MIRA
INFORM REPORT
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Report Date : |
16.08.2007 |
IDENTIFICATION DETAILS
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Name : |
COMTEL INTERGRATORS
AFRICA LTD |
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Registered Office : |
P.O |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
4/5/2007 |
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Com. Reg. No.: |
161513 |
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Legal Form : |
Limited
Liability Company, Limited by shares |
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Line of Business : |
Retailers of information technology products, software, hardware &
Accessories etc. |
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 |
COMPANY REPORTED
COMTEL INTERGRATORS AFRICA LTD
Principal Address
P.O
Telephone: +256-41- 237730/ +256-31-2261580
Fax: +256-41-237876
Email: info@comtelafrica.com
Internet: www.comtelafrica.com
Established
4/5/2007
Registration
No. 161513
Legal Form
limited Liability
company, Limited by shares
Stock Listing
Not Listed
Workforce
2006
40
Office &
Factories
Head offices Ground
Floor,
Branches None
Company Profile
Paid in Capital UGX. 1,000,000,000
Subscribed Capital UGX. 1,000,000,000
Shareholders
Name Position Amount
Ratio
Mr. Vikash
Kanapetradu CEO 40.00%
Mr. Wayne Robinson Director 40.00%
Mrs. Jude Obitre Director 20.00%
Total 100.00%
Credit Opinion
Our proposed credit amount of USD 35,000 is recommendable
Affiliated Companies
None
Management/ Directors
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President/
CEO (1) |
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Name |
Mr. Vikash Kanapetradu |
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Work Experience |
10 years in this line of business |
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Remarks |
Top Decision Maker |
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President/
CEO (2) |
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Name |
Mr. Wayne Robinson |
Þ Top decision maker is the person who has the ultimate authority or power to make important managerial decisions. He/She may or may not be officially registered as a president or an executive director.
Business Activities
Retailers of
information technology products, software, hardware & Accessories etc
Terms of payment
Buying terms 30% in cash, 70% on credit
Selling terms 80% in cash, 20% on credit
Suppliers
HP, Compaq, Microsoft
Customers
Local agencies, stores and
outlets
Recent Sales
UGX. 1,800,000,000 (2007) Estimated
Exports
Export Ratio 20.0%
Import Ratio 60.0%
Domestic Market Share 5.0%
Banking relationship
Main Banks Stanbic Bank
Credit Check of
Subject, President & CEO
(as of report date)
Payment Morale : In the documents at our
disposal nothing adverse has been shown so far.
CREDIT RATING : Financial situation is
average.
COMMENTS
According to its restructuring plan, Simple sample acquired the More Corps making it the largest finance institution in the region, in turn More Corps hold several banking and financing Institutions and other companies, hence has become a highly competitive company. Maximum credit we recommend is USD 35,000 outstanding at any one time.
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BALANCE SHEET |
(In
000 UGX.) |
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Dec.31,2006 |
Dec.31,2005 |
Dec.31,2004 |
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CURRENT
ASSETS
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883,552
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988,457
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920,298
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Quick assets |
589,804 |
661,206 |
637,742 |
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Cash & cash equivalents |
7,085 |
24,966 |
10,828 |
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Short-term financial instruments |
30,999 |
69,628 |
184,148 |
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Securities marketable |
24,902 |
0 |
0 |
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Accounts receivable - trade |
370,242 |
337,544 |
274,343 |
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Short-term loans |
84 |
95 |
3,672 |
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Others |
156,492 |
238,973 |
164,751 |
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Inventories |
293,748 |
327,251 |
282,556 |
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Merchandise |
54,234 |
34,958 |
26,711 |
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Finished goods |
105,960 |
110,493 |
96,714 |
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Semi-finished goods |
15,525 |
0 |
0 |
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Work in process |
43,312 |
72,615 |
76,347 |
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Raw materials |
42,420 |
50,944 |
26,021 |
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Others |
32,297 |
58,241 |
56,763 |
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FIXED
ASSETS
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2,464,393
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2,367,538
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2,278,990
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Investments
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799,738
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998,917
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942,325
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Long-term financial instruments |
15,537 |
13,652 |
21,224 |
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Investment securities |
654,140 |
831,286 |
752,051 |
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Long-term loans |
3,007 |
9,484 |
1,673 |
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Long-term accounts receivable - trade |
5,444 |
0 |
0 |
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Investment in real estates |
0 |
0 |
0 |
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Others |
49,606 |
33,853 |
39,463 |
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Tangible assets
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1,482,287
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1,196,653
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1,210,449
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Land |
465,044 |
348,803 |
408,954 |
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Buildings |
488,830 |
414,543 |
473,027 |
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Structures |
47,409 |
42,600 |
34,940 |
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Machinery |
20,497 |
29,933 |
42,827 |
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Ships |
0 |
0 |
0 |
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Vehicles & transportation equip. |
2,428 |
2,393 |
2,877 |
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Construction in progress |
18,392 |
27,484 |
17,134 |
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Others |
106,030 |
88,202 |
70,159 |
