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Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
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Name : |
GULDREST RESOURCES COMPANY LTD. |
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Registered Office : |
HSE No. F831/1, |
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Country : |
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Date of Incorporation : |
12.02.1998 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Registered to operate mining and exploration
services |
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No. of Employees : |
500 |
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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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 |
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
Registered Name: GULDREST RESOURCES COMPANY LTD.
Requested Name: GULDREST
RESOURCES COMPANY LTD.
Other Names: None
Physical Address: HSE No. F831/1, 1st Street,
Ringway Estates, Osu-Accra,
Postal Address: P. o. Box CT 971,
Cantonments-Accra
Country: Ghana
Phone: 233-244816747/276312568
Fax: 233-302762625
Email: None
Website: None
Legal Form: Limited Corporation
Date Incorporated: 12/02/1998
Reg. Number: Ghana
Nominal Capital GHS. 1,000,000
Subscribed Capital GHS. 1,000,000
Subscribed Capital
is Subscribed in the following form:
Position Shares
Mr. Henry Osei CEO
Mr. Ebenezer Kwame Andoh Dep. MD
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate mining and exploration services
Imports: Asia,
Middle East
Exports: Worldwide
Trademarks: None
Terms of sale: Cash
(30%) and 25-90 days (70%), invoices.
Main Customers: firms
and organizations
Employees: 500
employees.
Vehicles: Several
motor vehicles.
Territory of sales: Ghana
Location: Owned
premises, 100,000 square feet,
Auditors: Information not available.
Insurance Brokers: Information not available.
Currency Reported: Ghanaian Cedi (GHS.)
Approx. Ex. Rate: 1 US Dollar = 1.89 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 7,500,000 8,150,000
Bank Name: Barclays Bank
Branch: Ghana
Comments: None
Experiences: Good
None
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.5363 |
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1 |
Rs.86.17 |
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Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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 |
|
-- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.