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Report Date : |
08.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
SOMOCHEM GHANA LTD. |
|
|
|
|
Registered Office : |
Block 6, Ring Road, North
Industrial Area, Accra |
|
|
|
|
Country : |
Ghana |
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|
|
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Year of Establishments: |
2005 |
|
|
|
|
Legal Form : |
Limited Corporation |
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|
|
|
Line of Business : |
distributor of
chemicals and plastic products |
|
|
|
|
No. of Employees : |
60 |
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 |
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|
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Payment Behaviour : |
No Complaints |
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|
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 MAHAMA 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 higher prices for oil, gold and, cocoa helped sustain
high GDP growth in 2008-12.
|
Source : CIA |
Registered Name: SOMOCHEM GHANA LTD.
Requested Name: SOMOCHEM
GHANA LTD.
Other Names: None
Physical Address: Block 6, Ring Road, North
Industrial Area,Accra
Postal Address: P. o. Box 5334,
Nia-Accra,
Country: Ghana
Phone: 233-21-229962
Fax: 233-208422173
Email: service@somotexgh.com
Website: www.mohinani.com
Financial Index as of December 2012 shows subject firm with a medium
risk of credit. However, bank and credit information obtained reveal a history
of prompt payments.
Legal Form: Limited Corporation
Date Incorporated: 2005
Reg. Number: Ghana
Nominal Capital GHS. 100,000
Subscribed Capital GHS. 100,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Ramchand Udharam Mohinani Chairman
Mr. Vijay Mohinani Director
Mr. Harry Mohinani Director
Mr. Ashok Mohinani Director
Mr. Pallav Rastogi Manager
Mr.FuseiniKhumbo Manager
Mohinani Group of
Companies Holding Co. 100%
Mohinani Group of Companies Parent company.
None Subsidiary company.
Somotex Ghana Ltd,
Poly Products Ghana Limited,
Poly Sacks Ghana Limited,
Poly Tanks Ghana Limited,
Poly Kraft Ghana Limited,
Somovision (Ghana) Limited,
Sara (Hong Kong) Limited,
Somochem Tanzania Limited,
Somochem (Kenya) Limited,
Somochem (U) Limited,
Somochem Southern Africa,
Somochem India Pvt. Limited,
Montana (Nigeria) Limited,
Uniwell Trading
Company Limited. Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as distributor of chemicals and plastic products
Imports: Asia,
Middle East
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Industries,
firms and organizations
Employees: 60
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ghana
Location: Owned
premises, 5,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Ghanaian Cedi (GHS.)
Approx. Ex. Rate: 1 US Dollar = 2.03 Ghanaian Cedi
Fiscal
Year End: December 31, 2012
Inflation: According to
information given by independent sources, the
inflation
at December 31st, 2012 was of 13%.
Financial
Information not Submitted
Profit and Loss (expressed in GHS.)
2012
Sales 320,000,000
Bank Name: Bank of Abyssinia
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
UK Pound |
1 |
Rs.90.79 |
|
Euro |
1 |
Rs.77.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.