MIRA
INFORM REPORT
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Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
ORGANIC CHEMICALS LTD |
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Registered Office : |
Saza Road (behind KJ Motors), P. O. Box 21207, Dar Es Salaam |
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Country : |
Tanzania |
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Date of Incorporation : |
1979 |
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Com. Reg. No.: |
05352987 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers and wholesalers of chemical products. |
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 70,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COmpany NAME
ORGANIC CHEMICALS LTD
ADDRESS
Street : Saza Road (behind KJ Motors)
P.O. Box :
21207
Town : Dar Es Salaam
Country : Tanzania
Telephone :
(255 22) 2866380 / 2864852
Fax : (255 22) 2864849
E-Mail : orchemdar@yahoo.com
SENIOR COMPANY
PERSONNEL
Name Position
1. G.H. Gamal Managing Director
2. G.M. Gayakrishnam General
Manager
3. B.P. Pramod Production Manager
Total Employees
22 (plus up to 150 casual
workers)
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
Subject was established
in 1979 and is engaged in the manufacture and wholesale of chemical products.
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 70,000,000
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 :
NBC LTD (formerly known as NATIONAL BANK OF COMMERCE (1997) LTD)
Branch :
Industrial Branch
Street :
Nyerere Rd
PO Box :
40301
Town :
Dar es Salaam
Telephone : (255 22) 286 6301
Fax :
(255 22) 286 2910
E-mail :
industrial@nbctz.com
The company also has an
account with the following bank :
Trust Bank Tanzania Ltd
Samora Avenue
PO Box : 8298
Dar es Salaam
Telephone: (255 22) 212
3601
Fax : (255 22) 211 2379
FINANCIAL INFORMATION
Balance sheets are not
available. However, the subject interviewed offered the following information :
Sales Turnover : TAN Shs
500,000,000 - 2000 - exact
: TAN Shs 600,000,000 -
2001 - exact
: TAN Shs 650,000,000 -
2002 - exact
: TAN Shs 700,000,000 -
2003 - exact
: TAN Shs 1,227,000,000 - 2004 - exact
: TAN Shs 1,935,000,000 - 2005 - exact
: TAN Shs 2,500,000,000 - 2006 - exact
Net Profit : not given, but stated to be
profitable (5-10%)
Financial year ends 30
April.
LEGAL STATUS AND
HISTORY
Date Started : 1979
C.R. No. : 05352987
Authorised & Paid up
Capital : TAN Shs 80,000,000
Limited Liability Company
with the following shareholders :
1. G.H. Gamal (majority
shareholder)
2. Three undisclosed
private shareholders
Affiliated companies of
Organic Chemicals Ltd :
Subsidiaries
1. Pan African
Enterprises Ltd (100%)
2. Gamal Holdings Ltd
(100%)
The above companies are
owned by G.H. Gamal.
ACTIVITIES
The Company is involved
in the following activities :
Manufacturers and
wholesalers of chemical products.
Imports from Belgium,
Turkey, UK, Germany, UAE (Dubai), India, and South Africa.
FACILITIES
The Company has the
following facilities :
Rented offices, factory,
wholesale outlet 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%)