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Report Date : |
27.02.2014 |
IDENTIFICATION DETAILS
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Name : |
SUNFLAG (TANZANIA) LIMITED |
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Registered Office : |
Plot No. 33, Themi Industrial Area, Njiro
Hill, Arusha |
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Country : |
Tanzania |
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Date of Incorporation : |
11.02.1974 |
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Com. Reg. No.: |
3750 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
·
manufacturers of cotton, nylon and polyester knitted fabrics, mosquitos
nets, yarns and garments made thereof.
·
Subject is one of the largest textile mills |
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No. of Employees |
3000 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 2009-12 was a respectable 6% per year
due to high gold prices and increased production.
|
Source : CIA |
Registered Name: SUNFLAG (TANZANIA) LIMITED
Requested Name: SUNFLAG
(TANZANIA) LIMITED
Other Names: None
Physical Address: Plot No. 33, Themi
Industrial Area, Njiro Hill, Arusha
Postal Address: P. o. Box 3123
Arusha,
Country: Tanzania
Phone: 255
-27-2549268/9270/9335/9497/9267/9536/9274/
9250/2507281
Fax: 255-27-2549335
Email: info@sunflag-tz.com/sunflag@habari.co.tz
;/ suntan@habari.co.tz
Website: www.sunflag-tz.com
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: 11-Feb-1974
Reg. Number: 3750
Nominal Capital TZS. 3,000,000,000 Divided into Shares 150,000,000 each TZS.
120
Subscribed Capital TZS. 1,827,829,600 being 91,391,480
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Satiyadev Basakhiram Bhardwaj CEO 336,600
Mr. Vijay Bhushan Basakhiram Bhardwaj Director 39,600
Mr. Ravi Bhushan Basakhiram Bhardwaj Director
Mr. Viswanath
Prasad Singh Director
Mr. Vijay Dhavale GM
Mrs. Priya Bhushan Satyadev Bhardwaj Shareholders 36,900
Pravilla Holding Ltd, UK Holding Co. 90,978,380
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate manufacturers of cotton, nylon and polyester knitted fabrics, mosquitos
nets, yarns and garments made thereof. Subject is one of the largest textile mills
Imports: Machinery
and raw materials from Europe, India, Nigeria, Kenya, EU and South Africa
Exports: Africa,
Europe
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Distributors,
firms and organizations
Employees: 3000
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Tanzania
Location: Owned
premises, 150,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Tanzania Shillings (TZS.)
Approx. Ex. Rate: 1 US Dollar = 1625.48 Tanzania 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 20,000,000,000
Bank Name: STANBIC BANK TANZANIA LIMITED
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.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.