MIRA INFORM
REPORT
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Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
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Name : |
AZAR CHEMICAL INDUSTRIES LIMITED |
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Registered Office : |
Plot 46 Ajuma Link Off Graphic Road, South Industrial Area,
Accra-North |
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Country : |
Ghana |
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Date of Incorporation : |
20.03.1968 |
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Com. Reg. No.: |
C.2.383 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
manufacturer of paints such as building paints, car paints etc and other 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
100,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
Bottom of Form
SUBJECT'S NAME
Registered Name: AZAR CHEMICAL INDUSTRIES LIMITED
Requested Name: AZAR CHEMICAL INDUSTRIES LIMITED "
ACIL "
Other Names: ACIL
ADDRESS AND TELECOMMUNICATION
Physical Address: Plot 46 Ajuma Link Off Graphic Road
South
Industrial Area, Accra-North
Postal Address: P.o. Box AN 5205,
Accra-North
Country: Ghana
Phone: 233-3022229510/-21-229510/223113/223206/244863
Cell: 233-246361245
Fax: 233-21227098/233659/229510/233695
Email: sales@azarghana.com
Website: www.azarghana.com
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 100,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 20-March-1968
Start Date: 9-April-1968
Reg. Number: C.2.383
Nominal Capital GHC. 100,000,000
Subscribed Capital GHC. 100,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Ghazi Rustom Azar MD/ CEO
Mr. Rustom Rustom Azar Director
Mr. Samuel Ato Christian Director
Mr. Sivakumar Palanisamy Operations
Mr. Rishi M. Lal Finance
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 as a manufacturer of paints such as building paints, car
paints etc and other related products.
Imports: India
and Asia
Exports: Nigeria,
Togo, and Burkina Faso.
Trademarks: None
Terms of sale: Cash
(40%) and 60 days (60%), invoices.
Main Customers: Distributors,
Agents, And Companies
Employees: 300
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ghana
Location: Owned
premises, 25.000 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 = 1.53 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 9,450,000
BANK
Bank Name: Commercial Bank of Ghana
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.37 |
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UK Pound |
1 |
Rs.73.53 |
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Euro |
1 |
Rs.64.37 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.