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Report No. : |
345755 |
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Report Date : |
17.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
BGC INTERNATIONAL GHANA LTD |
|
|
|
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Registered Office : |
5th
Floor Premier Tower Opp. Pension Hse Accra |
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|
|
|
Country : |
Ghana |
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Date of Incorporation : |
10.06.1995 |
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Legal Form : |
Limited Corporation |
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|
|
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Line of Business : |
Subject operate mining and exploration services |
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|
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|
No. of Employee : |
50 employees. |
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 – 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 |
|
Registered Name: |
BGC INTERNATIONAL
GHANA LTD |
|
Requested Name: |
BGC INTERNATIONAL GHANA LTD |
|
Other Names: |
BGC INTERNATIONAL DMCC GHANA LIMITED |
|
Physical Address: |
5th
Floor Premier Tower Opp. Pension Hse |
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Postal Address: |
P.
o. Box |
|
|
Accra |
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Country: |
Ghana |
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Phone: |
233-302677880 |
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Fax: |
233-302677880 |
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Email: |
None |
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Website: |
None |
|
Financial Index as of
December 2014 shows subject firm with a medium risk of credit. |
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
10-June-1995 |
|
|
Reg. Number: |
Ghana |
|
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Nominal Capital |
GHS.
1,000,000 |
|
|
Subscribed Capital |
GHS.
1,000,000 |
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Subhash Kedia |
Director |
|
|
Mr. Akoliya V. N.Patel |
Director |
|
|
Mr. Arjun Jain |
Director |
|
|
Mr. Vicky Jain |
Director |
|
|
Government of Ghana |
Shareholder |
40% |
|
Canadian Bogosu Resources Ltd. |
Shareholder |
60% |
|
Canadian Bogosu Resources
Ltd. |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
Government of Ghana |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
|
Registered to operate mining
and exploration services |
|
|
Imports: |
Asia |
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Exports: |
Middle East |
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Trademarks: |
None |
|
Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|
|
|
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Main Customers: |
firms and organizations |
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Employees: |
50 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
Ghana |
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Location: |
Leased premises, 100,000 square feet, |
|
Auditors: |
Information not
available. |
|
Insurance Brokers: |
Information not
available. |
|
Currency Reported: |
Ghanaian Cedi (GHS.) |
|
|
Approx. Ex. Rate: |
1 US Dollar = 3.77
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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|
|
||
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Financial Information not
Submitted |
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|
|
|
|
|
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Profit and Loss
(expressed in GHS.) |
||
|
|
|
2014 |
|
Sales |
|
125,000,000 |
|
Bank Name: |
Intercontinental
Bank Ghana Limited |
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Branch: |
Ghana |
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Comments: |
None |
|
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.65.11 |
|
|
1 |
Rs.99.50 |
|
Euro |
1 |
Rs.74.24 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.