MIRA
INFORM REPORT
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Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
BORA INDUSTRIES LTD |
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Registered Office : |
P.O Box 40173, Dar es Salaam |
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Country : |
Tanzania |
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Date of Incorporation : |
26/02/1994 |
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Com. Reg. No.: |
26337 |
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Legal Form : |
Limited
Liability Company, Limited by shares |
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Line of Business : |
Manufacturers of
rubber products this include footwear, tyres and tubes for bicycles |
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 80,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY REPORTED
BORA INDUSTRIES LTD
Principal Address
P.O Box 40173, Dar es Salaam, Tanzania
Telephone: +255-22-2865895 / 2865866 / 2861953
Fax: +255-22-2865867
Email: bora@bol.co.tz
Internet: None
Established
26/02/1994
Registration
No. 26337 Tanzania
Legal Form
limited Liability
company, Limited by shares
Stock Listing
Not Listed
Workforce
2006
600
Office & Factories
Head offices Plot No. 21, Nyerere Road, Dar es salaam, Tanzania
Branches None
Company Profile
Paid in Capital TZS1,000,000
Subscribed Capital TZS1,000,000
Shareholders
Name Position Amount Ratio
Rajesh N. Gunamal Director 10,000 25.00%
Mr. NathumaL P.
Gunamal Director 10,000 25.00%
Mr. Suresh a.
KalwanI Director 10,000 25.00%
Mr. Ashok a.
Kalwani Director 10,000 25.00%
Total 40,000 100.00%
Credit Opinion
Our proposed credit amount of USD 80,000 is recommendable
Affiliated Companies
Company (1) SAI MAHADEV-Singapore
Company (2) SAI KIRPA -Singapore
Company (3) P.T PARINDO - Indonesia
Management/ Directors
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President/
CEO (1) |
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Name |
Rajesh N. Gunamal |
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Remarks |
Top Decision Maker |
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President/
CEO (2) |
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Name |
Mr. NathumaL P. Gunamal |
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
rubber products this include footwear, tyres and tubes for bicycles
Terms of payment
Buying terms 30% in cash, 70% on credit
Selling terms 80% in cash, 20% on credit
Suppliers
Various
Customers
Bicycles shops and
Distributors
Recent Sales
TZS. 4,600,000,000
(2006)
Exports
East African
Countries
Export Ratio <40.0%
Import Ratio 20.0%
Domestic Market Share 50.0%
Banking relationship
Main Banks CRDB bank
Citi Bank
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 80,000 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%)