MIRA
INFORM REPORT
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Report Date : |
26.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
SPECIALISED SYSTEMS LTD |
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Registered Office : |
Mwembeshi Road, Industrial Area, P. O. Box 31878, Lusaka |
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Country : |
Zambia |
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Date of Incorporation : |
1964 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading as importers, wholesalers, retailers and distributors
of telecommunications and medical equipment, lighting systems and IT products
and electric goods. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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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Maximum Credit Limit : |
KWACHA 250,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
COmpany NAME
SPECIALISED SYSTEMS LTD
ADDRESS
Street : Mwembeshi Road
Area : Industrial Area
P.O. Box :
31878
Town : Lusaka
Country : Zambia
Telephone :
(260 1) 288 511 / 288 349 / 288
191 / 95 788 511 / 95 788 349 (mobile)
Fax : (260 1) 289 230
E-Mail : ssl@sslzambia.com
SENIOR COMPANY
PERSONNEL
Name Position
1. A. Jamal Chairman
2. Stephen Vaz Managing Director
3. Pes Jein Senior Financial Executive
4. Rusi Shroff Regional Manager
Total Employees
80
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
Subject is a well
established company operating since 1964.
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 250,000,000
Trade risk assessment :
Normal
Opinion on the credit
figure of US DLRS 200,000 / 60 days:
The above figure is higher
than normally seen in one amount, however could prove admissible in a series of
transactions provided the total indebtedness is strictly monitored.
PRINCIPAL BANKERS
NAME :
BARCLAYS BANK OF ZAMBIA LIMITED
Branch :
Main Branch
PO Box :
31936
Town :
Lusaka
Telephone : (260 1) 228 858
Fax :
(260 1) 222 519
FINANCIAL INFORMATION
Balance sheets are not
available. However, the subject
interviewed offered the following information :
Sales Turnover :
US DLRS 2,800,000 - 2004 - exact
: US DLRS 3,000,000 - 2005 - exact
: US DLRS 3,400,000 - 2006 - exact
Net Profit :
not given, but stated to be profitable.
Financial year ends 31
December.
LEGAL STATUS AND
HISTORY
Date Started : 1964
History : The subject was established in
Zambia as Phillips Zambia Electrical Ltd. In September 1997 A.
Jamal acquired the company. Subsequently subject changed its name to the
present.
VAT No. : 10221439-13
Paid up Capital : KWACHA
2,000,000
Limited Liability Company
with the following shareholders :
1. A. Jamal (majority shareholder)
2. Stephen Vaz
ACTIVITIES
The Company is involved
in the following activities :
Trading as importers,
wholesalers, retailers and distributors of telecommunications and medical
equipment, lighting systems and IT products and electric goods.
Imports from UK, UAE,
Hong Kong, The Netherlands, South Africa and France.
FACILITIES
The Company has the
following facilities :
Owned administrative offices,
retail outlet and storage facilities located at the heading address and a sales
outlet in Kitwe.
SPECIAL NOTE
Please note that the PO
BOX 91878, provided by you is incorrect
Please see the correct PO
BOX number at the heading.
RATING EXPLANATIONS
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RATING |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)