MIRA INFORM REPORT

 

 

Report Date :

04.01.2013

 

IDENTIFICATION DETAILS

 

Name :

EMM VEE GEMSTONE DEALERS LIMITED

 

 

Registered Office :

Light Industrial Area, Dar Es Salaam, P. o. Box 3735 Dar Es Salaam

 

 

Country :

Tanzania

 

 

Date of Incorporation :

26.11.2012

 

 

Com. Reg. No.:

95434

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject operate as dealers in gemstones

 

 

No. of Employees :

5 employees.

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

----

NB

New Business

----

 

Status :

New Business

 

 

Payment Behaviour :

Unknown

 

 

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

(31.03.2012)

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, 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:

EMM VEE GEMSTONE DEALERS LIMITED

Requested Name:

EMM VEE GEMSTONE DEALERS LIMITED

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Light Industrial Area, Dar Es Salaam,

Postal Address:

P. o. Box 3735

 

Dar Es Salaam,

Country:

Tanzania

Phone:

255-787999922

Fax:

None

Email:

None

Website:

None

 

 

CREDIT OPINION   

 

Projected Financial Index as of December 2013 shows subject firm with a medium risk of credit.

 

 

LEGAL

           

Legal Form:

Limited Corporation 

Date Incorporated:

26-Nov-2012

Reg. Number:

95434

Nominal Capital

TZS. 1,000,000

Subscribed Capital

TZS. 1,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. P. Sethi

Director

 

 

 

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 dealers in gemstones

Imports:

Asia

Exports:

None

Trademarks:

None

Terms of sale:

Cash only.

 

 

Main Customers:

firms and organizations  

Employees:

5 employees.

Vehicles:

2 motor vehicles.

Territory of sales:

Tanzania

Location:

Rented premises, 1,000 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 = 1581.79 Tanzanian Shillings

Projected Fiscal Year End:

June 31, 2013

Projected Inflation:

According to information given by independent sources, the inflation at December 31st, 2013 was of 13%.

 

Financial Information not Submitted

 

 

 

Profit and Loss (expressed in TZS.)

 

 

2013

Projected Sales

 

30,000,000

 

 

BANK

           

Bank Name:

CRBD BANK

Branch:

Tanzania

Comments:

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.54.42

UK Pound

1

Rs.88.29

Euro

1

Rs.71.49

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.