MIRA INFORM REPORT
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Report Date : |
17.10.2011 |
IDENTIFICATION DETAILS
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Name : |
INTERCONTINENTAL BANK GHANA |
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Registered Office : |
Corporate
Banking, north Industrial Area, Accra |
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Country : |
Ghana |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
10.10.2006 |
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Com. Reg. No.: |
325291 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
providers of banking
and other related financial services |
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 30th, 2011
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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: INTERCONTINENTAL BANK GHANA
Requested Name: INTERCONTINENTAL
BANK GHANA
Other Names: None
ADDRESS
AND TELECOMMUNICATION
Physical Address: Corporate
Banking, north Industrial Area, Accra
Postal Address: P.o. Box No. GP 353
Accra
Country: Ghana
Phone: 233-302247855/244334222/335924/5/302742699
Fax: 233-302666020/40
Email: info@intercontinentalbankghana.com
Website: www.intercontinentalbankghana.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: 10-Oct-2006
Reg. Number: 325291
Nominal Capital GHC. 100,000,000
Subscribed Capital GHC. 31,806,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Albert Mmegwa MD/ CEO
Mr. Christopher
Alabi Director
Dr. Raymond Obieri Director
Mr. Isaac Sam Director
Engr. Hyacinth
Enuha Director
Mr. Mahmoud Lai
Alabi Director
Rosemary Arthur Contact
Intercontinental
Bank Plc Holding Company 100%
RELATED COMPANIES
Intercontinental
Bank Plc Parent company.
None Subsidiary company.
Intercontinental Securities
Limited (ISL),
Intercontinental Finance
& Investments Limited (IFIL),
Intercontinental Homes
(Savings & Loans) (IHSL),
Intercontinental Registrars Limited. Affiliated company.
None Shareholder of subject firm.
Various in Ghana Branches of the firm
OPERATIONS
Registered to operate as providers of banking and other related
financial services
Imports: Asia
And Europe
Exports: None
Trademarks: None
Terms of sale: Cash
(10%) and (90%) Tenders
Main Customers: Public
in General
Employees: 400
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ghana
Location: Owned
premises, 5.000 square feet,
AUDITORS AND INSURANCE
Auditors: PricewaterhouseCoopers
Insurance
Brokers: Tausi Assurance
FINANCE
Currency Reported: Ghanaian Cedi (GHC.)
Approx. Ex. Rate: 1 US Dollar = 1.42 Ghanaian Cedi
Fiscal Year End: December
31, 2009
Inflation: According
to information given by independent sources, the
inflation
at December 31st, 2009 was of 13%.
Financial
Information Submitted below
Profit and Loss (expressed in GHC.)
2009 2010
Sales 67,826,000 66,359,000
BANK
Bank Name: INTERCONTINENTAL BANK
Branch: Accra Ghana
Account Number: 1131770000306
Other Banks COMMERZ BANK AG,
Germany
FBN BANK, UK
GHANA
INTERNATIONAL BANK, UK
INTERCONTINENTAL
BANK NIGERIA Plc
INTERCONTINENTAL
BANK UK
MASHREQ financial
institutions group, UAE
COMMERZ BANK AG,
Germany
FBN BANK, UK
GHANA
INTERNATIONAL BANK, UK
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.49.07 |
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UK Pound |
1 |
Rs.77.42 |
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Euro |
1 |
Rs.67.72 |
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.