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Report No. : |
311592 |
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Report Date : |
14.03.2015 |
IDENTIFICATION DETAILS
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Name : |
KANGO PRODUCTS PVT LTD |
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Registered Office : |
New
Port Street, Belmont, Bulawayo, P. o. Box
8016, Bulawayo |
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Country : |
Zimbabwe |
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Date of Incorporation : |
09.05.2009 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject is manufacture of aluminum
and enamel household products. |
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No. of Employee : |
15 |
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
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Zimbabwe |
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 |
ZIMBABWE - ECONOMIC OVERVIEW
Zimbabwe's economy is growing despite continuing political uncertainty. Following a decade of contraction from 1998 to 2008, Zimbabwe's economy recorded real growth of roughly 10% per year in 2010-11, before slowing in 2012-13 due poor harvests and low diamond revenues. The government of Zimbabwe faces a number of difficult economic problems, including infrastructure and regulatory deficiencies, ongoing indigenization pressure, policy uncertainty, a large external debt burden, and insufficient formal employment. Until early 2009, the Reserve Bank of Zimbabwe 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 continue to inhibit broad-based growth.
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Source
: CIA |
Company
NAME
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Registered Name: |
KANGO PRODUCTS
PVT LTD |
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Requested Name: |
KANGO PRODUCTS PVT LTD |
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Other Names: |
None |
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ADDRESS
AND TELECOMMUNICATION
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Physical Address: |
New
Port Street, Belmont, Bulawayo |
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Postal Address: |
P.
o. Box 8016 |
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Bulawayo |
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Country: |
Zimbabwe |
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Phone: |
263-9881011/19/78701/2 |
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Fax: |
263-978533/79496/64893 |
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Email: |
kango@kango.co.zw |
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Website: |
www.tregerproducts.co.zw |
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CREDIT OPINION |
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Financial Index as of
December 2014 shows subject firm with a medium risk of credit. |
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LEGAL
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
09-May-2009 |
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Reg. Number: |
Zimbabwe |
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Nominal Capital |
USD.
10,000 |
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Subscribed Capital |
USD.
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. Ignatious Mavhunga |
GM |
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Mr. Rodwell Marumahoko |
Manager |
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Treger Products Zimbabwe |
Holding
Co. |
100% |
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RELATED
COMPANIES
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Treger Products Zimbabwe |
Parent company. |
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None |
Subsidiary company. |
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Treger Plastics, Monarch Steel, Zimbabwe Grain Bag, Tregers Harare. |
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
manufacture of aluminum and enamel household products |
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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, stores, outlets |
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Employees: |
15 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Zimbabwe |
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Location: |
Leased premises, 5,000 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: |
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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2014 |
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Sales |
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3,500,000 |
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BANK
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Bank Name: |
FBC
Bank |
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Branch: |
Zimbabwe |
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Comments: |
None |
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TRADE REFERENCES
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Experiences: |
Good |
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NOTARIAL BONDS
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.62.67 |
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1 |
Rs.93.16 |
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Euro |
1 |
Rs.66.42 |
INFORMATION DETAILS
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Analysis Done by
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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 |
-- |
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.