MIRA INFORM REPORT

 

 

Report Date :

21.08.2014

 

IDENTIFICATION DETAILS

 

Name :

EASY PACK LIMITED

 

 

Registered Office :

Plot No. MP 98, Along Zomba Road, Mapanga,  Blantyre 3 P. o. Box 30477 Chichiri Blantyre 3

 

 

Country :

Malawi

 

 

Date of Incorporation :

14.02.2006

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject operate manufacture and distribution of plastic products and packaging materials

 

 

No. of Employees

150

 

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

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

 

 

Company name and address

 

Registered Name:

EASY PACK LIMITED

Requested Name:

EASY PACK LIMITED

Other Names:

None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Plot No. MP 98, Along Zomba Road, Mapanga,

Blantyre 3

Postal Address:

P. o. Box 30477

 

Chichiri Blantyre 3

Country:

Malawi

Phone:

265-1-661034/5/6/870800/359

Fax:

265-1-661039

Email:

info@easypack.biz / cadco@globemw.net / pugal@enterprisemw.com

Website:

www.globegroup.mw

 

LEGAL

           

Legal Form:

Limited Corporation 

Date Incorporated:

14-Feb-2006

Reg. Number:

Malawi

Nominal Capital

MWK. 5,000,000

Subscribed Capital

MWK. 5,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Yaseen Kasmani  

MD

 

Aslam Motala

Director

 

Globe Group of Companies

Holding Co.

100%

 

RELATED COMPANIES  

 

Globe Group of Companies

Parent company.

None

Subsidiary company.

List attached below

Affiliated companies.

None

Shareholder of subject firm.

P.o. Box 5686 Limbe, Blantyre, Malawi

Branches of the firm

___________________________________________________________________________

OPERATIONS

 

Registered to operate manufacture and distribution of plastic products and packaging materials

Imports:

Asia

Exports:

None

Trademarks:

None

Terms of sale:

Cash (30%) and 25-90 days (70%), invoices.

 

 

Main Customers:

firms and organizations  

Employees:

150 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Malawi

Location:

Owned premises, 50,000 square feet,

 

AUDITORS AND INSURANCE  

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

FINANCE

           

Currency Reported:

Malawian Kwacha (MWK.)

Approx. Ex. Rate:

1 US Dollar = 395.05 Malawian Kwacha

Fiscal Year End:

December 31, 2013

Inflation:

According to information given by independent sources, the inflation at December 31st, 2013 was of 13%.

 

Financial Information not Submitted

 

 

 

 

 

Profit and Loss (expressed in MWK.)

 

 

2013

Sales

 

2,282,000,000

 

BANK 

 

Bank Name:

Stanbic Bank

Branch:

Malawi

Comments:

None

 

TRADE REFERENCES   

 

Experiences:

Good

 

NOTARIAL BONDS 

 

None

 

 

COMMENTS / ADDITIONAL INFORMATION

                                

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

 

AFFILIATED COMPANIES

HEALTHNET LIMITED

LLOYDS TRAVEL

LLW COLD STORAGE LIMITED

MANOBEC FILLING STATIONS

MANOBEC LIMITED

MANTINO LIMITED

RAINBOW PAINTS LIMITED

SHIRE LIMITED

SOUTHERN POULTRY LIMITED

SUNSEED OIL LIMITED

UNIVERSAL CAR SALES

CP BEVERAGES LIMITED

CP FEEDS LIMITED

GLOBE ELECTRONICS LIMITED

GLOBE VSAT LIMITED

CEDAR PLACE

GLOBE INVESTMENTS LIMITED

GLOBE MEDIA LIMITED

BITUMAT LIMITED

CADCO LIMITED

CAPS LIMITED

CP AGRICORP LIMITED

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.66

UK Pound

1

Rs.100.80

Euro

1

Rs.80.72

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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