MIRA
INFORM REPORT
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Report Date : |
28.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
Chirano Gold Mine Limited |
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Registered Office : |
27 Akosombo Road, Airport
Residential Accra |
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Country : |
Ghana |
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Date of Incorporation : |
14th May, 1999 |
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Com. Reg. No.: |
C84983 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Mining of Mineral Resources |
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
Chirano Gold Mine Limited
Address
27 Akosombo Road,
Airport Residential Accra- Ghana
Telephone :
233 761943991, 761943992
Fax : 2330362205681
Email : Information was not provided
Date of Incorporation
14th May,1999
Rc No
C84983
Share Capital
cedi 1,200,000,000
Legal Form
Private Limited Liability
Company
Managing Director
Mr Micheal
William Hunt
Line of Business
Mining of Mineral
Resources
Products
Mineral Resources
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
Chirano Gold Mine Limited has been in the business
of Mining of Mineral Resources since 1999 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
Chirano Gold Mine Limited
Products covers the entire Ghana and African Countries
Directors
Mr Micheal
William Hunt
Mr Ross
Ernest Ashton
Mr Isaac Boadi
Asamoah
Mr Richard
Clark
Mr Lawrence
Simon Jackson
comment: shares
allotted was not stated at the register General in Accra
Competitors
Heirs mining limited
Yuros Ghana Limited
Economic Trend 2007
Foreign Exchange
Rate to US Dollar CEDI 9,400
Interest Rate ( Lending
) 14.5 percent
Financial Information
Finanacial Information
was not provided despite our visit to subject office
Banker
Ghana Commercial Bank
Ecobank Ghana Limited
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
Chirano Gold Mine 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%)