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Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
STEEL ROLLING MILS LTD. |
|
|
|
|
Registered Office : |
Plot No. M-78 Tororo
Road, Masese, Jinja |
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|
|
|
Country : |
Uganda |
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|
|
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Date of Incorporation : |
07.02.1986 |
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|
|
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Com. Reg. No.: |
V1153 |
|
|
|
|
Legal Form : |
Limited Corporation |
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|
|
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Line of Business : |
Subject operate manufacture and production of steel |
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|
|
|
No. of Employees : |
220 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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 hurt Uganda''s exports; however, Uganda''s GDP growth has
largely recovered 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 South Sudan is a risk for the Ugandan economy because
Uganda''s main export partner is Sudan, and Uganda is a key destination for
Sudanese refugees. Unreliable power, high energy costs, inadequate
transportation infrastructure, and corruption inhibit economic development and
investor confidence.
|
Source
: CIA |
|
Registered Name: |
STEEL ROLLING
MILS LTD. |
|
Requested Name: |
STEEL ROLLING MILS LTD. |
|
Other Names: |
None |
|
Physical Address: |
Plot No. M-78 Tororo
Road, Masese, Jinja |
|
Corporate Offices: |
Plot
No. 86/90, 5th Street Industrial Area, Box 4641 Kampala |
|
Postal Address: |
P.
o. Box 22431, |
|
|
Masese, Jinja |
|
Country: |
Uganda |
|
Phone: |
256-43-120987/ 937 |
|
Fax: |
256-43-22307 |
|
Email: |
sales@srm.co.ug/srm.fc@alam-group.com/
alam@alam-group.com |
|
Website: |
www.srm.co.ug/www.alam-group.com |
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
07-Feb-1986 |
|
|
Reg. Number: |
V1153 |
|
|
Nominal Capital |
UGS. 1,000,000 |
|
|
Subscribed Capital |
UGS. 1,000,000 |
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Manzur Alam |
CEO |
50% |
|
Mr. Abi Alam |
Director |
50% |
|
Mr. Zahid Alam |
Director |
|
|
Mr. Khalid Alam |
Director |
|
|
Mr. Shahid Alam |
Director |
|
|
None |
Parent company. |
|
None |
Subsidiary company. |
|
KENYA UNITED STEEL
COMPANY, ROOCLAD LTD, CASEMENTS (AFRICA) LTDOXY
GAS LTD, RHINO FOOTWEAR LTD, GEO LODGES LTD, ALAM PROPERTIES LTD, EKONO HOMES LTD, SAIMMCO LTD, MITYANA FARM GROUP
ENTERPRISES, AMA PLY LTD. |
Affiliated companies. |
|
None |
Shareholder of subject
firm. |
|
Kabale, Mbarara, Market Street and William Street, Uganda |
Branches of the firm |
|
Registered to operate
manufacture and production of steel |
|
|
Imports: |
Asia, Middle East |
|
Exports: |
Neighboring countries such as Rwanda, Burundi, Kenya, DRC, Southern
Sudan, and Tanzania |
|
Trademarks: |
None |
|
Terms of sale: |
Cash (30%) and 25-90 days (70%), invoices. |
|
|
|
|
Main Customers: |
Industries, Local agencies,firms and organizations |
|
Employees: |
220 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
Uganda |
|
Location: |
Owned premises, 100,000 square feet, |
|
Auditors: |
Information not
available. |
|
Insurance Brokers: |
Information not
available. |
|
Currency Reported: |
Ugandan Shillings (UGS.) |
|
|
Approx. Ex. Rate: |
1 US Dollar = 2582.99
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.) |
||
|
|
2011 |
2012 |
|
Sales |
15,680,000,000 |
16,000,000,000 |
|
Bank Name: |
Stanbic Bank |
|
Branch: |
Uganda |
|
Comments: |
None |
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Experiences: |
Good |
|
|
|
|
NOTARIAL BONDS |
None |
|
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.58.92 |
|
|
1 |
Rs.91.80 |
|
Euro |
1 |
Rs.78.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.