MIRA INFORM REPORT

Report Date :

10.09.2014

IDENTIFICATION DETAILS

Name :	GAIA ECO-SOLUTIONS (TZ) LIMITED

Registered Office :	21 Vingunguti Industrial Area P. o. Box 40026 Dar Es Salaam,

Country :	Tanzania

Date of Incorporation :	11.02.2008

Com. Reg. No.:	64194

Legal Form :	Limited Corporation

Line of Business :	Subject operate recycling of automotive battery to produce lead and lead alloy

No. of Employees	50

RATING & COMMENTS

MIRA’s Rating :

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Tanzania

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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.

Source : CIA

Company name and address

Registered Name:	GAIA ECO-SOLUTIONS (TZ) LIMITED
Requested Name:	GAIA ECO-SOLUTIONS (TZ)
Other Names:	None

ADDRESS AND TELECOMMUNICATION

Physical Address:	21 Vingunguti Industrial Area
Postal Address:	P. o. Box 40026
	Dar Es Salaam,
Country:	Tanzania
Phone:	255-22-2864971/72/2866017/2862915
Cell:	255-774792002
Fax:	255-22-2862838
Email:	info@synarge.com
Website:	www.synarge.com

LEGAL

Legal Form:	Limited Corporation
Date Incorporated:	11-Feb-2008
Reg. Number:	64194
Nominal Capital	TZS. 1,000,000
Subscribed Capital	TZS. 1,000,000
Subscribed Capital is Subscribed in the following form:
	Position	Shares
Mr. Navin P. Kanabar	Chairman
Mr. Amin B. Lakhani	MD
Mr. Ashu Gulati	Finance Director
Mr. Swaminathan Murthy	Director
Mr. Vivek Mehta	Director
Mr. Ramesh Gawali	Director
Mr. Ummy Madimbwala	Manager
Synarge Group of Companies	Holding Co.	100%

RELATED COMPANIES

Synarge Group of Companies	Parent company.
None	Subsidiary company.
BRAKES TANZANIA LIMITED, BRANDS INTERNATIONAL (KENYA) LTD, NAS TYRE SERVICES LTD (NTS), HOUSING SOLUTIONS AFRICA LTD, HR SOLUTIONS LTD, MINING & INDUSTRIAL SOLUTIONS TANZANIA LTD, SYNARGE MINES & METALS LTD.	Affiliated companies.
None	Shareholder of subject firm.
None	Branches of the firm

OPERATIONS

Registered to operate recycling of automotive battery to produce lead and lead alloy
Imports:	Asia
Exports:	None
Trademarks:	None
Terms of sale:	Cash (40%) and 25-90 days (60%), invoices.

Main Customers:	firms and organizations
Employees:	50 employees.
Vehicles:	Several motor vehicles.
Territory of sales:	Tanzania
Location:	Owned premises, 10,000 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 = 1661.51Tanzanian 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.)
	2012	2013
Sales	8,250,000,000	9,487,000,000

BANK

Bank Name:	CRBD BANK
Branch:	Tanzania
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.60.42
UK Pound	1	Rs.97.24
Euro	1	Rs.77.92

INFORMATION DETAILS

Analysis Done by :	KAR

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
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%)

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