|
Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
MTIBWA SUGAR ESTATES LIMITED |
|
|
|
|
Registered Office : |
Plot
No 14, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2012 |
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|
|
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Date of Incorporation : |
10.04.1979 |
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|
|
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Com. Reg. No.: |
2842 |
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|
|
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Legal Form : |
Limited Corporation |
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|
|
|
Line of Business : |
Operate sugar cane cultivation
and milling, sugar plantations, manufacturing of sugar, and sugar beet
farming |
|
|
|
|
No. of Employees : |
450 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Tanzania |
B2 |
B2 |
|
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 |
|
Registered Name: |
MTIBWA SUGAR ESTATES
LIMITED |
|
Requested Name: |
MTIBWA SUGAR ESTATES LIMITED |
|
Other Names: |
None |
|
Physical Address: |
Plot
No 14, Nyerere Road, Dar Es Salaam |
|
Postal Address: |
P.
o. Box 16541 |
|
|
Dar
Es Salaam |
|
Country: |
Tanzania |
|
Phone: |
255-23-2620019/2620091/2620097/2860930/863205 |
|
Fax: |
255-22-2865412/2865413 |
|
Email: |
mse@mtibwa-sugar.co.tz /
stm@superdoll-tz.com |
|
Website: |
www.mtibwa-sugar.co.tz |
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
10-April-1979 |
|
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Reg. Number: |
2842 |
|
|
Nominal Capital |
TZS. 30,000,000,000 |
|
|
Subscribed Capital |
TZS. 11,853 ,968,000 |
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Nassir Ally Seif |
MD/
CEO |
|
|
Mr. Saif Ally Seif |
Director |
|
|
Mr. Hamad Yahya |
Director |
|
|
Hon. S. Saddiq |
Director |
|
|
None |
Parent company. |
|
None |
Subsidiary company. |
|
SUPER STAR FORWARDERS
CO., LTD., SUPER SERVICE CENTRE CO.,
LTD.,[SUPCO], SUPER RETREAD TYRE LTD, KAGERA SUGAR LTD, GENERAL MOTORS INVESTMENT
LTD.,[GMI], SUPER DOLL TRAILER MANUFACTURE COMPANY (TANZANIA) LIMITED. |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
Dodoma & Morogoro in Tanzania |
Branches of the firm |
|
Registered to operate
sugar cane cultivation and milling, sugar plantations, manufacturing of
sugar, and sugar beet farming |
|
|
Imports: |
Asia,, Europe |
|
Exports: |
None |
|
Trademarks: |
None |
|
Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|
|
|
|
Main Customers: |
Local agencies, stores, outlets etc |
|
Employees: |
450 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
Tanzania |
|
Location: |
Owned premises, 100,000 square feet, |
|
Auditors: |
BDO East Africa |
|
Insurance Brokers: |
Information not
available. |
|
Currency Reported: |
Tanzanian Shillings (TZS.) |
|
Approx. Ex. Rate: |
1 US Dollar = 1615.50
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
Submitted Below |
|
|
Bank Name: |
BANK OF AFRICA |
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Branch: |
airport branch, Box 3054 Dar-Es-Salaam, Tanzania |
|
Comments: |
Other Banks |
|
|
CRDB BANK PLC. |
|
|
NATIONAL MICROFINANCE BANK PLC. |
Experiences: Good
NOTARIAL BONDS None
This information was obtained from outside sources
other than the subject company itself and confirmed the above subject.
