MIRA
INFORM REPORT
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Report Date : |
30.12.2008 |
IDENTIFICATION DETAILS
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Name : |
AFRICAN PRIDE TEXTILES MILLS LTD |
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Registered Office : |
Dar Es Salaam, P.O Box 243 |
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Country : |
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Date of Incorporation : |
30.04.1999 |
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Com. Reg. No.: |
36027 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Manufacturers and Distributors
of Textiles, Clothes etc |
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: AFRICAN PRIDE TEXTILES MILLS LTD
Requested Name: AFRICAN
PRIDE TEXTILES MILLS LTD
Other Names: None found.
ADDRESS AND TELECOMMUNICATION
Physical Address:
Postal Address: P.o
Country:
Phone: 255-22-2400217
Fax: 255-22-2400218
Email: aptmail@yahoo.com
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: 30/Apr/1999
Reg. Number: 36027
Nominal Capital TZS 50,000,000
Subscribed Capital TZS 50,000,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr.
Nayan Bhatt MD/ CEO 50%
Ms.
Priya Raval Director 50%
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 manufacturers and
distributors of textiles, clothes etc
Imports:
Exports: European
countries
Trademarks: None
Terms of sale: Cash (40%) and
25-90 days (60%), invoices.
Main Customers: Local agencies,
shops and outlets
Employees: 120
employees.
Vehicles: Several
motor vehicles.
Territory of sales:
Location: Rented
premises, 10.000 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 = 1289.48 Tanzanian Shillings
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
Profit and Loss (expressed in TZS.)
2007
Sales 4,000,000,000
BANK
Bank Name: CRDB Bank
Branch:
Comments: None
TRADE
REFERENCES
Experiences: Good
NOTARIAL BONDS None
COMMENTS / ADDITIONAL INFORMATION
African Pride Textiles
Mills operates under the EPZ(Export Processing Zone) Umbrella
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.48.76 |
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1 |
Rs.71.68 |
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Euro |
1 |
Rs.69.17 |
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%)