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Report No. : |
302225 |
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Report Date : |
10.01.2015 |
IDENTIFICATION DETAILS
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Name : |
ERNEST CHEMISTS LIMITED |
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Registered Office : |
Ring
Road Central, Near Circle Overhead, P. o. Box 3345, Accra |
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Country : |
Ghana
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Date of Incorporation : |
16.04.1986 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate
manufacture and distribution of pharmaceuticals and medicinal drugs |
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No. of Employee : |
50 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Ghana |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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. 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.
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Source
: CIA |
Company
name
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Registered Name: |
ERNEST CHEMISTS
LIMITED |
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Requested Name: |
ERNEST CHEMISTS LIMITED |
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Other Names: |
None |
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ADDRESS
AND TELECOMMUNICATION
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Physical Address: |
Ring
Road Central, Near Circle overhead |
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Postal Address: |
P.
o. Box 3345 |
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Accra |
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Country: |
Ghana |
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Phone: |
233-302-257140/1/2 |
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Cell: |
233-244439664/ 133901/ 382854 |
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Fax: |
233-302-257144 |
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Email: |
sales@ernestchemist.com/ ernestchemists@4u.com.gh |
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Website: |
www.ernestchemist.com |
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CREDIT
OPINION
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Financial Index as of
December 2014 shows subject firm with a medium risk of credit. |
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LEGAL
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
16-April-1986 |
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Reg. Number: |
Accra |
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Nominal Capital |
GHS.
1,000,000 |
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Subscribed Capital |
GHS.
1,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Ernest Bediako Sampong |
Chairman/CEO |
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Yaw Bediako Sampong |
GM
Operations |
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Mark Owiredu |
GM
Manufacturing |
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Alex Mireku Ntiri |
Finance
Manager |
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Sarah Quayson Danquah |
HR
Manager |
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Ebenezer Sasu Bediako |
Manager |
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Adjoa Akyema Bediako Sampong |
Manager |
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Sefah Nyarko Nana Yaw |
Manager |
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Charles Crabbe |
Manager |
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Richmond Nkansah Mensah |
Manager |
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Herbert Latsebi |
Manager |
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Kwabena Oppong |
Manager |
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RELATED
COMPANIES
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None |
Parent company. |
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ER-MART LIMITED |
Subsidiary company. |
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None |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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-Vanderoye Road, Near Loom Art Gallery, Adabraka, Accra Ghana - First Traffic light After Tema General Hospital, Accra Ghana |
Branches of the firm |
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OPERATIONS
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Registered to operate manufacture
and distribution of pharmaceuticals and medicinal drugs |
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Imports: |
Worldwide |
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Exports: |
West Africa |
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Trademarks: |
None |
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Terms of sale: |
Cash (80%) and 30 days (20%), invoices. |
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Main Customers: |
Local agencies, firms and organizations |
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Employees: |
50 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Ghana |
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Location: |
Owned premises, 50,000 square feet, |
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AUDITORS
AND INSURANCE
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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FINANCE
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Currency Reported: |
Ghanaian Cedi (GHS.) |
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Approx. Ex. Rate: |
1 US Dollar = 3.25
Ghanaian Cedi |
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Fiscal Year End: |
December 31, 2014 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2014 was of 13%. |
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Financial Information not
Submitted |
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Profit and Loss
(expressed in GHS.) |
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2014 |
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Sales |
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15,000,000 |
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BANK
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Bank Name: |
Barclays
bank |
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Branch: |
Ghana |
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Comments: |
None |
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TRADE REFERENCES
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Experiences: |
Good |
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NOTARIAL BONDS
None |
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COMMENTS
/ ADDITIONAL INFORMATION
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This information was
obtained from outside sources other than the subject company itself and
confirmed the above subject. Subject was registered as
a Sole Proprietorship until 1993 when it became a Limited Corporation. |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.40 |
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|
1 |
Rs.94.17 |
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Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.