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Report Date : |
06.04.2014 |
IDENTIFICATION DETAILS
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Name : |
NU LINE TEXTILES MANUFACTURING LTD |
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|
|
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Registered Office : |
Maone Park, Industrial
Area, Limbe, Blantyre P. o. Box 5506 Limbe |
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|
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Country : |
Malawi |
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|
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Date of Incorporation : |
10.07.2001 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as
manufacture and suppliers of textile, blankets, baby shawls and ladies
scarves |
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|
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No. of Employees |
285 employees. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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. Between 2005 and 2009 President
BANDA'S government exhibited improved financial discipline under the guidance
of Finance Minister Goodall GONDWE and signed a three year IMF Poverty
Reduction and Growth Facility (PRGF) worth $56 million. The government
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 has
fallen continuously for several years and in 2013 amounted to just 13% of GDP.
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: |
NU LINE TEXTILES
MANUFACTURING LTD |
|
Requested Name: |
NU LINE TEXTILES MANUFACTURING LTD |
|
Other Names: |
None |
|
Physical Address: |
Maone Park, Industrial
Area, Limbe, Blantyre |
|
Postal Address: |
P.
o. Box 5506 |
|
|
Limbe, |
|
Country: |
Malawi |
|
Phone: |
265-1-642035/842704 |
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Cell: |
265-09559928/8997786/888827874/999555456 |
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Fax: |
265-1-640330 |
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Email: |
nuline@globemw.net/nulinemw@gmail.com/ info@nulineblankets.com/ sales@nulineblankets.com |
|
Website: |
www.nulineblankets.com |
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
10-July-2001 |
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Reg. Number: |
Malawi |
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Nominal Capital |
MWK.
1,000,000 |
|
|
Subscribed Capital |
MWK.
1,000,000 |
|
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Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Mahmud Islam |
Chairman |
|
|
Mr. Imtiaz Aboo |
MD |
|
|
Mr. Ahmed Hassan |
Director |
|
|
Mr. Muhammad Aboo |
GM |
|
|
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 suppliers of textile, blankets, baby shawls and ladies
scarves |
|
|
Imports: |
Asia,South Africa |
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Exports: |
None |
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Trademarks: |
None |
|
Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|
|
|
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Main Customers: |
Hotels, NGOs for Relief, Hospitals, Prisons and Army,firms and
organizations |
|
Employees: |
285 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
Malawi |
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Location: |
Owned premises, 10,000 square feet, |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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FINANCE |
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Currency Reported: |
Malawin Kwacha (MWK.) |
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Approx. Ex. Rate: |
1 US Dollar = 412.50
Malawin Kwacha |
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Fiscal Year End: |
December 31, 2013 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2013 was of 13%. |
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|
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||
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Financial Information not
Submitted |
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|
|
|
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|
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Profit and Loss
(expressed in MWK.) |
||
|
|
|
2013 |
|
Sales |
|
2,850,000,000 |
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Bank Name: |
NBS BANK |
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Branch: |
Malawi |
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Comments: |
None |
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|
|
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Experiences: |
Good |
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|
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NOTARIAL BONDS |
None |
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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.60.32 |
|
UK Pound |
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
|
|
|
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|
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 |
|
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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 |
|
|
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.