MIRA
INFORM REPORT
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Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
SPICE
ISLAND LIMITED |
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Registered Office : |
P.O Box 3815 Creek Road, Stone Town, Zanzibar |
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Country : |
Zanzibar |
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Date of Incorporation : |
20.4.2007 |
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Legal Form : |
Limited
Liability Company, Limited by Shares |
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Line of Business : |
Providers of Hotel and Resort Services |
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 : |
USD 40,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY REPORTED
SPICE ISLAND
LIMITED
Principal Address
P.o Box 3815 Creek Road, Stone Town, Zanzibar
Telephone: +255-773049344
Fax: +255-715234978
Email: office@spice-island-hotel-resort.com
Internet: www.spice-island-hotel-resort.com
Established
20/4/2007
Registration
Zanzibar, Tanzania
Legal Form
Limited Liability
Company, Limited by shares
Stock Listing
Not Listed
Workforce
2007
80
Office & Factories
Head offices Creek Road, Stone Town, Zanzibar, Tanzania
Representative
offices P .o. Box 42,
Petersfield, Hampshire, GU31 4YA, United Kingdom
Company Profile
Paid in Capital TZS. 100,000,000
Subscribed Capital TZS. 100,000,000
Shareholders
Name Position Amount
Ratio
Patrick OSullivan Director 26.00%
Gerd Winkel Director
Zanzibar
International Limited Holding Co. 74.00%
Total
100.00%
Credit Opinion
Our proposed credit amount of USD 40,000 is recommendable
Affiliated Companies
None
Management/ Directors
President/ CEO (1)
Name Patrick OSullivan
Remarks Top
Decision Maker
President/ CEO (2)
Name Gerd
Winkel
Þ Top decision maker is the person who has the
ultimate authority or power to make important managerial decisions. He/She may
or may not be officially registered as a president or an executive director.
Business Activities
Providers of hotel
and resort services
Terms of payment
Buying terms 30% in cash, 70% on credit
Selling terms 50% in cash, 50% on credit
Suppliers
Various
Customers
Public
Recent Sales
Not Yet Started
Exports
None
Export Ratio
0.0%
Import Ratio
0.0%
Domestic Market Share
0.0%
Banking relationship
Main Banks BARCLAYS BANK ZSTF
Building, Stone Town, Zanzibar
Credit Check of Subject,
President & CEO (as of report date)
Payment Morale: In the documents at our
disposal nothing adverse has been shown so far.
CREDIT RATING: Financial situation is
average.
COMMENTS
Maximum credit we recommend is USD 40,000 outstanding at any one time.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.82 |
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UK Pound |
1 |
Rs.80.01 |
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Euro |
1 |
Rs.63.83 |
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. |
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%)