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Report No. : |
329401 |
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Report Date : |
02.07.2015 |
IDENTIFICATION DETAILS
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Name : |
GULDREST RESOURCES CO. LTD |
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Registered Office : |
13, 3rd Street, Ringway Estates, Osu-Accra, P. O. Box CT-8138, Cantonments, Accra |
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Country : |
Ghana |
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Date of Incorporation : |
12.02.1998 |
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Com. Reg. No.: |
CA 2452 Ghana |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate mining
and exploration services dealing with purchase and export of precious
minerals, mining, rentals of mining equipment’s and other related activities. |
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No. of Employees : |
550 Employees. |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 was strengthened by a quarter century of
relatively sound management, a competitive business environment, and sustained reductions
in poverty levels, but in recent years has suffered the consequences of loose
fiscal policy, high budget and current account deficits, and a depreciating
currency. Ghana has a market-based economy with relatively few policy barriers
to trade and investment in comparison with other countries in the region. Ghana
is well-endowed with natural resources. Agriculture accounts for nearly
one-quarter of GDP and employs more than half of the workforce, mainly small
landholders. The services sector accounts for about half of GDP. Gold and cocoa
exports, and individual remittances, are major sources of foreign exchange.
Expansion of Ghana’s nascent oil industry has boosted economic growth, but the
recent oil price crash has reduced by half Ghana’s 2015 anticipated oil
revenue. Production at Jubilee, Ghana's offshore oil field, began in
mid-December 2010 and currently produces roughly 110,000 barrels per day. The
country’s first gas processing plant at Atubao is also producing natural gas
from the Jubilee field, providing power to several of Ghana’s thermal power
plants. As of 2015, the biggest single economic issue is the lack of consistent
electricity. While the MAHAMA administration is taking steps to improve the
situation, it will be the third or fourth quarter of 2015 before any relief is
visible. Ghana signed a $920 million extended credit facility with the IMF in
April, 2015 to help it address its growing economic crisis. The IMF fiscal
targets will require Ghana to reduce the fiscal deficit by cutting subsidies,
decreasing the bloated public sector wage bill, strengthening revenue
administration, and increasing revenues. The challenge for Ghana will come as
the MAHAMA Administration approaches the 2016 election cycle facing public
dissatisfaction in the midst of economic austerity.
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Source
: CIA |
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Registered Name: |
GULDREST
RESOURCES CO. LTD |
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Requested Name: |
GULDREST RESOURCES CO. LTD |
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Other Names: |
None |
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Physical Address: |
13,
3rd Street, Ringway Estates, Osu-Accra |
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Postal Address: |
P.
o. Box CT-8138 |
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|
Cantonments,
Accra |
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Country: |
Ghana |
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Phone: |
233-302762625/204355115/6/244816747 |
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Fax: |
233-302762625 |
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Email: |
info@guldrestresources.com |
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Website: |
www.guldrestresources.com |
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
12-Feb-1998 |
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Reg. Number: |
CA 2452 Ghana |
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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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Mr. Henry Osei |
CEO/MD |
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Mr. Leslie Clottey |
Dep.
MD |
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Mr. Samuel Koomson |
Accounts |
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Mr. Daniel Owusu Osei |
Manager |
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None |
Parent company. |
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None |
Subsidiary company. |
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NYANSAPO SOLAR (GH) LTD |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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None |
Branches of the firm |
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Registered to operate mining
and exploration services dealing with purchase and export of precious
minerals, mining, rentals of mining equipments and other related activities |
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Imports: |
Asia, Middle East, South Africa |
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Exports: |
Worldwide mainly United Arab Emirates, India, Turkey and Switzerland |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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Main Customers: |
Industries, firms and organizations |
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Employees: |
550 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Ghana |
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Location: |
Owned premises, 100,000 square feet, |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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Currency Reported: |
Ghanaian Cedi (GHS.) |
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Approx. Ex. Rate: |
1 US Dollar = 1.89
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 Name: |
Barclays
Bank |
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Branch: |
Ghana |
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Comments: |
None |
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Experiences: |
Good |
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None |
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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.63.62 |
|
|
1 |
Rs.99.89 |
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Euro |
1 |
Rs.70.77 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
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 |
-- |
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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.