MIRA INFORM REPORT

 

 

Report No. :

491130

Report Date :

13.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

REGENT INDUSTRIES GH LTD

 

 

Registered Office :

Old Bekwai Road, P. O. Box No. 1093, Kumasi

 

 

Country :

Ghana

 

 

Date of Incorporation :

10.07.2008

 

 

Legal Form :

Limited Corporation

 

 

Line of Business :

Subject operates as general traders dealing with machinery and equipment.

 

 

No. of Employees :

35

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

 

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Ghana

B2

B2

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

 

GHANA - ECONOMIC OVERVIEW

 

Ghana has a market-based economy with relatively few policy barriers to trade and investment in comparison with other countries in the region, and Ghana is well-endowed with natural resources. 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.

Agriculture accounts for about 20% of GDP and employs more than half of the workforce, mainly small landholders. 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 fall in oil prices since 2015 reduced by half Ghana’s oil revenue. Production at Jubilee, Ghana's offshore oilfield, began in mid-December 2010. 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 2017, key economic concerns facing the government include the lack of reliable electricity and the high debt burden. The AKUFO-ADDO administration has made some progress by committing to fiscal consolidation, but much work is still to be done in 2018. 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 require Ghana to reduce the deficit by cutting subsidies, decreasing the bloated public sector wage bill, strengthening revenue administration, and boosting tax revenues. Priorities for the new administration include rescheduling some of Ghana’s $31 billion debt, stimulating economic growth, reducing inflation, and stabilizing the currency. Prospects for new oil and gas production and follow through on tighter fiscal management are likely to help Ghana’s economy in 2018.

 

Source : CIA

 

 

v

SUBJECT'S NAME

 

Registered Name:

REGENT INDUSTRIES GH LTD

Requested Name:

REGENT INDUSTRIES GH LTD

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Old Bekwai Road,

Postal Address:

P. o. Box No. 1093

 

Kumasi,

Country:

Ghana

Phone:

233-322083955

Fax:

233-322083955

Email:

None

Website:

None

 

 

CREDIT OPINION

 

Financial Index as of December 2017 shows subject firm with a medium risk of credit.

 

 

LEGAL

 

Legal Form:

Limited Corporation

Date Incorporated:

10-July-2008

Reg. Number:

--

Nominal Capital

GHS. 1,000,000

Subscribed Capital

GHS. 1,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

S. Kumar

Director

 

 

 

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 dealing with machinery and equipments.

Imports:

Asia

Exports:

None

Trademarks:

None

Terms of sale:

Cash (60%) and 25-90 days (40%), invoices.

 

 

Main Customers:

firms and organizations  

Employees:

35 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Ghana

Location:

Leased premises, 10,000 square feet,

 

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

 

 

FINANCE

 

Currency Reported:

Ghanan Cedi (GHS.)

Fiscal Year End:

December 31, 2017

Inflation:

According to information given by independent sources, the inflation at December 31st, 2017 was of 13%.

 

Financial Information not Submitted

 

 

 

Profit and Loss (expressed in GHS.)

 

 

2017

Sales

 

12,500,000

 

 

BANK

 

Bank Name:

Ecobank Ghana

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.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.28

UK Pound

1

INR 89.02

Euro

1

INR 78.93

GHS

1

INR 14.35

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

NIT

 

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

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.