MIRA
INFORM REPORT
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Report Date : |
05.12.2011 |
IDENTIFICATION DETAILS
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Name : |
THE ELECTRICITY COMPANY OF GHANA LTD. |
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Registered Office : |
Electro Volta House, Accra P.o. Box GP 521 Accra |
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Country : |
Ghana |
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Date of Incorporation : |
01.10.1927 |
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Legal Form : |
State Owned Public Company |
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Line of Business : |
Operate as an electric generator |
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No. of Employees : |
5,393 |
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 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
SUBJECT'S NAME
Registered Name: THE ELECTRICITY COMPANY OF GHANA LTD.
Requested Name: THE
ELECTRICITY COMPANY OF GHANA LTD.
Other Names: ECG
ADDRESS AND TELECOMMUNICATION
Physical Address: Electro Volta
House, Accra
Postal Address: P.o. Box GP 521
Accra
Country: Ghana
Phone: +233-302-664900-7/
671560, 664549
Fax: +233-302-664900-7/ 671560, 664549
Email: datsu@ecggh.com
Website: www.ecggh.com
CREDIT OPINION
Financial Index as of
December 2010 shows subject firm with a medium risk of credit. We recommend
Credit of USD 150,000 on 90 days.
If we do not
provide an amount, then your maximum limit will suffice.
LEGAL
Legal Form: State Owned Public Company
Date Incorporated: 21/02/1997
Established 1/10/1927
Reg. Number: Accra Ghana
Nominal Capital GHC. 10,000,000
Subscribed Capital GHC. 10,000,000
Subscribed Capital
is Subscribed in the following form:
Position Shares
Clend
Sowu Chairman
Cephas
Gakpo Managing Director
Anthony Gyampo Assistant MD
Kwaku
Osafo Director
Bernard
Allotey Director
Nii
Oakley Quaye Director
Barima
Kwame Nkyi Director
Government of Ghana Holding Company
RELATED COMPANIES
Government of Ghana Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
100 branches Branches of the firm
OPERATIONS
Registered to operate as an electric generator .
Imports: Asia,
USA
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 30 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 5,393
employees.
Vehicles: Several
motor vehicles.
Territory of sales: Ghana
Location: Owned
premises, 50.000 square feet,
AUDITORS AND INSURANCE
Auditors: Asafu-Adjaye & Partners
State
Enterprises Audit Corporation
Insurance Brokers: None
FINANCE
Currency Reported: Ghanaian Cedi (GHC.)
Approx. Ex. Rate: 1 US Dollar = 1.5 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 Submitted
Profit and Loss (expressed in USD.)
2010
Sales 26,470,000
Net Profit (Loss)
BANK
Bank Name: Ghana Commercial Bank
Branch: Accra
Enquiry Amount: 100,000
Terms: 30 days
Bank Code: Code
-C which means good for normal Business Engagements
Comments: Overdraft None, Promissory notes- None
Others Banks Ghana International Bank Ltd
Merchant Bank (Gh.) Ltd
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
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Indian Rupees |
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US Dollar |
1 |
Rs.51.35 |
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1 |
Rs.80.50 |
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Euro |
1 |
Rs.69.14 |
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.