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Report Date : |
30.04.2014
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IDENTIFICATION DETAILS
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Name : |
GLITTER GEMS LTD |
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Registered Office : |
Impala Hotel, Next to Post Office, Arusha P. o. Box 253 Arusha |
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Country : |
Tanzania |
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Date of Incorporation : |
20.01.2012 |
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Com. Reg. No.: |
88756 |
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Legal Form : |
Limited
Corporation |
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LINE OF BUSINESS : |
SUBJECT
OPERATE AS EXPORTERS OF GEMSTONE
AND MINERALS |
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|
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No. of Employees |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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 : |
Unknown |
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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 Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
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Source
: CIA |
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SUBJECT'S NAME |
|
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Registered Name: |
GLITTER GEMS LTD |
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Requested Name: |
GLITTER GEMS LTD |
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Other Names: |
None |
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Physical Address: |
Impala Hotel, next to Post office, Arusha |
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Postal Address: |
P. o. Box 253 |
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|
Arusha |
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Country: |
Tanzania |
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Phone: |
255-27-2548830/1/2504141/2500046/8701 |
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Cell: |
255-784400444/717015012 |
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Fax: |
255-27-2548948/1/8239/4132 |
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Email: |
glitter@cybernet.co.tz |
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Website: |
None |
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
20-Jan-2012 |
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Reg. Number: |
88756 |
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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: |
||
|
|
Position |
Shares |
|
Abdulhakim Mulla |
MD |
|
|
Salma Said |
Sales |
|
|
None |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject firm. |
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Arusha and Zanzibar |
Branches of the firm |
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Registered to operate as exporters of gemstone and minerals |
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Imports: |
Asia, Africa |
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Exports: |
Worldwide |
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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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|
|
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Main Customers: |
Distributors, firms and organizations |
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Employees: |
20 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Tanzania |
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Location: |
Rented premises, 2,000 square feet, |
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Auditors: |
Information not available. |
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Insurance Brokers: |
Information not available. |
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Currency Reported: |
Tanzanian Shillings (TZS.) |
|
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Approx. Ex. Rate: |
1 US Dollar = 1641.51 Tanzanian Shillings |
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Fiscal Year End: |
December 31, 2013 |
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Inflation: |
According to information given by independent sources, the inflation at December 31st, 2013 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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|
|
2013 |
|
Sales |
|
25,000,000 |
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Bank Name: |
Commercial Bank of Africa T ltd |
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Account
number: |
104090100027 |
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SWIFT: |
CBAFTZTZ |
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Branch: |
Tanzania |
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Comments: |
Other Banks |
|
|
Barclays Bank |
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Experiences: |
Good |
None
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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.60.53 |
|
|
1 |
Rs.101.77 |
|
Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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|
Report Prepared
by : |
NIS |
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 |
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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 |
|
|
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 |
|
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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 |
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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.