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Report Date : |
19.09.2013 |
IDENTIFICATION DETAILS
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Name : |
ESSAJEE HARDWARE LTD. |
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Registered Office : |
Outer
Metro, Dar Es Salaam |
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Country : |
Tanzania |
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Date of Incorporation : |
18.04.2005 |
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Com. Reg. No.: |
52176 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
dealers in hardware
products and related facilities |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
Tanzania |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 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 |
Registered Name: ESSAJEE HARDWARE LTD.
Requested Name: ESSAJEE
HARDWARE LTD.
Other Names: None
Physical Address: Outer Metro, Dar Es Salaam
Postal Address: P. o. Box No. 4362
Dar Es Salaam,
Country: Tanzania
Phone: 255-22-2181741/2181740/-784608950
Fax: 255-22-2181741
Email: None
Website: None
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 Form: Limited Corporation
Date Incorporated: 18-April-2005
Reg. Number: 52176
Nominal Capital TZS. 1,000,000
Subscribed Capital TZS. 1,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Mohammed E. Director
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as dealers in hardware products and related
facilities
Imports: Asia
Exports: None
Trademarks: None
Terms of sale: Cash
(60%) and 25-90 days (40%), invoices.
Main Customers: firms
and organizations
Employees: 10
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Tanzania
Location: Rented
premises, 1,500 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Tanzanian Shillings (TZS.)
Approx. Ex. Rate: 1 US Dollar = 1613.50 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 not Submitted
Profit and Loss (expressed in TZS.)
2012
Sales 1,500,000,000
Bank Name: National Bank of Commerce
Branch: Tanzania
Comments: None
Experiences: Good
None
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.63.14 |
|
UK Pound |
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.84.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.