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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

516349

Report Date :

26.06.2018

 

IDENTIFICATION DETAILS

 

Name :

NAMERA GROUP OF INDUSTRIES (T) LTD

 

 

Registered Office :

Gongo la Mboto, P. O. Box 6899, Dar Es Salaam

 

 

Country :

Tanzania

 

 

Financials (as on) :

2017 (Summarized)

 

 

Date of Incorporation :

19.10.2000

 

 

Com. Reg. No.:

40192

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject operates as a textile milling company.

 

 

No. of Employees :

520

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

 

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

(31.12.2017)

Current Rating

(01.04.2018)

Tanzania

B2

B1

 

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 has achieved high growth rates based on its vast natural resource wealth and tourism with GDP growth in 2009-17 averaging 6%-7% per year. Dar es Salaam used fiscal stimulus measures and easier monetary policies to lessen the impact of the global recession and in general, benefited from low oil prices. 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 slightly less than one-quarter of GDP and employs about 65% of the work force, although gold production in recent years has increased to about 35% of exports. 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. 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. Recent policy moves by President MAGUFULI are aimed at protecting domestic industry and have caused concern among foreign investors.

 

Source : CIA

 

 

 

 

SUBJECT'S NAME

 

Registered Name:

NAMERA GROUP OF INDUSTRIES (T) LTD

Requested Name:

NAMERA GROUP OF INDUSTRIES (T) LTD

Other Names:

NAMERA GROUP OF INDUSTRIES

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Gongo la Mboto,

Postal Address:

P. o. Box 6899

 

Dar Es Salaam,

Country:

Tanzania

Phone:

255-22-2844402/03/2128118/9/2401430

Cell:

255-73292847

Fax:

255-22-2842270/2400545

Email:

namera@intafrica.com/info@iwayafrica.com

Website:

www.gigagroup.com

 

 

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:

19-Oct-2000

Reg. Number:

40192

Nominal Capital

TZS. 10,000,000

Subscribed Capital

TZS. 10,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Haji Muhammad Rafiq Giga

Chairman

 

Haji Muhammad Amin Giga

V. Chairman

 

Haji Abdul Samad Giga

V. Chairman

 

Mr. Mohammad Ali Qureshi

Group CEO

 

Mr. Hamza Muhammad Rafiq Giga

MD Tanzania

 

Mr. Muhammad Owais Perdesi Giga

Director

 

Mr. Amir Haji Amin Giga

Director

 

Mr. Taher Qureshi

Director

 

Giga Group

Holding Co.

100%

 

 

RELATED COMPANIES

 

Giga Group

Parent company.

None

Subsidiary company.

Listed Below

Affiliated companies.

None

Shareholder of subject firm.

None

Branches of the firm

 

 

OPERATIONS

 

Registered to operate as a textile milling company.

 

Imports:

Asia

Exports:

Neighboring countries

Trademarks:

None

Terms of sale:

Cash (30%) and 25-90 days (70%), invoices.

 

 

Main Customers:

Distributors,firms and organizations  

Employees:

520 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Tanzania

Location:

Owned premises, 80,000 square feet,

 

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

FINANCE

 

Currency Reported:

Tanzanian Shillings (TZS.)

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

 

52,000,000,000

 

 

BANK

 

Bank Name:

CRDB Bank

Branch:

Tanzania

Comments:

None

 

 

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.

 

 

AFFILIATED COMPANIES

 

MIAN AKBER TRADING CORPORATION

NIDA TEXTILE MILLS (T) LIMITED (NTM)

DIAMOND GINNING & OIL MILL (T) LIMITED

H.A. RAHIM AND SONS (PVT) LTD

METAL INVESTMENT HOLDING CORPORATION

AL GHURAIR GIGA GOLD REFINERY

GIGA REAL ESTATE

AL GHURAIR GIGA PAKISTAN (PVT.) LIMITED

EMAAR GIGA KARACHI LIMITED

EMAAR DHA ISLAMABAD LIMITED

MAZYOOD GIGA INTERNATIONAL FZE

STAR GIGA ESTABLISHMENT LIMITED

AL NAJEEBI CONSTRUCTION

BINA GOODYEAR MIDDLE EAST LIMITED

IJM GULF LIMITED

IJM CONCRETE PRIVATE LIMITED

MAZYOOD GIGA INTERNATIONAL CONSTRUCTION COMPANY

BRIDGESTONE CONSTRUCTION COMPANY

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.15

UK Pound

1

INR 90.27

Euro

1

INR 79.35

TZS

1

INR 0.030

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

NIT

 

 

 

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)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.