MIRA INFORM REPORT

 

 

Report Date :

17.03.2007

 

IDENTIFICATION DETAILS

 

Name :

PLASTEC LIMITED

 

 

Registered Office :

P. O. Box 5636, Dar es Salaam

 

 

Country :

Tanzania

 

 

Date of Incorporation :

23 January 2001

 

 

Com. Reg. No.:

40667

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturers of PVC components.

 

 

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 20,000,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

CO NAME

 

PLASTEC LIMITED

 

 

ADDRESS

 

P.O. Box           :  5636

Town                 :  Dar es Salaam

Country             :  Tanzania

Telephone         :  (255 22) 286 0759

Fax                   :  (255 22) 286 0758

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                     Position

 

1. Vasav Desai                          Managing Director

 

2. Rabah Acharya                      Financial Director

 

 

Total Employees

 

40

 

 

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 20,000,000

 

Trade risk assessment : Normal

 

Opinion on the credit figure of US DLRS 1,500,000:

 

We consider the above figure to be beyond the Company's financial capabilities and recommend dealing on fully secured terms.

 

 

PRINCIPAL BANKERS

 

NAME               : BARCLAYS BANK TANZANIA LTD

Branch              : TDFL Building

P.O. Box           : 5137

Town                 : Dar es Salaam Tanzania

Telephone         : (255 22) 212 9757-50

Fax                   : (255 22) 212 9757

Account No       : 8008033

 

 

FINANCIAL INFORMATION

 

Balance sheets are not available. However, the subject interviewed offered the following information :

 

Sales Turnover               : TAN Shs 1,000,000,000 - 2006 - exact

                                    : TAN Shs 1,200,000,000- 2007 - projected

 

Net Profit                       : not given

 

 

LEGAL STATUS AND HISTORY

 

Date Started      : 23 January 2001

 

C.R. No.            : 40667

 

Capital              : TAN Shs 200,000,000

 

Limited Liability Company with the following shareholders :

 

                                                            Percentage

 

1. Gassi Holding Limited                         90 %

 

2. Tausi Limited                                                 10 %

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Manufacturers of PVC components.

 

Imports from Inida.

 

Exports to Malawi, Burundi and Zambia.

 

 

FACILITIES

 

The Company has the following facilities :

 

Office premises and factory located in Dar es Salaam.

 

 

 

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