|
Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
AQUASAN LIMITED |
|
|
|
|
Registered Office : |
P.o. Box 5159 Kimihurura,Kigali Central |
|
|
|
|
Country : |
Rwanda |
|
|
|
|
Date of Incorporation : |
02.04.1999 |
|
|
|
|
Legal Form : |
Limited Liability Company, Limited by shares |
|
|
|
|
Line of Business : |
Manufacture of plastic tanks and related
products |
|
|
|
|
No. of Employees : |
150 |
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) |
|
Rwanda |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
|
COMPANY
REPORTED: |
AQUASAN
LIMITED |
|||
|
Principal
Address: |
P.o.
Box 5159 Kimihurura,Kigali Central, Rwanda |
|||
|
Telephone:
|
+250-788380855/788307833/788306833 |
|||
|
Fax: |
+250-788380855 |
|||
|
Email: |
||||
|
Internet: |
||||
|
Established: |
02/04/1999 |
|||
|
Registration: |
Rwanda |
|||
|
Legal
Form: |
Limited
Liability Company, Limited by shares |
|||
|
Stock
Listing: |
Not
Listed |
|||
|
Workforce: |
2012 |
|
|
|
|
|
150 |
|
|
|
|
Office
& Factories |
|
|||
|
Head
offices |
Gikondo
Industrial, Area, Next to Rwanda Foam, Kigali Central, Rwanda |
|||
|
Branches
|
None |
|||
|
Management/
Directors |
|
|
President/
CEO (1) |
|
|
Name |
Mr. Chandu Shah |
|
Active in daily
business: |
Active |
|
Current Title: |
Chairman |
|
Remarks |
Top Decision
Maker |
|
Director
(2) |
|
|
Name |
Mr.
Nikhil Shah |
|
Active in daily
business: |
Active |
|
Current Title: |
Director |
|
Credit Check of Subject,
President & CEO (as of report date) |
|
|
Payment
Morale: |
In
the documents at our disposal nothing adverse has been shown so far. |
|
CREDIT
RATING: |
Financial situation is average. |
No negative information found.
|
Company Profile: |
|
||
|
Nominal
Capital |
RWF. 1,000,000 |
||
|
Paid
in Capital |
RWF. 1,000,000 |
||
|
Subscribed
Capital |
RWF. 1,000,000 |
||
|
Shareholders
|
|
||
|
Name |
Position |
Amount |
Ratio |
|
Mr. Chandu Shah |
Chairman |
|
|
|
Mr.
Nikhil Shah |
Director |
|
|
|
Mr.
Harbans Singh Amrit |
Director |
|
|
|
Mr.
Walburga Shah |
Director |
|
|
|
Mr.
Rakesh Vikram |
GM |
|
|
|
Kentainers Ltd |
HoldingCo. |
|
100.00% |
|
Total
|
|
|
100.00% |
|
|
Terms of payment |
|
Buying
terms |
30% in cash, 70% on 30 day credit |
|
Selling
terms |
80% in cash, 20% on 30 day credit |
|
Affiliated
Companies |
|
|
Company
(1) |
AQUA
SAN S.S. JUBA |
|
Company
(2) |
AQUASAN
MANUFACTURING ETHIOPIA PLC |
|
Company
(3) |
AQUASAN
BURUNDI SPRL |
|
Company
(4) |
AQUASANTZ
LIMITED |
|
Company
(5) |
CRESTANKS
LIMITED |
Na
|
Exchange
Rate |
US$
1 = RWF. 634.52 |
|
Business
Activities |
Manufacture of plastic tanks and related
products |
|
Suppliers |
Various companies |
|
Customers |
Industries, firms and organizations |
|
|
|
|
Recent
Sales |
RWF.
780,000,000 (2012 Estimated) |
|
Exports
|
None
|
|
Export
Ratio |
0.0% |
|
Import
Ratio |
30.0% |
|
Domestic
Market Share |
20.0% |
|
Business
Premises |
10,000
Sft |
|
Type
of occupation
|
Leased
|
|
Location |
The
subject is located close to a major road network |
|
Premises
used as
|
Offices,
WorkShop |
|
Banking
relationship |
|
|
Main
Banks |
Bank
of Kigali (BK) |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
UK Pound |
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.