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Report No. : |
315274 |
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Report Date : |
07.04.2015 |
IDENTIFICATION DETAILS
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Name : |
CHEMI COTEX INDUSTRIES LTD |
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Registered Office : |
Plot
No.88/89/90 New Bagamoyo Road, Mbezi Industrial Area, P. o. Box 347, Dar Es
Salaam |
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Country : |
Tanzania
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Date of Incorporation : |
01.10.2000 |
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Com. Reg. No.: |
39390 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate
manufacture and distribution of FMCG, cosmetics and Industrial, household
chemicals, plastics, packaging Materials and allied items |
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No. of Employees : |
1200 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
Company
name
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Registered Name: |
CHEMI COTEX
INDUSTRIES LTD |
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Requested Name: |
CHEMI COTEX INDUSTRIES LTD |
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Other Names: |
None |
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ADDRESS
AND TELECOMMUNICATION
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Physical Address: |
Plot
No.88/89/90 New Bagamoyo Road, Mbezi Industrial Area, |
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Postal Address: |
P.
o. Box 347 |
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Dar
Es Salaam, |
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Country: |
Tanzania |
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Phone: |
255-22-2628014/2628017/2627637 |
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Fax: |
255-22-2627637 |
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Email: |
sect@cciltz.com/sect@cotex.icstz.com |
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Website: |
www.cciltz.com |
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CREDIT
OPINION
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Financial Index as of
December 2014 shows subject firm with a medium risk of credit. However, bank
and credit information obtained reveal a history of prompt payments. |
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LEGAL
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
01-Oct-2000 |
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Reg. Number: |
39390 |
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Tax number: |
25130072 |
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Nominal Capital |
TZS. 5,000,000,000 divided into Shares 5,000,000
each Value: TZS. 1000 |
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Subscribed Capital |
TZS. 3,892,050,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Yogesh Maganlal Manek |
Chairman |
1.00% |
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Mr. Abhijit Sanyal |
CEO |
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Mr. Santosh Desai |
MD |
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Mr. Pradip M. Manek |
Director |
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Mr. Vinod K. Dhall |
Director |
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Mr. N. L. Chohan |
Director |
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Mr. Ashwin Patel |
Manager |
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MAC Group Ltd |
Shareholder |
47.90% |
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Cumberland Ltd |
Shareholder |
45.62% |
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RELATED
COMPANIES
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None |
Parent company. |
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None |
Subsidiary company. |
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Listed Below |
Affiliated companies. |
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None |
Shareholder of subject
firm. |
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Dar Es Salaam , Mwanza and Arusha in Tanzania |
Branches of the firm |
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OPERATIONS
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Registered to operate
manufacture and distribution of FMCG, cosmetics and Industrial, household
chemicals, plastics, packaging Materials and allied items |
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Imports: |
Asia |
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Exports: |
East African Countries |
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Brands: |
White Dent, Bannister’s, Sweet heart, Soft Touch, Siri, Simba Chef,
Chemi-cola, Body Line, Swan, U & me and Zawadi Zanzibar |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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Main Customers: |
Local agencies, distributors, firms and organizations |
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Employees: |
1200 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Tanzania |
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Location: |
Owned premises, 500,000 square feet, |
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AUDITORS
AND INSURANCE
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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FINANCE
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Currency Reported: |
Tanzanian Shillings (TZS.) |
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Approx. Ex. Rate: |
1 US Dollar = 1851.47 Tanzanian
Shillings |
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Fiscal Year End: |
December 31, 2014 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2014 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 |
2014 |
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Sales |
35,100,000,000 |
42,000,000 |
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BANK
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Bank Name: |
STANBIC
BANK (T) LTD |
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Branch: |
Sukari House, Box 72647,
Dar Es Salaam, Tanzania |
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Comments: |
Other Banks |
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BARCLAYS BANK (T) LTD |
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TRADE REFERENCES
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Experiences: |
Good |
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NOTARIAL BONDS None |
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COMMENTS
/ ADDITIONAL INFORMATION
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This information was obtained
from outside sources other than the subject company itself and confirmed the
above subject. |
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AFFILIATED
COMPANIES
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AFRICAN MOSFLY INDUSTRIES LIMITED |
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ALLIANCE INSURANCE CORPORATION LIMITED |
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ANIFF (K) LTD |
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ARUSHA HOTEL |
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SUPA BRITE LIMITED KENYA |
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CHEMIPACK (U) LTD, UGANDA |
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EAST USAMBARA TEA COMPANY LTD |
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EXIM BANK (T) LIMITED |
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GREAT LAKES MINING CORP LTD |
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INCAR (T) LTD |
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INTERNATIONAL COOLING SYSTEMS & ENGINEERING LIMITED |
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MAC GROUP LTD |
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MANEK TRADING CO., LTD |
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NUFAIKA DISTRIBUTORS (U) LTD, UGANDA |
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NYANZA MINES (T) LIMITED |
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PURE DRINKS LTD |
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THE HERITAGE AII INSURANCE |
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VAKAM CORPORATION INC USA |
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CHEMICOTEX (RWANDA) LTD. |
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HEXAGON INTERNATIONAL COMMODITY TRADERS (PTY) LTD |
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GOUROCK ROPES AND CANVAS LTD |
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TRADEXPRESS , LDA |
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SOCIETE AYUL |
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MERZIM DISTRIBUTORS |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.15 |
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1 |
Rs.92.74 |
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Euro |
1 |
Rs.68.23 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.