MIRA INFORM REPORT

Report Date :

27.05.2014

IDENTIFICATION DETAILS

Name :	THORNLUX INTERNATIONAL LIMITED
Registered Office :	Industrial Area, Masaki, Dar es Salaam
Country :	Tanzania
Date of Incorporation :	15.03.2010
Com. Reg. No.:	75452
Legal Form :	Limited Corporation
Line of Business :	Dealers in electrical lighting products and related facilities
No of Employees :	20 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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 – September 30, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

Source : CIA
	SUBJECT'S NAME
	Registered Name:	THORNLUX INTERNATIONAL LIMITED
	Requested Name:	THORNLUX INTERNATIONAL LIMITED
	Other Names:	None
	ADDRESS AND TELECOMMUNICATION
	Physical Address:	Industrial Area, Masaki, Dar es Salaam,
	Postal Address:	P. o. Box 105807
		Dar Es Salaam,
	Country:	Tanzania
	Phone:	255-784512000
	Fax:	255-784512000
	Email:	thornluxinternational@gmail.com.
	Website:	None
	CREDIT OPINION
	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
	Legal Form:		Limited Corporation
	Date Incorporated:		15-March-2010
	Reg. Number:		75452
	Nominal Capital		TZS. 1,000,000
	Subscribed Capital		TZS. 1,000,000
	Subscribed Capital is Subscribed in the following form:
			Position		Shares
	Mr. Adil Peera		MD
	Mr. Dickson F.		Manager
	RELATED COMPANIES
	None		Parent company.
	None		Subsidiary company.
	THORNLUX ELECTRICAL SUPPLIERS LTD		Affiliated company.
	None		Shareholder of subject firm.
	None		Branches of the firm
	OPERATIONS
	Registered to operate as dealers in electrical lighting products and relted facilities
	Imports:		Asia, Europe
	Exports:		None
	Trademarks:		None
	Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
	Main Customers:		firms and organizations
	Employees:		20 employees.
	Vehicles:		Several motor vehicles.
	Territory of sales:		Tanzania
	Location:		Leased premises, 5,000 square feet,
	AUDITORS AND INSURANCE
	Auditors:		Information not available.
	Insurance Brokers:		Information not available.
	FINANCE
	Currency Reported:		Tanzanian Shillings (TZS.)
	Approx. Ex. Rate:		1 US Dollar = 1660.50 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
	Bank Name:		Diamond trust Bank
	Branch:		Tanzania
	Account Number:		0409030002
	Comments:		None
	TRADE REFERENCES
	Experiences:		Good
	NOTARIAL BONDS		None
	COMMENTS / ADDITIONAL INFORMATION
	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. 58.58
UK Pound	1	Rs. 98.66
Euro	1	Rs. 79.81

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	DPT

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.