MIRA
INFORM REPORT
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Report Date : |
17.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
21ST
CENTURY TEXTILES LTD |
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Registered Office : |
2006/3 Morogoro Road, Dar Es Salaam |
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Country : |
Tanzania |
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Date of Incorporation : |
02.04.2001 |
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Com. Reg. No.: |
14879 |
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Legal Form : |
Limited
Liability company, Limited by shares |
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Line of Business : |
Manufacturers of
Cotton and Blended Yarns |
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 |
COMPANY REPORTED
21ST
CENTURY TEXTILES LTD
Principal Address
Plot No. 2006/3 Morogoro Road, Dar Es Salaam, Tanzania
Telephone: +255-22-2114376/ 2122837
Fax:+255-22-2122843
Email:gd@metl.icstz.com
Internet: None
Established
2/4/2001
Registration
No. 14879 Dar
Es Salaam, Tanzania
Legal Form
Limited Liability
company, Limited by shares
Stock Listing
Not Listed
Workforce
2007
1,400
Office & Factories
Head offices Plot No. 2006/3 Morogoro Road, Dar Es Salaam,
Tanzania
Branches None
Company Profile
Paid in Capital TZS. 1,000,000
Subscribed Capital TZS. 1,000,000
Shareholders
Name Position Amount
Ratio
Mr. Mohammed G.
Dewji CEO 40.00%
Mr. Gulamabbas H.
Dewji Director 30.00%
Mrs. Zubeida
Gulamabbas Hassanali Director 30.00%
Total 100.00%
Credit Opinion
Our proposed credit amount of USD 100,000 is recommendable
Affiliated Companies
Company (1) AFRITEX LTD
Company (2) 21ST CENTURY FOOD
AND PACKAGING LTD
Company (3) 21ST CENTURY
HOLDINGS LTD
Company (4) AGRO-PROCESSING
AND ALLIED PRODUCTS LTD
Company (5) A-ONE PRODUCTS AND
BOTTLERS LTD
Company (6) EAST COAST LIQUID
STORAGE LTD
Company (7) EAST COAST OILS
AND FATS LTD
Company (8) MO CASHEWS LTD
Company (9) NATIONAL BICYCLES
COMPANY LTD
Company (10) NEW TRADECO
INDUSTRIES [2000] LTD
Company (11) STAR OILS LTD
Company (12) TANZANIA
COMMODITIES TRADING COMPANY LTD [TCTC]
Company (13) TPM (1998) LTD
Company (14) TRADECO SOAP
INDUSTRIES LTD
Management/ Directors
President/ CEO (1)
Name Mr. Mohammed G. Dewji
Remarks Top
Decision Maker
President/ CEO (2)
Name Mr.
Gulamabbas H. Dewji
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
Manufacturers of
cotton and blended yarns
Terms of payment
Buying terms 30% in cash, 70% on credit
Selling terms 80% in cash, 20% on credit
Suppliers
None
Customers
Local agencies, stores and
outlets
Recent Sales
TZS. 8,000,000,000
(2007)
Exports
None
Export Ratio
20.0%
Import Ratio
10.0%
Domestic Market Share
40.0%
Banking relationship
Main Banks Standard Chartered
Bank
National Bank Of
Commerce
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 100,000 outstanding at any one time.
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%)