MIRA INFORM REPORT

Report No. :	326143
Report Date :	09.06.2015

IDENTIFICATION DETAILS

Name :	FEGMA GHANA LTD
Registered Office :	MamProbi, Accra,
Country :	Ghana
Date of Incorporation :	02.06.2010
Legal Form :	Limited Corporation
Line of Business :	Subject is operate as general traders
No of Employees :	20

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow But Correct
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 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 oil industry is expected to boost economic growth. Production at Jubilee, Ghana's offshore oil field, began in mid-December 2010 and is expected to double Ghana’s oil output between 2014 and 2017. The administration faces dissent from a population that is unhappy with the high cost of living and perceives that the gains from oil are going to the politically corrupt. A new IMF assistance program, expected to start in 2015, will guide the government’s economic policies and help reduce the fiscal deficit by cutting subsidies, reducing the bloated public sector wage bill, and strengthening revenue administration, but related austerity measures will be unwelcomed by the public.

Source : CIA

SUBJECT'S NAME
Registered Name:	FEGMA GHANA LTD
Requested Name:	FEGMA GHANA LTD
Other Names:	None
_______________________________________________________________________
ADDRESS AND TELECOMMUNICATION
Physical Address:	MamProbi, Accra
Postal Address:	P. o. Box KCRC 064,
	Accra,
Country:	Ghana
Phone:	233-289105499
Fax:	233-289105499
Email:	None
Website:	None
_______________________________________________________________________
CREDIT OPINION
Financial Index as of December 2014 shows subject firm with a medium risk of credit. We recommend Secured Credit.
_______________________________________________________________________
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		02-June-2010
Reg. Number:		Ghana
Nominal Capital		GHS. 1,000
Subscribed Capital		GHS. 1,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. C. Kwasi		GM
_______________________________________________________________________
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
None		Branches of the firm
___________________________________________________________________________
OPERATIONS
Registered to operate as general traders
Imports:		Asia
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		firms and organizations
Employees:		20 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Ghana
Location:		Rented premises, 5,000 square feet,
_______________________________________________________________________
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
_______________________________________________________________________
FINANCE
Currency Reported:		Ghanaian Cedi (GHS.)
Approx. Ex. Rate:		1 US Dollar = 4.02 Ghanaian Cedi
Fiscal Year End:		December 31, 2014
Inflation:		According to information given by independent sources, the inflation at December 31st, 2014 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in GHS.)
			2014
Sales			22,400,000
_______________________________________________________________________
BANK
Bank Name:		Fidelity Bank Ghana Limited
Branch:		Ghana
Comments:		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. 64.11
UK Pound	1	Rs. 97.84
Euro	1	Rs. 71.11

INFORMATION DETAILS

Analysis Done by :	KRN
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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