|
Report Date : |
03.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
A 1 ENTERPRISES LTD. |
|
|
|
|
Registered Office : |
Off Masauko CH 4, Chipembere Highway Maselema Area, Limbe |
|
|
|
|
Country : |
Malawi |
|
|
|
|
Date of Incorporation : |
06.08.2010 |
|
|
|
|
Legal Form : |
Limited Corporation |
|
|
|
|
Line of Business : |
Foods processing plant Registered
to operate as manufacturers and distributors of biscuits |
|
|
|
|
No. of Employees : |
48 employees. |
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 |
|
Status : |
Satisfactory |
|
|
|
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Malawi |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MALAWI - ECONOMIC
OVERVIEW
Landlocked Malawi ranks among the world's most densely
populated and least developed countries. The economy is predominately
agricultural with about 80% of the population living in rural areas.
Agriculture, which has benefited from fertilizer subsidies since 2006, accounts
for one-third of GDP and 90% of export revenues. The performance of the tobacco
sector is key to short-term growth as tobacco accounts for more than half of
exports. The economy depends on substantial inflows of economic assistance from
the IMF, the World Bank, and individual donor nations. In 2006, Malawi was
approved for relief under the Heavily Indebted Poor Countries (HIPC) program.
In December 2007, the US granted Malawi eligibility status to receive financial
support within the Millennium Challenge Corporation (MCC) initiative. The
government faces many challenges including developing a market economy,
improving educational facilities, facing up to environmental problems, dealing
with the rapidly growing problem of HIV/AIDS, and satisfying foreign donors
that fiscal discipline is being tightened. Since 2005 President BANDA'S
government has exhibited improved financial discipline under the guidance of
Finance Minister Goodall GONDWE and signed a three year Poverty Reduction and
Growth Facility worth $56 million with the IMF. The government has announced
infrastructure projects that could yield improvements, such as a new oil
pipeline for better fuel access, and the potential for a waterway link through
Mozambican rivers to the ocean for better transportation options. Since 2009,
however, Malawi has experienced some setbacks, including a general shortage of
foreign exchange, which has damaged its ability to pay for imports, and fuel
shortages that hinder transportation and productivity. Investment fell 23% in
2009, and continued to decline in 2010. The government has failed to address
barriers to investment such as unreliable power, water shortages, poor
telecommunications infrastructure, and the high costs of services. Donors, who
provided an average of 36% of government revenue in the past five years,
suspended general budget support for Malawi in 2011 due to a negative IMF
review and governance issues.
|
Source
: CIA |
|
Registered Name: |
A 1 ENTERPRISES
LTD. |
|
Requested Name: |
A 1 ENTERPRISES
LTD. |
|
Other Names: |
A1 BISCUITS |
|
Physical Address: |
Off Masauko CH 4, Chipembere Highway Maselema Area, Limbe, Malawi |
|
Postal Address: |
P.o.
Box No. 5338, Maselema, Limbe |
|
|
Limbe |
|
Country: |
Malawi |
|
Phone: |
265-1-600444 |
|
Cell: |
265-888208146 |
|
Fax: |
265-1-844927 |
|
Email: |
rab@rabmw.com |
|
Website: |
www.rabmw.com |
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
6/08/2010 |
|
|
Strated |
19/03/2011 |
|
|
Reg. Number: |
Blantyre
Malawi |
|
|
Nominal Capital |
MWK.
10,000,000 |
|
|
Subscribed Capital |
MWK.
10,000,000 |
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Abdul Gaffar Aboo Jakhura
|
Chairman |
|
|
Mr. S. Kiran Josyabhatla |
MD |
|
|
Mr. Afzel Thassim |
Finance
Director |
|
|
Mr. Hussein Aboo Jakhura |
Director |
|
|
Mr. Abdul Rashid Aboo
Jakhura |
Director |
|
|
Mr. Mohamed Aboo Jakhura |
Director |
|
|
Mr. Ahmed Sunka
|
Director |
|
|
Mr. Farook Mohamed Aboo
Jakhura |
Director |
|
|
Mr. Abdul Gaffar Aboo Jakhura
|
Director |
|
|
Mr. Bashir Sama |
Manager |
|
|
None |
Parent company. |
|
None |
Subsidiary company. |
|
KULIMA GOLD DEPOTS MALAWI RAB PROCESSORS LTD RAB PROCESSORS ZAMBIA LTD |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
|
foods processing plant Registered
to operate as manufacturers and distributors of biscuits |
|
|
Imports: |
Asia |
|
Exports: |
None |
|
Trademarks: |
None |
|
Terms of sale: |
Cash (40%) and 30 days (60%), invoices. |
|
|
|
|
|
|
|
Main Customers: |
firms and organizations |
|
Employees: |
48 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
Malawi |
|
Location: |
Owned premises, 5.000 square feet, |
|
Auditors: |
Information not
available. |
|
Insurance Brokers: |
Information not available. |
|
Currency Reported: |
Malawian Kwacha (MWK.) |
|
|
Approx. Ex. Rate: |
1 US Dollar = 330
Malawian Kwacha |
|
|
Fiscal Year End: |
December 31, 2012 |
|
|
Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2012 was of 13%. |
|
|
|
||
|
Financial Information not
Submitted |
|
|
|
|
|
|
|
Profit and Loss
(expressed in MWK.) |
||
|
|
|
2012 |
|
Sales |
|
265,000,000 |
|
Bank Name: |
COMMERCIAL BANK OF MALAWI LTD |
|
Branch: |
Malawi |
|
Comments: |
|
|
Other Banks |
NBS BANK |
|
Experiences: |
Good |
|
|
|
|
NOTARIAL BONDS |
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.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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 |
|
---- |
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.