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Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
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Name : |
GEO MEDICORE LTD |
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Registered Office : |
Plot No. 312 to 315 Kuntunse,
Accra |
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Country : |
Ghana |
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Year of Establishments: |
2009 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
manufacturer and supplier of pharmaceutical products and related medical
facilities |
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No. of Employees : |
120 |
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 |
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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 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, despite the
general slowdown in the global economy during that same time period.
|
Source : CIA |
Registered Name: GEO MEDICORE LTD
Requested Name: GEOMEDICORE
Other Names: None
Physical Address: Plot No. 312 to 315 Kuntunse,
Accra
Postal Address: P. o. Box 2511
Accra,
Country: Ghana
Phone: 233-273184685/244364713
Fax: 233-273184685
Email: bhismerc@yahoo.com
Website: None
Financial Index as of December 2012 shows subject firm with a medium risk of credit.
Legal Form: Limited Corporation
Date Incorporated: 2009
Reg. Number: Ghana
Nominal Capital GHS. 1,000
Subscribed Capital GHS. 1,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Sam L.
Deepchandani Director
Mr. George Ofori
Asare Director
Mr. Fred Twum Manager
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate manufacture and supply pharmaceutical products and
related medical facilities
Imports: Asia,
Africa
Exports: Asia
Trademarks: None
Terms of sale: Cash
(60%) and 25-90 days (40%), invoices.
Main Customers: Local
agencies, chemists, stores, outlets
Employees: 120
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ghana
Location: Leased
premises, 10,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Ghanaian Cedi (GHS.)
Approx. Ex. Rate: 1 US Dollar = 2.17 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 2,000,000
Bank Name: Ecobank Ghana
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.61.75 |
|
UK Pound |
1 |
Rs.99.56 |
|
Euro |
1 |
Rs.83.55 |
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.