MIRA
INFORM REPORT
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Report Date : |
26.05.2007 |
IDENTIFICATION DETAILS
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Name : |
EAGLE AIR LTD |
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Registered Office : |
Adam House, |
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Country : |
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Date of Incorporation : |
28 June 1994 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Subject operates
domestic flights as well flights to the neighbouring countries. |
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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Maximum Credit Limit : |
UGA Shs
70,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COmpany NAME
EAGLE AIR LTD
ADDRESS
Building :
Adam House
Street :
P.O. Box :
7392
Town :
Country :
Telephone :
(256 41) 344 292 / 232 185 / 772 777 334/7/8 (mobile) / 752 793 860
(mobile)
Fax :
(256 41) 344 501
E-Mail : admin@flyeagleuganda.com
Formerly Known As
Eagle Aviation Uganda Ltd
SENIOR COMPANY
PERSONNEL
Name Position
1. Capt. Charles
Muthama Chairman of the Board
2. Capt. Tony
Rubombora Managing Director / Member of the
Board
3. Capt. Gilbert
Kibe Director / Member of the Board
4. Patrick Kagoro Director / Member of the Board
5. Joan Kagoro Director / Member of the Board
6. Sheila Busingey Marketing Manager
Total Employees
61
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
We consider it is acceptable
to deal with subject for SMALL amounts, however in view of the lack of
financial information international suppliers may prefer to exercise some
caution.
Opinion on maximum credit
: UGA Shs 70,000,000
Trade risk assessment :
It is normal accepted
practice for international suppliers to deal on secured terms with Ugandan
importers.
PRINCIPAL BANKERS
NAME :
STANDARD CHARTERED BANK UGANDA LTD
Branch :
P.O. Box : 7111
Town :
Telephone : (41) 258 211
Fax :
(41) 231 473
Accounts : 87020106731
FINANCIAL INFORMATION
Balance sheets are not
available and the subject interviewed declined to give any financial
information, which the company regards as strictly confidential.
LEGAL STATUS AND
HISTORY
Date Started : 28 June
1994
History : Subject was
established on 28 June 1994 under the name of Eagle Aviation Uganda Ltd and was
owned by Capt. Charles Muthama (62%) and Capt. Tony Rubombora (38%). In 2000 the
company changed its name to Eagle Aair Ltd. In 2007 the shareholders changed to
the present.
VAT No. : 22442-T
Authorised & Paid up
Capital : UGA Shs 100,000,000
Limited Liability Company
with the following shareholders :
Percentage
1. Capt. Tony
Rubombora 85 %
2. Patrick Kagoro 7.5
%
3. C.W. Rubombora 7.5
%
ACTIVITIES
The Company is involved
in the following activities :
Airline company. Subject
operates domestic flights as well flights to the neighbouring countries
including scheduled flights to
Imports spare parts from
FACILITIES
The Company has the
following facilities :
Rented office premises
located at the heading address.
Subject currently
operates four twin-engine aircraft, three of which are of the LET-410 19-seater
type and one is a 5-seater Piper Seneca III PA-34 type, plus 1 single-Periodic
refitting at our approved maintenance partner in
Clints include: Heads of
State, Embassies, International bodies (eg. UN, USAID, EU), multinational
corporations, government, business people and Corporate.
BRANCH OFFICES
1. Operations Office,
Tel: (256 41) 320 601 / 772 777 332 (mobile)
/ 772 277 735
(mobile)
Fax: (256 41) 320 601
2. Adjumani Office
Tel: (256) 772 393 796 (mobile)
3. Arua Office
Tel: (256) 772 777 331 (mobile)/ 772 400 341
(mobile)
4. Gulu Office
Tel: (256) 772 304 167 (mobile)
5. Kitgum Office
Tel: (256)
772 955 914 (mobile) / 235 1482
6. Moyo Office
Tel: (256) 772 954 391 (mobile)
7.
Tel: (256) 04771 02991 (mobile)
8. Yei
Tel: (256) 04771 00227 (mobile)
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/normal. |
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%)