MIRA INFORM REPORT

 

 

Report Date :

24.12.2008

 

IDENTIFICATION DETAILS

 

Name :

GIRDER ENGINEERING LTD

 

 

Registered Office :

3 Free Town Road, Martindal, Kitwe

 

 

Country :

Zambia

 

 

Date of Incorporation :

13.05.1992

 

 

Com. Reg. No.:

76092

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Offer Building and Civil Construction Services

 

 

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

 

Maximum Credit Limit :

USD 100,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

SUBJECT'S NAME   

 

Registered Name:                                  GIRDER ENGINEERING LTD

Requested Name:                                  GIRDER ENGINEERING LTD

Other Names:                                        None found.

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                           3 Free Town Road, Martindal, Kitwe

Postal Address:                                              P.o Box 22483,

                                                                     Kitwe

Country:                                                         Zambia

Phone:                                                           260-2221808

Fax:                                                               260-2221808

Email:                                                            girder@coppernet.zm

Website:                                                        none

 

 

CREDIT OPINION

 

Financial Index as of December 2007 shows subject firm with a medium risk of credit. We recommend Credit of USD 100,000 on 90 days.

 

 

LEGAL

 

Legal Form:                                                    Limited Corporation 

Date Incorporated:                                           13-May-1992

Reg. Number:                                                 76092

Nominal Capital                                               ZMK 100,000,000

Subscribed Capital                                          ZMK 100,000,000

Subscribed Capital is Subscribed in the following form:

                                                                     PositionShares

Mr. P. Mahavia                                                MD/ CEO                        

Mr. K Patel                                                     Director                           

Mr. S D Karania                                              Director                           

 

 

RELATED COMPANIES  

 

None                                                              Parent company.

None                                                              Subsidiary company.

None                                                              Affiliated company.

None                                                              Shareholder of subject firm.

None                                                              Branches of the firm

 

 

OPERATIONS

 

Registered to offer building and civil construction services

Imports:                                                          China, India and South Africa

Exports:                                                         None

Trademarks:                                                   None

Terms of sale:                                                 Cash (40%) and 25-90 days (60%), invoices.

                                                                    

Main Customers:                                             firms and organizations  

Employees:                                                    180 employees.

Vehicles:                                                        Several motor vehicles.

Territory of sales:                                            Zambia

Location:                                                        Rented premises, 2.000 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                        Information not available.

Insurance Brokers:                                          Information not available.

                                                                    

 

FINANCE 

 

Currency Reported:                                         Zambian Kwacha (ZMK)

Approx. Ex. Rate:                                           1 US Dollar = 5077.58 Zambian Kwacha

Fiscal Year End:                                             December 31, 2007

Inflation:                                                         According to information given by independent sources, the inflation at December 31st, 2007 was of 13%.

 

Financial Information Not Submitted                 

Financial Income                                             ZMK 16,800,000,000 

 

 

BANK 

 

Bank Name:                                                   Standard Bank

Comments:                                                     None

                                                                    

 

TRADE REFERENCES    

 

Experiences:                                                  Good

                                                                    

NOTARIAL BONDS                                        None

 

 

COMMENTS / ADDITIONAL INFORMATION    

 

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.99

UK Pound

1

Rs.72.49

Euro

1

Rs.68.44

 

 

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.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

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