MIRA INFORM REPORT
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Report Date : |
24.01.2012 |
IDENTIFICATION DETAILS
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Name : |
NORVIK ENTERPRISES LTD. |
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Registered Office : |
Plot No. 78/3,
Kampala Road, Opp. Sure House, Kampala |
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Country : |
Uganda |
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Date of Incorporation : |
16.11.1998 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
dealers in
pharmaceutical products and related facilities |
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No. of Employees
: |
20 |
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
50,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Uganda |
b2 |
b2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUBJECT'S NAME
Registered Name: NORVIK ENTERPRISES LTD.
Requested Name: NORVIK
ENTERPRISES LTD.
Other Names: None
ADDRESS AND TELECOMMUNICATION
Physical Address: Plot
No. 78/3, Kampala Road, Opp. Sure House, Kampala
Postal Address: P.o. Box 21034
Kampala,
Country: Uganda
Phone: 256-414-346670/251067
Cell: 256-712544593
Fax: 256-414-346680
Email: sales@norvik.co.ug
Website: www.norvikgroup.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. We recommend Credit of USD 50,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 16-Nov-1998
Reg. Number: Uganda
Nominal Capital UGS. 1,000,000
Subscribed Capital UGS. 1,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. M. N. Kishore MD
NORVIK GROUP Holding Company
RELATED COMPANIES
NORVIK GROUP Parent company.
None Subsidiary company.
NORVIK HOSPITAL Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to operate as dealers in pharmaceutical products and related
facilities
Imports: UK,
USA, Australia, Europe, South Africa
Exports: None
Trademarks: None
Terms
of sale: Cash (40%) and
25-90 days (60%), invoices.
Main
Customers: Medical firms and
organizations
Employees: 20 employees.
Vehicles: Several motor
vehicles.
Territory of
sales: Uganda
Location: Owned
premises, 7.000 square feet,
AUDITORS AND INSURANCE
Auditors: Information not available.
Insurance
Brokers: Information not available.
FINANCE
Currency Reported: Uganda Shillings (UGS.)
Approx. Ex. Rate: 1 US Dollar = 2399.99 Uganda 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 UGS.)
2010 2011
Sales 360,000,000 450,000,000
BANK
Bank Name: Standard Chartered Bank
Branch: Kampala, Uganda
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.50.24 |
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UK Pound |
1 |
Rs.78.13 |
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Euro |
1 |
Rs.64.79 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.