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Report Date : |
31.08.2014 |
IDENTIFICATION DETAILS
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Name : |
TANZANITE ONE MINING LTD |
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Registered Office : |
Block C, Merelani Simanjiro District, Arusha, |
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Country : |
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Date of Incorporation : |
09.01.1981 |
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Com. Reg. No.: |
8133 |
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Legal Form : |
Limited
Corporation |
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LINE OF BUSINESS : |
SUBJECT
OPERATE MINING AND EXPLORATION
SERVICES |
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No. of Employees |
1100 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Tanzania |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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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 2009-13 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: |
TANZANITE ONE MINING LTD |
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Requested Name: |
TANZANITE ONE MINING LTD |
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Other Names: |
None |
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Physical Address: |
Block C, Merelani Simanjiro District, Arusha, |
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Postal Address: |
P. o. Box 15237 |
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Arusha, |
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Country: |
Tanzania |
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Phone: |
255-27-112141000/2133863/2136912 |
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Cell: |
255-767600916 |
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Fax: |
255-27-2136912 |
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Email: |
media@tanzaniteone.com/info@tanzaniteoneonline.com |
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Website: |
www.tanzaniteone.com |
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
09-Jan-1981 |
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Reg. Number: |
8133 |
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Nominal Capital |
TZS. 10,000,000 |
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Subscribed Capital |
TZS. 10,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Edward Nealon |
Group
Chairman |
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Mr. Ami Mpungwe |
Group
Dep. Chairman |
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Mr. Bernard Olivier |
Group CEO |
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Mr. Farai Manyemba |
MD |
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Mr. Godfrey Temba |
Finance
Director |
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Mr. Mervyn Dettmer |
GM |
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Government of |
Shareholder |
50% |
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Richland Resources Limited |
Shareholder |
50% |
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_______________________________________________________________________ |
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Richland Resources Limited |
Parent company. |
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None |
Subsidiary company. |
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TANZANITE ONE MARKETING DMCC, TANZANITE
ONE SA LIMITED, EPZ
COMPANY LIMITED, TANZANITEONE
LTD, THE TANZANITE POLISHED SALES (PTY) LIMITED. |
Affiliated companies. |
|
None |
Shareholder of subject firm. |
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Plot 1087, Masaki, Dar es Salaam, Tanzania |
Branches of the firm |
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Registered to operate mining and exploration services |
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Imports: |
Asia, Middle East |
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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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Main Customers: |
Industries, firms and organizations |
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Employees: |
1100 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 = 1667.52 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 USD.) |
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2013 |
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Sales |
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20,000,000 |
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_______________________________________________________________________ |
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Bank Name: |
CRDB BANK PLC |
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Branch: |
Arusha Branch, Tanzania |
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SWIFT Code: |
CORUTZTZ |
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Account Number: |
0250200731400 |
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Comments: |
None |
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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. In 2013
The Government of Tanzania acquired 50% of Subject company’s ownership as
given above. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.48 |
|
|
1 |
Rs.100.35 |
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Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIS |
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.