MIRA INFORM REPORT

 

 

Report Date :

05.12.2012

 

IDENTIFICATION DETAILS

 

Name :

ABACUS PHARMA (A) LTD

 

 

Registered Office :

4 -5 Nyamwezi Kipata Street Kariakoo, Dar Es Salaam

 

 

Country :

Tanzania

 

 

Date of Incorporation :

29.11.2005

 

 

Com. Reg. No.:

54680

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject operate in the pharmaceuticals industry

 

 

No. of Employees :

80 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory  

 

 

Payment Behaviour :

No Complaints 

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating`

(30.06.2012)

Tanzania

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Tanzania - ECONOMIC OVERVIEW

 

Tanzania is one of the world's poorest economies in terms of per capita income, however, Tanzania averaged 7% GDP growth per year between 2000 and 2008 on strong gold production and tourism. The economy depends heavily on agriculture, which accounts for more than one-quarter of GDP, provides 85% of exports, and employs about 80% of the work force. The World Bank, the IMF, and bilateral donors have provided funds to rehabilitate Tanzania's aging economic infrastructure, including rail and port infrastructure that are important trade links for inland countries. Recent banking reforms have helped increase private-sector growth and investment, and the government has increased spending on agriculture to 7% of its budget. Continued donor assistance and solid macroeconomic policies supported a positive growth rate, despite the world recession. In 2008, Tanzania received the world's largest Millennium Challenge Compact grant, worth $698 million. Dar es Salaam used fiscal stimulus and loosened monetary policy to ease the impact of the global recession. GDP growth in 2009-11 was a respectable 6% per year due to high gold prices and increased production.

 

Source : CIA

 

 

 

SUBJECT'S NAME   

 

Registered Name:                                    ABACUS PHARMA (A) LTD

Requested Name:                                    ABACUS PHARMA (A) LTD

Other Names:                                          None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   4 -5 Nyamwezi Kipata Street Kariakoo, Dar Es Salaam

Postal Address:                                       P. o. Box 12294

                                                              Dar Es Salaam,

Country:                                                  Tanzania

Phone:                                                    255-27254455/788182866

Fax:                                                       255-27254455

Email:                                                     dgmapltz@kiboko.co.ug

Website:                                                 www.abacuspharma.com

 

 

CREDIT OPINION

 

Financial Index as of December 2011 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:                                            29-Nov-2005

Reg. Number:                                                   54680

Nominal Capital                                                TZS. 1,000,000

Subscribed Capital                                            TZS. 1,000,000

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Mr. Chuni Shah                                                Chairman                        

Mr. Ramesh Babu                                             MD                                 

Mr. Rasik Shah                                                Director                           

Mr. Praful Shah                                                Director                           

Mr. Skander Oueslati                                        Director                           

Mr. George Odo                                                Director                           

Ms. Rukmini Bonthala                                       Director                           

Mr. Dipan Shah                                                Director                           

Mr. Shivakumar Medur                                      GM                                 

Kiboko Group of Companies                              Holding Co.                      100%

 

RELATED COMPANIES  

 

None                                                                                                                 Parent company.

None                                                                                                                 Subsidiary company.

In Neighbouring countries                                                                                    Affiliated company.

None                                                                                                                 Shareholder of subject firm.

18C, Warehouse No.4, Near Bora Industries Ltd, Dar Es Salaam, Tanzania            Branches of the firm

 

 

OPERATIONS

 

Registered to operate in the pharmaceuticals industry

Imports:                                                           Asia, Middle East

Exports:                                                           Asia

Trademarks:                                                     None

Terms of sale:                                                  Cash (30%) and 25-90 days (70%), invoices.

                                                                      

Main Customers:                                              Local agencies, chemists, pharmacies etc

Employees:                                                      80 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                              Tanzania

Location:                                                          Rented premises, 5,000 square feet,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                          Information not available.

Insurance Brokers:                                            Information not available.

                                                                      

 

FINANCE 

 

Currency Reported:                                           Tanzania Shillings (TZS.)

Approx. Ex. Rate:                                             1 US Dollar = 1598.49 Tanzania Shillings

Fiscal Year End:                                               December 31, 2011

Inflation:                                                           According to information given by independent sources, the

                                                                        inflation at December 31st, 2011 was of 13%.

 

Financial Information not Submitted             

Profit and Loss (expressed in TZS.)

                                                                       2010                        2011

Sales                                                               5,963,000,000           6,559,000,000

 

 

BANK 

 

Bank Name:                                                     CRBD 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.


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.95

UK Pound

1

Rs.88.42

Euro

1

Rs.71.71

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

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.