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Report Date : |
05.07.2012 |
IDENTIFICATION DETAILS
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Name : |
KNITWEAR INDUSTRIES LTD |
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Registered Office : |
Plot |
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Country : |
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Date of Incorporation : |
01.09.1981 |
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Com. Reg. No.: |
21905 Blantyre, Malawi |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Manufacture and distribution of textile fabrics and garments |
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No. of Employees : |
10 employees |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Malawi |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Registered Name: KNITWEAR INDUSTRIES LTD
Requested Name: KNITWEAR
INDUSTRIES LTD
Other Names: None
Physical Address: Plot 128 Kidney Crescent Blantyre, Malawi
Postal Address: P. o. Box 355
Blantyre
Country: Malawi
Phone: 265-1-621955/942/01
Fax: 265-1-621978
Email: desco@malawi.net
Website: www.knitwearexports.com
Financial Index as of December 2011 shows subject firm with a medium
risk of credit. However, bank and credit information obtained reveal a history
of prompt payments.
Legal Form: Limited Corporation
Date Incorporated: 1/9/1981
Reg. Number: 21905
Blantyre, Malawi
Nominal Capital MWK. 1,000,000
Subscribed Capital MWK. 1,000,000
Subscribed Capital
is Subscribed in the following form:
Position Shares
Mr. Kantilal Desai CEO
Mr. Munjal
Desai Director
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as Manufacture and distribution of textile fabrics and garments
Imports: Middle
East
Exports: Asia
Trademarks: None
Terms of sale: Cash
(40%) and 30 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 10
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Ethiopia
Location: Rented
premises, 1,500 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Malawian Kwacha (MWK.)
Approx. Ex. Rate: 1 US Dollar = 300 Malawian Kwacha
Fiscal
Year End: December 31, 2011
Inflation: According to
information given by independent sources, the
inflation
at December 31st, 2011 was of 13%.
Financial
Information not Submitted
Profit and Loss (expressed in ETB.)
2011
Sales 722,000,000
Bank Name: First Merchant Bank
Branch: Livingstone Towers, Glyn Jones Road, Private Bag 122, Blantyre,
Malawi
Comments: None
Experiences: Good
None
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.54.55 |
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UK Pound |
1 |
Rs.85.48 |
|
Euro |
1 |
Rs.68.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.