MIRA INFORM REPORT

 

 

Report Date :

25.07.2007

 

IDENTIFICATION DETAILS

 

Name :

NIDA TEXTILE MILLS (T) LTD

 

 

Registered Office :

Plot No. 32, Nelson Mandela Road, Tabata, P.O. Box -  22745, Dar es Salaam

 

 

Country :

Tanzania

 

 

Date of Incorporation :

05.06.2003

 

 

Legal Form :

Proprietorship

 

 

Line of Business :

Textile processing and stitching

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

TAN Shs 285,000,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME

 

NIDA TEXTILE MILLS (T) LTD

 

 

ADDRESS

 

Street                           : Plot No. 32, Nelson Mandela Road

Area                             : Tabata

P.O. Box           : 22745

Town                 : Dar es Salaam

Country             : Tanzania

Telephone         : (255 22) 212 8119 / 240 1430 / 240 1431

Fax                   : (255 22) 240 0545

E-Mail               : shibu@nidatex.com / mowais@nidatex.com

 

 

SENIOR COMPANY PERSONNEL

 

Name                                            Position

 

1. Mohamed Pardesi                  Managing Director

 

2. Mr Shibu                                           Financial Director

 

 

Total Employees

 

800

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for MEDIUM amounts, although it is normal accepted practice for international suppliers to deal on secured terms with Tanzanian importers

 

Opinion on maximum credit        : TAN Shs 285,000,000

 

Trade risk assessment               : Normal

 

 

PRINCIPAL BANKERS

 

NAME               : NATIONAL BANK OF COMMERCE (1997) LTD

Branch              : NBC House

Street                           : Sokoine Drive

PO Box             : 1863

Town                 : Dar Es Salaam

Telephone         : (22) 211 3914 / 211 2082 

The company also has an account with the following bank:

 

United Bank of Africa  Managing Director PPF House, Samora Avenue Dar es salaam

 

Tel        : (255 22) 213 0113 /  313 0127

Fax       : (255 22) 213 0116

 

 

FINANCIAL INFORMATION

 

Private companies in Tanzania are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales Turnover               : TAN Shs 23,000,000,000 - 2006 - exact

               

Net Profit                       : not given but stated to be profitable

 

 

LEGAL STATUS AND HISTORY

 

Date Started      : 5 June 2003

 

History              : The company was incorporated in Tanzania on 5 June 2003.

 

Capital              : not given

 

Proprietorship owned by General Partnership with the following directors and shareholders :

 

Shareholders

 

1. Haji Amin

 

2. Mohamed Pardesi

 

3. Undisclosed shareholders

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Textile processing and stitching

 

Imports from China and India.

 

Exports to neighbouring countries

 

 

FACILITIES

 

The Company has the following facilities :

 

Owned premises comprising offices, warehouse and 3 factories located at the heading address.

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions