|
Report Date : |
05.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
FLY 540 |
|
|
|
|
Registered Office : |
Domestic
Teminal, Office No 105 |
|
|
|
|
Country : |
Ghana |
|
|
|
|
Date of Incorporation : |
2010 |
|
|
|
|
Legal Form : |
Limited Corporation |
|
|
|
|
Line of Business : |
Subject operate domestic
air travel services |
|
|
|
|
No. of Employees |
15 employees. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. In late 2010, Ghana was recategorized
as a lower middle-income country. 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 producing close to target levels. Additional
oil projects are being developed and are expected to come on line in a few
years. Estimated oil reserves have jumped to almost 700 million barrels and
Ghana’s growing oil industry is expected to boost economic growth as the
country faces the consequences of two years of loose fiscal policy, high budget
and current account deficits, and a depreciating currency. President MAHAMA
faces challenges in managing a population that is unhappy with living standards
and that perceives they are not reaping the benefits of oil production because
of political corruption.
|
Source
: CIA |
|
Registered Name: |
FLY 540 GHANA
LTD |
|
Requested Name: |
FLY 540 GHANA LTD |
|
Other Names: |
None |
|
Physical Address: |
Domestic
Teminal, Office No 105 Kotoka International Airport |
|
|
Accra, |
|
Country: |
Ghana |
|
Phone: |
233-302744540/400540 |
|
Fax: |
233-302744541 |
|
Email: |
contactus@fly540ghana.com |
|
Website: |
www.fly540.com |
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
2010 |
|
|
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. Don Smith |
Group
CEO |
|
|
Mr. Nixon Ooko |
Director |
|
|
Mr. Mehdi Rezegbara |
manager |
|
|
Ms. Rose Appiah-Kubi |
Admin |
|
|
FastJet |
Holding
Co. |
100% |
|
FastJet |
Parent company. |
|
None |
Subsidiary company. |
|
Fly540 Angola |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
222 Ashiakle Ave Abelemkpe, Abelemkpe, Accra,Greater Accra, Ghana |
Branches of the firm |
|
Registered to operate
domestic air travel services |
|
|
Imports: |
Asia, USA |
|
Exports: |
None |
|
Trademarks: |
None |
|
Terms of sale: |
Cash (80%) and 25-90 days (20%), invoices. |
|
|
|
|
Main Customers: |
General Public |
|
Employees: |
15 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
Ghana |
|
Location: |
Rented premises, 5,000 square feet, |
|
Auditors: |
Information not
available. |
|
Insurance Brokers: |
Information not
available. |
|
Currency Reported: |
Ghanan Cedi (GHS.) |
|
|
Approx. Ex. Rate: |
1 US Dollar = 3.69 Ghanan Cedi |
|
|
Fiscal Year End: |
December 31, 2013 |
|
|
Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2013 was of 13%. |
|
|
|
||
|
Financial Information not
Submitted |
|
|
|
|
|
|
|
Profit and Loss
(expressed in GHS.) |
||
|
|
|
2013 |
|
Sales |
|
520,000 |
|
Bank Name: |
First
Atlantic Merchant Bank Ghana (FAMBG) |
|
Branch: |
Ghana |
|
Comments: |
None |
|
This information was obtained
from outside sources other than the subject company itself . In 20/05/2014 operations
of Subject company were suspended due to restructuring of operations in
Ghana. The holding company Fastjet is considering selling off subject
company. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.02 |
|
UK Pound |
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SDA |
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.