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Report No. : |
342457 |
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Report Date : |
22.09.2015 |
IDENTIFICATION DETAILS
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Name : |
LETAP PHARMACEUTIALS LIMITED |
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Registered Office : |
107,Graphic
Road, South Industrial Area Accra Ghana, P. o. Box 3346, Accra, |
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Country : |
Ghana |
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Date of Incorporation : |
02.06.2005 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as
dealers in pharmaceutical products and related facilities |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
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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: |
LETAP
PHARMACEUTIALS LIMITED |
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Requested Name: |
LETAP PHARMACEUTIALS LIMITED |
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Other Names: |
None |
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ADDRESS
AND TELECOMMUNICATION
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Physical Address: |
107,Graphic
Road, South Industrial Area Accra ghana |
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Postal Address: |
P.
o. Box 3346 |
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Accra, |
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Country: |
Ghana |
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Phone: |
233-301224613/225838 |
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Fax: |
233-301224613 |
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Email: |
None |
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Website: |
None |
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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: |
02-June-2005 |
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Reg. Number: |
Ghana |
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Nominal Capital |
GHS.
100,000 |
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Subscribed Capital |
GHS.
100,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Haren Patel |
Director |
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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 dealers
in pharmaceutical products and related facilities |
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Imports: |
Asia |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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Main Customers: |
Medical stores, outlets etc |
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Employees: |
20 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Ghana |
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Location: |
Leased premises, 10,000 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 (GHS.) |
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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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Financial Information not
Submitted |
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Profit and Loss
(expressed in GHS.) |
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2014 |
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Sales |
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22,450,000 |
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BANK
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Bank Name: |
Ghana
Commercial Bank |
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Branch: |
Ghana |
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Comments: |
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.65.75 |
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|
1 |
Rs.102.17 |
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Euro |
1 |
Rs.74.37 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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.