MIRA
INFORM REPORT
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Report Date : |
04.10.2007 |
IDENTIFICATION DETAILS
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Name : |
ELECTRICITY COMPANY OF GHANA LIMITED |
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Registered Office : |
Electro/Volta House, |
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Country : |
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Date of Incorporation : |
1st February, 1954 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Generation of electric power. |
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 |
COMPANY IDENTIFICATION AND
CHARACTERISTICS
Company name: ELECTRICITY
COMPANY OF GHANA LIMITED
Other Name: ECG
Legal form PRIVATE LIMITED LIABILITY COMPANY
Registered office
Physical office Electro/Volta
House
Date established 1st February, 1954
Official registration number 20/55
NOTIFICATION OF COMPANY CHANGES FILED AT
THE REGISTRAR OF COMPANIES
The Electricity Company of
Ghana Limited (ECG) was incorporated under the Companies Code, 1963 in February
1997. The new Company succeeded the former Electricity Corporation of
Status of Company Active
Telephone +233-21-664941/
676747/ 676727/ 665205/ 300456
Fax +233-21-666262
Telex 2107 ecg gh
E-mail ecgho@ghana.com
Address
Town
Country
Auditors
Insurance Brokers
Bankers
COMMERCIAL BANK OF GHANA LTD
It was stated that the subject does not require
overdraft facilities as normally credit balances are maintained at the bank.
Markets
The company operates
locally.
Capital (Cedis.)
Approved/ Authorised: Cedis 5,539,819,000
Subscribed: Cedis 5,539,819,000
Paid-up: Cedis 5,539,819,000
NAMES OF DIRECTORS NO.OF SHARES NATIONALITY
Professor George P.Hagan (Chairman)
Mr. Fred Asante (MD)
Mr. Osabarima Darkwa Woe II
Ms. Aurore Lokko
Mr. Robert Attah
Mr. Peter Kpordugbe
Mr. K. Frimpong Asafu-Adjaye
Dr. Selbi Ashong-Katai
Mr Jude Adu-Amankwah
OTHER SHAREHOLDERS
Government of
ACTIVE LOCAL BRANCHES
Number of active local Branches 9
Number of active Associate Companies 1
Electricity Company of
Number of employees/ Workforce
2,000
PREMISES
About 26 Acres.-Owned
Control of Company
The company is wholly owned by the Government of Ghana
and is controlled with directors appointed by the Government who provide
technical and management assistance to the company.
Activities
The Subject Company is responsible for the
generation of electric power within
Major Customers or
Business Sectors
The company mainly supplies to the
public in General
Major Suppliers
The subject is not a general credit seeker locally.
ANNUAL SALES Attached.
BALANCE SHEET Attached.
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SALES TURNOVER |
NETT PROFIT |
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cedi |
Year |
Cedi |
Year |
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650,00,000,000 |
2005 |
80,000,000,000 |
2005 |
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Estimated Financial Information
submitted |
Cedis |
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Fixed assets |
80,000,000,000 |
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Stocks |
20,000,000,000 |
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Debtors |
140,000,000,000 |
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Creditors |
70,000,000,000 |
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International Development Agency (IDA) |
$15.22 million |
KEY FINANCIAL ITEMS AND RATIOS
Source: Other
Sources as at 24-May-06
Sectors:
Industrial, Commercial and Service companies
Credit Comments on the Company
The Subject is a well established
company which appears to be under
stable control and its meeting its
commitments timeously. Suppliers recommend credit dealings and bankers
indicated that subject should be good for its commitments. . The company is not
part of an international group of companies, nor does it have Branches in other
countries but is part of a well-known group of companies in
PROTESTS
They’re no protests chargeable to the company or its officers. There have been no
Trade adverse items or court judgment recorded against the subject or its
directors, nor is there indication of cheques being unpaid.
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. |
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%)