MIRA
INFORM REPORT
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Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
PLASTECH LIMITED |
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Registered Office : |
Plot 2 AEP Nyerere Road Dar Es Salaam |
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Country : |
Tanzania |
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Date of Incorporation : |
10.9.1998 |
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Com. Reg. No.: |
82497 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Manufacturer and Supplier
of Plastic Materials such as PVC , also Pigments, Stabilizers and Additives |
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 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUBJECT'S NAME
Registered Name: PLASTECH LIMITED
Requested Name: PLASTEC
LIMITED
Other Names: None found.
ADDRESS AND TELECOMMUNICATION
Physical Address: Plot
2 AEP Nyerere Road Dar Es Salaam Tanzania
Postal Address: P.o Box 21022
Dar Es Salaam
Country: Tanzania
Phone: 255-22-2860759/2860758
Mobile: 255-744-261860
Fax: 255-22-2865655/2121516
Email: none
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 100,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 10/9/1998
Reg. Number: 82497
Nominal Capital TZS. 100,000,000
Subscribed Capital TZS. 100,000,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr. Mahmoud Waziir MD/ CEO
Mrs.
Radha Saindrane GM
Mr.
Vasav Desai Manager
RELATED COMPANIES
None Parent company.
None Subsidiary company.
ADPLAST LTD Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to operate as manufacturer and supplier of
plastic materials such as PVC , also pigments, stabilizers and additives
Imports: China, India and
South Africa
Exports: Uganda and
Tanzania (10%)
Trademarks: None
Terms of sale: Cash (40%) and 30
days (60%), invoices.
Main Customers: various
Employees: 60 employees.
Vehicles: Several motor
vehicles.
Territory of sales: Tanzania
Location: Rented/ Owned
premises, 2,000 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 = 1,295.6 Tanzania 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
BANK
Bank Name: National
Bank of Com
Branch: Dar Es Salaam, Tanzania
Enquiry Amount: 250
000
Terms: over
30 days
Bank Code: Code
-D which means good for Moderate Business Engagements.
Comments: Overdraft None, Promissory notes- None
TRADE
REFERENCES
Experiences: Good
NOTARIAL BONDS None
CHECK
INSOLVENCIES
The checks have been
made on: The company
and managers
COMMENTS / ADDITIONAL INFORMATION
This information was obtained from outside sources
other than the subject company itself and confirmed the above subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.08 |
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UK Pound |
1 |
Rs.71.17 |
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Euro |
1 |
Rs.66.98 |
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%)