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Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
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Name : |
SEIFI HARDWARE STORES (1997) LTD. |
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Registered Office : |
India
Street, P. o. Box No. 414, Dar Es
Salaam |
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Country : |
Tanzania |
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Date of Incorporation : |
11.03.1997 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Dealers in hardware
products, electricals |
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No. of Employees : |
15 employees. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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) |
|
Tanzania |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
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.
|
Source : CIA |
COMPANY NAME
|
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Registered Name: |
SEIFI HARDWARE
STORES (1997) LTD. |
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Requested Name: |
SAIFI HARDWARE STORE(1997) |
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Other Names: |
None |
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ADDRESS AND
TELECOMMUNICATION
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Physical Address: |
India
Street, Dar Es Salaam, |
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Postal Address: |
P.
o. Box No. 414 |
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Dar
Es Salaam, |
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Country: |
Tanzania |
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Phone: |
255-22-2112087 |
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Fax: |
255-22-2137419 |
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Email: |
None |
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Website: |
None |
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CREDIT OPINION
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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. |
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LEGAL
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
11-March-1997 |
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Reg. Number: |
Tanzania |
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Nominal Capital |
TZS.
1,000,000 |
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Subscribed Capital |
TZS.
1,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Abdul R. |
GM |
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RELATED COMPANIES
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None |
Parent company. |
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None |
Subsidiary company. |
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None |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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None |
Branches of the firm |
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OPERATIONS
|
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Registered to operate as
dealers in hardware products, electricals etc |
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Imports: |
Asia, Middle East |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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Main Customers: |
firms and organizations |
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Employees: |
15 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Tanzania |
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Location: |
Leased premises, 5,000 square feet, |
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AUDITORS AND
INSURANCE
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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FINANCE
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Currency Reported: |
Tanzanian Shillings (TZS.) |
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Approx. Ex. Rate: |
1 US Dollar = 1613.50
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 not
Submitted |
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Profit and Loss
(expressed in TZS.) |
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2012 |
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Sales |
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1,250,000,000 |
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BANK
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Bank Name: |
CRBD
Bank |
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Branch: |
Tanzania |
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Comments: |
None |
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TRADE REFERENCES
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Experiences: |
Good |
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NOTARIAL BONDS |
None |
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COMMENTS /
ADDITIONAL INFORMATION
|
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This information was
obtained from outside sources other than the subject company itself and
confirmed the above subject. |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.63.37 |
|
UK Pound |
1 |
Rs.100.85 |
|
Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.