MIRA INFORM REPORT

 

 

Report Date :

01.10.2012

 

IDENTIFICATION DETAILS

 

Name :

FON LIMITED

 

 

Registered Office :

 

Near CID Barracks Behind Taxi Rank Alajo AN 10254, Accra

 

 

 

 

Country :

Ghana

 

 

 

 

Date of Incorporation :

14.02.2001

 

 

 

 

Com. Reg. No.:

R C: 65067/914E000618

 

 

 

 

Legal Form :

Limited Corporation 

 

 

 

 

Line of Business :

Distributors of office equipments, supplies, stationery etc

 

 

 

 

No. of Employees :

35 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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Ghana

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

GHANA - ECONOMIC OVERVIEW

 

Ghana's economy has been strengthened by a quarter century of relatively sound management, a competitive business environment, and sustained reductions in poverty levels. Ghana is well endowed with natural resources and agriculture accounts for roughly one-quarter of GDP and employs more than half of the workforce, mainly small landholders. The services sector accounts for 50% of GDP. Gold and cocoa production and individual remittances are major sources of foreign exchange. Oil production at Ghana's offshore Jubilee field began in mid-December, 2010, and is expected to boost economic growth. President MILLS faces challenges in managing new oil revenue while maintaining fiscal discipline and resisting debt accumulation. Estimated oil reserves have jumped to almost 700 million barrels. Ghana signed a Millennium Challenge Corporation (MCC) Compact in 2006, which aims to assist in transforming Ghana's agricultural sector. Ghana opted for debt relief under the Heavily Indebted Poor Country (HIPC) program in 2002, and is also benefiting from the Multilateral Debt Relief Initiative that took effect in 2006. In 2009 Ghana signed a three-year Poverty Reduction and Growth Facility with the IMF to improve macroeconomic stability, private sector competitiveness, human resource development, and good governance and civic responsibility. Sound macro-economic management along with high prices for gold and cocoa helped sustain GDP growth in 2008-11.

Source : CIA

 SUBJECT'S NAME  

 

Registered Name:                                  FON LIMITED

Requested Name:                                  FON LIMITED

Other Names:                                        None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                  Near CID Barracks Behind Taxi Rank Alajo AN 10254, Accra

Postal Address:                                     P. o. Box Accra-North 10254

                                                            Accra

Country:                                                Ghana

Phone:                                                  233-21231795/235053/21221432

Fax:                                                      233-21776603

Email:                                                   None

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.

 

 

LEGAL

 

Legal Form:                                                    Limited Corporation 

Date Incorporated:                                           14-Feb-2001

Reg. Number:                                                 R C: 65067/914E000618

Nominal Capital                                               GHS. 10,000,000

Subscribed Capital                                          GHS. 10,000,000

Subscribed Capital is Subscribed in the following form:

                                                                     Position                          Shares

Mr. Frederick Osafo Ntim                                 MD                                 

Mr. Agries Osafo Ntim                                     Director                           

Mr. Ofosu Mensah                                           Director                           

Mr. R. Osafo-Djan                                           Director                           

 

 

RELATED COMPANIES  

 

None                                                              Parent company.

None                                                              Subsidiary company.

None                                                              Affiliated company.

None                                                              Shareholder of subject firm.

None                                                              Branches of the firm

 

 

OPERATIONS

 

Registered to operate as distributors of office equipments, supplies, stationery etc

Imports:                                                          Asia

Exports:                                                         None

Trademarks:                                                   None

Terms of sale:                                                 Cash (40%) and 25-90 days (60%), invoices.

                                                                    

Main Customers:                                             firms and organizations  

Employees:                                                    35 employees.

Vehicles:                                                        Several motor vehicles.

Territory of sales:                                            Ghana

Location:                                                        Rented 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 = 1.90 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                                                             30,520,000               32,870,000

 

 

BANK 

 

Bank Name:                                                   STANBIC BANK LTD

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.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.69

UK Pound

1

Rs.85.71

Euro

1

Rs.68.15

 

 

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.