRA
INFORM REPORT
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Report Date : |
31.05.2007 |
IDENTIFICATION DETAILS
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Name : |
Forewin Ghana Limited |
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Registered Office : |
P. O. Box An 11140 |
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Country : |
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Date of Incorporation : |
16th March,1993 |
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Com. Reg. No.: |
C48,896 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importation and distribution of Food |
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 |
REPORT SUMMARY
Name: Forewin Ghana Limited
Address: P.
O. Box An 11140
Tel: 233-21-221 581
Fax: 233-21-231 853
Date Incorporated: 16th March,1993
Managing Director/CEO: Mr. Ghassan Yared
Legal Form: Private Limited Liability Company
RC No.: C48,896
Share Capital: 500,000,000
Line of Business Importation and distribution of Food
Product/Service: Fish, Sea Foods, Rice, Cooking Oils and Wheat
Certification No.: No information provided
Number of Employees: 70
Sales
Turnover: Financial
information was not provided despite our
visit to subject Office.
Financial Condition:
Net worth:
Operating Trend: Steady
Payments: Prompt
Public: Nothing detrimental uncovered
Credit Risk: Good
BUSINESS RISKS
BUSINESS ENVIRONMENT
Presently, Ghanaian economy is improving with higher
capacity utilization in industries and low inflationary trends. Moreover, there
is influx of foreign investors into the country.
NATURE OF BUSINESS
Subject is principally engaged in the business of importation and
distribution of foods in
THE COMPANY AND ITS
INDUSTRY
Subject is a major and viable player in distribution and importation of
food business in
CHAIRMAN/MANAGING
DIRECTOR & CEO
Mr. Ghassan Yared is the Managing Director of the subject, he takes
decision in line with his line manager. Moreover, he is an experts in business
management his wealth of experience and brilliant business strategy has made
Forewin Ghana Limited to reach the peak of industry.
COMPANY VISION
To serve consumer with products of consistently high quality, made
readily available at price that offer real value for the money.
CASH FLOW &
PROFITABILITY
Business financial information was not provided by the subject despite
our visit and numerous calls to their office.
MARKET COVERAGE
Forewin
PRODUCT/SERVICE RANGE
Fish, Sea Foods, Rice, Cooking Oils and Wheat
SOURCE OF RAW
MATERIALS
Subject sources its products locally and abroad.
TECHNOLOGY &
CHANGE
Forewin
COMPETITIVE ADVANTAGE
High quality products.
Prompt delivery of its products
Experience personnel.
BREAKTHROUGH
PRODUCTS/SERVICES
Subject products carries equal market strength and value.
EXISTING COMPETITORS
Ghana Agro-Food company Limited
Kwatsons Impex
Nestle Ghana Limited
Cowbell milk
Fan milk Limited
Barry Callebent Ghana Limited
CCTC Ghana Limited
SWOT ANALYSIS
Strengths:
- High quality products, which have become
household names.
- Experience and quality management team.
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Weaknesses: -
Unfavourable lending rate.
- High cost of
doing business
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Opportunities: Growing
population and expansion in household demand for its products.
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Threats: Foreign
Exchange Problem.
AFFILIATED COMPANIES
Subject has no affiliated company.
MANAGEMENT PROFILE
Name Designation
Mr.
Ghassan Yered Managing
Director
EMPLOYEES
Seventy
Comment: Subject is still at its growing state.
SHARES HOLDER
Beno Salem
Zachariaou Yanni
Moshe
Ghassan Yared
Ghanaian: Nil
Foreign: 100%
MARKETING REPORT
Pricing policy: Competitive
Turnover/Products
(N): N/A
Turnover by
Geographical Distribution (N): No information as to this.
Advertisement/Promotion:
Print and electronic media. Service Plan: The subject’s service plan is to always capture the consumers
enduring attention.
