MIRA INFORM REPORT

 

 

Report Date :

18.01.2014

 

 

 

Tel. No.:

2601-220731/220660

Fax No.:

260-1-220600

 

IDENTIFICATION DETAILS

 

Name :

MMG IMPORT AND EXPORT

 

 

Registered Office :

Plot No 10813, Dedan Kimath Road, Next to Intercity Bus Termius, Lusaka

 

 

Country :

Zambia

 

 

Date of Incorporation :

12.07.2009

 

 

Legal Form :

Limited Corporation

 

 

Line of Business :

dealers in General Merchandise such as Electricals, Electronics, Hardware & FMCG products

 

 

No. of Employees :

10

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Zambia

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

zambia ECONOMIC OVERVIEW

 

Zambia's economy has experienced strong growth in recent years, with real GDP growth in 2005-12 more than 6% per year. Privatization of government-owned copper mines in the 1990s relieved the government from covering mammoth losses generated by the industry and greatly increased copper mining output and profitability to spur economic growth. Copper output has increased steadily since 2004, due to higher copper prices and foreign investment. In 2005, Zambia qualified for debt relief under the Highly Indebted Poor Country Initiative, consisting of approximately US$6 billion in debt relief. Poverty remains a significant problem in Zambia, despite a stronger economy. Zambia's dependency on copper makes it vulnerable to depressed commodity prices, but record high copper prices and a bumper maize crop in 2010 helped Zambia rebound quickly from the world economic slowdown that began in 2008. Zambia has made some strides to improve the ease of doing business. A high birth rate, relatively high HIV/AIDS burden, and market distorting agricultural policies have meant that Zambia''s economic growth has not dramatically decreased the stubbornly high poverty rate.

 

 

Source : CIA

 

 

 

SUBJECT'S NAME   

 

Registered Name:                                    MMG IMPORT AND EXPORT

Requested Name:                                    MMG IMPORT AND EXPORT

Other Names:                                          None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   Plot No 10813, Dedan Kimath Road, Next to Intercity Bus Termius,

                                                              Lusaka

Postal Address:                                       P. o. Box 36772

                                                              Lusaka,

Country:                                                  Zambia

Phone:                                                    260-211-238759

Fax:                                                       260-211-238759

Email:                                                     None

Website:                                                 None

 

 

CREDIT OPINION

 

Financial Index as of December 2013 shows subject firm with a medium risk of credit. We recommend secured credit.

 

LEGAL

 

Legal Form:                                                       Limited Corporation 

Date Incorporated:                                            12-July-2009

Reg. Number:                                                   Zambia

Nominal Capital                                                ZMK. 2,000

Subscribed Capital                                            ZMK. 2,000

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Mr. Stephen M.                                                Director                           

Mr. Patrick K.                                                   Director                           

 

 

RELATED COMPANIES  

 

None                                                               Parent company.

None                                                               Subsidiary company.

None                                                               Affiliated company.

None                                                               Shareholder of subject firm.

None                                                               Branches of the firm

 

OPERATIONS

 

Registered to operate as dealers in general merchandise such as electricals, electronics, hardware & fmcg products

 

Imports:                                                           Asia, Middle East

Exports:                                                           Neighboring countries

Trademarks:                                                     None

Terms of sale:                                                  Cash (40%) and 25-90 days (60%), invoices.

                                                                      

Main Customers:                                              Local agencies, stores, outlets etc

Employees:                                                      10 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                              Zambia

Location:                                                          Rented premises, 2,000 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                          Information not available.

Insurance Brokers:                                            Information not available.

                                                                      

 

FINANCE 

 

Currency Reported:                                           Zambian Kwacha (ZMK.)

Approx. Ex. Rate:                                             1 US Dollar = 5.51 Zambian 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 ZMK.)

                                                                                      2013

Sales                                                                              1,250,000

 

 

BANK 

 

Bank Name:                                                     Stanbic Bank

Branch:                                                            Zambia

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.

 

The order details you provided i.e.

 

P. o. Box 33392 Lusaka, Zambia

Telephone:260-211-220731/220660

Fax: 260-211-220600,

Do not belong to the subject company, correct details are as above.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.35

UK Pound

1

Rs.100.21

Euro

1

Rs.83.52

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.