MIRA INFORM REPORT

Report Date :

12.01.2012

IDENTIFICATION DETAILS

Name :	BBC INDUSTRIAL COMPANY GHANA LTD
Registered Office :	Rana Motors Building, Graphic Road, South Industrial Area, An7617Tema, Accra Community-1, Obedeka Street, South Industrial Area, P.o. Box An7617, Tema
Country :	Ghana
Date of Incorporation :	02.04.1964
Com. Reg. No.:	R.C N° : C 1547
Legal Form :	Limited Corporation
Line of Business :	Manufacture and Supply of paints, wood preservatives, car enamels, fillers, adhesives and thinners.
No. of Employees :	300 employees

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 50,000
Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Ghana	B2	B2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUBJECT'S NAME

Registered Name:	BBC INDUSTRIAL COMPANY GHANA LTD
Requested Name:	BBC INDUSTRIAL COMPANY GHANA LTD
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Rana Motors Building, Graphic Road, South Industrial Area, An7617Tema, Accra Community-1, Obedeka Street, South Industrial Area
Postal Address:	P.o. Box An7617
	Tema
Country:	Ghana
Phone:	233-302221937/302230124/ 202465/ 204133
Fax:	233-303202084/226793
Email:	essam_odaymat@ranamotors.com
Website:	None
CREDIT OPINION
Financial Index as of December 2011 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 50,000 on 90 days.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		02/04/1964
Reg. Number:		R.C N° : C 1547
Nominal Capital		GHS. 100,000
Subscribed Capital		GHS. 100,000
Subscribed Capital is Subscribed in the following form:
		Position	Shares
Mr. Raymond Schuijt		MD
Mr. Essam Odaymat		Director

RELATED COMPANIES
None	Parent company.
None	Subsidiary company.
None	Affiliated company.
None	Shareholder of subject firm.
Rana Motors Building, Graphic Road, South Industrial Area, An7617 Tema, Accra	Branches of the firm
OPERATIONS
Registered to operate manufacture and supply of paints, wood preservatives, car enamels, fillers, adhesives and thinners.
Imports:	Asia, Middle East
Exports:	None
Trademarks:	Leyland and Leylac paints
Terms of sale:	Cash (40%) and 30 days (60%), invoices.
Main Customers:	firms and organizations
Employees:	300 employees.
Vehicles:	Several motor vehicles.
Territory of sales:	Ghana
Location:	Owned premises, 20.000 square feet,
AUDITORS AND INSURANCE
Auditors:	Information not available.
Insurance Brokers:	Information not available.
FINANCE
Currency Reported:	Ghanaian Cedi (GHS.)
Approx. Ex. Rate:	1 US Dollar = 1.63 Ghanaian Cedi
Fiscal Year End:	December 31, 2011
Inflation:	According to information given by independent sources, the inflation at December 31st, 2011 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in GHS.)
	2010	2011
Sales	12,500,000	13,750,000
BANK
Bank Name:	Access Bank
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

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.75
UK Pound	1	Rs.80.00
Euro	1	Rs.65.99

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
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
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
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
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
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

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%)

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