Marketing
Research: Subject marketing Strategy is always to seek to excite the consumer
which is another way of
saying “ give him what he needs but
which he doesn’t know he needs”
Competitive Analysis
-Price: Competitive
-Location: Operational office is
located in
-Quality of
Product/Services: High
-Advertisement: Prints
and Electronic media
- Recent deal: No recent deal.
ECONOMIC TREND
2006
Foreign Exchange Rate to US$ CEDI
9,400
Interest Rate (Lending) 14.5%
Comment: Unstable interest
rate and affect subject’s Operation.
SUPPORT FACILITIES
Forewin Ghana Limited
has the following support facilities.
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Power generating set
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Computers
Operating vehicle
COMMENT ON CORPORATE
REPUTATION
The company’s reputation has not in any form been dented. The products
are of high quality duty registered with National Agency for Food and Drug
Administration and Control (NAFDAC) approval of the products.
Global Economic Trend
Globally,
importation and distribution sector is large and the market is not yet over
utilized, moreover, there is prospect for players within the industry.
Branches
Subject has eleven
wholesale retail outlets across
Product Life Cycle
The average shelf
of its products ranges from a
month-Twelve months. The company’s products thus have short life cycle.
The Supply Chain
Subject purchases its products from oversea and sell to small
retailers, which later sell to the final consumers.
Cost Leadership
Subject endeavors to operate at a very low cost in
comparison with what its competitors offer in the market place. This will also
depend on the business environment.
Supplier Power
The sector comprises of many supplier, henceforth,
monopolistic power does not exist.
Buyer Power
There are numerous buyers of Forewin
Financial Information
Financial information was not provided by subject’s principal despite our numerous call and visits to
their office.
CREDIT STANDING
CHARACTER
Mr.
Ghassan Yered is the managing Director of the company. He is well known in
business circles in
ABILITY
The Memorandum and Articles of Association empowers subject to enter
into any financial contractual obligation with any lending institution.
MEANS
The
capable manpower to man operation effectively and efficiently, coupled with the
subject’s fast-moving products, will enable subject to generate sufficient
inflow to meet its financial obligations.
PURPOSE
Information was not provided.
AMOUNT
Subject
can be considered good for medium term credit assistance.
INSURANCE
The
assets of the company are fully insured and these assets can serve as a
secondary source of repaying any financial obligation.
INTEREST
Prevailing
interest rate will be ideal as stipulated by the monetary authorities.
COMMISSION
Subject
is willing to pay commission that is reasonably agreed.
PUBLIC RECORD
The image of the company has not been dented as there is no case of serious
litigation over the years.
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Terms of Payment
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Buying Terms: cash
and Credit
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Selling Terms: Cash
and Credit
Vendors & Clients
Buyers From: Foreign
suppliers
Sells To: General
Public
Recent Business Deal: No recent
deal.
PAYMENT HABIT/HISTORY
It’s adjudged regular
Comment: Subject has good payment habit to its lenders and suppliers.
Bankers
Commercial Bank
FOREIGN BUSINESS
PARTNERS/ASSOCIATES
Subject has numerous foreign suppliers.
INFRASTRUCTURE
PROBLEMS
There has been noticeable improvement in infrastructure provision in the
area of telecommunication, power and water supply and this has impacted
positively on the operation of the company.
However, bad road network that link the interior villages has made it pretty
difficult to distribute subject’s products more efficiently and effectively.
DEBT MATURITY
STRUCTURE
Facility geared toward medium term credit will be acceptable to the subject.
LOCAL DIVIDEND PAYOUT
REQUIREMENTS
Subject is a private limited liability company and as such dividend payment is at the discretion of the stakeholders.
SOCIAL/COMMUNITY
RESPONSIBILITY
Subject discharges its corporate social responsibility obligation by way
of donations and gifts.
STOCK MARKET SHARE
MOVEMENT
Subject is a private limited liability company, henceforth, its shares
are not quoted on the floor of
COMMENT AND
RECOMMENDATION
Forewin
Meanwhile, despite our visit to their office business financial
information was not provided.
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%)