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Report No. : |
331802 |
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Report Date : |
17.07.2015 |
IDENTIFICATION DETAILS
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Name : |
NATI AGRIC PVT LTD |
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Registered Office : |
C/o Mr. Alex Mhembere 2 Gardener Road, Acturus, P. O. Box CH867, Chisipite Harare |
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Country : |
Zimbabwe |
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Date of Incorporation : |
05.06.2001 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate in the farming
industry |
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No. of Employees : |
30 Employees |
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 : |
Slow but correct |
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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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Zimbabwe |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
ZIMBABWE - ECONOMIC OVERVIEW
Zimbabwe's economy depends heavily on its mining and agriculture
sectors. Following a decade of contraction from 1998 to 2008, the economy
recorded real growth of more than 10% per year in 2010-13, before slowing to
roughly 3% in 2014 due to poor harvests, low diamond revenues, and decreased
investment. Infrastructure and regulatory deficiencies, a poor investment
climate, a large public and external debt burden, and extremely high government
wage expenses impede the country’s economic performance. Until early 2009, the
Reserve Bank of Zimbabwe (RBZ) 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 inhibit broad-based growth. The
RBZ introduced bond coins denominated in 1, 5, 10, and 25 cent increments on a
par with the US dollar in December 2014, more than five years after the
Zimbabwe dollar was taken out of circulation. In January 2015, as part of the
government’s effort to boost trade and attract foreign investment, the RBZ
announced that the Chinese renmimbi, Indian rupee, Australian dollar, and
Japanese yen would be accepted as legal tender in Zimbabwe. Zimbabwe’s
government entered a second Staff Monitored Program with the International
Monetary Fund in 2014 and undertook other measures to reengage with the
international financial institutions. Foreign and domestic investment continues
to be hindered by the lack of clarity regarding the government’s Indigenization
and Economic Empowerment Act.
|
Source
: CIA |
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Registered Name: |
NATI AGRIC PVT
LTD |
|
Requested Name: |
NATI AGRIC PVT LTD |
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Other Names: |
None |
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Physical Address: |
C/o
Mr. Alex Mhembere 2 Gardener Road, Acturus |
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Postal Address: |
P.
o. Box CH867 |
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|
Chisipite
Harare |
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Country: |
Zimbabwe |
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Phone: |
263-4-498565 |
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Fax: |
263-4-498565 |
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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: |
05-June-2001 |
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Reg. Number: |
Zimbabwe |
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Nominal Capital |
USD.
1,000 |
|
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Subscribed Capital |
USD.
1,000 |
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Subscribed Capital is Subscribed in the following form: |
||
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Position |
Shares |
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Mr. Alex Mhembere |
MD |
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Mr. Ishmael Khumalo |
Manager |
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|
None |
Parent company. |
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None |
Subsidiary company. |
|
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 in
the farming industry |
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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 (30%) and 25-90 days (70%), invoices. |
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Main Customers: |
Local agencies |
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Employees: |
30 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Zimbabwe |
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Location: |
Owned premises, 20,000 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: |
US Dollar (USD.) |
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Approx. Ex. Rate: |
1 US Dollar = 1 US Dollar |
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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 USD.) |
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|
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2014 |
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Sales |
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1,500,000 |
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Bank Name: |
Ecobank
Zimbabwe |
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Branch: |
Zimbabwe |
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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.63.50 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.69.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
NIT |
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 |
|
|
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.