MIRA INFORM REPORT

 

 

Report Date :

1st June 2006

 

IDENTIFICATION DETAILS

 

Name :

CROPSERVE ZAMBIA LIMITED

 

 

Registered Office :

Plot No 5055, Mungwi Road
Industrial Area,
Post Net 75, Private Bag E891, Manda Hill, Lusaka
Lusaka, 10101, Zambia

 

 

Country :

Zambia

 

 

Date of Incorporation :

March 1992

 

 

Com. Reg. No.:

26924

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers and distributors of farm implements, agro chemicals, fertilizers and nets

 

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 :

Regular

 

 

Litigation :

Clear

 

 

 

CO. NAME

 

CROPSERVE ZAMBIA LIMITED


ADDRESS


Street                           :  Plot No 5055, Mungwi Road
Area                             :  Industrial Area
P.O. Box           :  Post Net 75, Private Bag E891, Manda Hill, Lusaka
Town                 :  Lusaka, 10101
Country             :  Zambia

Telephone         :  (260 1) 212 513-4
Fax                   :  (260 1) 286 949



SENIOR COMPANY PERSONNEL


Name                                        Position

1. Lytton Kumalinga Zulu            Managing Director

2. J. Du Jardin                           Director

3. P. Whitbread                         Director

4. Jerry Grieve                           Sales Director

5. Christopher Siame                  Financial Manager

Total Employees : 28



PAYMENTS


No complaints have been heard regarding payments from local suppliers or banks.

We consider it is acceptable to deal with subject for SMALL amounts, although it is normal accepted practice for international suppliers to deal on secured terms with Zambian importers.

Opinion on maximum credit : KWACHA 200,000,000

Trade risk assessment : Normal



PRINCIPAL BANKERS


NAME               : STANBIC BANK ZAMBIA LIMITED
Branch              : Industrial Branch
Town                 : Lusaka
Telephone         : (260 1) 286 008 / 286 016 / 287 673
Fax                   : (260 1) 286 001

Account number: 0240031387001



FINANCIAL INFORMATION


Balance sheets are not available. However, the subject interviewed offered the following information :

Sales Turnover  : KWACHA  12,836,965,000 - 2002 - exact
                        : KWACHA  22,331,526,000 - 2003 - exact
                        : KWACHA  35,000,000,000 - 2005 - exact
                        : KWACHA  35,000,000,000 - 2006 - approx

Net Profit          : KWACHA   1,404,376,000 - 2002 - exact
                        : KWACHA   1,699,927,000 - 2003 - exact
                        : KWACHA   1,900,000,000 - 2005 - exact
                        : KWACHA   1,900,000,000 - 2006 - approx

Financial year ends 28/29 February.



LEGAL STATUS AND HISTORY


Date Started : March 1992

History : The company was incorporated in Zambia in March 1992 and commenced operations in March 1999.

C.R. No. : 26924

V.A.T.No.: 1012922113

Paid up Capital : KWACHA 2,000,000

Limited Liability Company with the following shareholders :

1. Afro Agro Services                70.00 %
   Lusaka

2. Lytton Kumalinga Zulu             13.50 %

3. Jerry Grieve                      13.50 %

4. Christopher Siame                  3.00 %



Affiliated companies of Cropserve Zambia Limited :

Associates

1. Agpack Zambia Limited
   Lusaka
   Tel: (260 1) 287 689

2. Prime Agri Centre
   Lusaka
   Tel: (260 1) 287 689



ACTIVITIES


The Company is involved in the following activities :

Importers and distributors of farm implements, agro chemicals, fertilizers and nets.

Imports from South Africa and European countries.

Principal overseas suppliers include :

- Spiess Uranai
  Germany
  Telephone: (49 40) 236 520

- Crompton, South Africa

- Bayer, South Africa

- BASF, South Africa



FACILITIES


The Company has the following facilities :

Rented premises comprising offices and storage facilities located at the heading address.

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

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