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Report No. : |
329538 |
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Report Date : |
02.07.2015 |
IDENTIFICATION DETAILS
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Name : |
NAMERA GROUP OF INDUSTRIES (T) LTD |
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Registered Office : |
Gongo La Mboto, P. O. Box 6899, Dar Es Salaam |
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Country : |
Tanzania |
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Date of Incorporation : |
19.10.2000 |
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Com. Reg. No.: |
40192 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operates as a
Textile Milling Company. |
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No. of Employees : |
450 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 its vast natural
resource wealth 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 2014 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: |
NAMERA GROUP OF
INDUSTRIES (T) LTD |
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Requested Name: |
NAMERA GROUP OF INDUSTRIES (T) LTD |
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Other Names: |
None |
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Physical Address: |
Gongo
la Mboto |
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Postal Address: |
P.
o. Box 6899 |
|
|
Dar
Es Salaam, |
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Country: |
Tanzania |
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Phone: |
255-22-2844402/03/2128118/2401430 |
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Cell: |
255-73292847 |
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Fax: |
255-22-2842270/2400545 |
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Email: |
namera@intafrica.com/info@iwayafrica.com |
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Website: |
www.gigagroup.com |
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
19-Oct-2000 |
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Reg. Number: |
40192 |
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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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Haji Muhammad Rafiq
Giga |
Chairman |
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Haji Muhammad Amin
Giga |
V. Chairman |
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Haji Abdul Samad Giga |
V. Chairman |
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Mr. Mohammad Ali
Qureshi |
Group CEO |
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Mr. Muhammad Owais Perdesi Giga |
MD Tanzania |
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Mr. Hamza Muhammad Rafiq Giga |
Director |
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Mr. Amir Haji Amin Giga |
Director |
|
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Mr. Taher Qureshi |
Director |
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Giga Group |
Holding Co. |
100% |
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Giga Group |
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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None |
Branches of the firm |
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Registered to operate as
a textile milling company |
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Imports: |
Asia |
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Exports: |
Neighboring countries |
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Trademarks: |
None |
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Terms of sale: |
Cash (30%) and 25-90 days (70%), invoices. |
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Main Customers: |
Distributors,firms and organizations |
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Employees: |
450 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Tanzania |
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Location: |
Owned premises, 50,000 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 = 2165.16
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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||
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Financial Information not
Submitted |
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Profit and Loss
(expressed in TZS.) |
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|
|
|
2014 |
|
Sales |
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30,250,000,000 |
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Bank Name: |
CRDB
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. |
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MIAN AKBER TRADING CORPORATION |
|
NIDA TEXTILE MILLS (T) LIMITED (NTM) |
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DIAMOND GINNING & OIL MILL (T) LIMITED |
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H.A. RAHIM AND SONS (PVT) LTD |
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METAL INVESTMENT HOLDING CORPORATION |
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AL GHURAIR GIGA GOLD REFINERY |
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GIGA REAL ESTATE |
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AL GHURAIR GIGA PAKISTAN (PVT.) LIMITED |
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EMAAR GIGA KARACHI LIMITED |
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EMAAR DHA ISLAMABAD LIMITED |
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MAZYOOD GIGA INTERNATIONAL FZE |
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STAR GIGA ESTABLISHMENT LIMITED |
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AL NAJEEBI CONSTRUCTION |
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BINA GOODYEAR MIDDLE EAST LIMITED |
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IJM GULF LIMITED |
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IJM CONCRETE PRIVATE LIMITED |
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MAZYOOD GIGA INTERNATIONAL CONSTRUCTION COMPANY |
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BRIDGESTONE CONSTRUCTION COMPANY |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.62 |
|
|
1 |
Rs.99.89 |
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Euro |
1 |
Rs.70.77 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.