|
Report Date : |
19.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
EASTERN HOPE LTD |
|
|
|
|
Registered Office : |
Avenue
de la Gendarmerie |
|
|
|
|
Country : |
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|
|
|
|
Date of Incorporation : |
09.02.2007 |
|
|
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|
Com. Reg. No.: |
101463335 |
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|
|
|
Legal Form : |
Limited Corporation |
|
|
|
|
Line of Business : |
Subject operate as a
consultancy firm |
|
|
|
|
No. of Employees |
15 employees. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Rwanda |
B1 |
B1 |
|
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. 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: |
EASTERN HOPE LTD |
|
Requested Name: |
EASTERN HOPE LTD |
|
Other Names: |
None |
|
Physical Address: |
Avenue
de la Gendarmerie |
|
Postal Address: |
P.
o. Box 6235 |
|
|
Kigali, |
|
Country: |
Rwanda |
|
Phone: |
250-785519817/788307711 |
|
Fax: |
250-785519817 |
|
Email: |
None |
|
Website: |
None |
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
09-Feb-2007 |
|
|
Reg. Number: |
101463335 |
|
|
Nominal Capital |
RWF.
1,000,000 |
|
|
Subscribed Capital |
RWF.
1,000,000 |
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Michael H. |
Director |
|
|
Mr. George Nziza |
Manager |
|
|
None |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
|
Registered to operate as
a consultancy firm |
|
|
Imports: |
Asia |
|
Exports: |
None |
|
Trademarks: |
None |
|
Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|
|
|
|
Main Customers: |
firms and organizations |
|
Employees: |
15 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
Rwanda |
|
Location: |
Rented premises, 1,500 square feet, |
|
Auditors: |
Information not
available. |
|
Insurance Brokers: |
Information not
available. |
|
Currency Reported: |
Rwandan Franc (RWF.) |
|
|
Approx. Ex. Rate: |
1 US Dollar = 690.50
Rwandan Franc |
|
|
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 RWF.) |
||
|
|
|
2013 |
|
Sales |
|
85,000,000 |
|
Bank Name: |
United
Bank for Africa (UBA) |
|
Branch: |
Rwanda |
|
Comments: |
None |
|
Experiences: |
Good |
|
|
|
|
NOTARIAL BONDS |
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.61.06 |
|
UK Pound |
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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.