MIRA
INFORM REPORT
|
Report Date : |
09.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
WEST
AFRICAN DECOR TILES LTD |
|
|
|
|
Registered Office : |
P. O Box An
5077, Accra |
|
|
|
|
Country : |
Ghana |
|
|
|
|
Date of Incorporation : |
10-Oct-91 |
|
|
|
|
Com. Reg. No.: |
505786 |
|
|
|
|
Legal Form : |
Limited Corporation |
|
|
|
|
Line of Business : |
Wholesaling
and retailing of Ceramics’ and Granite tiles sanitary-ware, carpeting fabrics,
acoustic ceilings, laminated flooring Bathroom Fittings, Fitted Kitchens,
Suspended Ceilings, and Decorative Lights |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
100,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUBJECT'S NAME
Registered
Name: WEST AFRICAN DECOR TILES LTD
Requested
Name: WEST AFRICAN DECOR TILES LTD
Other Names: West African Hardware Ltd
ADDRESS AND TELECOMMUNICATION
Physical Address: Peace Fm Road, Mile 7 New Achimota
Postal Address: P.o Box An 5077,
Accra.
Country: Ghana
Phone: 233-21-408250/1
Fax: 233-21-232780
Email: victor@wahld.com.gh
Website: None Stated
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: 10-Oct-91
Reg. Number: 505786
Nominal Capital GHC 500,000,000
Subscribed
Capital GHC 500,000,000
Subscribed Capital is Subscribed
in the following form:
Position Shares
Mr. M Victor MD/ CEO 50
Mr. D Selma Director 40
Mr. Ray Taye Director 10
RELATED COMPANIES
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
3 branches in Kantamanto, Kumasi,
Takoradi Branches of the firm
OPERATIONS
Registered
to operate wholesaling and retailing of Ceramics’ and Granite tiles
sanitary-ware, carpeting fabrics, acoustic ceilings, laminated flooring
Bathroom Fittings, Fitted Kitchens, Suspended Ceilings, and Decorative Lights
Imports: Italy, Spain and China
Exports: Neighboring Countries
Trademarks: None
Terms of sale: Cash (40%) and 30 days (60%), invoices.
Main Customers: Construction firms and organizations
Employees: 60 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 16,000,000,000
Net Profit (Loss) 1,200,000,000
BANK
Bank Name: Standard Chartered Bank
Branch: Accra
Comments: 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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)