MIRA
INFORM REPORT
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Report Date : |
10.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
DESBRO UGANDA LTD |
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Registered Office : |
Plot 66/64, 6th St
Industrial Area, Kampala |
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Country : |
Uganda |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
08.06.1983 |
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Com. Reg. No.: |
11706 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Importers of Industrial
Chemicals, Plastic and Chemical Raw Materials for the Local and Export
Markets. |
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 : |
USD 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUBJECT'S NAME
Registered Name: DESBRO UGANDA LTD
Requested Name: DESBRO
UGANDA LTD
Other Names: None found.
ADDRESS AND TELECOMMUNICATION
Physical Address: Plot 66/64, 6th St Industrial Area, Kampala, Uganda
Postal Address: P.o Box 22615
Kampala
Country: Uganda
Phone: 256-41-254575/254557/347565
Fax: 256-41-257969
Email: desbro@swiftuganda.com
Website: none
CREDIT OPINION
Financial Index as of December 2007 shows subject firm
with a medium risk of credit. However, bank and credit information obtained
reveal a history of prompt payments. We recommend Credit of USD 100,000 on 90
days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 8-June-1983
Reg. Number: 11706
Nominal Capital UGX 111,000,000Divided into
Shares of 1,110
Subscribed Capital UGX 111,000,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr. Suman Sennik MD/ CEO 800
Mr. Benwarilal Sennik Director 160
Mr. Sunil Kohli Director 110
Mr. Ashish Sennik Director 40
RELATED COMPANIES
None Parent company.
None Subsidiary company.
Desbro Kenya Ltd
Desbro Tanzania Ltd
Desbro Mauritius Ltd Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to operate importers of Industrial
chemicals, plastic and chemical raw materials for the local and export markets.
Imports: Italy, China,
India and South Africa
Exports: Uganda and
Tanzania (10%)
Trademarks: None
Terms of sale: Cash (30%) and 30
days (70%), invoices.
Main Customers: firms and
organizations
Employees: 80 employees.
Vehicles: Several motor
vehicles
Territory of sales: Uganda
Location: Rented
premises, 2.000 square feet,
AUDITORS AND INSURANCE
Auditors: Information not available.
Insurance Brokers: Information not available.
FINANCE
Currency Reported: Ugandan Shillings (UGX)
Approx. Ex. Rate: 1 US Dollar = 1,850.5 Uganda Shillings
Fiscal Year End: December
31, 2007
Inflation: According to
information given by independent sources, the inflation at December 31st,
2007 was of 13%.
Financial Information Not Submitted
Profit and Loss (expressed in UGX)
2007
Sales 5,500,000,000
Net Profit (Loss) 610,000,000
BANK
Bank Name: Stanbic Bank
Branch: Kampala, Uganda
Comments: Overdraft None, Promissory notes- 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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.32 |
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UK Pound |
1 |
Rs.74.20 |
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Euro |
1 |
Rs.60.73 |
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%)