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MIRA INFORM REPORT
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Report No. : |
483652 |
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Report Date : |
06.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ITALTEC GHANA LIMITED |
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Registered Office : |
No. 10, Yemoh Loop, East Legon, GP 17842 Accra |
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Country : |
Ghana |
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Date of Incorporation : |
10.03.1993 |
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Legal Form : |
Limited
Corporation |
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Line of Business : |
Subject
operate as providers of gold mine concessions, export of gold and equipment
lease services |
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No. of Employees : |
35 |
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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 2016, key economic concerns facing the government include the lack of reliable electricity and the high debt burden, even amid strong GDP growth. While the MAHAMA administration attempted to ameliorate these concerns, little progress has been made, leaving much work to be done in 2017 by the incoming AKUFO-ADDO administration. 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, potentially higher global gold prices, and followthrough on tighter fiscal management are likely to help Ghana’s economy in 2017.
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Source
: CIA |
ADDRESS
AND TELECOMMUNICATION
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Physical Address: |
No. 10,
Yemoh Loop, East Legon, |
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Postal Address: |
GP 17842 |
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Accra |
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Country: |
Ghana |
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Phone: |
233-302504771/302544094 |
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Cell: |
233-244418922/244965997/244865887 |
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Fax: |
233-302504771 |
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Email: |
kofei@italtecgold.com/ dnarh@italtecgold.com/
info@italtecgold.com/ italtecgh@yahoo.com |
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Website: |
www.italtecgold.com |
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CREDIT
OPINION
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Financial Index as
of December 2016 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: |
10-March-1993 |
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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. Kwame Ofei |
CEO |
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Mr. Eric Amoako Attah |
Security operations Officer |
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Mr. Daniel Narh |
Snr. Metallurgist |
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Mr. Stephen Atsu |
Manager |
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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 providers of gold mine concessions, export of gold and equipment
lease services |
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Imports: |
Worldwide |
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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: |
35 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 = 4.54
Ghanaian Cedi |
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Fiscal Year End: |
December 31, 2016 |
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Inflation: |
According to information given by independent sources, the
inflation at December 31st, 2016 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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2016 |
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Sales |
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47,000,000 |
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BANK
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Bank Name: |
Fidelity Bank Ghana Limited |
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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 |
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US Dollar |
1 |
INR 63.38 |
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1 |
INR 86.02 |
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Euro |
1 |
INR 76.50 |
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GHS |
1 |
INR 13.89 |
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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DIV |
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Report Prepared
by : |
TRU |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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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.