MIRA INFORM REPORT

Report No. :	340512
Report Date :	12.09.2015

IDENTIFICATION DETAILS

Name :	ZENUFA LABORATORIES LTD.
Registered Office :	Plot No. 3/4,Uhuru Street, Kariakoo, Dar Es Salaam, P. o. Box 77914, Dar Es Salaam
Country :	Tanzania
Financials (as on) :	31.12.2014
Date of Incorporation :	09.10.1996
Com. Reg. No.:	30621
Legal Form :	Limited Corporation
Line of Business :	Manufacturing, importation and distribution of pharmaceutical products and other similar products
No. of Employees :	85

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:

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ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Tanzania	B2	B2

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, 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 measures and easier monetary policies to lessen 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

company NAME
Registered Name:	ZENUFA LABORATORIES LTD.
Requested Name:	ZENUFA LABORATORIES LTD.
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Plot No. 3/4,Uhuru Street, Kariakoo, Dar Es Salaam,
Postal Address:	P. o. Box 77914,
	Dar Es Salaam
Country:	Tanzania
Phone:	255-22-484620/2184620/2182552/3
Cell:	255-754789333/753786333
Fax:	255-22-2182551
Email:	info@zenufa.com payal@zenufa.com harvinder@zenufa.com
Website:	www.zenufa.com
CREDIT OPINION
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.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		09-Oct-1996
Started:		25-Feb-2005
Reg. Number:		30621
Nominal Capital		TZS. 6,000,000,000
Subscribed Capital		TZS. 4,220,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Mukesh Kumar Visani		CEO
Mr. Kamal R. Kotecha		Director
Mr. Narendra Kumar Visani		Director
Mrs. Chaya Payal Visani		Director
Mr. Harvinder Alag		Director
Mr. Harvinder Singh Alag		Director
Mrs. Satnam Singh Alag		Director
Zenufa Group of Companies		Holding Co.		100%
RELATED COMPANIES
Zenufa Group of Companies		Parent company.
None		Subsidiary company.
ZENUFA LABORATORIES S.P.R.L. - Democratic Republic of Congo ZENUFA CONGO S.A.R.L. - Brazzaville, Republic of Congo VINPA EXPORTS PVT. LTD. – Republic of India AFRICAN FOODS & BEVERAGES S.P.R.L. – Lubumbashi, Dem Republic of Congo AFRICAN FOODS & BEVERAGES S.P.R.L. – Democratic Republic of Congo		Affiliated company.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate manufacturing, importation and distribution of pharmaceutical products and other similar products
Imports:		China, India and South Africa
Exports:		Neighboring countries
Trademarks:		None
Terms of sale:		Cash (40%) and 30 days (60%), invoices.
Main Customers:		firms and organizations
Employees:		85 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Tanzania
Location:		Owned premises, 5.000 square feet,
AUDITORS AND INSURANCE
Auditors:		PINACLE FINANCIAL CONSULTANTS.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Tanzania Shillings (TZS.)
Approx. Ex. Rate:		1 US Dollar = 2159.71 Tanzania Shillings
Fiscal Year End:		December 31, 2014
Inflation:		According to information given by independent sources, the inflation at December 31st, 2014 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in TZS.)
			2014
Sales			16,350,000,000
BANK
Bank Name:		DIAMOND TRUST BANK
Branch:		9th Floor, 901, J M Mall, Harbour View Towers, Samora Avenue, P O Box 115, Dar Es salaam, Tanzania
Telephone Number:		255-22-2114891/92
Fax Number:		255-22-2124244
Comments:		Other Banks
		EXIM BANK
		NATIONAL BANK
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.

Financial statement

Balance Sheet as on 31st December 2014
Paid-up Capital	4,220,000,000	Fixed Assets	8,446,693,752.13
Reserves	676,642,624	Investments
Secured Loans	2,962,425,236	Stocks	3,881,082,590.21
Unsecured Loans	7,210,431,000	Debtors	1,437,113,660.96
Creditors	1,314,646,070	Cash & Bank Balance	83,446,053.42
Provisions	39,046,327	Loans and Advances	516,848,336.85
Misc. Current Liabilities	121,590,652	Misc. Current Assets	716,568,427.96
Loans and Advances		Profit and Loss A/cc	5,170,133,247.32
Bank Over draft	3,707,104,160
Total	20,251,886,069	Total	20,251,886,068.86

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.39
UK Pound	1	Rs.102.59
Euro	1	Rs.74.90

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	ANK

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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