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Report Date : |
04.02.2013 |
IDENTIFICATION DETAILS
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Name : |
MILLCHEM INDUSTRIAL CHEMICALS & SOLVENTS LTD |
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Formerly Known As : |
MILLPAL INDUSTRIAL CHEMICALS & SOLVENTS LTD |
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Registered Office : |
29 Conald Rd Graniteside, Harare |
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Country : |
Zimbabwe |
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Date of Incorporation : |
05.07.1986 |
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Legal Form : |
Limited Liability Company, Limited by shares |
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Line of Business : |
Dealers in industrial
chemicals, metal treatment products and solvents |
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No. of Employees : |
30 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Zimbabwe |
D |
D |
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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 |
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
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COMPANY
REPORTED: |
MILLCHEM
INDUSTRIAL CHEMICALS & SOLVENTS LTD |
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|
Former
Names: |
MILLPAL
INDUSTRIAL CHEMICALS & SOLVENTS LTD |
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Principal
Address: |
29 Conald
Rd Graniteside, Harare, Zimbabwe |
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Telephone:
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+263-774511249/47565325 |
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Fax: |
+263-47565325/756536 |
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Email: |
graeme@millchem.co.zw/
irvine@millchem.co.zw/sales@millchem.co.zw |
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Internet: |
www.millchem.co.zw |
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Established: |
05/07/1986 |
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Registration: |
Zimbabwe |
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|
Legal
Form: |
Limited
Liability Company, Limited by shares |
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Stock
Listing: |
Not
Listed |
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Workforce: |
2012 |
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30 |
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Office
& Factories |
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Head
offices |
29 Conald
Rd Graniteside, Harare, Zimbabwe |
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Branches |
None |
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Management/
Directors |
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President/
CEO (1) |
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Name |
Mr. F. Graeme |
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Country of residence |
Zimbabwe |
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Remarks |
Top
Decision Maker |
No negative
information found.
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Company
Profile: |
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Nominal
Capital |
ZWD. 1,000,000 |
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Paid in
Capital |
ZWD. 1,000,000 |
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Subscribed
Capital |
ZWD. 1,000,000 |
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Shareholders
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Name |
Position |
Amount
|
Ratio |
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Mr. F. Graeme |
Director |
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Ms. Monica Grant |
Admin |
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Cambria
Africa |
Holding
Co. |
|
100.00% |
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Total |
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|
100.00% |
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Terms of
payment |
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Buying
terms |
30% in
cash, 70% on credit |
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Selling
terms |
80% in
cash, 20% on credit |
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|
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Suppliers |
Various
companies |
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Customers |
Industries,
firms and organizations |
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Recent
Sales |
ZWD.
560,000,000 (2012 Estimated) |
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Exports |
None |
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Export
Ratio |
0.0% |
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Import
Ratio |
40.0% |
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Domestic
Market Share |
20.0% |
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Affiliated
Companies |
None |
N/a
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Exchange
Rate |
US$ 1 =
ZWD. 350 |
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Business
Activities |
Dealers in industrial chemicals, metal treatment
products and solvents |
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Banking
relationship |
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Main
Banks |
Trust
Merchant Bank |
In 2011 the
Subject Company rebranded from MILLPAL INDUSTRIAL CHEMICALS & SOLVENTS LTD
to present names.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.32 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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 |
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<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.