MIRA
INFORM REPORT
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Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
ABOSSO GOLDFIELDS |
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Registered Office : |
16 5th Circular Rd. Ext.,
N Labone, Accra |
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Country : |
Ghana |
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Financials (as on) : |
2007 |
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Date of Incorporation : |
26.11.1997 |
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Com. Reg. No.: |
112196 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Wholesaling and Retailing
of Gold Mining |
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 450,000 |
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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: ABOSSO GOLDFIELDS
Requested Name: ABOSSO
GOLDFIELDS
Other Names: Abosso Goldfields (Damang)
ADDRESS AND TELECOMMUNICATION
Physical Address: 16 5th Circular Rd. Ext., N Labone, Accra
Postal Address: P.o Box C2264,
Accra,
Country: Ghana
Phone: 233-21-774699,774885
Fax: 233-21-774885
Email: mail@goldfields.com
Website: www.goldfields.com
CREDIT OPINION
Financial Index as of December 2007 shows subject firm
with a medium risk of credit. We recommend Credit of USD 450,000 on 30 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 26-Nov-1997
Reg. Number: 112196
Nominal Capital GHC. 600,000,000 Divided into
Shares of 60,000,000
Subscribed Capital GHC. 600,000,000
Subscribed Capital is Subscribed in the
following form:
Position Shares
Mr.
Richard Greame MD/ CEO
Mr.
Andy Cameron Director
Mr.
Mike Ezan Director
Mr.
Alan Wright Chairman
Gold
Fields Ghana Ltd Holding Company 71.10%
Government
of Ghana Shareholder 10.00%
Other
Shareholders Shareholders 18.90%
RELATED COMPANIES
Gold Fields Ghana Ltd Parent company.
None Subsidiary company.
Several Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to operate wholesaling and retailing of
Gold mining
Imports: Equipment
from Asia and South Africa
Exports: Worldwide
Trademarks: None
Terms of sale: On
Terms
Main Customers: firms
and organizations
Employees: 460
employees.
Vehicles: Several
motor vehicles.
Territory of sales: South
Africa, USA, EU
Location: Owned
premises, 25.000 square feet,
AUDITORS AND INSURANCE
Auditors: PricewaterhouseCoopers
Insurance Brokers: AIG
FINANCE
Currency Reported: Ghanaian Cedi (GHC.)
Approx. Ex. Rate: 1 US Dollar = 11,300 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 Submitted
Profit and Loss (expressed in USD.)
2007
Sales 83,000,000
Net Profit (Loss) 11,400,000
BANK
Bank Name: BARCLAYS BANK
Branch: Accra
Enquiry Amount: 500,000
Terms: 30 days
Bank Code: Code
-C which means good for normal Business Engagements
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.45.83 |
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UK Pound |
1 |
Rs.84.90 |
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Euro |
1 |
Rs.67.60 |
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%)