MIRA INFORM REPORT

 

 

Report Date :           

03.04.2012

 

IDENTIFICATION DETAILS

 

Name :

NGWENA LIMITED

 

 

Registered Office :

#4 Pecan Wood Apartments Haile Selassie Road, Dar Es Salaam

 

 

Country :

Tanzania

 

 

Year of Establishment :

2005

 

 

Com. Reg. No.:

Not Available

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

mining and exploration of nickel

 

 

No. of Employees :

1000

 

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 :

Good

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Tanzania

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUBJECT'S NAME   

 

Registered Name:                                    NGWENA LIMITED

Requested Name:                                    NGWENA LIMITED

Other Names:                                          None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   #4 Pecan Wood Apartments Haile Selassie Road, Dar Es Salaam

Postal Address:                                       P. o. Box 23222

                                                              Dar Es Salaam

Country:                                                  Tanzania

Phone:                                                    255-22-2602879

Fax:                                                       255-22-2602879

Email:                                                     None

Website:                                                 None

 

 

CREDIT OPINION

 

Financial Index as of December 2011 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 200,000 on 90 days.

 

 

LEGAL

 

Legal Form:                                                      Limited Corporation 

Date Incorporated:                                            2005

Reg. Number:                                                   Tanzania

Nominal Capital                                                TZS. 10,000,000

Subscribed Capital                                            TZS. 10,000,000

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Mr. John S. Nitschke                                        Chairman                        

Mr. Dave Massola                                             CEO                               

Mr. Stuart F. Feiner                                          Director                           

Mr. Bert E. MacNabb                                        Director                           

Mr. Anthony J. (Tony) Haggarty                          Director                           

Goldstream                                                      Shareholder                      30%

Continental Nickel Limited                                 Holding Co.                      70%

 

RELATED COMPANIES  

 

Continental Nickel Limited                                 Parent company.

None                                                               Subsidiary company.

None                                                               Affiliated company.

None                                                               Shareholder of subject firm.

None                                                               Branches of the firm

 

 

OPERATIONS

 

Registered to operate mining and exploration of nickel

 

Imports:                                                           Asia, Europe

Exports:                                                           Worldwide

Trademarks:                                                     None

Terms of sale:                                                  Cash (40%) and 25-90 days (60%), invoices.

                                                                      

Main Customers:                                              firms and organizations  

Employees:                                                      1000 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                              Tanzania

Location:                                                          Owned premises, 100,000 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                          Information not available.

Insurance Brokers:                                            Information not available.

                                                                      

 

FINANCE 

 

Currency Reported:                                           Tanzania Shillings (TZS.)

Approx. Ex. Rate:                                             1 US Dollar = 1589.52 Tanzania Shillings

Fiscal Year End:                                               December 31, 2011

Inflation:                                                           According to information given by independent sources, the

                                                                       inflation at December 31st, 2011 was of 13%.

 

Financial Information not Submitted             

                                                                      

Profit and Loss (expressed in TZS.)

                                                                       2010                        2011

Sales                                                               15,100,000,000         18,000,000,000

 

BANK 

 

Bank Name:                                                     BARCLAYS BANK

Branch:                                                            Tanzania

Comments:                                                      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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.16

UK Pound

1

Rs.81.79

Euro

1

Rs.68.34

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.