MIRA
INFORM REPORT
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Report Date : |
15th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
ALAF
LTD |
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Formerly Known as: |
ALUMINIUM
AFRICA LIMITED |
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Registered Office : |
Plot No. 18, Nyerere
Road, Temeke Industrial Area, P.O. Box:
2070, Dar Es Salaam, Tanzania |
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Country : |
Tanzania |
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Date of Incorporation : |
17.10.1960 |
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Com. Reg. No.: |
2604 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Manufacturers
of cold roll steel, galvanised steel, corrugated sheets and ridges, black and
galvanised steel pipes, hollow sections, broad, plain and corrugated
aluminium sheets. |
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 800,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
ALAF LTD (Correct)
ALUMINIUM AFRICA LIMITED
(Requested)
ADDRESS
Building :
Plot No. 18
Street : Nyerere Road
Area : Temeke Industrial Area
P.O. Box :
2070
Town : Dar Es Salaam
Country : Tanzania
Telephone :
(255 22) 286 0010-14 / 286 6209 / 286 3306 / 286 6212
Fax : (255 22) 286 3077 / 286 4690
E-Mail : galco@cats-net.com / alaf@cats-net.com
Shortform Name : ALAF
Formerly Known As : Aluminium Africa Limited
SENIOR COMPANY PERSONNEL
Name Position
1. M.P. Chandaria Chairman
2. Sharad N. Salgar Chief
Executive Officer
3. M.J. Raghuram General
Manager
Total Employees : 351
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
Subject is a well
established company operating since 1960.
We consider it is acceptable
to deal with subject for LARGE amounts, although it is normal accepted practice
for international suppliers to deal on secured terms with Tanzanian importers.
Opinion on maximum credit
: TAN Shs 800,000,000
Trade risk assessment :
Normal
Opinion on the credit
figure of US DLRS 7,000,000
The above figure is much
higher than normally seen in one amount, however could prove admissible in a
series of several transactions provided the total indebtedness is strictly
monitored.
TRADE REFERENCES
NAME :
MANNESMANN HANDEL AG
Street :
Nlederkasseller Lohweg 20
Town :
4000 Duesseldorf
Country :
Germany
NAME :
MARUBENI PLANT AND EQUIPMENT
Street :
1-21 Agebacho Shinjuku-ku
Town :
Tokyo
Country :
Japan
NAME :
ALCAN SA
Street :
13 Quai de l'Ile
Town :
Geneva
Country :
Switzerland
NAME :
CROWN AGENTS
Street :
St Nicholas Road
Town :
Suton, Surrey SM1 1EL
Country :
UK
NAME :
FEREX SA
Street :
Roosevelt Plaats 12, Box 3 B 2060
Town :
Antwerp
Country :
Belgium
NAME :
PROMATEX N.V.S.A
Street :
Solvai House, Korte Lkarenstraat 2, Box 5 B 2000
Town :
Antwerp
Country :
Belgium
NAME :
HEPWORTH REFRACTORIES INT. LTD
Town :
Linlithgow EH496LH
Country :
UK
PRINCIPAL BANKERS
NAME :
BARCLAYS BANK TANZANIA
Branch :
TDFL Building
PO Box :
5137
Town :
Dar Es Salaam
Telephone : (255 22) 212 9381
Fax :
(255 22) 212 9757
AUDITORS
Ernst & Young
FINANCIAL INFORMATION
Balance sheets are not
available. However, the subject interviewed offered the following information :
Sales Turnover : TAN Shs 9,832,276,967 - 1993 - exact
:
TAN Shs 12,306,359,248 - 1994 - exact
:
TAN Shs 13,000,000,000 - 1995 - exact
: not given - 1996
: TAN Shs 17,000,000,000 - 1997 - approx
: TAN Shs 24,000,000,000 - 1998 - exact
: TAN
Shs 16,154,245,728 - 1999 - exact
: TAN Shs 19,453,814,155 - 2000 - exact
