MIRA INFORM REPORT
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Report Date : |
04.10.2011 |
IDENTIFICATION DETAILS
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Name : |
QUALIPLAST LIMITED |
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Formerly Known As : |
GREENPLASTICA LIMITED |
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Registered Office : |
Accra North
Industrial Area, Plot No. 37/38 Abotia Street, off Dadeban Road |
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Country : |
Ghana |
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Date of Incorporation : |
12.03.1973 |
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Com. Reg. No.: |
6087 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
manufacture of industrial packaging and household plastic products and other related facilities |
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 – 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 |
SUBJECT'S NAME
Registered Name: QUALIPLAST LIMITED
Requested Name: QUALIPLAST
LIMITED
Former Names: GREENPLASTICA LIMITED
ADDRESS AND TELECOMMUNICATION
Physical Address: Accra
North Industrial Area, Plot No. 37/38 Abotia Street, off Dadeban
Road.
Postal Address: P.o. Box No. 7136
Accra
North Industrial Area, Accra
Country: Ghana
Phone: 233-302227807/223642
Fax: 233-302222938
Email: plastics@ghana.com
Website: www.qualiplastghana.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.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 12-March-1973
Reg. Number: 6087
Nominal Capital GHC. 1,000,000
Subscribed Capital GHC. 1,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Fares Aki MD/CEO
Hitti Group Holding Company 100%
RELATED COMPANIES
Hitti Group Parent company.
None Subsidiary company.
ASHFOAM LIMITED,
DURAPLAST LIMITED,
DURAPLAST (NIGER),
PROMOUSSE (BENIN),
PROMOUSSE (NIGER). Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to operate manufacture of industrial packaging and household
plastic products and other related facilities.
Imports: Asia, China,
Europe
Exports: Neighboring
countries
Trademarks: None
Terms
of sale: Cash (40%) and
25-90 days (60%), invoices.
Main Customers: Various
firms and organizations
Employees: 160
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ghana
Location: Owned
premises, 10.000 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 = 1.60 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 12,000,000,000
BANK
Bank Name: BARCLAYS BANK
Branch: Accra, 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. The subject company was Registered on 12/03/1973 under
the names; GREENPLASTICA LIMITED, on 15/07/1992 it changed its names to
QUALIPLAST LIMITED
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.42 |
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UK Pound |
1 |
Rs.76.72 |
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Euro |
1 |
Rs.65.85 |
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.