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Report Date : |
06.02.2014 |
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 : |
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Country : |
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Date of Incorporation : |
05.07.1986 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as dealers in industrial chemicals, metal treatment products and solvents |
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No. of Employees : |
40 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Zimbabwe |
D |
d |
|
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 reduced inflation to about 10%, but exposed structural
weaknesses that continue to inhibit broad-based growth.
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Source
: CIA |
Registered Name: MILLCHEM INDUSTRIAL CHEMICALS &
SOLVENTS LTD
Requested Name: MILLCHEM
INDUSTRIAL CHEMICALS & SOLVENTS LTD
Former Names: MILLPAL
INDUSTRIAL CHEMICALS & SOLVENTS LTD
Physical Address: 29 Conald Rd Graniteside,
Harare,
Country: Zimbabwe
Phone: 263-4-774511249/47565325/756532/756533/756534/
756535
Cell: 263-732476360/773039484
Fax: 263-47565325/756536
Email: graeme@millchem.co.zw/
irvine@millchem.co.zw/sales@millchem.co.zw
Website: www.millchem.co.zw
Financial Index as of December 2013 shows subject firm with a medium
risk of credit. However, bank and credit information obtained reveal a history
of prompt payments.
Legal Form: Limited Corporation
Date Incorporated: 05-July-1986
Reg. Number: Zimbabwe
Nominal Capital ZWD. 1,000,000
Subscribed Capital ZWD. 1,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Ian Perkins Group Chairman
Mr. Paul Turner Vice Chairman
Mr. Graeme Barr MD
Mrs. Celedra Vongayi Finance Director
Mr. Edzo Wisman Director
Mr. Fred Jones Director
Mr. Itai Mazaiwana Director
Mrs. Nyaradzo Mudzamiri Director
Mr. Roy Meiring Director
Ms. Monica Grant Admin
Mr. Richard Mutawu Manager
Mrs. Vanessa Mpofu Manager
Cambria Africa Holding
Co.
Cambria Africa Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as dealers in industrial chemicals, metal treatment
products and solvents
Imports: South
Africa, Asia
Exports: None
Trademarks: None
Terms of sale: Cash
(30%) and 25-90 days (70%), invoices.
Main Customers: firms
and organizations
Employees: 40
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Zimbabwe
Location: Owned
premises, 10,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Zimbabwen Dollar (ZWD.)
Approx. Ex. Rate: 1 US Dollar = 342 Zimbabwen Dollar
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 ZWD.)
2013
Sales 585,000,000
Bank Name: Trust Merchant Bank
Branch: Zimbabwe
Comments: None
Experiences: Good
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.62.45 |
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|
1 |
Rs.102.00 |
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Euro |
1 |
Rs.84.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.