MIRA
INFORM REPORT
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Report Date : |
01.06.2007 |
IDENTIFICATION DETAILS
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Name : |
Tema Oil Refinery Limited |
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Registered Office : |
Tema Industrial Area Tema. P. O. Box co 599,
Tema Accra |
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Country : |
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Date of Incorporation : |
1960 |
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Com. Reg. No.: |
C1219 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importation of Crude Oil and Refining |
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
Tema Oil Refinery Limited
Address
Tema Industrial Area Tema. P. O Box co 599, Tema Accra
Telephone: 233-22-302881-3/022304095-7
Fax: 233-22-302884/2332230
Website: www.torghana.com
Date of
Incorporation
1960. as indicated in the Registar General, Accra-Ghana
Rc No
C1219
Share Capital
cedi 117,600,000
Legal Form
Private Limited Liability Company
Managing Director
Mr Kofi Sarpong
Line of Business
Crude Oil Importation and Refining in
Products
Liquified Petroleum Gas,
Kerosine
Aviation Turbine Kerosine
Automobile Gas Oil
Diesel
Premix Fuel
Premium Gasoline
Residual Fuel Oil
Number of Employee
Two Hundred
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
Tema Oil Refinery Limited has been in the business of
Importation of Crude OiL and Refining in
Subject and its
industry
Subject is the only company within the industry. It is owned by Ghanaian Government
Cash Flow and
Profitability
Despite our visit to subject office Financial Business information was not provided
Market Coverage
Tema Oil Refining Limited Products covers the entire
Management
Dr Sarpong-Managing Director
Mr Hornsby-General Manager, Production
Mr Appau-General Manager- Engineering
Mr Larbi-General Manager- Legal and Administration
Mr Adjei-General Manager- Internal Audit
Directors
Mr Ernest Gyamfi-Chairman
Hon. Abraham Aiddo-Director
Hon. Joseph Mensah-Director
Mr Francis Tuyee-Director
Mr Haruna Atta-Director
Mr George Boateng—Director
Mrs Cecilia Kwofie-Director
Mr Kofi Sarpong-Managing Director
comment: shares allotted was not stated at the register
General in
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
Ghana Commercial 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
Tema Oil Refinery Limited was incorporated in
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%)