MIRA
INFORM REPORT
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Report Date : |
19.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
M M INDUSTRIES LTD |
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Registered Office : |
P. O Box 3030, Dar es Salaam |
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Country : |
Tanzania |
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Date of Incorporation : |
18/01/94 |
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Com. Reg. No.: |
24598 |
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Legal Form : |
Limited
Liability Company, Limited by shares |
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Line of Business : |
Manufacturers
and operators of a steel rolling mill and a steel melting unit |
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 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY REPORTED
M M INDUSTRIES LTD
Other name
MM INTEGRATED
STEEL MILLS
Principal Address
P. O Box 3030, Dar es Salaam, Tanzania
Telephone: +255-22-2138040/ 2139176
Fax: +255-22-2117963
Email: info@mmsteel.com or mmisteel@bol.co.tz
Internet: www.mmsteel.com
Established
18/01/94
Registration
No. 24598 Dar Es Salaam, Tanzania
Legal Form
limited Liability
company, Limited by shares
Stock Listing
Not Listed
Workforce
2006
400
Office & Factories
Head offices Plot no. 35, Mikocheni Light Ind. Area, Dar-Es-Salaam
Branches None
Company Profile
Paid in Capital TZS. 3,000,000,000
Subscribed Capital TZS. 3,000,000,000
Shareholders
Name Position Amount Ratio
Mr. Subhash
Motibhai Patel CEO 60.00%
Mr. Ramanlal Motibhai Patel Director 40.00%
Total 3,000,000 100.00%
Credit Opinion
Our proposed credit amount of USD 200,000 is recommendable
Affiliated Companies
Company (1) KIBOKO Paints Ltd
Company (2) MOTISUN INDUSTRIES LTD
Company (3) KIBOKO PRECOATED
SHEETS LTD
Company (4) SAYONA DRINKS LTD
Company (5) M M MOTORS LIMITED
Management/ Directors
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President/
CEO (1) |
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Name |
Mr. Subhash Motibhai Patel |
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Remarks |
Top Decision Maker |
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President/
CEO (2) |
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Name |
Mr. Ramanlal Motibhai Patel |
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 and
operators of a steel rolling mill and a steel melting unit
Terms of payment
Buying terms None
Stated
Selling terms 50% in cash, 50% on credit
Suppliers
None Stated
Customers
Industries and Companies
Recent Sales
USD.15,000,000
(2006)
Exports
Neighboring
Countries
Export Ratio < 10.0%
Import Ratio 60.0%
Domestic Market Share 52.0%
Banking relationship
Main Banks Standard Bank
Barclays 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 200,000 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%)