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Report Date : |
07.09.2013 |
IDENTIFICATION DETAILS
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Name : |
SOFARU SARL |
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Registered Office : |
Nyabugogo Road, Muhima |
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Country : |
Rwanda |
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Date of Incorporation : |
01.01.2005 |
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Legal Form : |
Company limited by shares |
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Line of Business : |
The Subject is engaged in the (wholesale)
trade, including import, in all kinds of hardware and construction materials. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
|
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 |
SOFARU SARL QUINCALLERIESOFARU
Main Address: Nyabugogo Road, Muhima
Zip code/City: Nyarugenge, Rwanda
Telephone: +250 7 88300034
+250 7 88300035
Postal address: Po Box 3290
Zip code/City: Kigali, Rwanda
Web site: http://sofarugroup.com
E-mail: sofaru10@yahoo.fr
VAT-No.: 100026358
Banks: unknown
Employees: unknown
CNPJ: -
Board of Directors:
General Director EdouardRuterana
Public information:
-
Legal form: Company
limited by shares
Incorporation date: 01.01.2005
Balance sheet filing date: -
Tax Contributor Number (CNPJ): -
Legal status: active
Responsible Register: Office
of the Registrar General
Entry Deleted Name
active SofaruSarl
Entry Deleted Address
active Nyabugogo
Road, Muhima, Nyarugenge, Kigali, Rwanda/RW
Import and Export:
Import
Payment history:
No complaints on record.
GROUP STRUCTURE & AFFILIATED COMPANIES
FINANCIAL INFORMATION
Exchange rate:
US$ 1,00 = RWF
642,763 - Official rate on 04.09.2013
ADDITIONAL INFORMATION
Main Activities:
The company is engaged in the (wholesale)
trade, including import, in all kinds of hardware and construction materials.
Company's Background:
We have been in touch with the company several
times, but the general manager and (supposedly) shareholder, Mr.EdouardRuterana
was never available.
An email was sent; should we receive further
details, then we will send you an update.
We can confirm that the company is registered
with the Office of the Registrar General of Rwanda and that the company uses a
valid tax number.
The exact date of foundation however could not
be traced. We do know that the company was trading during 2005; however, it
could be that the activities commenced prior to that.
With regards to the lack of (financial)
information and the general state of the economy in Rwanda, as well as the news
regarding the fire at the company's warehouse, we recommend you to deal on
fully secured terms only and to monitor the developments.
News
December 2012:
GOODS worth millions were yesterday morning
destroyed in a fire that engulfed a ware house containing an assortment of
construction materials, in the busy Nyabugogo suburb in Nyarugenge district,
along the Kigali Huye highway.
According to eyewitnesses the fire started at
around 9am. No person was reported injured in the inferno but a lot of property
was lost despite tireless efforts by the Fire Brigade to put down the fire.
“When the fire broke out, police and army
respondoded fast and rushed to the scene.
Together with the local population, they battled the fire with hope of
saving a few things but it was too strong to extinguish,” said Abdul Niyoryo,
one of the first witnesses to arrive at the scene.
The warehouse belongs to city businessman
Edward Ruterana, who owns a famous hardware store known as SOFARU.
“I was not around when the fire started but
people who were at the depot told me the fire started at around 9:30am. I was
told that the fire could have been started by some live electricity cables that
may have caused a short circuit but we have not confirmed this yet,” said
Ruterana in a phone interview.
He said that the actual loss cannot be
immediately ascertained. “But what I can tell you is that I have lost hundreds
of million francs,” Ruterana said.
Though too much property was lost, the people,
army and police who arrived at the scene first managed to evacuate two trucks
that were parked next to the burnt depot.
People at the scene claimed the trucks also belonged to the businessman.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.96 |
|
|
1 |
Rs.102.91 |
|
Euro |
1 |
Rs.86.58 |
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.