MIRA INFORM REPORT
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Report Date : |
19th May 2006 |
IDENTIFICATION DETAILS
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Name : |
MIRACLE INDUSTRIES LTD |
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Registered Office : |
Standard Chartered Bank Building, 5th
floor Kwacha Street, 11222 Chingola, Zambia |
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Date of Incorporation : |
2000 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Imports for the mining industry in the
region |
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
MIRACLE
INDUSTRIES LTD
ADDRESS
Building :
Standard Chartered Bank Building, 5th floor
Street : Kwacha Street
P.O. Box :
11222
Town : Chingola
Province :
Country : Zambia
Telephone :
(260 2) 310880
Fax : (260 2) 310880
SENIOR COMPANY PERSONNEL
Name Position
1. West
Kondolo Managing Director
2. Mubanga
Kondolo Director
Total
Employees : 5
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 50,000,000
Trade risk
assessment: Normal
PRINCIPAL BANKERS
NAME :
STANBIC BANK ZAMBIA LIMITED
Branch :
Main Branch
PO
Box :
31935
Town :
Lusaka
Telephone : (1) 229285
Fax :
(1) 221152
Account
No.: 0140060090800
FINANCIAL INFORMATION
Balance
sheets are not available. However, the subject interviewed offered the
following information :
Sales
Turnover : KWACHA 750,000,000 -
2005 - exact
Net
Profit : not given but stated
to be profitable
LEGAL STATUS AND HISTORY
Date
Started : 2000
C.R. No. :
46120
Paid up
Capital : KWACHA 5,000,000
Private
Limited Liability Company with the following shareholders :
Percentage
1. West
Kondolo 50%
2. Mubanga
Kondolo 50%
The above
are relatives.
ACTIVITIES
The
Company is involved in the following activities :
Imports
for the mining industry in the region.
Take part
in tenders.
FACILITIES
The
Company has the following facilities :
Rented
office premises at the heading address.
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 |