MIRA INFORM REPORT
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Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
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Name : |
JAMBO PLASTICS LTD. |
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Registered Office : |
Plot 2360/75/D, Nyerere Road (Near Dt Dobie), Dar Es Salaam |
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Country : |
Tanzania |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
02.03.2001 |
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Com. Reg. No.: |
40923 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as
Manufacturers and Distributors of Plastics and allied products |
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No. of Employees : |
80 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
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Tanzania |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
expanded 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.
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Source
: CIA |
SUBJECT'S NAME
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Registered Name: |
JAMBO PLASTICS
LTD. |
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Requested Name: |
JAMBO PLASTICS LTD |
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Other Names: |
None |
ADDRESS AND TELECOMMUNICATION
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Physical Address: |
Plot 2360/75/D, Nyerere Road (Near Dt Dobie), Dar Es Salaam, |
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Postal Address: |
P.o.
Box 428/40337, |
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|
Dar
Es Salaam |
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Country: |
Tanzania |
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Phone: |
255-22-2865864/2865868 |
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Fax: |
255-22-2864760 |
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Email: |
sales@jamboplastics.com |
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Website: |
www.jamboplastics.com |
LEGAL
|
Legal Form: |
Limited Corporation |
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Date Incorporated: |
2-March-2001 |
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Reg. Number: |
40923 |
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Nominal Capital |
TZS. 1,000,000,000 |
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Subscribed Capital |
TZS. 300,000,000 |
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Subscribed Capital is Subscribed in the following form: |
||
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Position |
Shares |
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Mr. Nimesh Kantilal Suchak |
MD |
50% |
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Mr. Manoj Kantilal Suchak |
Director |
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Mr. Reddy Narramalla |
Accountant |
|
|
Rubic Investments Limited, Guernsey, UK |
Holding
Company |
50% |
RELATED COMPANIES
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None |
Parent company. |
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None |
Subsidiary company. |
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SUCHAK PLASTICS LTD. |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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None |
Branches of the firm |
OPERATIONS
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Registered to operate as
Manufacturers and Distributors of Plastics and allied products |
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Imports: |
Asia |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 30 days (60%), invoices. |
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Main Customers: |
firms and organizations |
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Employees: |
80 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Kenya |
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Location: |
Owned premises, 52,000 square feet, |
AUDITORS
AND INSURANCE
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Auditors: |
MESSRS A.I. KHATRI & CO. |
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Insurance Brokers: |
Information not available. |
FINANCE
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Currency Reported: |
Tanzanian Shillings (TZS.) |
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Approx. Ex. Rate: |
1 US Dollar =1618.51
Tanzanian Shillings |
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Fiscal Year End: |
December 31, 2012 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2012 was of 13%. |
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Financial Information
Submitted Below |
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BANK
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Bank Name: |
BARCLAYS
BANK |
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Branch: |
Barclays
House, P.o. Box 5137, Dar Es Salaam |
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Comments: |
Other
Banks |
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NATIONAL BANK OF COMMERCE LIMITED |
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DIAMOND
TRUST BANK |
TRADE REFERENCES
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Experiences: |
Good |
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NOTARIAL BONDS |
None |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
|
|
1 |
Rs.100.44 |
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Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.