MIRA
INFORM REPORT
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Report Date : |
12.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
LETAP PHARMACEUTICALS LTD |
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Registered Office : |
Letap Building, Plot 110, Off Old Brewery Road |
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Country : |
Ghana |
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Date of Incorporation : |
12.5.2000 |
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Com. Reg. No.: |
207585 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Manufacturers and
Distributors of Pharmaceutical Products |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 70,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUBJECT'S NAME
Registered Name: LETAP PHARMACEUTICALS LTD
Requested Name: LETAP PHARMACEUTICALS LTD
Other Names: None found.
ADDRESS AND TELECOMMUNICATION
Physical Address: Letap Building, Plot
110, Off Old Brewery Road,
Postal Address: P.O Box 3346, Accra, Accra
Country: Ghana
Phone: 233-21-2222533/24613/
25838
Fax: 233-21-224693
Email: letap@ghana.com
Website: None
CREDIT OPINION
Financial Index as of
December 2007 shows subject firm with a medium risk of credit. We recommend
Credit of USD 70,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 12-5-2000
Reg. Number: 207585
Nominal Capital: Cedi.
20,000,000
Subscribed Capital: Cedi.
20,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr.
Haren Patel MD/ CEO 40
Mr. M
Patel Directo 30
Mr. S
Patel Director 30
RELATED COMPANIES
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches
of the firm
OPERATIONS
Registered to operate
Manufacturers and Distributors of Pharmaceutical Products
Imports: India, Asia, etc
Exports: None
Trademarks: None
Terms of sale: Cash
(80%) and (20%), invoices.
Main Customers: Hospitals,
Clinics, pharmacies etc
Employees: 60 employees.
Vehicles: Several
motor vehicles.
Territory of sales: Ghana
Location: Rented
premises, 5.000 square feet,
AUDITORS AND INSURANCE
Auditors: Information not available.
Insurance Brokers: Information not available.
FINANCE
Currency Reported: Ghanaian Cedi (GHC)
Approx. Ex. Rate: 1 US Dollar = 10,016 Ghanaian Cedi
Fiscal Year End: December
31, 2006
Inflation: According to information
given by independent sources, the inflation at January 31st, 2005 was of
14%.
Financial Information Not
Submitted
Profit and Loss (expressed
in Cedi.)
2007
Sales 38,000,000,000
Net Profit (Loss) 4,200,000,000
BANK
Bank Name: Agricultural Development Bank
Branch: Accra
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.
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%)