MIRA
INFORM REPORT
|
Report Date : |
22.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SIGHTSAVERS INTERNATIONAL |
|
|
|
|
Registered Office : |
Bamaga Area Mwenge, Dar Es Salaam |
|
|
|
|
Country : |
Tanzania |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
1950 |
|
|
|
|
Com. Reg. No.: |
512 Tanzania |
|
|
|
|
Legal Form : |
Non Governmental Organization |
|
|
|
|
Line of Business : |
Charitable Organization for Sight giving and Sight operations |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 200,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY REPORTED
SIGHTSAVERS INTERNATIONAL
Principal Address
P.o Box Tanzania
Telephone: +255-22-2701098
Fax: +255-22-2701770
Email: None
Internet: None
Established
1950
Registration
No. 512 Tanzania
Legal Form
Non Governmental
Organization
Stock Listing
Not Listed
Workforce
2007
40
Office & Factories
Head offices Bamaga Area Mwenge, Dar Es Salaam, Tanzania
Branches Worldwide
Company Profile
Budget TZS. 100,000,000
Shareholders
Name Position Amount
Ratio
Dr Caroline Harper CEO
Peter Ackland Director
Katy Dore Director
Sight Savers UK Holding Co. 100.00%
Total 100.00%
Credit Opinion
Our proposed credit amount of USD 200,000 is recommendable
Affiliated Companies
None
Management/ Directors
President/ CEO (1)
Name Dr Caroline Harper
Remarks Top
Decision Maker
President/ CEO (2)
Name Mr.
Peter Ackland
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
Charitable
Organization for Sight giving and Sight operations
Recent Sales
TZS 9,000,000,000
(2007)
Banking relationship
Main Banks Stanbic Bank,
Auditors
Deloitte & Touche LLP
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 200,000 outstanding at any one time.
|
GROUP BALANCE
SHEET |
(In
000 £.) |
|||
|
31 December 2006 |
2006 |
2005 |
|
|
Fixed assets |
|
|
|
|
Tangible assets |
1,023 |
1,144 |
|
|
Investments |
5,185 |
4,392 |
|
|
|
6,208 |
5,536 |
|
|
Current assets |
|
|
|
|
Stock |
2 |
1 |
|
|
Debtors |
1,248 |
810 |
|
|
Investments |
182 |
518 |
|
|
Cash at bank and in hand |
1,527 |
1,278 |
|
|
|
4,597 |
2,607 |
|
|
Creditors:
amounts falling due within one year |
|
|
|
|
Other taxes and social security costs |
93 |
70 |
|
|
Other creditors |
893 |
801 |
|
|
UK accruals |
48 |
219 |
|
|
Overseas accruals |
618 |
603 |
|
|
|
1,652 |
1,693 |
|
|
Net current
assets |
2,945 |
914 |
|
|
Net assets
before pension liability |
9,153 |
645 |
|
|
Defined benefit pension scheme liability |
(1,113) |
(2,707) |
|
|
Net assets after
pension liability |
8,040 |
3,743 |
|
|
Funds |
|
|
|
|
Unrestricted funds |
|
|
|
|
Free Reserve |
6,257 |
4,186 |
|
|
Pension Reserve |
(1,113) |
(2,707) |
|
|
General |
5,144 |
1,479 |
|
|
Designated |
1,241 |
1,241 |
|
|
Total
Unrestricted Funds |
6,385 |
272 |
|
|
Restricted funds |
1,166 |
544 |
|
|
Endowment funds |
489 |
479 |
|
|
Total Funds |
8,040 |
3,743 |
|
|
|
Total |
Total |
|
|
2006 |
2005 |
|
Income and
expenditure |
£'000 |
£'000 |
|
Incoming
resources Incoming resources from generated funds: Voluntary income |
|
|
|
Donations and gifts |
20,650 |
17,769 |
|
Legacies |
5,579 |
56 |
|
Gifts in kind |
34,324 |
20,423 |
|
Grants |
800 |
407 |
|
Activities for generating funds:
Investment income |
273 |
232 |
|
Incoming resources from charitable
activities: Overseas programme income |
207 |
91 |
|
Other incoming resources |
123 |
134 |
|
Total incoming
resources |
61,956 |
44,656 |
|
|
|
|
|
Resources
expended Costs of generating funds |
|
|
|
Voluntary income |
|
|
|
Costs of raising current years income |
5,695 |
5,626 |
|
Investment to raise income in future years |
701 |
559 |
|
Grant income |
384 |
243 |
|
Fundraising trading costs |
27 |
13 |
|
Investment management fees |
29 |
27 |
|
|
6,836 |
6,468 |
|
Charitable
activities Eye Care |
47,786 |
35,043 |
|
Social inclusion |
3,181 |
3,531 |
|
Information and awareness raising |
1,056 |
890 |
|
Total charitable activities |
52,023 |
39,464 |
|
Governance costs |
357 |
261 |
|
Total resources expended |
59,216 |
46,193 |
|
Net incoming /
(outgoing) resources before other recognised gains and (losses) |
274 |
(1,537) |
|
Gain on investments |
136 |
512 |
|
Actuarial gain / (loss) on defined benefit
pension scheme |
1,421 |
(484) |
|
Net movement in
Funds for the year |
4,297 |
(1,509) |
|
Fund balances at 1 January 2006 |
3,743 |
5,252 |
|
Fund balances at
31 December 2006 |
804 |
3,743 |
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%)