MIRA INFORM REPORT

Report No. :	512794
Report Date :	01.06.2018

IDENTIFICATION DETAILS

Name :	TOP FOODS LTD
Registered Office :	Masauko Chipembere Highway, P. o. Box 5338 Limbe
Country :	Malawi
Financials (as on) :	2017 (Summarized)
Date of Incorporation :	10.07.2001
Legal Form :	Limited Corporation
Line of Business :	Subject operate as manufacture of food products and beverages
No. of Employees :	850

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	No Complaints
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.

Company NAME

Registered Name:	TOP FOODS LTD
Requested Name:	TOP FOODS LTD
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Masauko Chipembere Highway,
Postal Address:	P. o. Box 5338
	Limbe
Country:	Malawi
Phone:	265-1-845200
Fax:	265-1-844927
Email:	rab@rabmw.com
Website:	None
CREDIT OPINION
Financial Index as of December 2017 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		10-July-2001
Reg. Number:		Malawi
Nominal Capital		MWK. 1,000,000
Subscribed Capital		MWK. 1,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Abdul Gaffar Aboo Jakhura		Chairman		50%
Mr. Sai Kiran Josyabhatla		MD
Mr. Afzel Thassim		Finance Director
Mr. Hussein Aboo Jakhura		Director		20%
Mr. Abdul Rashid Aboo Jakhura		Director		20%
Mr. Mohamed Aboo Jakhura		Director		10%
Mr. Farook Mohamed Aboo Jakhura		Director
Mr. Ahmed Sunka		Director
Mr. H.J.M. Kroese		Director
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
RAB PROCESSORS LTD KULIMA GOLD DEPOTS MALAWI		Affiliated company.
Mr. Abdul Gaffar Aboo Jakhura Mr. Hussein Aboo Jakhura Mr. Abdul Rashid Aboo Jakhura Mr. Mohamed Aboo Jakhura		Shareholders of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate as manufacture of food products and beverages
Imports:		Asia, Middle East
Exports:		None
Trademarks:		None
Terms of sale:		Cash (50%) and 25-90 days (50%), invoices.
Main Customers:		Local agenices, stores, outlets, distributors
Employees:		850 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Malawi
Location:		Leased premises, 25,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Malawian Kwacha (MWK.)
Fiscal Year End:		December 31, 2017
Inflation:		According to information given by independent sources, the inflation at December 31st, 2017 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in MWK.)
			2017
Sales			2,100,000,000
BANK
Bank Name:		COMMERCIAL BANK OF MALAWI LTD
Branch:		Malawi
Comments:		None
TRADE REFERENCES
Experiences:		Good
NOTARIAL BONDS
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	INR 67.45
UK Pound	1	INR 89.79
Euro	1	INR 78.79
MWK	1	INR 0.093

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.