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Report Date : |
09.08.2014 |
IDENTIFICATION DETAILS
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Name : |
S & C GINNING COMPANY LIMITED |
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Registered Office : |
Plot no 142,. Bulamba, Bunda District |
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Country : |
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Date of Incorporation : |
23.03.1994 |
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Com. Reg. No.: |
24986 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Registered to operate as
a cotton ginning company, manufacturing Cotoon bales and edible oil out of
the cottonseeds. |
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No. of Employees : |
500 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Tanzania. |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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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Registered Name: |
S & C
GINNING COMPANY LIMITED |
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Requested Name: |
S & C GINNING COMPANY LIMITED |
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Other Names: |
None |
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Physical Address: |
Plot
no 142,. Bulamba, Bunda District |
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Postal Address: |
P.
o. Box 373, |
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|
Bunda, |
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Country: |
Tanzania |
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Phone: |
255-28-2621230/2621229 |
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Fax: |
255-28-2621229 |
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Email: |
ram@scgcl-sumaria.biz |
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Website: |
www.sumaria.biz |
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
23-March-1994 |
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Reg. Number: |
24986 |
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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. Kamal Shah |
Group
Chairman |
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Mr. Jayesh G. Shah |
Group
MD/CEO |
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Mr. Samir Shah |
Director |
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Mr. Akshay Shah |
Director |
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Mr. Ankush Shah |
Director |
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Sumaria Holdings Limited |
Holding
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100% |
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Sumaria Holdings Limited |
Parent company. |
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None |
Subsidiary company. |
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SOMAGRO LTD, G S HOLDING LIMITED, SOCIEDADE SABOEIRA DE
NACALA LIMITED, BETA HEALTHCARE
INTERNATIONAL LTD, KANTI & COMPANY, SIMBA PLASTICS COMPANY
LTD, SHELLYS PHARMACEUTICALS
LTD, NYANZA BOTTLING COMPANY
LTD, SDL LIMITED, DPI SIMBA LIMITED. |
Affiliated companies. |
|
None |
Shareholder of subject
firm. |
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Branches of the firm |
|
Registered to operate as
a cotton ginning company, manufacturing Cotoon bales and edible oil out of
the cottonseeds. |
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Imports: |
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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: |
500 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Tanzania |
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Location: |
Owned premises, 100,000 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 = 1658.50 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 |
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Sales |
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485,000,000 |
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Bank Name: |
CRBD |
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Branch: |
Tanzania |
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Comments: |
None |
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Experiences: |
Good |
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NOTARIAL BONDS |
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.61.55 |
|
|
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.82.41 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
PDT |
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.