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Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
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Name : |
SKM MOTORCYCLES |
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Registered Office : |
100
Lytton Road, Workington, Harare |
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Country : |
Zimbabwe |
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Date of Incorporation : |
10.04.2011 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as
distributors of bicycles, spare parts and related accessories |
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No of Employees : |
15 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Zimbabwe |
D |
C1 |
|
Risk Category |
ECGC
Classification |
|
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 roughly 10% per year
in 2010-11, before slowing in 2012-13 due poor harvests and low diamond
revenues. The government of Zimbabwe 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. 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 below 10% per year, but exposed structural
weaknesses that continue to inhibit broad-based growth.
|
Source
: CIA |
Company
Name
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Registered Name: |
SKM MOTORCYCLES |
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Requested Name: |
SKM MOTORCYCLES |
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Other Names: |
None |
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ADDRESS
AND TELECOMMUNICATION
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Physical Address: |
100
Lytton Road, Workington |
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Harare, |
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Country: |
Zimbabwe |
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Phone: |
263-4-334204/334186/661931/2/667820/8/9 |
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Cell: |
263-775091678/772614690/771232725/779604923 |
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Fax: |
263-4-334204 |
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Email: |
Warwick@sa.co.zw/sales@skmmotorcycles.com/ daniel@skmmotorcycles.com/sales@skmmotorcycles.com |
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Website: |
www.skmmotorcycles.com |
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CREDIT
OPINION
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Financial Index as of December
2013 shows subject firm with a medium risk of credit. |
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LEGAL
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
10-April-2011 |
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Reg. Number: |
Zimbabwe |
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Nominal Capital |
ZWD.
1,000,000 |
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Subscribed Capital |
ZWD.
1,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Ian Gray |
MD |
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Mr. Richard Linnell |
Director |
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Mr. Stan Whiting |
Director |
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Mr. Simon Van Blerk |
Director |
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Mr. Daniel Chigwada |
Sales |
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Mr. Lucky Chihowa |
Sales
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Mr. Davidson Madzudzo |
Sales |
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RELATED
COMPANIES
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None |
Parent company. |
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None |
Subsidiary company. |
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None |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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12
Connaught Road Avondale, |
Branches of the firm |
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OPERATIONS
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Registered to operate as
distributors of bicycles, spare parts and related accessories |
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Imports: |
Asia |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (70%) and 25-90 days (30%), invoices. |
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Main Customers: |
Local agencies, general public etc |
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Employees: |
15 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Zimbabwe |
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Location: |
Rented premises, 20,000 square feet, |
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AUDITORS
AND INSURANCE
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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: |
Zimbabwen Dollar (ZWD.) |
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Approx. Ex. Rate: |
1 US Dollar = 361
Zimbabwen Dollar |
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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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Financial Information not
Submitted |
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Profit and Loss
(expressed in ZWD.) |
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2013 |
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Sales |
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225,000,000 |
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BANK
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Bank Name: |
Kingdom
Bank Limited |
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Branch: |
Zimbabwe |
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Comments: |
None |
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TRADE REFERENCES
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Experiences: |
Good |
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NOTARIAL BONDS
None |
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COMMENTS
/ ADDITIONAL INFORMATION
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This information was obtained
from outside sources other than the subject company itself and confirmed the
above subject. |
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Company Turnover (USD) |
630,000 |
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Group Turnover (USD) |
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Profitability of the company |
50% |
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Debt Status |
40% |
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Ability to invest in a new business |
60% |
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Credit line offered to dealers |
50% in cash, 50% on
credit(letters of credit) |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.25 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
TPT |
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 |
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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 |
|
-- |
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.