|
Mtibwa Sugar
Estates Limited |
|
|
|
Statement of
Financial Position for the year ended 30 June 2012 |
|
|
|
|
2012 |
2011 |
|
|
TSh 000 |
TSh 000 |
|
Assets |
|
|
|
Non-Current Assets |
|
|
|
Property, plant and equipment |
101,714,626 |
106,928,644 |
|
Capital woi k in progress |
13,542,866 |
4,924,590 |
|
Bearer biological assets |
3,122,282 |
2,809,603 |
|
investment tn financial assets |
240 |
240 |
|
|
118,380,014 |
114,663,077 |
|
Current Assets |
|
|
|
Inventories |
3,460,128 |
5,217,716 |
|
Consumable biological assets |
14,692,269 |
13,831,232 |
|
Trade and other receivables |
2,870,313 |
2,'j04./45 |
|
Cash and cash equivalents |
190,871 |
56,290 |
|
|
21,213,581 |
21,609,983 |
|
Total Assets |
139,593,595 |
136,273,060 |
|
Equity and Liabilities |
|
|
|
Fquity |
|
|
|
Share capital |
11,853,968 |
11,853,968 |
|
Reserves |
74,907,190 |
74,907,190 |
|
Retained earnings |
13,668,471 |
10,101,242 |
|
|
100,429,629 |
96,862,400 |
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Trade and other payables |
11,167,564 |
9,453,717 |
|
Amount payable to related party |
11,840,273 |
11,341,786 |
|
Tanzania sugar industries limited |
4,114,892 |
4,114,891 |
|
Borrowings |
3,000,000 |
10,632,010 |
|
Bank overdraft |
9,041,237 |
3,868,256 |
|
|
39,163,966 |
39,410,660 |
|
Total Equity and Liabilities |
139,593,595 |
136,273,060 |
|
Mtibwa Sugar
Estates Limited |
|
|
|
Statement of
Comprehensive Income for the year ended 30 June 2012 |
|
|
|
|
2012 |
2011 |
|
|
TSh 000 |
TSh 000 |
|
Sales |
43,824,692 |
40,531,801 |
|
Cost of sales |
(30,827,460) |
(27,082,255) |
|
Gross profit |
12,997,232 |
13,449,546 |
|
Other operating income |
1,046,428 |
977,217 |
|
Administration expenses |
i8,768,958) |
19.640,120) |
|
Operating profit/ (loss) |
5,274,702 |
4,736,643 |
|
Finance costs |
(1,707,473) |
11,346,784) |
|
Profit/ (loss) before taxation |
3,567,229 |
3,439,859 |
|
Taxation |
|
|
|
Profit/(loss) for the year |
3,567,229 |
3,439,859 |
|
Total comprehensive income/(loss) |
3,567,229 |
3,419,859 |
|
Mtibwa Sugar
Estates Limited |
|
|
|
Statement of
Cash Flows for the year ended 30 June 2012 |
2012 |
2011 |
|
|
TSh 000 |
TSh 000 |
|
Cash flows from operating activities |
|
|
|
Cash from operations |
16,821,964 |
10,445,619 |
|
Finance costs |
(1.707,473) |
(1,346,784) |
|
Net cash from operating activities |
15,114,491 |
9,098,835 |
|
Cash flows used in investing activities |
|
|
|
Purchase of property, plant and equipment |
(2,400,340) |
(6,849,216) |
|
Sale of property, plant and equipment |
|
90,277 |
|
Additions to capital work in progress |
(8,599,282) |
(4,921,708) |
|
Additions to bearer biological assets |
(1,158,710) |
(1,452,541) |
|
Increase in fair value of consumable biological assets |
(861,037) |
(6,408,201) |
|
Net cash used in investing activities |
(13,019,369) |
(19,541,389) |
|
Cash flows (used in)/from financing activities |
|
|
|
Movement in borrowings |
(7,632,010) |
1,397,004 |
|
Related party movement |
498,488 |
8,773,659 |
|
Net cash (used in)/from financing activities |
(7,133,522) |
10,170,663 |
|
Total casii movement for the year |
(5,038,400) |
(271,891) |
|
Cash at the beginning of the year |
(3,811,966) |
(3,540,076) |
|
Total cash at end of the year |
(8,850,366) |
(3,811,967) |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.70.49 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.