MIRA INFORM REPORT

Report Date :

05.05.2012

IDENTIFICATION DETAILS

Name :	NIDA TEXTILE MILLS (T) LTD.
Registered Office :	Indira Gandhi Street, Opp. NBC Kitchwele (Old) Dar Es Salaam,
Country :	Tanzania
Date of Incorporation :	06.05.2002
Legal Form :	Limited Corporation
Line of Business :	Manufacturer and exporter of Quilt Covers, textiles and related industrial machinery parts and accessories
No. of Employees :	60

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

Status :	Satisfactory
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 30, 2011

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Tanzania	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

SUBJECT'S NAME
Registered Name:	NIDA TEXTILE MILLS (T) LTD.
Requested Name:	NIDA TEXTILE MILLS (T) LTD.
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Plot No. 32, Nelson Mandela Road, Tabata, Dar Es Salaam,
Registered Address	Indira Gandhi Street, Opp. NBC Kitchwele (Old) Dar Es Salaam,
Postal Address:	P. o. Box 22745
	Dar Es Salaam,
Country:	Tanzania
Phone:	255-222401430/31/2128119
Fax:	255-22-2400545
Email:	info@nidatex.com
Website:	www.nidatex.com
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		6-June-2002
Reg. Number:		Dar Es Salaam
Nominal Capital		TZS. 10,000,000
Subscribed Capital		TZS. 10,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Imran Lohya,		Director
Mr. Taher Kureshi		Director
GIGA GROUP		Holding Co.		100%
RELATED COMPANIES
GIGA GROUP		Parent company.
None		Subsidiary company.
Various in the Group		Affiliated company.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate as manufacturer and exporter of Quilt Covers, textiles and related industrial machinery parts and accessories
Imports:		Italy, China, India and South Africa
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 30 days (60%), invoices.
Main Customers:		firms and organizations and public
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:		Tanzania Shillings (TZS.)
Approx. Ex. Rate:		1 US Dollar = 1583.51Tanzania 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		3,000,000,000	3,300,000,000
BANK
Bank Name:		CRDB BANK
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.53.72
UK Pound	1	Rs.86.98
Euro	1	Rs.70.64

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

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