MIRA
INFORM REPORT
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Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
BOGOSO GOLD
MINES LTD |
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Registered Office : |
32 Fourth Close Drive Dr Amicor Cabral Road Air Port Residential Accra |
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Country : |
Ghana |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
22.06.2002 |
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Com. Reg. No.: |
766500 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Provider of Gold Mining
Services |
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 2,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUBJECT'S NAME
Registered Name: BOGOSO GOLD MINES LTD
Requested Name: BOGODO
GOLD LTD
Other Names: None found.
ADDRESS AND TELECOMMUNICATION
Physical Address: 32
Fourth Close Drive Dr Amicor Cabral Road Air Port Residential Accra, Ghana
Postal Address: P.o Box KIA 16075
Accra
Country: Ghana
Phone: 233-32779040/
36220469
Fax: 233-32779041
Email: info@gsrgh.com
Website: www.gsrgh.com
CREDIT OPINION & RISK RATING
ASSESSMENT
Financial Index as of December 2007 shows subject firm
with a medium risk of credit. We recommend Credit of USD 2,000,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 22-June-2002
Reg. Number: 766500
Nominal Capital GHC. 100,000,000
Subscribed Capital GHC. 100,000,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr.
Tom Mair Chairman
Mr.
Mr. John Labate MD/ CEO
Golden
Star Resources Holding Company 90%
Government
of Ghana Shareholder 10%
RELATED COMPANIES
Golden Star Resources Parent company.
Golden Star (Wassa) Limited Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to operate as provider of gold mining
services
Imports: Australia, china
Exports: None
Trademarks: None
Terms of sale: Cash (40%) and
25-90 days (60%), invoices.
firms and
organizations
Main Customers: 400 employees.
Employees: Several motor
vehicles.
Vehicles: South Africa
Territory of sales: Rented premises,
20.000 square feet,
Location: Australia
AUDITORS AND INSURANCE
Auditors: PricewaterhouseCoopers
Insurance Brokers: AIG
FINANCE
Currency Reported: Ghanaian Cedi (GHC.)
Approx. Ex. Rate: 1 US Dollar = 11,780 Ghanaian Cedi
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
BANK
Bank Name: GCB BANK
Branch: Accra
Comments: None
TRADE
REFERENCES
Experiences: Good
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.48.52 |
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UK Pound |
1 |
Rs.72.62 |
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Euro |
1 |
Rs.63.76 |
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%)