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Report No. : |
332992 |
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Report Date : |
30.07.2015 |
IDENTIFICATION DETAILS
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Name : |
ESKAY THERAPEUTICS LTD |
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Registered Office : |
42, South Industrial
Area, |
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Country : |
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Date of Incorporation : |
14.07.1998 |
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Com. Reg. No.: |
3826 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as
distributors of pharmaceuticals |
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No. of Employees : |
60 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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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 |
Company Name |
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Registered Name: |
ESKAY
THERAPEUTICS LTD |
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Requested Name: |
ESKAY THERAPEUTICS LTD |
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Other Names: |
ESKAY PHARMA |
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ADDRESS AND TELECOMMUNICATION |
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Physical Address: |
42, South Industrial
Area, Accra |
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Postal Address: |
P.
O Box 431,Darkuman |
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Accra |
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Country: |
Ghana |
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Phone: |
233-302241509/251725/-277751195/202 |
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Fax: |
233-302230313/251725 |
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Email: |
eskay@idngh.com/
info@eskaypharma.com |
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Website: |
www.eskaypharma.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: |
14/07/1998 |
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Reg. Number: |
3826 |
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Nominal Capital |
USD.
50,000 |
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Subscribed Capital |
USD.
50,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr.
Gopalakrishna G. Rao |
MD/
CEO |
100% |
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Mr.
Kamala Rao |
Finance |
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Mr.
P. K. Agarwal |
Manager |
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Mr.
Shunny Nigam |
Sales |
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Mr. Lawrence Appiah |
Admin |
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Mr.
Gilbert Onomah |
HR |
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RELATED COMPANIES |
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None |
Parent company. |
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None |
Subsidiary company. |
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None |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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None |
Branches of the firm |
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OPERATIONS |
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Registered to operate as
distributors of pharmaceuticals |
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Imports: |
India and South Africa |
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Exports: |
None |
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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: |
Medical firms and hospitals |
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Employees: |
60 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Ghana |
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Location: |
Rented premises, 5,000 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 (GHC.) |
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Approx. Ex. Rate: |
1 US Dollar = 3.18
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 GHC.) |
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2013 |
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Sales |
4,450,000 |
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BANK |
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Bank Name: |
Ghana
Commercial Bank |
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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. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
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1 |
Rs.99.71 |
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Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.