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Report No. : |
317174 |
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Report Date : |
18.04.2015 |
IDENTIFICATION DETAILS
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Name : |
NEW MSIMBAZI KEROSENE LTD |
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Registered Office : |
Ilala, Kariakoo, Dar Es Salaam, P. O. Box 21531, Dar Es Salaam |
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Country : |
Tanzania |
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Date of Incorporation : |
17.03.1983 |
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Com. Reg. No.: |
9289 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Import and Distribution
of Oil, Petroleum Products and Allied Products. |
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No. of Employees : |
50 Employees. |
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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, but has achieved high growth rates based on gold production
and tourism. GDP growth in 2009-14 was an impressive 6-7% per year. Tanzania
has largely completed its transition to a 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 infrastructure, including rail and port, that
provide 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. In 2013,
Tanzania completed 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. In late
2014 a highly publicized scandal in the energy sector involving senior
Tanzanian officials resulted in international donors freezing nearly $500
million in direct budget support to the government.
|
Source
: CIA |
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Registered Name: |
NEW MSIMBAZI
KEROSENE LTD |
|
Requested Name: |
NEW MSIMBAZI KEROSENE LTD |
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Other Names: |
None |
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Physical Address: |
Ilala,
Kariakoo, Dar Es Salaam |
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Postal Address: |
P.
o. Box 21531 |
|
|
Dar
Es Salaam, |
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Country: |
Tanzania |
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Phone: |
255-22-2180223 |
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Cell: |
255-756423088 |
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Fax: |
255-22-2182686 |
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Email: |
None |
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Website: |
None |
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
17-March-1983 |
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Reg. Number: |
9289 |
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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. Mohamed Eleyyan |
Director |
50% |
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Mr. Hassan Eleyyan |
Director |
50% |
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None |
Parent company. |
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None |
Subsidiary company. |
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None |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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None |
Branches of the firm |
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Registered to operate
import and distribution of oil, petroleum products and allied products |
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Imports: |
Asia |
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Exports: |
None |
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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: |
Local agencies, firms and
organizations |
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Employees: |
50 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Tanzania |
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Location: |
Owned premises, 5,000 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 = 1852.37
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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|
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2014 |
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Sales |
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5,850,000,000 |
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Bank Name: |
Habib
African Bank |
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Branch: |
Tanzania |
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Comments: |
None |
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Experiences: |
Good |
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None |
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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.62.35 |
|
|
1 |
Rs.93.10 |
|
Euro |
1 |
Rs.67.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.