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MIRA
INFORM REPORT
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Report No. : |
494235 |
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Report Date : |
28.02.2018 |
IDENTIFICATION DETAILS
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Name : |
KANE EM INDUSTRIES LTD |
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Registered Office : |
B625/B, Otublohum Rd North Industrial Area, Next To ECG Avenor, P. O. Box 4345 |
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Country : |
Ghana |
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Date of Incorporation : |
08.06.2005 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Registered to Operate as Manufacturers
of Plastic Packaging Materials |
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No. of Employees : |
265 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
Company name |
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Registered Name: |
KANE EM
INDUSTRIES LTD |
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Requested Name: |
KANE EM INDUSTRIES LTD |
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Other Names: |
KANEEM INDUSTRIES LIMITED |
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KANE EM INDUSTRIES LTD |
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ADDRESS AND TELECOMMUNICATION |
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Physical Address: |
B625/B,
Otublohum Rd North Industrial Area, Next To ECG Avenor, |
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Postal Address: |
P. O.
Box 4345 |
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Accra |
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Country: |
Ghana |
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Phone: |
233-302221380/302229429/244316069/276958308 |
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Fax: |
233-302233444 |
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Email: |
kane-em@4u.com.gh/kaneem57@hotmail.com |
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Website: |
www.kane-em.com |
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CREDIT OPINION |
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Financial Index as of
December 2017 shows subject firm with a medium risk of credit. However, bank
and credit information obtained reveal a history of prompt payments. |
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LEGAL |
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
08-June-2005 |
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Nominal Capital |
GHS.
10,000 |
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Subscribed Capital |
GHS.
10,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr.Gobind R. Wadhwani |
MD |
50% |
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Mr. Sunil Wadhwani |
Director |
50% |
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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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Mr.Gobind R. Wadhwani Mr. Sunil Wadhwani |
Shareholders of subject
firm. |
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No. 4 Abotia Street, North Ind. Area |
Branches of the firm |
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OPERATIONS |
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Registered to operate as manufacturers
of plastic packaging materials |
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Imports: |
Asia,Middle East |
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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: |
Industries, firms and organizations |
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Employees: |
265 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Ghana |
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Location: |
Leased premises, 100,000 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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Fiscal Year End: |
December 31, 2017 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2017 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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2017 |
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Sales |
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35,500,000 |
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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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TRADE
REFERENCES
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Experiences: |
Good |
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NOTARIAL
BONDS
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 |
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US Dollar |
1 |
INR 64.85 |
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1 |
INR 90.58 |
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Euro |
1 |
INR 79.97 |
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GHS |
1 |
INR 14.61 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.