MIRA INFORM REPORT

Report Date :

30.07.2014

IDENTIFICATION DETAILS

Name :	SIVOKO STEEL STRUCTURES GHANA LTD
Registered Office :	Comm 7, Tema, P. o. Box CS 8807
Country :	Ghana
Date of Incorporation :	10.06.2000
Legal Form :	Limited Corporation
Line of Business :	Subject is operate building, construction and fabrication services and solutions mainly design, manufacture and supply pre-engineered steel buildings
No of Employees :	120 employees

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
Payment Behaviour :	No Complaints
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 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Ghana	B2	B2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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

SUBJECT'S NAME
Registered Name:	SIVOKO STEEL STRUCTURES GHANA LTD
Requested Name:	SIVOKO STEEL STRUCTURES GHANA LTD
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Comm 7, Tema
Postal Address:	P. o. Box CS 8807
	Tema
Country:	Ghana
Phone:	233-30-32028884/6/90091
Fax:	233-30-3208883
Email:	sivoko@ghana.com
Website:	None
CREDIT OPINION
Financial Index as of December 2013 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:		10-June-2000
Founded:		1998
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. Shane Miranda		Director
Mr. V. V. Joshi		Director
SIVOKO GROUP		Holding Co.		100%
RELATED COMPANIES
SIVOKO GROUP		Parent company.
VELOCITY VENTURE		Subsidiary company.
SIVOKO SPRINGS, AUTO ANCILLARIES LTD, AUTOMOTIVE ANCILLARIES LTD, SIVOKO LUBES LTD, SIVOKO PEB.		Affiliated company.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate building, construction and fabrication services and solutions mainly design, manufacture and supply pre-engineered steel buildings
Imports:		Asia
Exports:		Europe, Asia
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Energy, mining and infrastructure firms and organizations
Employees:		120 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Ghana
Location:		Owned premises, 15 Acres
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Ghanaian Cedi (GHS.)
Approx. Ex. Rate:		1 US Dollar = 3.64 Ghanaian 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			25,000,000
BANK
Bank Name:		Standard Chartered Bank
Branch:		Tema, Ghana
Comments:		None
TRADE REFERENCES
Experiences:		Good
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. 60.10
UK Pound	1	Rs. 102.04
Euro	1	Rs. 80.73

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	DPT

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%)

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