MIRA
INFORM REPORT
|
Report Date : |
14.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
AYRTON DRUG MANUFACTURING LTD. |
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Registered Office : |
B1/24, Abeka Road Tesano, Accra |
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Country : |
Ghana |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
24.09.1965 |
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Com. Reg. No.: |
2086 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Engaged in manufacturing,
wholesaling and retailing of pharmaceutical Products |
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No. of Employees : |
410 |
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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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Ghana |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
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 |
SUBJECT'S NAME
|
Registered Name: |
AYRTON DRUG
MANUFACTURING LTD. |
|
Requested Name: |
AYRTON DRUG MFG LTD. |
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Other Names: |
None |
ADDRESS AND TELECOMMUNICATION
|
Physical Address: |
B1/24, Abeka Road Tesano, Accra |
|
Head Office Address: |
NR CMB Flats, Mokose Road Tesano, Accra |
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Postal Address: |
P.o.
Box 2149 |
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|
Accra |
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Country: |
Ghana |
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Phone: |
233-21-245090 222235/226761 |
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Fax: |
233-21-241804 |
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Email: |
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|
Website: |
CREDIT OPINION
|
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
|
Legal Form: |
Limited Corporation |
|
Date Incorporated: |
24-Sept-1965 |
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Reg. Number: |
2086 |
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Nominal Capital |
GHS.
4,475,000 |
|
Subscribed Capital |
GHS.
4,475,000 |
|
Subscribed
Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr.
Richard Adu-Poku |
Chairman |
|
|
Mr.
Samuel Adjepong |
Director |
30% |
|
Mr.
Frank Amoako Boateng |
Director |
|
|
Mr.
Yaw Adu Gyamfi |
Director |
|
|
Mrs.
Frances Jane Adjepong |
Director |
20% |
|
Mrs.
Linda Sangari |
Director |
10% |
|
Mrs.
Belinda Opoku |
Director |
|
|
Mr.
Mital Patel |
Director |
|
|
Mr.
Opoku Amponsah |
Secretary |
|
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Public
Shareholders |
Shareholders |
40% |
RELATED COMPANIES
|
None |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
Kumasi, Takoradi and
Tamale in Ghana |
Branches of the firm |
OPERATIONS
|
Registered to operate
manufacture, wholesaling and retailing of pharmaceutical Products |
|
|
Imports: |
Asia, China, Europe |
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Exports: |
Neighboring countries |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 30 days (60%), invoices. |
|
|
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Main Customers: |
firms and organizations |
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Employees: |
410 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Ghana |
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Location: |
Owned premises, 65.000 square feet, |
AUDITORS AND INSURANCE
|
Auditors: |
K E Wood & Co |
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Insurance Brokers: |
AII Assurance |
FINANCE
|
Currency Reported: |
Ghanaian Cedi (GHS.) |
|
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Approx. Ex. Rate: |
1 US Dollar = 2.22
Ghanaian Cedi |
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Fiscal Year End: |
December 31, 2012 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2012 was of 13%. |
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Financial Information
Submitted below |
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Profit and Loss
(expressed in GHS.) |
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|
|
|
2012 |
|
Sales |
|
6,250,000 |
BANK
|
Bank Name: |
Ghana
Commercial Bank Ltd. |
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Branch: |
International
Trade Finance Div Trade Service Dept. Tower House Circle Branch, Accra, Ghana
|
|
Comments: |
None |
TRADE
REFERENCES
|
Experiences: |
Good |
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|
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NOTARIAL BONDS |
None |
COMMENTS / ADDITIONAL INFORMATION
|
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.61.52 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.84.11 |
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.