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Report No. : |
319459 |
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Report Date : |
29.04.2015 |
IDENTIFICATION DETAILS
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Name : |
MALIDA ENTERPRISE |
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Registered Office : |
Old Market Street, Chirimba Industrial Area, Limbe, P. O. Box 5206, Blantyre |
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Country : |
Malawi |
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Date of Incorporation : |
10.06.2010 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operates as
traders in general merchandise such as hardware, electrical. |
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No. of Employees : |
15 Employees. |
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Malawi |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. The country’s economic
performance has historically been constrained by policy inconsistency,
macroeconomic instability, limited connectivity to the region and the world,
and poor health and education outcomes that limit labor productivity.
Agriculture accounts for about 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 program. The government faces many challenges including
developing a market economy, improving educational facilities, addressing
environmental problems, dealing with HIV/AIDS, and satisfying foreign donors on
anti-corruption efforts.. Between 2005 and 2009 Malawi’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 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. In October 2013, the African Development Bank, the IMF,
several European countries, and the US indefinitely froze $150 million in
direct budgetary support in response to a high level corruption scandal called
“Cashgate,” citing a lack of trust in the government’s financial management
system and civil service. Most of the frozen donor funds—which accounted for
40% of the budget—have been channeled through non-governmental organizations in
the country. Investment had fallen continuously for several years, but rose 4
percentage points in 2014 to 17% 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.
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Source
: CIA |
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Registered Name: |
MALIDA
ENTERPRISE |
|
Requested Name: |
MALIDA ENTERPRISE |
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Other Names: |
None |
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Physical Address: |
Old
Market Street, Chirimba Industrial Area, Limbe |
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Postal Address: |
P.
o. Box 5206 |
|
|
Blantyre |
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Country: |
Malawi |
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Phone: |
265-1-640096 |
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Cell: |
265-999208090 |
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Fax: |
265-1-640096 |
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Email: |
None |
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Website: |
None |
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
10-June-2010 |
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Reg. Number: |
Malawi |
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Nominal Capital |
MWK.
1,000,000 |
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Subscribed Capital |
MWK.
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. Mark Chimimba |
Director |
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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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None |
Branches of the firm |
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Registered to operate as
traders in general merchandise such as hardware, electricals. |
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Imports: |
Asia, Africa |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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|
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Main Customers: |
firms and organizations |
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Employees: |
15 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Malawi |
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Location: |
Leased premises, 2,500 square feet, |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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Currency Reported: |
Malawian Kwacha (MWK.) |
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Approx. Ex. Rate: |
1 US Dollar = 440.05
Malawian Kwacha |
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Fiscal Year End: |
December 31, 2014 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2014 was of 13%. |
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Financial Information not
Submitted |
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Profit and Loss
(expressed in MWK.) |
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2014 |
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Sales |
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350,000,000 |
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Bank Name: |
International
Commercial Bank Ltd |
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Branch: |
Malawi |
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Comments: |
None |
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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.63.33 |
|
|
1 |
Rs.96.52 |
|
Euro |
1 |
Rs.68.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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.