MIRA
INFORM REPORT
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Report Date : |
11.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
DESBRO TANZANIA LTD |
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Registered Office : |
Plot 107/108, Nyerere Rd,
Dar Es Salaam |
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Country : |
Tanzania |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
03.11.1993 |
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Com. Reg. No.: |
23925 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Industrial and Domestic
Chemicals and Plastic |
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: DESBRO TANZANIA LTD
Requested Name: DESBRO
TANZANIA LTD
Other Names: None found.
ADDRESS AND TELECOMMUNICATION
Physical Address: Plot 107/108, Nyerere Rd, Dar Es Salaam, Tanzania
Postal Address: P.o Box 9760
Dar Es Salaam
Country: Tanzania
Phone: 255-22-2864752
Fax: 255-22-2866210
Email: none
Website: none
CREDIT OPINION
Financial Index as of December 2007 shows subject firm
with a medium risk of credit. However, bank and credit information obtained
reveal a history of prompt payments. We recommend Credit of USD 100,000 on 90
days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 3-Nov-1993
Reg. Number: 23925
Nominal Capital TZS 50,000,000
Subscribed Capital TZS 28,502,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr. Suman Kumar Sennik MD/ CEO
Mr. Anish Kumar Sennik Director
Mr.
Andre Rey Director
Mr.
Lucie Chong Wing Hin Director
Desbro Holdings Limited Holding Co. 100%
RELATED COMPANIES
Desbro Holdings Limited Parent company.
None Subsidiary company.
In Uganda and Mauritius Affiliated company.
None Shareholder of subject firm.
In Kenya and Mauritius Branches of the firm
OPERATIONS
Registered to operate of industrial and domestic
chemicals and plastic
Imports: Italy,
China, India and South Africa
Exports: Uganda
and Tanzania (10%)
Trademarks: None
Terms of sale: Cash
(30%) and 30 days (70%), invoices.
Main Customers: firms
and organizations
Employees: 60
employees.
Vehicles: Several
motor vehicles.
Territory of sales: Tanzania
Location: Rented
premises, 2.000 square feet,
AUDITORS AND INSURANCE
Auditors: Information not available.
Insurance Brokers: Information not available.
FINANCE
Currency Reported: Tanzanian Shillings (TZS)
Approx. Ex. Rate: 1 US Dollar = 1,245.5 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 2,150,000,000
Net Profit (Loss) 200,000,000
BANK
Bank Name: CITIBANK TANZANIA LTD
Branch: Enterprise Rd, Nairobi
Enquiry Amount: 100,000
Terms: 90 days
Bank Code: Code
-C which means good for normal Business Engagements
Comments: Overdraft None, Promissory notes- None
TRADE
REFERENCES
Experiences: Good
NOTARIAL BONDS None
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.47.59 |
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UK Pound |
1 |
Rs.74.55 |
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Euro |
1 |
Rs.60.57 |
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%)