MIRA INFORM REPORT

Report No. :	309468.2
Report Date :	28.03.2015

IDENTIFICATION DETAILS

Name :	MODEC GHANA LTD
Registered Office :	22B Akosombo Street, Airport Residential Area, Accra, PMB54, KIA, Accra
Country :	Ghana
Date of Incorporation :	14.07.2005
Com. Reg. No.:	CS400132014
Legal Form :	Limited Corporation
Line of Business :	Subject operate as an engineering, construction and procurement company to provide operations and maintenance support to oil field companies
No. of Employee :	60

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 – 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	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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.

Source : CIA

Company NAME
Registered Name:	MODEC GHANA LTD
Requested Name:	MODEC GH LTD
Other Names:	MODEC GH LTD
ADDRESS AND TELECOMMUNICATION
Physical Address:	22B Akosombo Street, Airport Residential Area, Accra,
Postal Address:	PMB54, KIA,
	Accra
Country:	Ghana
Phone:	233-30221520/21-763016
Cell:	233-544335837
Fax:	233-21-763017
Email:	Ghana@modec.com
Website:	www.modec.com
CREDIT OPINION
Financial Index as of December 2014 shows subject firm with a medium risk of credit.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		14-July-2005
Reg. Number:		CS400132014
Nominal Capital		GHS. 100,000
Subscribed Capital		GHS. 100,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Toshiro Miyazaki		Group President/CEO
Shigeru Usami		Group MD
Kensuke Taniguchi		Group MD
Osamu Niho		Group MD
Ricky Alan Hall		Director
Akira Nishihata		Director
Shinsuke Nippo		Director
Takeshi Kanamori		Director
Shigeru Usami		Director
Jones Barnes		GM
Clifford Johnson		Finance
John Addei		Manager
Mr. Mahesh Narwankar		Maintenance Superintendent
Mr. Cecil Vaughan		Project Manager at MODEC International Inc.
MODEC Management Services Pte Ltd , Singapore		Holding Co.		100%
RELATED COMPANIES
MODEC Management Services Pte Ltd , Singapore		Parent company.
None		Subsidiary company.
Submitted Below		Affiliated companies.
None		Shareholder of subject firm.
Bay Court Premises, Block 12, Cape Coast Road, Takoradi, Ghana		Branches of the firm
OPERATIONS
Registered to operate as an engineering, construction and procurement company to provide operations and maintenance support to oil field companies
Imports:		Asia, Middle East
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		firms and organizations
Employees:		60 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Ghana
Location:		Leased premises, 20,000 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 = 3.63 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			15,000,000
BANK
Bank Name:		CAL Bank
Branch:		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. Mr. Rick Hall is the President and CEO of SOFEC a subsidiary of Modec. Modec Group is the grou name.

AFFILIATED COMPANIES

MODEC, INC.,

MODEC MANAGEMENT SERVICES PTE. LTD.,

MODEC OFFSHORE PRODUCTION SYSTEMS (SINGAPORE) PTE. LTD.,

MODEC SERVIÇOS DE PETRÓLEO DO BRASIL LTDA. ,

MODEC OFFSHORE ENGINEERING SERVICES (DALIAN) CO., LTD.,

MODEC ANGOLA, LDA,

NATIONALE D'OPERATIONS PETROLIERES DE COTE D'IVOIRE (NOPCI),

CANTARELL FSO, INC., S.A. DE C.V.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.61
UK Pound	1	Rs.92.95
Euro	1	Rs.68.15

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ANK

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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