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Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
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Name : |
QUINCAILLERIE SOFARU |
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Registered Office : |
BP 3290 Kigali |
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Country : |
Rwanda |
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Date of Incorporation : |
13.02.2009 |
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Legal Form : |
Limited Liability Company, Limited by shares |
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Line of Business : |
General Traders
dealing with hardware, electronics, building and construction materials etc |
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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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Rwanda |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
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 |
RWANDA - ECONOMIC
OVERVIEW
Rwanda is a poor rural country with about 90% of the
population engaged in (mainly subsistence) agriculture and some mineral and agro-processing.
Tourism, minerals, coffee and tea are Rwanda's main sources of foreign
exchange. Minerals exports declined 40% in 2009-10 due to the global economic
downturn. The 1994 genocide decimated Rwanda's fragile economic base, severely
impoverished the population, particularly women, and temporarily stalled the
country's ability to attract private and external investment. However, Rwanda
has made substantial progress in stabilizing and rehabilitating its economy to
pre-1994 levels. GDP has rebounded with an average annual growth of 7%-8% since
2003 and inflation has been reduced to single digits. Nonetheless, a
significant percent of the population still live below the official poverty
line. Despite Rwanda's fertile ecosystem, food production often does not keep
pace with demand, requiring food imports. Rwanda continues to receive
substantial aid money and obtained IMF-World Bank Heavily Indebted Poor Country
(HIPC) initiative debt relief in 2005-06. In recognition of Rwanda's successful
management of its macro economy, in 2010, the IMF graduated Rwanda to a Policy
Support Instrument (PSI). Rwanda also received a Millennium Challenge Threshold
Program in 2008. Africa's most densely populated country is trying to overcome
the limitations of its small, landlocked economy by leveraging regional trade.
Rwanda joined the East African Community and is aligning its budget, trade, and
immigration policies with its regional partners. The government has embraced an
expansionary fiscal policy to reduce poverty by improving education,
infrastructure, and foreign and domestic investment and pursuing
market-oriented reforms. Energy shortages, instability in neighboring states,
and lack of adequate transportation linkages to other countries continue to
handicap private sector growth. The Rwandan government is seeking to become
regional leader in information and communication technologies. In 2010, Rwanda
neared completion of the first modern Special Economic Zone (SEZ) in Kigali.
The SEZ seeks to attract investment in all sectors, but specifically in
agribusiness, information and communications technologies, trade and logistics,
mining, and construction. The global downturn hurt export demand and tourism,
but economic growth has recovered, driven in large part by the services sector,
but inflation has grown. On the back of this growth, government is gradually
ending its fiscal stimulus policy while protecting aid to the poor.
Source
: CIA
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COMPANY REPORTED: |
QUINCAILLERIE SOFARU |
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Principal Address: |
BP 3290 Kigali, Rwanda |
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Telephone: |
+250-788300034/35/784587860/252577935/08300034/08300035 |
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Fax: |
+250-252571943 |
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Email: |
info@sofarugroup.com/ sofaru@rwanda1.com |
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Internet: |
www.sofarugroup.com |
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Established: |
13/02/2009 |
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Registration: |
Rwanda |
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Legal Form: |
Limited Liability Company, Limited by shares |
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Stock Listing: |
Not Listed |
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Workforce: |
2012 |
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20 |
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Office & Factories |
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Head offices |
Avenue De La Nyabugogo, Muhima, Nyarugenge, Kigali, Rwanda |
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Branches |
None |
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Management/
Directors |
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President/
CEO (1) |
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Name |
Mr. Ruterana Qdouard |
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Active in daily
business: |
Active |
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Current Title: |
Managing Director |
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Country of residence |
Rwanda |
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Remarks |
Top Decision Maker |
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Credit Check of Subject, President & CEO (as of report date) |
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Payment Morale: |
In the documents at our
disposal nothing adverse has been shown so far. |
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CREDIT RATING: |
Financial situation is average. |
No negative
information found.
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Company Profile: |
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Nominal Capital |
RWF. 1,000,000 |
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Paid in Capital |
RWF. 1,000,000 |
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Subscribed Capital |
RWF. 1,000,000 |
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Shareholders |
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Name |
Position |
Amount
|
Ratio |
|
Mr. Ruterana Qdouard |
MD |
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Mr. Thierry
Nzirabatinya |
Manager |
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Total |
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100.00% |
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Terms of payment |
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Buying
terms |
30% in cash, 70% on credit |
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Selling
terms |
80% in cash, 20% on credit |
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Affiliated Companies |
None |
Na
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Exchange Rate |
US$ 1 = RWF. 631.98 |
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Business Activities |
General Traders
dealing with hardware, electronics, building and construction materials etc |
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Suppliers |
Various suppliers |
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Customers |
Local agencies, outlets etc |
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Recent
Sales |
RWF.
180,000,000 (2012 Estimated) |
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Exports |
None |
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Export
Ratio |
0.0% |
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Import
Ratio |
10.0% |
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Domestic
Market Share |
20.0% |
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Business Premises |
5000 Sft |
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Type of occupation |
Leased |
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Location |
The subject is located close to a major road network |
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Premises used as
|
Offices,WorkShop |
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Banking
relationship |
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Main
Banks |
Bank of Kigali (BK) |
--
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
|
1 |
Rs.84.23 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.