MIRA INFORM
REPORT
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Report Date : |
19.04.2011 |
IDENTIFICATION DETAILS
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Name : |
STAR COMMODITIES GHANA LIMITED |
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Registered Office : |
Dansoman, Accra
Ghana |
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Country : |
Ghana |
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Date of Incorporation : |
27.06.2001 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Mining, Exploration and Production of Crude oil and related 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 80,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Ghana |
b2 |
b2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUBJECT'S
NAME
Registered Name: STAR COMMODITIES GHANA LIMITED
Requested Name: STAR
COMMODITIES GHANA LIMITED
Actual Names: STAR
AFRICA COMMODITIES AND MINERALS LTD
Other Names: STAR AFRICA
ADDRESS
AND TELECOMMUNICATION
Physical Address: Dansoman,
Accra Ghana
Postal Address: P.o. Box 19026
Country: Ghana
Phone: 233-541678350
Fax: 233-541678350
Email: None
Website: None
CREDIT
OPINION
Financial Index as of
December 2010 shows subject firm with a medium risk of credit. However, bank
and credit information obtained reveal a history of prompt payments. We
recommend Credit of USD 80,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 27-Jun-01
Reg. Number: Ghana
Nominal Capital GHC. 50,000
Subscribed Capital GHC. 50,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Christopher Andoh Chairman
Dr. Samuel
Adu-Andoh Director
Dr. Azuka Anyiam Director
Donald C. Miller
III Director
S.E.A. Global
Enterprises Corporation Holding Company
RELATED
COMPANIES
S.E.A. Global
Enterprises Corporation Parent company.
None Subsidiary company.
ASEA Consulting and
Associates, LTD.
Frontier Infrastructure
Developers, LTD.
Pure Waste Management
Ghana, LTD.
Sambomo Farms, LTD.
SEA Investment Management
and Post Road Advisory (SIMPRA)
SEA Consulting and
Associates
Solar Star Africa, LTD. Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to operate mining, exploration and production of crude oil and
related products
Imports: China, Middle East
Exports: Europe, Africa,
Middle East
Trademarks: None
Terms
of sale: Cash (40%) and
30 days (60%), invoices.
Main
Customers: firms and
organizations
Employees: 10 employees.
Vehicles: Several motor vehicles.
Territory
of sales: Ghana
Location: Owned
premises, 100.000 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 = 1.50 Ghanaian Cedi
Fiscal
Year End: December 31, 2010
Inflation: According to
information given by independent sources, the
inflation
at December 31st, 2010 was of 13%.
Financial
Information not Submitted
Profit and Loss (expressed in GHC.)
2010
Sales 8,645,000
BANK
Bank Name: BARCLAYS BANK
Branch: Ghana
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.27 |
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|
1 |
Rs.7208 |
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Euro |
1 |
Rs.63.66 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.