MIRA INFORM REPORT

 

 

Report No. :

329471

Report Date :

02.07.2015

 

IDENTIFICATION DETAILS

 

Name :

SOMETHING SIMILAR CARDS LTD

 

 

Registered Office :

18 Lilayi Rd, Lusaka, P. o. Box 35276, Lusaka

 

 

Country :

Zambia

 

 

Date of Incorporation :

15.07.2009

 

 

Com. Reg. No.:

48695

 

 

Legal Form :

Limited Corporation

 

 

Line of Business :

Subject operates as wholesalers and Retailers of Gifts, Toys, Books, Perfumes, Novelties, Christmas Items.

 

 

No. of Employees :

12

 

 

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 :

Small Company

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Zambia

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 as Africa’s largest copper producer by the Democratic Republic of Congo. 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 has been Africa’s worst performing currency during the past year. 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 the new tax is left intact, it could result in the closure of less profitable mines, the loss of thousands of jobs and could stifle Zambia’s ability to attract additional foreign investment.

 

Source : CIA

 

 

Company Name

 

 

Registered Name:

SOMETHING SIMILAR CARDS LTD

Requested Name:

SOMETHING SIMILAR CARDS LTD

Other Names:

None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

18 Lilayi Rd, Lusaka

Postal Address:

P. o. Box 35276

 

Lusaka,

Country:

Zambia

Phone:

260-211-845190/278469/8248/9

Fax:

260-211-278113

Email:

None

Website:

None

 

CREDIT OPINION

 

 

Financial Index as of December 2014 shows subject firm with a medium risk of credit.

 

LEGAL

 

 

Legal Form:

Limited Corporation 

Date Incorporated:

15-July-2009

Reg. Number:

48695

Nominal Capital

ZMW. 5,000

Subscribed Capital

ZMW. 5,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mrs. Heather Erasmus

Director

 

Mr. John M. Kerry

Manager

 

Mr. Patrick K.

Manager

 

 

RELATED COMPANIES

 

None

Parent company.

None

Subsidiary company.

POLAR ICE LTD

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

OPERATIONS

 

Registered to operate as wholesalers and retailers of gifts, toys, books, perfumes, novelties, Christmas items.

Imports:

Asia

Exports:

None

Trademarks:

None

Terms of sale:

Cash (30%) and 25-90 days (70%), invoices.

 

 

Main Customers:

General public

Employees:

12 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Zambia

Location:

Rented premises, 10,000 square feet,

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

FINANCE

 

 

Currency Reported:

Zambian Kwacha (ZMW.)

Approx. Ex. Rate:

1 US Dollar = 7.38 Zambian Kwacha

Fiscal Year End:

December 31, 2014

Inflation:

According to information given by independent sources, the inflation at December 31st, 2014 was of 13%.

 

Financial Information not Submitted

 

 

 

Profit and Loss (expressed in ZMW.)

 

 

2014

Sales

 

750,000

 

BANK

 

 

Bank Name:

Stanbic Bank

Branch:

Zambia

Comments:

None

 

 

COMMENTS / ADDITIONAL INFORMATION

 

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.63.62

UK Pound

1

Rs.99.89

Euro

1

Rs.70.77

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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

 

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.