MIRA INFORM REPORT

Report Date :

01.09.2012

 

IDENTIFICATION DETAILS

 

Name :

NEW TABORA TEXTILES TANZANIA LTD.

 

 

Registered Office :

Plot No.39/40 Nyerere Road,Dar-Es-Salaam

 

 

Country :

Tanzania

 

 

Date of Incorporation :

14.11.2003

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Manufacturers of textiles and garments

 

 

No. of Employees :

630

 

 

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 – March 31st, 2012

 

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

 

 

TANZANIA - ECONOMIC OVERVIEW

 

Tanzania is one of the world's poorest economies in terms of per capita income, however, Tanzania averaged 7% GDP growth per year between 2000 and 2008 on strong gold production and tourism. The economy depends heavily on agriculture, which accounts for more than one-quarter of GDP, provides 85% of exports, and employs about 80% of the work force. The World Bank, the IMF, and bilateral donors have provided funds to rehabilitate Tanzania's aging economic infrastructure, including rail and port infrastructure that are important trade links for inland countries. Recent banking reforms have helped increase private-sector growth and investment, and the government has increased spending on agriculture to 7% of its budget. Continued donor assistance and solid macroeconomic policies supported a positive growth rate, despite the world recession. In 2008, Tanzania received the world's largest Millennium Challenge Compact grant, worth $698 million. Dar es Salaam used fiscal stimulus and loosened monetary policy to ease the impact of the global recession. GDP growth in 2009-11 was a respectable 6% per year due to high gold prices and increased production.

 Source : CIA

SUBJECT'S NAME

 

Registered Name:

NEW TABORA TEXTILES TANZANIA LTD.

Requested Name:

NEW TABORA TEXTILES TANZANIA LTD.

Former Names:

TABORA TEXTILES (TANZANIA) LIMITED

 

 

ADDRESS AND TELECOMMUNICATION

 

Factory Address:

Plot No. 58, EE Industrial Complex, Olad Mwanza Road, Tabora

Corporate Address:

Plot No.39/40 Nyerere Road,Dar-Es-Salaam

Postal Address:

P. o. Box No. 1548,

 

Tabora,

Country:

Tanzania

Phone:

255-26-2605069/2604969

Fax:

255-26-2604427

Email:

ntttl_tab@tabotexafrica.co.tz

Website:

www.tabotexafrica.co.tz

 

 

LEGAL

                                                                    

Legal Form:

Limited Corporation 

Date Incorporated:

14-Nov-2003

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

Mrs. Jayantilal P. Rajani

Chairman

25%

Mr. C. D. Mehta

MD

 

Mr. J. C. Patel

Director

25%

Mr. Urvesh Rajani

Director

25%

Mr. Bharat C. Patel

Director

25%

Mr. Venkatesh V.B.S. Rao

Director

 

Mr. Abhay Poundarik

Manager

 

 

 

RELATED COMPANIES

                                                                    

None

Parent company.

None

Subsidiary company.

None

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

 

OPERATIONS

 

Registered to operate as manufacturers of textiles and garments

Imports:

Asia, South Africa

Exports:

Africa

Trademarks:

None

Terms of sale:

Cash (40%) and 25-90 days (60%), invoices.

 

 

Main Customers:

Local agencies, firms and organizations  

Employees:

630 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Tanzania

Location:

Owned premises, 22,000 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 = 1571 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

6,171,000,000

6,788,000,000

 

 

 

BANK

                                                                    

Bank Name:

CRDB 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.55.72

UK Pound

1

Rs.87.95

Euro

1

Rs.69.65

 

 

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%)

 

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.