MIRA
INFORM REPORT
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Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
RESINEX GHANA LTD |
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Registered Office : |
36 Palace Street, Greater
Accra, Achimoto |
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Country : |
Ghana |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
21.06.2002 |
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Com. Reg. No.: |
77480 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Wholesaling and Retailing
of Resin Bases, Paints etc |
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 60,000 |
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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: RESINEX GHANA LTD
Requested Name: RESINEX GHANA LTD
Other Names: None found.
ADDRESS AND TELECOMMUNICATION
Physical Address: 36 Palace Street, Greater Accra, Achimoto
Postal Address: P.o Box 903, Achimoto, North Industrial Area
Accra
Country: Ghana
Phone: 223-21-227638
Fax: 223-21-225526
Email: ghana@resinex.net
Website: www.resinex.net
CREDIT OPINION
Financial Index as of December 2006 shows subject firm
with a medium risk of credit. We recommend Credit of USD 60,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 21-06-02
Reg. Number: 77480
Nominal Capital Cedi. 50,000,000
Subscribed Capital Cedi. 50,000,000
Subscribed Capital
is Subscribed in the following form:
Position Shares
Mr. Patrick Leclerre MD
Mr. Sujanan Thundel Director
Mr. J
Touray Director
Mr. D
Sallah Director
Resinex Group (Ravago Group) Holding company 100%
RELATED COMPANIES
Resinex Group Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to operate wholesaling and retailing of
Resin bases, paints etc
Imports: Asia
and Europe
Exports: Ivory
coast
Trademarks: None
Terms of sale: None
Main Customers: firms and
organizations
Employees: 50 employees.
Vehicles: Several motor
vehicles.
Territory of sales: Ghana
Location: Leased premises,
2.000 square feet,
AUDITORS AND INSURANCE
Auditors: Information not available.
Insurance Brokers: Information not available.
FINANCE
Currency Reported: Ghanaian Cedi (Cedi.)
Approx. Ex. Rate: 1 US Dollar =11,200 Ghanaian Cedi
Fiscal Year End: December 31, 2007
Inflation: According to
information given by independent sources, the inflation at January 31st,
2005 was of 15%.
Financial Information Not Submitted
Profit and Loss (expressed in Cedi.000)
2007
Sales (estimated) 40,000,000,000
BANK
Bank Name: Stanbic Bank
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.
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%)