Report Date :

11.08.2014

IDENTIFICATION DETAILS

Name :	ABACUS PHARMA (A) LTD

Registered Office :	Plot No.28B-32B-34B, Coronation Avenue, UMA Show Grounds Lugogo, Kampala, Plot No 2, Bombo Road, Kampala P. o. Box 31376, Kampala

Country :	Uganda

Date of Incorporation :	14.01.1998

Legal Form :	Limited Corporation

Line of Business :	Subject operate import and distribution of pharmaceutical and surgical equipments

No. of Employees :	50

RATING & COMMENTS

MIRA’s Rating :

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 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Uganda

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. 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. 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

Company name and address

SUBJECT'S NAME
Registered Name:	ABACUS PHARMA (A) LTD.
Requested Name:	ABACUS PHARMA (A) LTD.
Other Names:	ABACUS PHARMA (AFRICA) LTD.

ADDRESS AND TELECOMMUNICATION

Physical Address:	Plot No.28B-32B-34B, Coronation Avenue, UMA Show Grounds Lugogo, Kampala,
Registered Address:	Plot No 2, Bombo Road, Kampala
Postal Address:	P. o. Box 31376,
	Kampala,
Country:	Uganda
Phone:	256-414-250777/236866/-417-100900
Fax:	256-414-236867/-417-100920
Email:	abacus@kiboko.co.ug
Website:	www.abacuspharma.com

LEGAL

Legal Form:	Limited Corporation
Date Incorporated:	14/01/1998
Reg. Number:	Kampala
Nominal Capital	UGS. 4,000,000,000 Shares 4,000,000 each UGS. 1,000
Subscribed Capital	UGS. 3,747,000,000 being 3,747,000
Subscribed Capital is Subscribed in the following form:
	Position	Shares
Mr. Chuni R. Shah	Chairman
Mr. Anantharaman Nagarajan	CEO
Mr. B.S. Ramesh Babu	Group MD
Mr. Balaji E. Jampani	Group CFO
Mr. Rasik H. Haria	Director
Mr. Praful N. Shah	Director
Ms. Rukmini Bonthala	Director
Mr. Dipan Shah	Director
Mr. Skander Oueslati	Director
Mr. George Odo	Director
Mr. Milind Sawant	GM
Mr. Jagan Mohan	Manager
Kiboko Group of Companies	Holding Co.	100%

RELATED COMPANIES

Kiboko Group of Companies	Parent company.
None	Subsidiary company.
Various in Group	Affiliated company.
None	Shareholder of subject firm.
10 in Uganda	Branches of the firm

OPERATIONS

Registered to operate import and distribution of pharmaceutical and surgical equipments
Imports:	Asia, UK, Kenya and Malaysia
Exports:	None
Trademarks:	None
Terms of sale:	Cash (40%) and 30 days (60%), invoices.

Main Customers:	firms and organizations
Employees:	50 employees.
Vehicles:	Several motor vehicles.
Territory of sales:	Uganda
Location:	Owned premises, 5.000 square feet,

AUDITORS AND INSURANCE

Auditors:	PKF UGANDA
Insurance Brokers:	Information not available.

FINANCE

Currency Reported:	Ugandan Shillings (UGS.)
Approx. Ex. Rate:	1 US Dollar = 2572.01 Ugandan Shillings
Fiscal Year End:	December 31, 2013
Inflation:	According to information given by independent sources, the inflation at December 31st, 2013 was of 13%.

Financial Information not Submitted


Profit and Loss (expressed in UGS.)
		2013
Sales		100,000,000,000

BANK

Bank Name:	Crane Bank
Branch:	Uganda
Comments:	Other Banks
	DIAMOND TRUST BANK (UGANDA) LIMITED
	STANBIC BANK (UGANDA) LIMITED
	STANDARD CHARTERED BANK (UGANDA) LIMITED

TRADE REFERENCES

Experiences:

Good

NOTARIAL BONDS

None

COMMENTS / ADDITIONAL INFORMATION

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

In 2014 Subject underwent a Share capital increase from UGS. 50,000,000 to UGS. 4,000,000,000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.55
UK Pound	1	Rs.103.50
Euro	1	Rs.82.41

INFORMATION DETAILS

Report Prepared by :

TPT

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.