MIRA INFORM REPORT

 

 

Report Date :

19.07.2012

 

IDENTIFICATION DETAILS

 

Name :

BLOW CHEM INDUSTRIES LTD.

 

 

Registered Office :

Plot No. IND/A68/3&12, Kpone Police Barrier, Aflao Road-Kpone Tema,  P. o. Box 6988  Accra

 

 

Country :

Ghana

 

 

Year of Establishment :

2008

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Distributors of mineral water

 

 

No. of Employees :

80 employees.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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:                                  BLOW CHEM INDUSTRIES LTD.

Requested Name:                                  BLOW CHEM INDUSTRIES LTD.

Trade Names:                                        BEL-AQUA MINERAL WATER

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                Plot No. IND/A68/3&12, Kpone Police Barrier,

                                                            Aflao Road-Kpone Tema,

Postal Address:                                     P. o. Box 6988

                                                            Accra,

Country:                                                Ghana

Phone:                                                  233-302223391/544335800/900

Fax:                                                      233-302222257

Email:                                                   info@blowgroup.com

Website:                                               www.belaqua.com.gh

 

 

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.

 

 

LEGAL

 

Legal Form:                                                    Limited Corporation 

Date Incorporated:                                           2008

Reg. Number:                                                 Ghana

Nominal Capital                                               GHS. 100,000

Subscribed Capital                                          GHS. 100,000

Subscribed Capital is Subscribed in the following form:

                                                                     Position                          Shares

Mr. Rafiuddin S.                                              GM                                 

Mr. Ajay Pandey                                             Manager                          

Blow Group                                                     Holding Co.                      100%

 

 

RELATED COMPANIES  

 

Blow Group                                                     Parent company.

None                                                              Subsidiary company.

Blow Plast Industry Ltd,

Blow Sacks Industry Ltd,

Blow Plast Recycling.                                      Affiliated company.

None                                                              Shareholder of subject firm.

None                                                              Branches of the firm

 

 

OPERATIONS

 

Registered to operate as distributors of mineral water

Imports:                                                          Asia, Europe

Exports:                                                         None

Trademarks:                                                   None

Terms of sale:                                                 Cash (80%) and 25-90 days (20%), invoices.

                                                                    

Main Customers:                                             Stores, outlets etc

Employees:                                                    80 employees.

Vehicles:                                                        Several motor vehicles.

Territory of sales:                                            Ghana

Location:                                                        Owned premises, 5,000 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 = 1.95 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.)

                                                                                                    2011

Sales                                                                                            6,850,000

 

BANK 

 

Bank Name:                                                   Access Bank

Branch:                                                          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 Address you provided for the subject company i.e. Graphic Rd., South Industrial Area, behind MTN belongs to its holding company Blow Group, correct address is as above.

                                                                    

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.34

UK Pound

1

Rs.86.55

Euro

1

Rs.67.95

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.