MIRA INFORM REPORT

 

 

Report Date :

04.02.2013

 

IDENTIFICATION DETAILS

 

Name :

ACOL CHEMICAL HOLDINGS PVT LTD.

 

 

Registered Office :

P.o. Box W222 Waterfalls, Harare

 

 

Country :

Zimbabwe

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

05.03.1998

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Dealers in chemical products and related facilties.

 

 

No. of Employees :

35

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow But Correct

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Zimbabwe

D

D

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

ZIMBABWE - ECONOMIC OVERVIEW

 

Zimbabwe's economy is growing despite continuing political uncertainty. Following a decade of contraction from 1998 to 2008, Zimbabwe's economy recorded real growth of more than 9% per year in 2010-11, before slowing to 5% in 2012, due in part to a poor harvest and low diamond revenues. However, the government of Zimbabwe still faces a number of difficult economic problems, including infrastructure and regulatory deficiencies, ongoing indigenization pressure, policy uncertainty, a large external debt burden, and insufficient formal employment. Zimbabwe's 1998-2002 involvement in the war in the Democratic Republic of the Congo drained hundreds of millions of dollars from the economy. The government's subsequent land reform program, characterized by chaos and violence, badly damaged the commercial farming sector, the traditional source of exports and foreign exchange and the provider of 400,000 jobs, turning Zimbabwe into a net importer of food products. Until early 2009, the Reserve Bank of Zimbabwe routinely printed money to fund the budget deficit, causing hyperinflation. Dollarization in early 2009 - which allowed currencies such as the Botswana pula, the South Africa rand, and the US dollar to be used locally - ended hyperinflation and restored price stability but exposed structural weaknesses that continue to inhibit broad-based growth.

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

COMPANY REPORTED:

ACOL CHEMICAL HOLDINGS PVT LTD.

Principal Address:

P.o. Box W222 Waterfalls, Harare, Zimbabwe

Telephone:

+263-40912247861/19540481

Fax:

+263-19540486

Email:

rheederl@acolchem.co.zw/acolhre@acolchem.co.zw/ acolbyo@acolchem.co.zw

Internet:

None

Established:

05/03/1998

Registration:

Zimbabwe

Legal Form:

Limited Liability Company, Limited by shares

Stock Listing:

Not Listed

Workforce:

2012

 

 

 

 

35

 

 

 

Office & Factories

 

Head offices

670 Leyland Road,New Ardbenie, Harare, Zimbabwe

Branches

37 Plumtree Road,Belmont, Bulawayo, Zimbabwe

 

 

DIRECTORS/MANAGEMENT

 

Management/ Directors

 

 

President/ CEO (1)

 

Name

Mr. Neville John Crosse

Current Title:

Group Chairman

Remarks

Top Decision Maker

 

Director (2)

 

Name

Mr. Richard Louis Kriel

Active in daily business:

Active

Current Title:

Managing Director

Country of residence

Zimbabwe

 

 

NEGATIVE INFORMATION

 

No negative information found.

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Company Profile:

 

Nominal Capital

ZWD. 1,000,000

Paid in Capital

ZWD. 1,000,000

Subscribed Capital

ZWD. 1,000,000

 

Shareholders

 

Name

Position

   Amount  

       Ratio

Mr. Neville John Crosse

Group Chairman

 

 

Mr. Richard Louis Kriel

MD

 

 

Mr. Johan Gerhard Pretorius

Director

 

 

Mr. Rod B. Humphries

Director

 

 

Mr. Delwin Eggers

Director

 

 

Mr. Frank Butler

Director

 

 

Mr. Noel K. Fitz-Gibbon

Director

 

 

Prof Stephanus Loubser

Director

 

 

Mr. Johan Möller

Director

 

 

Mr. Johan Pretorius

Director

 

 

Mr. Peter Springett

Director

 

 

Omnia Holdings Ltd.

Holding Co.

 

100.00%

Total

 

 

100.00%

 

 

PAYMENT INFORMATION

 

 

Terms of payment

Buying terms 

30% in cash, 70% on credit

Selling terms

80% in cash, 20% on credit

 

 

Suppliers

Various suppliers

Customers

Industries, firms and organizations

 

 

Recent Sales

ZWD. 300,000,000  (2012 Estimated)

Exports

None

Export Ratio

0.0%

Import Ratio

50.0%

Domestic Market Share

20.0%

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Affiliated Companies

Various worldwide

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL INFORMATION

 

 

 

 

FOREIGN EXCHANGE RATES

 

Exchange Rate

US$ 1 = ZWD. 350

 

 

ADDITIONAL INFORMATION

 

Business Activities

Dealers in chemical products and related facilties.

 

Business Premises

1000 Sft

Type of occupation                                              

Leased

Location 

The subject is located close to a major road network                       

Premises used as                                               

Offices

 

Banking relationship

 

Main Banks

CBZ Bank Limited

 

Credit Check of Subject, President & CEO (as of report date)

Payment Morale:

In the documents at our disposal nothing adverse has been shown so far.

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.32

UK Pound

1

Rs.84.60

Euro

1

Rs.72.63

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.