MIRA
INFORM REPORT
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Report Date : |
08.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
MILLIONAIRS
CASINO (GHANA) LTD |
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Registered Office : |
P.o Box Kia 30441, Accra |
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Country : |
Ghana |
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Date of Incorporation : |
14-Dec-01 |
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Com. Reg. No.: |
89719 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Operate
Casino and gaming Entertainment |
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
100,000 |
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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: MILLIONAIRS CASINO (GHANA) LTD
Requested
Name: MILLIONAIRES CASINO (GHANA) LTD
Other Names: Golden Tulip Hotel
ADDRESS AND TELECOMMUNICATION
Physical Address: Liberation Road, Accra-Ghana
Postal Address: P.o Box Kia 30441,
Accra
Country: Ghana
Phone: 233-217-74339
Fax: 233-217-74339
Email: terry@wol.co.za or
casino@africaonline.com.gh
Website: www.ghana-casino.com
CREDIT OPINION
Financial Index as of December 2006 shows subject firm with a medium risk of credit. We recommend Credit of USD 100,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 14-Dec-01
Reg. Number: 89719
Nominal Capital GHC. 800,000,000
Subscribed
Capital GHC. 800,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Paul van Oostveen MD/ CEO
Mr. Riko van Santenp Director
Mr. Johan Zietsman Director
Golden Tulip Hotels Ltd Holding Company 100%
RELATED COMPANIES
Golden Tulip Hotels Ltd Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered
to operate Casino and gaming Entertainment
Imports: None
Exports: None
Trademarks: None
Terms of sale: Cash (80%) and Credit (20%)
Main Customers: Public in general
Employees: 90 employees.
Vehicles: Several motor vehicles.
Territory of sales: Ghana
Location: Owned premises, 2.000 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 GHC.)
2006
Sales 15,000,000,000
BANK
Bank Name: BARCLAYS 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%)