MIRA
INFORM REPORT
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Report Date : |
21.11.2008 |
IDENTIFICATION DETAILS
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Name : |
ACHELIS UGANDA LTD |
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Registered Office : |
Plot 55, |
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Country : |
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Date of Incorporation : |
15.03.1961 |
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Com. Reg. No.: |
2077 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
dealers in Forklifts, Pallet Trucks and Hand Pallets |
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
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Registered Name: |
ACHELIS UGANDA
LTD |
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Requested Name: |
ACHELIS UGANDA LTD |
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Other Names: |
None found. |
ADDRESS AND TELECOMMUNICATION
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Physical Address: |
Plot 55, |
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Postal Address: |
P.o
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Country: |
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Phone: |
256-41-4344442/4/4343197 |
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Fax: |
256-41-4343197 |
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Email: |
achelis@infocom.co.ug |
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Website: |
None |
CREDIT OPINION & RISK RATING
ASSESSMENT
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Financial Index as of
December 2007 shows subject firm with a medium risk of credit. We recommend
Credit of USD 100,000 on 90 days. |
LEGAL
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
15-March-1961 |
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Reg. Number: |
2077 |
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Nominal Capital |
UGX
25,000,000 Divided into Shares of 25,000 each
UGX 1000 |
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Subscribed Capital |
UGX
25,000,000 |
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Paid Up Capital |
UGX
19,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Heinz Buse |
MD/
CEO |
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Mr. Lother Denter |
Director |
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Mr. Charles Schaefer |
Director |
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Mr. Walter Tiemann |
Director |
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Mr. Michael Otto Beatler |
Director |
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John
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Holding
Company |
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RELATED COMPANIES
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John
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Parent company. |
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None |
Subsidiary company. |
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As per attached list |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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None |
Branches of the firm |
OPERATIONS
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Registered to operate
dealers in forklifts, pallet trucks and hand pallets |
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Imports: |
Europe, |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 30 days (60%), invoices. |
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Main Customers: |
Import & Export firms and organizations |
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Employees: |
50 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
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Location: |
Rented premises, 10.000 square feet, |
AUDITORS AND INSURANCE
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Auditors: |
KPMG |
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Insurance Brokers: |
Information not
available. |
FINANCE
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Currency Reported: |
Ugandan Shillings (UGX) |
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Approx. Ex. Rate: |
1 US Dollar = 1900
Ugandan Shillings |
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Fiscal Year End: |
December 31, 2007 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2007 was of 13%. |
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Financial Information Not
Submitted |
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2007 |
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Sales |
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2,500,000,000 |
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Net Profit (Loss) |
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320,000,000 |
BANK
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Bank Name: |
BARCLAYS |
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Branch: |
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Account Number: |
1038650 |
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Enquiry Amount: |
100,000 |
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Terms: |
90
days |
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Bank Code: |
Code -C which means good for normal Business Engagements |
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Other banks: |
STANBIC BANK UGANDA LTD |
TRADE
REFERENCES
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Experiences: |
Good |
NOTARIAL
BONDS
None
CHECK
INSOLVENCIES
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The
checks have been made on: |
The company and managers |
PROTESTS
AND NEGATIVE ELEMENTS
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The company and the following
officers Mr. Heinz Buse, Mr. Lother Denter, Mr. Charles Schaefer, and Mr.
Walter Tiemannhave been checked at the Registries of companies and with the
judicial local facilities. |
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PROTESTS RECORDED |
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No protests in the name of
the company and its officers, No protests on the associated concerns, No
protests on shareholders/partners, Check on Prejudicial Events as per |
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NEGATIVE ELEMENTS |
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Researches effected concerning
possible prejudicial events in the name of the
company revealed: No negative elements since 01/01/2000 Date of the check on
protests and prejudicial events: 11/11/2008 |
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COMMENTS / ADDITIONAL INFORMATION
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This information was
obtained from outside sources other than the subject company itself and
confirmed the above subject. |
Affiliated Companies
·
MCLEOD & CO. (
·
ACHELIS (
· ACHELIS MATERIAL HANDLING LIMITED
·
ACHELIS HNI (
·
ACHELIS HNI (
· MBITICO MBI TRADING COMPANY
·
ACHELIS (
·
ACHELIS (
·
ACHELIS OPTICAL (
· ACHELIS TAIWAN CO. LIMITED
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.03 |
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1 |
Rs.74.42 |
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Euro |
1 |
Rs.62.71 |
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%)