MIRA INFORM REPORT

 

 

Report Date :

22.04.2013

 

IDENTIFICATION DETAILS

 

Name :

ASTRA PHARMA (T) LTD.

 

 

Registered Office :

Plot No.12,Vingunguti Industral Area Nyerere Road, Opp.PEPSI Tanzania Ltd,

P. o. Box 38388 Dar Es Salaam

 

 

Country :

Tanzania

 

 

Date of Incorporation :

01.05.2002

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Import and distribution of pharmaceutical products, surgicals and related facitlies.

 

 

No. of Employees :

25 employees.

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

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, it has achieved high overall growth rates based on gold production and tourism. Tanzania has largely completed its transition to a liberalized market economy, though the government retains a presence in sectors such as telecommunications, banking, energy, and mining. The economy depends 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. The financial sector in Tanzania has expandewd in recent years and foreign-owned banks account for about 48% of the banking industry's total assets. Competition among foreign commercial banks has resulted in significant improvements in the efficiency and quality of financial services, though interest rates are still relatively high, reflecting high fraud risk. All land in Tanzania is owned by the government, which can lease land for up to 99 years. Proposed reforms to allow for land ownership, particularly foreign land ownership, remain unpopular. 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, and in December 2012 the Millennium Challenge Corporation selected Tanzania for a second Compact. Dar es Salaam used fiscal stimulus and loosened monetary policy to ease the impact of the global recession. GDP growth in 2009-12 was a respectable 6% per year due to high gold prices and increased production.

Source : CIA

SUBJECT'S NAME       

 

Registered Name:                                  ASTRA PHARMA (T) LTD.

Requested Name:                                  ASTRA PHARMA (T) LTD.

Other Names:                                        None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                Plot No.12,Vingunguti Industral Area.

                                                            Nyerere Road, Opp.PEPSI Tanzania Ltd,

Distribution offices:                                 Plot No. 11, Block 6 House 35 Uhuru (Congo Street Kariakoo, Dar Es Salaam

Postal Address:                                     P. o. Box 38388

                                                            Dar Es Salaam

Country:                                                Tanzania

Phone:                                                  255-22-2182604/2864377/2864375/2182608

Fax:                                                      255-22-2182604/2864378/2182658

Email:                                                   info@astrapharma-tz.com

Website:                                               www.astrapharma-tz.com

 

 

CREDIT OPINION

 

Financial Index as of December 2012 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.

 

 

LEGAL

 

Legal Form:                                                    Limited Corporation 

Date Incorporated:                                           01/05/2002

Reg. Number:                                                 Tanzania

Nominal Capital                                               TZS. 1,000,000

Subscribed Capital                                          TZS. 1,000,000

Subscribed Capital is Subscribed in the following form:

                                                                     Position                          Shares

Mr. Aziz Akberali Bhaidani                               Chairman                        

Mr. Chetan  Shah                                            CEO                               

Mr. Shabbir Sherali Kassam                             Director                           

Mr.  A. Meeran Mytheen                                  GM                                 

Mr.  Pitamber Gupta                                        Manager                          

Mr. Yogesh Zanzane                                       Manager                          

Astra Group                                                    Holding Co.                      100%

 

RELATED COMPANIES      

 

None                                                              Parent company.

None                                                              Subsidiary company.

Astra Pharma (U) Ltd                                       Affiliated company.

None                                                              Shareholder of subject firm.

None                                                              Branches of the firm

 

 

OPERATIONS

 

Registered to operate import and  distribution of pharmaceutical products, surgicals and related facitlies

Imports:                                                          Asia, Middle East

Exports:                                                         Asia

Trademarks:                                                   None

Terms of sale:                                                 Cash (30%) and 25-90 days (70%), invoices.

                                                                    

Main Customers:                                             Local agencies, stores, outlets  

Employees:                                                    25 employees.

Vehicles:                                                        Several motor vehicles.

Territory of sales:                                            Tanzania

Location:                                                        Leased premises, 5,000 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 = 1626.49 Tanzanian Shillings

Fiscal Year End:                                             December 31, 2012

Inflation:                                                         According to information given by independent sources, the inflation at December 31st, 2012 was of 13%.

 

Financial Information not Submitted                 

                                                                    

                                                                    

Profit and Loss (expressed in TZS.)

                                                                                      2012

Sales                                                                              1,400,000,000

 

BANK   

 

Bank Name:                                                   CRBD

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.54.03

UK Pound

1

Rs.82.43

Euro

1

Rs.70.49

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.