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Report No. : |
315633 |
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Report Date : |
09.04.2015 |
IDENTIFICATION DETAILS
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Name : |
ISAAK SHOPPING CENTRE LIMITED |
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Registered Office : |
Issak Shopping Centre, Address :P O Box 51138 Limbe |
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Country : |
Malawi |
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Year of Establishment : |
2000 |
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Legal Form : |
Company limited
by shares |
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Line of Business : |
Subject is engaged in operate as a
supermarket dealing with FMCG products, hardware, electrical, household goods |
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No. of Employee : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Unknown |
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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 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Malawi |
C1 |
C1 |
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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 |
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.
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Source
: CIA |
ISAAK
SHOPPING CENTRE LIMITED
DBA : Isaac Shopping Centre
With regard to your request
on:
Issak Shopping Centre
Address :P O Box 51138 Limbe
Country:Malawi
Main Address: Glyn Jones, Limbe
Zip code/City: Blantyre, Malawi
Telephone: +265 1 841721
Fax: +265 1 841721
Postal Address : Limbe, P.O. Box 51138
Zip code/City: Blantyre, Malawi
WIN Worldbox No.: MW0000020454
Profile
Established: 2000
Line of Business: Consumer goods wholesale
Industry Division: Wholesale trade
Industry-code (NACE): 4643 Wholesale of electrical household
appliances
4674
Wholesale of hardware, plumbing and heating equipment and supplies
Banks: Stanbic Bank, Branch: Malawi
Employees: 30
CNPJ: -
Official Administration:
Director Ahmed
Isaak
Executive Director Mohammed Isaak
Public information:
Check Insolvencies:
The checks have been made on:
The company, directors and managers.
Protests And Negative
Elements:
The company and the following
officers Mr. Mohammed Isaak and Mr. Ahmed Isaak, have been checked at the
Registries of companies and with the judicial local facilities.
Protests Recorded:
No protests in the name of the
company and its officers, No protests on the associated concerns, No protests
on shareholders/partners, Check on Prejudicial Events as per Commercial Court
office.
Negative Elements:
Researches effected concerning
possible prejudicial events
in the name of the company
revealed: No negative elements since 01/12/2014
Date of the check on protests
and prejudicial events: 11/12/2014.
State Register: 65214
Legal form: Company
limited by shares
Incorporation
date: 12.06.2000
Balance sheet
filing date: -
Tax Contributor Number (CNPJ): -
Legal status: active
Responsible Register: Registries of companies and with
the judicial local facilities
Entry Deleted Name
12.06.2000 Isaak Shopping
Centre Limited
Entry Deleted Address
12.06.2000 Glyn Jones,
Limbe, P.O.Box 51138, Blantyre, Malawi/MW
Entry Deleted Capital
12.06.2000 Share Capital
MWK 1,000,000, paidup MWK 1,000,000
Sanctions List
The company is not listed on the WorldCompliance
database.
Import and Export:
Import
Payment history:
Trade References:
Experiences: Good.
Owners/-s:
Class: 50%
Type: direct
Name: Ahmed Isaak
City/Country: Malawi/MW
No. of shares: 500,000
Interest: 50,00% voting right,
50,00% capital interest
Class: 50%
Type: direct
Name: Mohammed Isaak
City/Country: Malawi/MW
No. of shares: 500,000
Interest: 50,00% voting right,
50,00% capital interest
Financial information:
Finance:
Currency Reported: Malawian Kwacha (MWK.)
Approx. Ex. Rate: 1 US Dollar = 437.76
Malawian Kwacha
Fiscal Year End: December 31, 2014
Inflation: According
to information given by independent sources, the inflation at December 31st,
2014 was of 15%.
Financial Information
Submitted
Profit and Loss (expressed in
MWK.)
2014
Estimated Sales 425,000,00
Exchange rate:
US$ 1,00 = MWK 435.211 - Official rate on 08.04.2015
Main Activities:
The company is engaged in
operate as a supermarket dealing with FMCG products, hardware, electrical,
household goods etc.
Imports: South Africa, Asia.
Terms of sale: Cash (60%) and
25-90 days (40%), invoices.
Main Customers: General
Public.
Territory of sales: Malawi.
Operations and branches:
At the address, Glyn Jones,
Limbe, Blantyre, Malawi, we find the office of the company.
At the address, P.O. Box
51138, Blantyre, Limbe, Malawi, we find the postal address of the company.
Staff:
30
Comments / Additional
Information:
This information was obtained
from third parties, Company registry, banker’s confirmation, Chambers of
Commerce/Trade Industry, competitors and public sources.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.33 |
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|
1 |
Rs.92.53 |
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Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
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 |
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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.