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Report Date : |
23.04.2014 |
IDENTIFICATION DETAILS
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Name : |
SEIFI HARDWARE STORES (1997) LTD |
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Registered Office : |
India Street, Dar Es Salaam |
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Country : |
Tanzania |
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Year of Establishment |
1997 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
wholesaler and retailer of hardware products such as tools, spanners as well as plumbing items. |
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No. of Employees : |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Tanzania |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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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 2009-13 was a respectable 6-7% per year due to high
gold prices and increased production.
|
Source
: CIA |
Registered Name: SEIFI HARDWARE STORES (1997) LTD
Requested Name: SEIFI
HARDWARE STORES (1997) LTD
Other Names: None
Physical Address: India Street, Dar Es Salaam,
Postal Address: P. o. Box 414
Dar Es Salaam,
Country: Tanzania
Phone: 255-22-2112087
Cell: 255-713253400
Fax: 255-22-2112087
Email: j.seifi@hotmail.com
Website: None
Financial
Index as of December 2013 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: 1997
Reg. Number: Tanzania
Nominal Capital TZS. 10,000,000
Subscribed Capital TZS. 10,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Juzer Mansurali
Issaji MD
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as wholesaler and retailer of hardware
products such as tools, spanners as well
as plumbing items.
Imports: Asia,
Middle East
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Local
agencies, firms and organizations
Employees: 50
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Tanzania
Location: Owned
premises, 10,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Tanzanian Shillings (TZS.)
Approx. Ex. Rate: 1 US Dollar = 1633.51 Tanzanian Shillings
Fiscal Year End: December
31, 2013
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
Sales 50,000,000
Bank Name: Commercial Bank of Africa
(Tanzania)
Branch: Tanzania
Comments: 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.60.71 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.83.77 |
INFORMATION DETAILS
|
Analysis Done by
: |
Div |
|
|
|
|
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.