: TAN Shs 19,437,000,000 - 2001 - exact
:
TAN Shs 24,787,187,394 - 2002 - exact
: TAN Shs 35,831,160,251 - 2003 - exact
: not given - 2004
: TAN Shs 55,000,000,000 - 2005 - exact
: TAN Shs 65,000,000,000 - 2005 - exact
Net Profit :
TAN Shs 1,378,870,814 - 1993 -
exact
: TAN
Shs 927,760,616 - 1994 - exact
: TAN Shs
900,000,000 - 1995 - exact
: not given - 1996/1998
Loss :
TAN Shs (1,035,091,836)- 1999 - exact
Profit :
TAN Shs 112,000,000 - 2000 - exact
: TAN Shs
297,000,000 - 2001 - exact
: TAN Shs
554,189,549 - 2002 - exact
:
TAN Shs 1,147,138,181 - 2003 - exact
:
not given - 2004
: TAN Shs
2,900,000,000 - 2005 - exact
: TAN Shs
3,000,000,000 - 2006 - exact
Financial year ends 31
December
LEGAL STATUS AND HISTORY
Date Started : 17 October
1960
History : The company was
established on 17 October 1960, and used to be a subsidiary of National
Development Corporation 62.50 %. National Development Corporation is a
statutory corporation which was established in 1965 by an act of the Tanzanian
Parliament, in order to promote the metal sector subsequently the company
became involve in the paper industry and the mining sector. In May 1997 English
Finance and Development Company Ltd, become its majority shareholder, they
previously held 16.67% of the company's shares.
Subject's shareholders
were 1. English Finance and Development Company Ltd and Clovis International
Company Ltd 60% and Tanzanian State 40% in 2004 the shareholders changed to the
present.
In July 2006 subject
changed its name from Aluminium Africa Ltd to Alaf Ltd.
C.R. No. : 2604
Authorised Capital : TAN
Shs 15,000,000,000
Paid up Capital : TAN Shs
4,218,064,820
Limited Liability Company
with the following directors and shareholders :
Directors
1. Dr M.P. Chandaria
2. Sharad N. Salgar
3. S. Chandra
4. A. Mwinyimvua
5. V. Mussa
Shareholders
Percentage
1. Safal Investment
Mauritius Ltd 76 %
3. Tanzanian State 24 %
P.O. Box : 2669
Dar es Salaam
Tanzania
Telephone: (255 22) 222 5161
Affiliated companies of Alaf Ltd :
Associates
1. Optimus (E.A.) Ltd
2. Casement Africa
Limited
Pugu Road
P.O. Box : 2305
Dar Es Salaam
Tel :
(255 22) 286 6204/5
Fax :
(255 22) 286 4408
Trading as manufacturers of windows, doors
and packaging products.
3. Metal Products Ltd
4. Media Maintenance
Services Limited
ACTIVITIES
The Company is involved
in the following activities :
Manufacturers of cold
roll steel, galvanised steel, corrugated sheets and ridges, black and
galvanised steel pipes, hollow sections, broad, plain and corrugated aluminium
sheets.
Aluminium Africa Limited
has the following divisions :
1. Steelco Division
P.O. Box 9464
Dar es Salaam
2. Galco Division
Nyerere Road
P.O. Box 2641
Dar es Salaam
3. Pipeco Division
P.O. Box 9550
Dar es Salaam
4. Alucico Division
P.O. Box : 9032
Dar es Salaam
Principal overseas
suppliers: Iscor Ltd, South Africa; Marubeni - Itoch Steel, Japan; Metmar
Trading Pty Ltd, South Africa; Taiyo Enterprise Inc, Japan; Metochem
International (Pvt) Ltd, India; Gujarat Nippon Bimetal (Pvt) Ltd, India.
Imports from India,
Austria, South Korea, South Africa and Japan.
Exports to neighbouring
African countries.
FACILITIES
The Company has the
following facilities :
168,000 sq. metre
premises compring several large owned offices and a factory with integrated
storage facilities located at the heading address, as well as a branch office
in Mwanza.
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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