MIRA INFORM REPORT

 

 

Report Date :

05.02.2013

 

IDENTIFICATION DETAILS

 

Name :

ABACUS PHARMA

 

 

Registered Office :

Plot No.28B-32B-34B, Coronation Avenue, UMA Show Grounds Lugogo, Kampala

 

 

Country :

Uganda

 

 

Date of Incorporation :

14.01.1998

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Import and distribution of pharmaceutical and surgical equipments

 

 

No. of Employees :

50 employees.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

Without Financials

 

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

(31.03.2011)

Current Rating

(30.06.2012)

Uganda

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UGANDA - ECONOMIC OVERVIEW

 

Uganda has substantial natural resources, including fertile soils, regular rainfall, small deposits of copper, gold, and other minerals, and recently discovered oil. Uganda has never conducted a national minerals survey. Agriculture is the most important sector of the economy, employing over 80% of the work force. Coffee accounts for the bulk of export revenues. Since 1986, the government - with the support of foreign countries and international agencies - has acted to rehabilitate and stabilize the economy by undertaking currency reform, raising producer prices on export crops, increasing prices of petroleum products, and improving civil service wages. The policy changes are especially aimed at dampening inflation and boosting production and export earnings. Since 1990 economic reforms ushered in an era of solid economic growth based on continued investment in infrastructure, improved incentives for production and exports, lower inflation, better domestic security, and the return of exiled Indian-Ugandan entrepreneurs. Uganda has received about $2 billion in multilateral and bilateral debt relief. In 2007 Uganda received $10 million for a Millennium Challenge Account Threshold Program. The global economic downturn has hurt Uganda's exports; however, Uganda''s GDP growth is still relatively strong due to past reforms and sound management of the downturn. Oil revenues and taxes will become a larger source of government funding as oil comes on line in the next few years. Rising food and fuel prices in 2011 led to protests. Instability in southern Sudan is a risk for the Ugandan economy in 2012 because Uganda''s main export partner is Sudan, and Uganda is a key destination for Sudanese refugees.

Source : CIA

 

SUBJECT'S NAME

 

Registered Name:                                  ABACUS PHARMA

Requested Name:                                  ABACUS PHARMA

Other Names:                                        ABACUS PHARMA (AFRICA) LTD.

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                 Plot No.28B-32B-34B, Coronation Avenue, UMA Show Grounds Lugogo, Kampala,

Registered Address:                              Plot No 2, Bombo Road, Kampala

Postal Address:                                    P. o. Box 31376,

                                                            Kampala,

Country:                                                Uganda

Phone:                                                  256-414-250777/236866/-417-100900

Fax:                                                      256-414-236867/-417-100920

Email:                                                   abacus@kiboko.co.ug

Website:                                               www.abacuspharma.com

 

 

CREDIT OPINION

 

Financial Index as of December 2012 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:                                          14/01/1998

Reg. Number:                                                 Kampala

Nominal Capital                                              UGS. 50,000,000

Subscribed Capital                                         UGS. 50,000,000

Subscribed Capital is Subscribed in the following form:

                                                                     Position                          Shares

Mr. Chuni R. Shah                                           Chairman                        

Mr. Anantharaman Nagarajan                           CEO                               

Mr. Balaji E Jampani                                       CFO                               

Mr. B.S. Ramesh Babu                                   MD                                 

Mr. Rasik H. Haria                                           Director                          

Mr. Praful N. Shah                                          Director                          

Ms. Rukmini Bonthala                                     Director                          

Mr. Dipan Shah                                              Director                          

Mr. Skander Oueslati                                       Director                          

Mr. George Odo                                             Director                          

Mr. Milind Sawant                                           GM                                 

Mr. Jagan Mohan                                            Manager                         

APDL GROUP                                                Holding Co                      100%

 

 

RELATED COMPANIES      

 

APDL GROUP                                                Parent company.

None                                                              Subsidiary company.

Various in Group                                            Affiliated company.

None                                                              Shareholder of subject firm.

William Street, Mbarara, Mbale, Jinja and Arua in Uganda          Branches of the firm

 

 

OPERATIONS

 

Registered to operate import and distribution of pharmaceutical and surgical equipments

Imports:                                                         Asia, Europe, USA, South Africa, Egypt 

Exports:                                                         None

Trademarks:                                                   None

Terms of sale:                                                Cash (40%) and 30 days (60%), invoices.

                                                                    

Main Customers:                                            firms and organizations  

Employees:                                                    50 employees.

Vehicles:                                                        Several motor vehicles.

Territory of sales:                                           Uganda

Location:                                                        Rented premises, 5.000 square feet,

 

 

AUDITORS AND INSURANCE        

 

Auditors:                                                        Information not available.

Insurance Brokers:                                          Information not available.

                                                                    

 

FINANCE   

 

Currency Reported:                                         Ugandan Shillings (UGS.)

Approx. Ex. Rate:                                           1 US Dollar = 2669 Ugandan Shillings

Fiscal Year End:                                             December 31, 2012

Inflation:                                                         According to information given by independent sources, the inflation at December 31st, 2012 was of 13%.

 

Financial Information not Submitted                

                                                                    

                                                                    

Profit and Loss (expressed in UGS.)

                                                                                   2012

Sales                                                                           5,335,000,000

 

 

BANK   

 

Bank Name:                                                    Crane Bank

Branch:                                                          Uganda

Comments:                                                    Other Banks

                                                                     DTB

 

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.

APDL Group is part of the Kiboko Group Of Companies.

                                                                    


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.97

UK Pound

1

Rs.83.17

Euro

1

Rs.72.20

 

 

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

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.