MIRA INFORM REPORT
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Report Date : |
6th May 2006 |
IDENTIFICATION DETAILS
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Name : |
MAPETO WHOLESALERS A.G.A. LATIF |
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Registered Office : |
5243, Limbe Malawi |
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Date of Incorporation : |
1950 |
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Legal Form : |
Proprietorship |
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Line of Business : |
Importers and wholesalers of textiles
and second hand clothes |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 : |
Regular |
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Litigation : |
Clear |
CO. NAME
MAPETO
WHOLESALERS A.G.A. LATIF (Correct)
MAPETO
WHOLESALERS (Requested)
ADDRESS
P.O. Box :
5243
Town : Limbe
Country : Malawi
Telephone :
(265 1) 640 222 / 641 296 / 645 201
Fax : (265 1) 640 731
Trading
Styles : Mapeto Wholesalers
SENIOR COMPANY PERSONNEL
Name Position
1. Fazel
G. Latif Manager / Owner
2. Abdul
Gafur Latif Director
Total
Employees : 150
PAYMENTS
No
complaints have been heard regarding payments from local suppliers or banks.
Subject is
an old established proprietorship business, operating since 1950.
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 Malawi importers.
Opinion on
maximum credit : KWACHA 10,000,000
Trade risk
assessment : Normal
PRINCIPAL BANKERS
NAME : GLOBE INVESTMENT LTD
Branch : Main Branch
P.O.
Box : 5866
Town : Limbe
Fax : (265 1) 643 920
FINANCIAL INFORMATION
Balance
sheets are not available. However, the subject interviewed offered the
following information :
Sales
Turnover : KWACHA 574,514,657 - 2005
- exact
: KWACHA
600,000,000 - 2006 - projected
Net
Profit : not given
Financial
year ends 31 December.
LEGAL STATUS AND HISTORY
Date
Started : 1950
History :
Subject was established in Malawi in 1950.
Capital :
not applicable
Proprietorship
owned by Fazel G. Latif
Affiliated
companies of Fazel G. Latif :
Subsidiaries
Mapeto
(DWS) Ltd
Limbe
Established
on 26 May 2003 and commenced production on 1 May 2004;
Fazel G.
Latif has 80% shareholding.
(Manufacturers
of textiles)
(This
company acquired all the assets of David Whitehead & Sons. The new company
is expected to invest over US DLRS 10 million for the rehabilitation of the
plant and create employment for over 3,500 people over the next 5 years)
Associates
Jimtex
Private Limited
India
ACTIVITIES
The
Company is involved in the following activities :
Importers
and wholesalers of textiles and second hand clothes.
Imports
from India, Zimbabwe and USA.
Exclusive
agent for Vansesven.
FACILITIES
The
Company has the following facilities :
Administrative
offices, wholesale outlet and storage facilities located in the commercial part
of Limbe. Subject has 25 retail outlets and 10 branches throughout the country.
SPECIAL NOTE
You
enquired on : Mapeto Wholesalers.
Please
note this is subject's trading style only. The correct company name as per
heading.
RATING EXPLANATIONS
RATING
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |