MIRA
INFORM REPORT
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Report Date : |
05.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
VODAFONE GHANA LTD |
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Registered Office : |
Pawam Road, Kwame Nkrumah Arc |
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Country : |
Ghana |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
05.06.1995 |
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Com. Reg. No.: |
19786 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Telecommunication
Services provider for fixed telephone and GSM wireless lines |
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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Maximum Credit Limit : |
USD 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUBJECT'S NAME
Registered Name: VODAFONE GHANA LTD
Requested Name: Vodafone Ghana
Former Names: Ghana Telecom
ADDRESS AND TELECOMMUNICATION
Physical Address: Pawam
Road, Kwame Nkrumah Arc,
Postal Address: Telecom House, Nsawam Road,
Accra-North,
Country: Ghana
Phone: 233-21-200390/ 222000
Fax: 233-21-226766
Email: None
Website: None
CREDIT OPINION
Financial Index as of December 2007 shows subject firm
with a medium risk of credit. We recommend Credit of USD 200,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 5-Jun-95
Reg. Number: 19786
Nominal Capital CEDI. 100,000,000
Subscribed Capital CEDI. 100,000,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr.
David Venn MD/ CEO
Albert Don-Chebe Shareholder
Oystein Bjorge Shareholder
Dickson Oduro Nyaning Shareholder
Jarle Rekve Shareholder
Vodafone
International Holding Company 70%
Government of Ghana Shareholder 15%
G Com (Malaysia). Shareholder 10%
Other
Public Shareholders Shareholder 5%
RELATED COMPANIES
None Parent company.
None Subsidiary company.
One touch Ghana Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to operate as Telecommunication services
provider for fixed telephone and GSM wireless lines
Imports: China, India and
South Africa
Exports: Uganda and
Tanzania (10%)
Trademarks: None
Terms of sale: Cash (40%) and
25-90 days (60%), invoices.
Main Customers: firms and
organizations
Employees: 860 employees.
Vehicles: Several motor
vehicles.
Territory of sales: Ghana
Location: Owned premises,
100.000 square feet,
AUDITORS AND INSURANCE
Auditors: Information not available.
Insurance Brokers: Information not available.
FINANCE
Currency Reported: Ghanaian Cedi (CEDI.)
Approx. Ex. Rate: 1 US Dollar = 11800
Fiscal Year End: December
31, 2007
Inflation: According to
information given by independent sources, the inflation at December 31st,
2007 was of 13%.
Financial Information Not Submitted
Profit and Loss (expressed in USD.)
Sales 250,000,000
Net Profit (Loss) 50,000,000
BANK
Bank Name: SSB
BANK LTD
GHANA COMMERCIAL
BANK
Enquiry Amount: 100,000
Terms: 90 days
Bank Code: Code
-C which means good for normal Business Engagements
Comments: Overdraft None, Promissory notes- None
TRADE
REFERENCES
Experiences: Good
NOTARIAL BONDS None
COMMENTS / ADDITIONAL INFORMATION
This information was obtained from outside sources
other than the subject company itself and confirmed the above subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.69 |
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UK Pound |
1 |
Rs.72.96 |
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Euro |
1 |
Rs.63.46 |
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%)