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Report No. : |
352675 |
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Report Date : |
04.12.2015 |
IDENTIFICATION DETAILS
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Name : |
FANTASY GEMS LTD |
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Registered Office : |
2342, Kebelenga Road, P. O. Box 50351, Lusaka |
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Country : |
Zambia |
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Date of Incorporation : |
10.10.1994 |
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Com. Reg. No.: |
4551 |
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Legal Form : |
Limited Corporation |
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LINE OF BUSINESS : |
DEALERS IN PRECIOUS AND SEMI-PRECIOUS GEMSTONES |
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No. of Employees : |
25 |
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 : |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Zambia |
B1 |
B1 |
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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 |
ZAMBIA - ECONOMIC OVERVIEW
Zambia has had one of the world’s fastest growing economies for
the past ten years, with real GDP growth averaging roughly 6.7% per annum.
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, spurring economic growth.
Copper output increased steadily from 2004, due to higher copper prices and
foreign investment, but weakened in 2014 when Zambia was overtaken by the
Democratic Republic of Congo as Africa’s largest copper producer. 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. Despite strong economic
growth and its status as a lower middle-income country, widespread and extreme
rural poverty and high unemployment levels remain significant problems, made
worse by a high birth rate, a relatively high HIV/AIDS burden, and by
market-distorting agricultural policies. Economic policy inconsistency and poor
budget execution in recent years has hindered the economy and contributed to
weakness in the kwacha, which was Africa’s worst performing currency during
2014. Zambia has raised $1.75 billion from international investors by issuing
separate sovereign bonds in September 2012 and April 2014, significantly
increasing the country’s public debt as a share of GDP. On January 1, 2015, a
new mineral royalty tax regime dramatically increased mining taxes, and has led
to an economic impasse between the government and the mines. If left intact,
the new tax could result in the closure of less profitable mines, the loss of
thousands of jobs, and the loss of additional foreign investment.
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Source
: CIA |
SUBJECT'S
NAME
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Registered Name: |
FANTASY GEMS LTD |
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Requested Name: |
FANTASY GEMS LTD |
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Other Names: |
None |
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ADDRESS
AND TELECOMMUNICATION
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Physical Address: |
2342,
Kebelenga Road, |
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Postal Address: |
P.
o. Box 50351 |
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Lusaka, |
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Country: |
Zambia |
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Phone: |
260-211-227002 |
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Cell: |
260-979767003 |
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Fax: |
260-211-227003 |
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Email: |
dantasygemsltd@gmail.com/ fantasygemsltd@gmail.com |
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Website: |
www.fantasygemsltd.com |
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LEGAL
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
10-Oct-1994 |
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Reg. Number: |
4551 |
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Nominal Capital |
ZMW.
10,000 |
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Subscribed Capital |
ZMW.
10,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Tarun Chanana |
Director |
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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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None |
Branches of the firm |
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OPERATIONS
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Registered to operate as
dealers in precious and semi-precious gemstones |
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Imports: |
Asia |
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Exports: |
Worldwide |
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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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Main Customers: |
firms and organizations |
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Employees: |
25 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Zambia |
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Location: |
Leased premises, 10,000 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: |
Zambian Kwacha (ZMW.) |
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Approx. Ex. Rate: |
1 US Dollar = 10.37
Zambian 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 ZMW.) |
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2014 |
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Sales |
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32,500,000 |
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BANK
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Bank Name: |
INDOZAMBIA
BANK LTD |
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Branch: |
Cairo Road Main Branch, Lusaka,
Zambia |
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Account Number: |
101810003 |
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SWIFT Code: |
INZAZMLX |
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Comments: |
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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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.75 |
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1 |
Rs.99.61 |
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Euro |
1 |
Rs.70.67 |
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ZMW |
1 |
Rs.0.010 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared by
: |
NIT |
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.