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Intangible assets
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182,368
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171,968
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126,216
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Goodwill |
153,187 |
137,685 |
101,796 |
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Intellectual proprietary rights |
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Others |
29,181 |
34,283 |
24,240 |
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TOTAL
ASSETS
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3,347,945
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3,655,995
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3,199,288
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CURRENT LIABILITIES
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1,152,407
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1,492,568
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1,156,616
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Accounts payable - trade |
185,235 |
233,014 |
243,185 |
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Short-term loans |
331,034 |
574,792 |
321,962 |
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Income tax payable |
44,340 |
0 |
55,664 |
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Dividends payable |
0 |
0 |
0 |
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Current portion of long -term debt |
389,161 |
591,745 |
28,583 |
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Others |
202,637 |
93,017 |
507,222 |
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LONG-TERM LIABILITIES
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1,283,002
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841,288
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1,046,437
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Bonds |
844,011 |
613,710 |
863,807 |
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Long-term loans |
254,044 |
77,164 |
34,746 |
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Others |
155,576 |
135,902 |
135,026 |
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TOTAL
LIABILITIES
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2,435,409
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2,333,856
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2,203,053
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Paid-in capital |
133,823 |
108,820 |
105,359 |
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Capital
surplus |
886,763 |
707,352 |
694,572 |
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Retained earnings |
27,310 |
49,548 |
37,723 |
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Capital adjustment |
-135,360 |
156,419 |
158,581 |
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TOTAL
STOCKHOLDERS’ EQUITY |
912,536 |
1,022,139 |
996,235
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TOTAL LIAB.&
STOCKHOLDERS’ EQUITY
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3,347,945
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3,355,995
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3,199,288
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INCOME STATEMENTS |
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2006 |
2005 |
2004 |
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Sales |
1,783,635 |
1,681,454 |
1,710,874
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Cost of sales |
1,289,951 |
1,094,370 |
1,186,944
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Beginning inventory of merchandise |
145,451 |
123,425 |
132,342 |
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Purchases / Manufactures during the year |
1,408,401 |
1,298,079 |
1,298,179 |
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Ending inventory of merchandise |
160,194 |
145,451 |
123,425 |
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Gross Profit |
493,684 |
587,084 |
523,930 |
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Selling &
Administrative Expenses |
586,021 |
405,125 |
320,862 |
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Salaries |
85,503 |
65,761 |
39,550 |
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Retirement allowance |
8,572 |
9,435 |
4,155 |
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Other employee benefits |
18,473 |
12,471 |
8,751 |
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Rent |
57,389 |
36,493 |
17,614 |
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Entertainment |
0 |
5,673 |
4,907 |
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Depreciation / Amortization |
32,324 |
29,938 |
18,033 |
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Taxes and dues |
9,503 |
5,617 |
5,022 |
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Advertising |
0 |
52,183 |
42,428 |
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Research expenses |
0 |
0 |
0 |
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Others |
374,257 |
190,554 |
180,402 |
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Operating Income |
-92,337 |
181,959 |
203,608 |
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Non- Operating
Income |
523,536 |
149,851 |
221,923 |
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Interest income |
15,114 |
15,167 |
0 |
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Dividend income |
1,136 |
1,032 |
2,271 |
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Gain on foreign currency transaction |
0 |
0 |
0 |
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Others |
507,286 |
133,652 |
219,652 |
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Non-Operating
Expenses
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420,889
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312,036
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360,374
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Interest expenses |
215,066 |
232,337 |
268,698 |
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Loss on foreign currency transaction |
0 |
0 |
0 |
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Others |
205,823 |
79,699 |
91,676 |
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Ordinary Income |
10,310 |
19,774 |
64,617 |
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Extraordinary
Gains |
0 |
0 |
131,443 |
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Extraordinary
Losses
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0
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0
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0
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Income before
Income Tax |
10,310 |
19,774 |
196,060 |
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Income Tax
Expenses |
32,549 |
7,949 |
68,742 |
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Net
Income
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-22,239
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11,825
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127,318
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)