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Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
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Name : |
AA MINERALS LIMITED |
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Registered Office : |
No. 94 Airport West Broadway Accra-North, |
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Country : |
Ghana |
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Date of Incorporation : |
31.12.2009 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Consultancy
and trading of gold |
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No. of Employees : |
20 employees |
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 – 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 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: AA MINERALS LIMITED
Requested Name: AA
MINERALS LIMITED
Other Names: None
Physical Address: No. 94 Airport West Broadway
Postal Address: P. o. Box AN 16570,
Accra-North,
Country: Ghana
Phone: 233-302939053/277808144/141/249604555/
244272697/277811129
Fax: 233-302734753
Email: info@aaminerals.com/
effah.asuahene@aaminerals.com
Website: www.aaminerals.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. We recommend Credit of USD 150,000 on 90 days.
Legal Form: Limited Corporation
Date Incorporated: 31-Dec-2009
Reg. Number: Ghana
Nominal Capital GHS. 10,000
Subscribed Capital GHS. 10,000
Subscribed Capital is Subscribed in the
following form:
Position Shares
Mr. Kweku Affah
Asuahene CEO
Mr. Ama Karikari Director
Mr. Kwadwo Adu Director
Mr. Oheneba
Quartsin Manager
Mr. Oscar Moore Manager
Mr. Benjamin Addo
Mantey Accounts
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate consultancy and trading of gold
Imports: Asia,
Middle East
Exports: Worldwide
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Industries,
firms and organizations
Employees: 20
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ghana
Location: Rented
premises, 1,500 square feet,
Auditors: Information not available.
Insurance Brokers: Information not available.
Currency Reported: Ghanaian Cedi (GHS.)
Approx. Ex. Rate: 1 US Dollar = 1.91 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 10,000,000
Bank Name: UNIBANK GHANA LTD
Branch: Ghana
Comments: Other Banks
CAL
BANK LTD
INTERCONTINENTAL
BANK GHANA LIMITED
BARCLAYS
BANK
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.54.78 |
|
|
1 |
Rs.83.38 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.