MIRA INFORM REPORT

Report No. :	347713
Report Date :	07.11.2015

IDENTIFICATION DETAILS

Name :	PRECIOUS MINERALS MARKETING COMPANY LTD.
Registered Office :	Diamond House, Kinbu Road P. o. Box M108 Accra
Country :	Ghana
Date of Incorporation :	1963
Legal Form :	Limited Corporation
LINE OF BUSINESS :	SUBJECT OPERATES AS TRADERS IN DIAMONDS, PRECIOUS AND SEMI-PRECIOUS STONES.
No. of Employee :	150 employees

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 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.

Source : CIA

COMPANY NAME
Registered Name:	PRECIOUS MINERALS MARKETING COMPANY LTD.
Requested Name:	PRECIOUS MINERALS MARKETING COMPANY LTD.
Other Names:	PMMC
ADDRESS AND TELECOMMUNICATION
Physical Address:	Diamond House, Kinbu Road
Postal Address:	P. o. Box M108,
	Accra,
Country:	Ghana
Phone:	233-302-664931/3/4/2664579/311485
Fax:	233-302-662586
Email:	pmcc@pmccghana.com
Website:	www.pmmcghana.com
CREDIT OPINION
Financial Index as of December 2014 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		1963
Reg. Number:		Ghana
Nominal Capital		GHS. 10,000
Subscribed Capital		GHS. 10,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Brigadier-General Charles Richter-Addo		Chairman
Mr. George Abradu-Otoo		MD
Mr. Edmund Yaw Hassan		Director
Mr. Addunku Bretuo Amoah		Director
Mr. Michael Ologo		Director
Alhajj Sanni Mohammed		Director
Mr. Bernard Anang		Finance
Mrs. Alice Saanuo		Admin
Mrs. Adelaide Owusu-Mensah		PR
Mrs. Sharon Quaye		Marketing
Government of Ghana		Parent		100%
RELATED COMPANIES
Government of Ghana		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
Airport, Osu, Tema, Accra, Kumasi, Tarkwa , Bolgatanga, Akwatia and Wa		Branches of the firm
OPERATIONS
Registered to operate as traders in diamonds, precious and semi-precious stones
Imports:		Asia
Exports:		Worldwide
Trademarks:		None
Terms of sale:		Cash (30%) and 25-90 days (70%), invoices.
Main Customers:		Stores, outlets, firms and organizations
Employees:		150 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Ghana
Location:		Owned premises, 50,000 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 = 3.84 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.)
		2013	2014
Sales		55,000,000	62,500,000
BANK
Bank Name:		GUARANTY TRUST BANK GHANA LIMITED
SWIFT:		BAGHGHAC
Branch:		Accra, Ghana
Comments:		Other Banks
		BANK OF GHANA
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. In 2000, Subject was converted by Act 461 (statutory corporations conversion to companies Act) to a limited liability company to operate under the Ghana's companies code (Act 179 of 1963).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.79
UK Pound	1	Rs.99.95
Euro	1	Rs.71.55

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.