MIRA
INFORM REPORT
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Report Date : |
06.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
MUSOMA TEXTILE MILLS TANZANIA LTD |
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Registered Office : |
Industrial Area Musoma,
P. O. Box 675, Musoma |
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Country : |
Tanzania |
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Date of Incorporation : |
2001 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers and finishers of textiles. |
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 115,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
MUSOMA TEXTILE MILLS
TANZANIA LTD
ADDRESS
Street : Industrial Area Musoma
P.O. Box :
675
Town : Musoma
Country : Tanzania
Telephone :
(255 28) 224 0819 / 754 275 249 / 753 641 143 (mobile)
Fax : (255 28) 224 0819
SENIOR COMPANY
PERSONNEL
Name Position
1. Aziz Lalani Managing Director
2. M. Bassada General Manager
2. N. Molodji Financial Director
Total Employees
650 (subject)
1800(group)
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
We consider it is
acceptable to deal with subject for SMALL amounts, although it is normal
accepted practice for international suppliers to deal on secured terms with
Tanzanian importers.
Opinion on maximum credit
: TAN Shs 115,000,000
Trade risk assessment : Normal
Opinion on the credit
figure of US DLRS 150,000 :
The above figure is higher
than normally seen in one amount, however could prove admissible if split into
two transactions provided the total indebtedness is strictly monitored.
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 :
Exim Bank
FINANCIAL INFORMATION
Balance sheets are not
available. However, the subject interviewed offered the following information :
Sales Turnover : TAN Shs 3,000,000,000 - 2004 - exact
: TAN Shs 3,000,000,000 - 2005 - exact
: TAN Shs 4,200,000,000 - 2006 - exact
Net Profit :
not given but stated to be profitable
Financial year ends 31
December.
LEGAL STATUS AND
HISTORY
Date Started : 2001
Capital : TAN Shs 2,500,000,000
Limited Liability Company
with the following shareholders :
1. Mahmoud Ramja
2. Amin Ramja
3. Aziz Lalani
4. Saaroudj Menfoudji
Affiliated companies of
Musoma Textile Mills Tanzania Ltd :
Associates
New Kilimanjaro Textile
Mills Ltd
Industrial Corridor Area
PO Box 10556
Arusha
Tel: (255 27) 250 9977 /
250 9978
Fax: (255 27) 250 9248
E-Mail : kiltex2003@yahoo.com
ACTIVITIES
The Company is involved
in the following activities :
Manufacturers and
finishers of textiles.
Imports from China, India
and Europe.
FACILITIES
The Company has the
following facilities :
Owned Premises comprising
administrative offices, factory and storage facilities located at the heading
address.
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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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%)