MIRA
INFORM REPORT
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Report Date : |
31.10.2008 |
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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Financials (as on) : |
31.12.2007 |
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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 : |
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 70,000 |
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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: 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 or Letapgroup@gmail.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 Director 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: Blanver
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 = 9,267.3 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
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
CHECK
INSOLVENCIES
The checks have been made
on: The company
and managers
PROTESTS
AND NEGATIVE ELEMENTS
The company and the following officers Mr. Haren Patel has been checked at the
Registries of companies and with the judicial local facilities.
PROTESTS RECORDED
No protests in the name of the company and its
officers, No protests on the associated concerns, No protests on
shareholders/partners, Check on Prejudicial Events as per Commercial Court
office
NEGATIVE ELEMENTS
Researches effected
concerning possible prejudicial events
in the name of the company
revealed: No negative elements since 2000
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.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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%)