|
Report Date : |
16.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
QUINCALLERIE MAGIC BELECOM SARL |
|
|
|
|
Registered Office : |
379, Nyarugenge, Kigali |
|
|
|
|
Country : |
Rwanda |
|
|
|
|
Date of Incorporation : |
11.03.2009 |
|
|
|
|
Com. Reg. No.: |
101463768 |
|
|
|
|
Legal Form : |
Societe Anonyme Responsibilitee Limitee |
|
|
|
|
Line of Business : |
dealers in general
merchandise such as hardware |
|
|
|
|
No. of Employees : |
25 |
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) |
|
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 |
Registered Name: QUINCALLERIE MAGIC BELECOM SARL
Requested Name: QUINCALLERIE
MAGIC BELECOM SARL
Other Names: None
Physical Address: 379, Nyarugenge, Kigali
Postal Address: P. o. Box 1442
Kigali,
Country: Rwanda
Phone: 250-55107185
Fax: 250-55107185
Email: None
Website: None
Financial Index as of December 2012 shows subject firm with a medium
risk of credit.
Legal Form: Societe Anonyme Responsibilitee Limitee
Date Incorporated: 11-March-2009
Reg. Number: 101463768
Nominal Capital RWF. 500,000
Subscribed Capital RWF. 500,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Jean B. Director
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as dealers in general merchandise such as hardware
Imports: Asia
Exports: None
Trademarks: None
Terms of sale: Cash
(30%) and 25-90 days (70%), invoices.
Main Customers: firms
and organizations
Employees: 25
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Rwanda
Location: Owned
premises, 2,500 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Rwandan Franc (RWF.)
Approx. Ex. Rate: 1 US Dollar = 668 Rwandan Franc
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 RWF.)
2012
Sales 320,000,000
Bank Name: Bank of Kigali
Branch: Rwanda
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
|
1 |
Rs.98.59 |
|
Euro |
1 |
Rs.83.67 |
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.