MIRA
INFORM REPORT
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Report Date : |
06.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
VECTOR HEALTH INTERNATIONAL LTD |
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Registered Office : |
Networld Arepo, P. O. Box 15500, Arusha |
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Country : |
Tanzania |
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Date of Incorporation : |
September 2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of chemical mosquito nets. |
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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Maximum Credit Limit : |
TAN Shs 250,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
COmpany NAME
VECTOR HEALTH
INTERNATIONAL LTD
ADDRESS
Area : Networld Arepo
P.O. Box :
15500
Town : Arusha
Country : Tanzania
Telephone :
(255 27) 250 2375 / 254 8888
Fax :
(255 27) 254 8895
SENIOR COMPANY
PERSONNEL
Name Position
1. Kalpesh Sha Managing Director
2. Binsh Aria Financial Director
Total Employees
1,000
PAYMENTS
Subject was established
in 2005 and commenced production in 2007, therefore it has a limited payment
and track record. Subject is 50% owned by Sumitomo Chemical Co., Ltd.
Associations inspire
confidence and we consider it is acceptable to deal with subject for MEDIUM
amounts.
Opinion on maximum credit
: TAN Shs 250,000,000
Trade risk assessment :
Normal
Opinion on the credit
figure of US DLRS 1,500,000 :
The above figure is
higher than normally seen in one amount, however could prove admissible in a
series of transactions provided the total indebtedness is strictly monitored.
It is normal accepted
practice for international suppliers to deal on secured terms with Tanzanian
importers.
PRINCIPAL BANKERS
NAME :
CITIBANK TANZANIA LIMITED
Branch :
36 Upanga Road
P.O. Box : 71625
Town :
Dar es Salaam
Telephone : (255 22) 117601 / 117575
Fax :
(255 22) 113910
FINANCIAL INFORMATION
As the Company has only
recently commenced production, relevant financial information is not available.
Total Invested Capital :
US DLRS 10,000,000
Highlights of
Consolidated balance sheet of Sumitomo Chemical Company Limited as at 31 March
2006 showed:
Assets
Total current assets :
YEN 694,588 - 2005 - exact
: YEN 946,554 - 2006 - exact
Investment and other
non current assets :
YEN 377,923 - 2005 - exact
: YEN 600,404 - 2006 - exact
Property, Plant and
equipment : YEN 515,866 - 2005 -
exact
:
YEN 570,322 - 2006 - exact
Other assets : YEN 60,419 - 2005
- exact
: YEN 61,097 - 2006 - exact
Total assets : YEN 1,648,796 -
2005 - exact
:
YEN 2,178,377 - 2006 - exact
Liabilities
Tota liabilities : YEN 530,582 -
2005 - exact
: YEN 666,878 - 2006 - exact
Total long term
liabilities : YEN
441,345 - 2005 - exact
: YEN 567,275 - 2006 - exact
Minority interest : YEN 107,268 -
2005 - exact
: YEN 224,464 - 2006 - exact
Total shareholders' equity :
YEN 569,601 - 2005 - exact
: YEN 719,760 - 2006 - exact
Total liabilities : YEN 1,648,796 -
2005 - exact
: YEN 2,178,377 - 2006 - exact
Income Statement
Sales Turnover : YEN 1,296,315 - 2005
- exact
: YEN 1,556,606 - 2006 - exact
Net profit : YEN 121,660 - 2005 - exact
: YEN 158,591 - 2006 - exact
LEGAL STATUS AND
HISTORY
Date Started : September 2005
History : The company was incorporated in
Tanzania in September 2005 and commenced production in
2007.
Capital : US DLRS 1,000,000
Limited Liability Company
with the following shareholders :
1. Sumitomo Chemical Co.,
Ltd 50 %
27-1, Shinkawa 2-chome
Chuo-ku
Tokyo 104-8260
Japan
2. Net Health
(International) Ltd
50 %
ACTIVITIES
The Company is involved
in the following activities :
Manufacturers of chemical
mosquito nets.
Imports from Japan.
Exports to African
countries.
FACILITIES
The Company has the
following facilities :
Owned premises comprising
offices, warehouse and factory located at the heading address.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)