MIRA INFORM REPORT

Report No. :	488235
Report Date :	31.01.2018

IDENTIFICATION DETAILS

Name :	METL MOHAMMED ENTERPRISES TANZANIA LIMITED
Registered Office :	Corporate Office 20th Floor Golden Jubliee Towers Ohio Street P. O. Box 5314/20660 Dar es Salaam,
Country :	Tanzania
Date of Incorporation :	24.02.1988
Com. Reg. No.:	1487
Legal Form :	Limited Corporation
Line of Business :	Subject operate import and export of general merchandise such as food products, hardware materials, textiles.
No. of Employees :	1250

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Tanzania	B2	B2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 2009-17 averaged 6%-7% per year. Dar es Salaam used fiscal stimulus measures and easier monetary policies to lessen the impact of the global recession. 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 65% of the work force. 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.

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. Recent banking reforms have helped increase private-sector growth and investment.

The World Bank, the IMF, and bilateral donors have provided funds to rehabilitate Tanzania's aging infrastructure, including rail and port, which provide important trade links for inland countries. In 2013, Tanzania completed the world's largest Millennium Challenge Compact (MCC) grant, worth $698 million, but in late 2015, the MCC Board of Directors deferred a decision to renew Tanzania’s eligibility because of irregularities in voting in Zanzibar and concerns over the governments use of a controversial cybercrime bill.

Under the new government elected in 2015, Tanzania has developed an ambitious development agenda focused on creating a better business environment through improved infrastructure, access to financing, and education progress, but implementing budgets remains challenging for the government.

Source : CIA

Company NAME

Registered Name:	METL MOHAMMED ENTERPRISES TANZANIA LIMITED
Requested Name:	MOHAMMED ENTERPRISES (TANZANIA) LTD
Other Names:	MOHAMMED ENTERPRISES (1988) LTD
ADDRESS AND TELECOMMUNICATION
Physical Address:	Corporate Office 20th Floor Golden Jubliee Towers Ohio Street
Postal Address:	P. o. Box 5314/20660
	Dar es Salaam,
Country:	Tanzania
Phone:	255-22-2122837/2122854/2122819/2122830
Fax:	255-22-2122843/2124620/2126833
Email:	info@metl.net
Website:	www metl.net
CREDIT OPINION
Financial Index as of December 2017 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:		24-Feb-1988
Reg. Number:		1487
Nominal Capital		TZS. 300,000,000
Subscribed Capital		TZS. 300,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Gulamabbas Hassanali F.Dewji		Chairman		90%
Mr. Mohammed G. Dewji		CEO/MD
Mrs. Zubeida Gulamabbas		Director		10%
Mr. Hussein Dewji		Director
Mr. Fatema Dewji Jaffer		Director
Mr. Hassan Dewji		Director
RELATED COMPANIES
None		Parent company.
21ST CENTURY FOOD & PACKAGING LTD, 21ST CENTURY TEXTILE LTD, AFRITEX LTD, AGRO PROCESSING & ALLIED PRODUCTS LTD (AP & AP), A-ONE PRODUCTS & BOTTLERS LTD, NEW TRADECO INDUSTRIES (2000) LTD, TANZANIA COMMODITIES TRADING COMPANY LTD (TCTC), TPM (998) LTD, TRADECO SOAP INDUSTRIES LTD.		Subsidiary companies.
None		Affiliated company.
Mr. Gulamabbas Hassanali F.Dewji, Mrs. Zubeida Gulamabbas.		Shareholder of subject firm.
Various in Tanzania		Branches of the firm
OPERATIONS
Registered to operate import and export of general merchandise such as food products, hardware materials, textiles.
Imports:		Asia
Exports:		Neighboring countries
Trademarks:		None
Terms of sale:		Cash (60%) and 25-90 days (40%), invoices.
Main Customers:		Distributors, firms and organizations
Employees:		1250 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Tanzania
Location:		Owned premises, 40,000 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 = 2246.04 Tanzanian Shillings
Fiscal Year End:		December 31, 2017
Inflation:		According to information given by independent sources, the inflation at December 31st, 2017 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in TZS.)
			2017
Sales			65,450,000,000
BANK
Bank Name:		BARCLAYS BANK
Branch:		Tanzania
Comments:		Other Banks
		STANDARD CHARTERED BANK, Dar Es Salaam, Tanzania
		NATIONAL BANK, Kichwele Branch, P.o. Box 9002, Dar Es Salaam, Tanzania
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	INR 63.75
UK Pound	1	INR 89.39
Euro	1	INR 78.54
TZS	1	INR 0.028

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.