MIRA
INFORM REPORT
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Report Date : |
12.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
RAFFIA BAGS LTD |
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Registered Office : |
P. O. Box 7075 Dar Es Salaam |
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Country : |
Tanzania |
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Date of Incorporation : |
27/10/1993 |
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Com. Reg. No.: |
23884 |
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Legal Form : |
Limited
Liability Company, Limited by shares |
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Line of Business : |
Manufacturers of Polypropylene Bags for packing of cement, lime, flour and grains |
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 : |
USD 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY REPORTED
RAFFIA BAGS LTD
Principal Address
P. O. Box 7075 Dar Es Salaam, Tanzania
Telephone: +255-22-2650371/3
Fax: +255-22-2650375
Email: raffia@afsat.com or hussein@raffiabags.com
Internet: www.raffiabags.com
Established
27/10/1993
Registration
No. 23884 Dar
Es Salaam, Tanzania
Legal Form
limited Liability
company, Limited by shares
Stock Listing
Not Listed
Workforce
2006
250
Office & Factories
Head offices Plot 103, Mbezi Beach, Industrial Area, Bagamoyo Road, Dar Es Salaam
Branches None
Company Profile
Paid in Capital Tshs. 2,000,000,000
Subscribed Capital Tshs. 850,000,000
Shareholders
Name Position No. of shares Ratio
Mr. Mehnool Ladha Chairman 125,500 14.76%
Mr. Andrew Porter Managing Director 0.00%
Mr. Staffan
fritzsche Director 0.00%
Mr. Hussein Ladha Director 0.00%
Mr. Barkat LadhanI Director 214,500 25.24%
Cempak Holdings
Limited Holding Company 510,000 60.00%
Total 850,000 100.00%
Credit Opinion
Our proposed credit amount of USD 150,000 is recommendable
Affiliated Companies
Company (1) Ubungo Spinning Mills Limited
Company (2) Raffia Bags Kenya Pty Ltd
Company (3) Raffia Bags Mozambique PTy Ltd
Company (4) Raffia Tufbag Pty ltd
Management/ Directors
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President/
CEO (1) |
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Name |
Mr. Mehnool ladha |
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Remarks |
Top Decision Maker |
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President/
CEO (2) |
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Name |
Mr. Hussein Ladha |
Þ Top decision maker is the person who has the ultimate authority or power to make important managerial decisions. He/She may or may not be officially registered as a president or an executive director.
Business Activities
Manufacturers of
Polypropylene Bags for packing of cement, lime, flour and grains
Terms of payment
Buying terms 30% in cash, 70% on credit
Selling terms 80% in cash, 20% on credit
Suppliers
Ad-star technology
Customers
Local agencies, Industries,
stores and outlets
Recent Sales
TZS. 8,239,347,000 (2006)
Exports
None
Export Ratio 20.0%
Import Ratio 10.0%
Domestic Market Share 60.0%
Banking relationship
Main Banks National Bank Of
Commerce
Credit Check of Subject,
President & CEO
(as of report date)
Payment Morale : In the documents at our
disposal nothing adverse has been shown so far.
CREDIT RATING : Financial situation is
average.
COMMENTS
Maximum credit we recommend is USD 150,000 outstanding at any one time.
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. |
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%)