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Report Date : |
16.10.2013 |
IDENTIFICATION DETAILS
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Name : |
QUALITY CHEMICAL INDUSTRIES LTD |
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Registered Office : |
Plot |
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Country : |
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Date of Incorporation : |
10.10.1997 |
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Com. Reg. No.: |
36144 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
importers and distributors of pharmaceutical and
veterinary products |
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No. of Employees : |
40 |
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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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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: QUALITY CHEMICAL INDUSTRIES LTD
Requested Name: QUALITY
CHEMICALS
Other Names: QCI
Physical Address: Plot 65/65 Katwe Road, Prince
House, Kampala,
Postal Address: P. o. Box 3381
Kampala,
Country: Uganda
Phone: 256-41-347753
Cell: 256-753054047
Fax: 256-41-347753
Email: frontdesk@qcil.co.ug
Website: www.qcil.co.ug
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 Form: Limited Corporation
Date Incorporated: 10-October-1997
Reg. Number: 36144
Nominal Capital UGS. 60,000,000 Being Shares
3,000, Value of each KES. 20,000
Subscribed Capital UGS. 60,000,000 Being Shares
3,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Edward Martin Chairman
Mr. Robert Kakande CEO
Ms. Jane
Rutahweire CFO
Mr. James William
Tamale CCO
Mr. Emmanuel Katongole Director 16%
Mr. George Willy Baguma Director 16%
Mr. Frederick Mutebi Director 16%
Mr. Francis X. Kitaka Director
Mr. Randall Tierney Director
Mr. George W. Baguma Director
M.T.K. LIMITED Holding Co. 51%
M.T.K. LIMITED Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as importers and distributors of pharmaceutical
and veterinary products
Imports: Asia
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Local
agencies, firms and organizations
Employees: 40
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Uganda
Location: Leased
premises, 5,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Ugandan Shillings (UGS.)
Approx. Ex. Rate: 1 US Dollar = 2541.71 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 5,500,000,000
Bank Name: BARCLAYS BANK OF UGANDA LTD
Branch: Uganda
Comments: None
Experiences: Good
None
This
information was obtained from outside sources other than the subject company
itself and confirmed the above subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.69 |
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1 |
Rs.98.59 |
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Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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 |
-- |
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.