MIRA INFORM REPORT

 

 

 

Report Date :

18.12.2008

 

IDENTIFICATION DETAILS

 

Name :

MAAJAR RWECHUNGURA, NGULUMA & MAKANI (ADVOCATES)

 

 

Registered Office :

3rd Floor 50 Mirambi Street Dar Es Salaam

 

 

Country :

Tanzania

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

01.02.2006

 

 

Com. Reg. No.:

119165

 

 

Legal Form :

Limited Corporation       

 

 

Line of Business :

Law Practitioners and Providers of Other Law Related Services

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

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

Small

 

Maximum Credit Limit :

USD 50,000

 

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

SUBJECT'S NAME   

 

Registered Name:         MAAJAR RWECHUNGURA, NGULUMA & MAKANI (ADVOCATES)

Requested Name:         MAAJAR RWECHUNGURA, NGULUMA & MAKANI (ADVOCATES)

Other Names:               REX ATTORNEYS

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                           3rd Floor 50 Mirambi Street Dar Es Salaam

Postal Address:                                              P.o Box 7495

                                                                     Dar Es Salaam

Country:                                                         Tanzania

Phone:                                                           255-22-2114291/2114899

Fax:                                                               255-22-2119474

Email:                                                            mrnm@mrnm-advocates.co.tz

Website:                                                        none

 

 

CREDIT OPINION & RISK RATING ASSESSMENT

 

Financial Index as of December 2007 shows subject firm with a medium risk of credit. We recommend Credit of USD 50,000 on 90 days.

 

 

LEGAL

 

Legal Form:                                                    Limited Corporation 

Date Incorporated:                                           01-feb-2006

Reg. Number:                                                 119165

Nominal Capital                                               TZS 10,000,000

Subscribed Capital                                          TZS 10,000,000

Subscribed Capital is Subscribed in the following form:

                                                                     Position                          Shares

Mrs. Mwanaidi Sijaare Maajar                           Director                            10%

Mr. Charles Rutayuga Rwechungura                 Director                            10%

Dr. Alex Thomas Nguluma                               Director                            10%

Mrs. Victoria Lyimo Makani                              Director                            10%

Mr. James Friedlander                                     Director                            10%

Dr. Eve Hawa Sinare                                        Director                            10%

Mr. Lugano Jason Samuel Mwandambo            Director                            10%

Mr. Christopher Giattas                                    Director                            10%

Mr. George Mpeli Kilindu                                  Director                            10%

Mr. Zaharani Sinare                                         Director                            10%

                                                                                                           


 

RELATED COMPANIES  

 

None                                                              Parent company.

None                                                              Subsidiary company.

None                                                              Affiliated company.

None                                                              Shareholder of subject firm.

None                                                              Branches of the firm

 

 

OPERATIONS

 

Registered to operate as law practitioners and providers of other law related services

Imports:                                                          None

Exports:                                                         None

Trademarks:                                                   None

Terms of sale:                                                 Cash (40%) and 30 days (60%), invoices.

                                                                    

Main Customers:                                             Various

Employees:                                                    12 employees.

Vehicles:                                                        Several motor vehicles.

Territory of sales:                                            Tanzania

Location:                                                        Owned premises, 2500 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                        Information Not available

Insurance Brokers:                                          Information Not available

                                                                    

 

FINANCE 

 

Currency Reported:                                         Tanzanian Shilling (TZS)

Approx. Ex. Rate:                                           1 US Dollar = 1,305.5 Tanzanian Shilling

Fiscal Year End:                                             December 31, 2007

Inflation:                                                         According to information given by independent sources, the inflation at December 31st, 2007 was of 13%.

 

Financial Information Not Submitted                 

                                                                                                    2007

Sales Income                                                                                 3,650,000,000

                                                                                                   

 

BANK 

 

Bank Name:                                                   BARCLAYS BANK

Branch:                                                          Dar Es Salaam

Comments:                                                     Overdraft None, Promissory notes- None

                                                                    


TRADE REFERENCES    

 

Experiences:                                                  Good

                                                                    

NOTARIAL BONDS                                        None

                                                                    

 

CHECK INSOLVENCIES 

 

The checks have been made on:                       The company  and directors

                                                                    

 

PROTESTS AND NEGATIVE ELEMENTS

 

The company and the following officers Mrs. Mwanaidi Sijaare Maajar, Mr. Charles Rwechungura, Dr. Alex Thomas Nguluma and Mrs. Victoria Lyimo Makani, have been checked at the Registries of companies and with the judicial local facilities.

                                                                    

PROTESTS RECORDED                                

No protests in the name of the company and its officers, No protests on the associated concerns, No protests on partners, Check on Prejudicial Events as per Commercial Court office

 

NEGATIVE ELEMENTS                                  

Researches effected concerning possible prejudicial events    

in the name of the company revealed: No negative elements since 01/01/2000

Date of the check on protests and prejudicial events: 12/12/2008

                                                                    

 

COMMENTS / ADDITIONAL INFORMATION    

 

MAAJAR RWECHUNGURA, NGULUMA & MAKANI (ADVOCATES) and EPITOME ADVOCATES  merged together on 1st February 2006 to form the law firm REX ATTORNEYS

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.08

UK Pound

1

Rs.71.17

Euro

1

Rs.66.98

 

 

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.

 

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