|
Report Date : |
19.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
Petrocom Sarl |
|
|
|
|
Registered Office : |
Petrocom
House, Avenue Des Poids Lourds, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
13.09.1995 |
|
|
|
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Com. Reg. No.: |
100021995 |
|
|
|
|
Legal Form : |
Limited Corporation |
|
|
|
|
Line of Business : |
Import and Distribution
of Petroleum Products and Manufacturing of Steel Construction Materials. |
|
|
|
|
No. of Employees : |
175 Employees |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Rwanda |
C1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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: |
PETROCOM SARL |
|
Requested Name: |
PETROCOM SARL |
|
Other Names: |
None |
|
Physical Address: |
Petrocom
house, Avenue des poids lourds |
|
Postal Address: |
P.
o. Box 1576 |
|
|
Kigali, |
|
Country: |
Rwanda |
|
Phone: |
250-252571935/571936 |
|
Cell: |
250-788306238/788302820/788414383/788695285 |
|
Fax: |
250-252577815 |
|
Email: |
|
|
Website: |
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
13-Sept-1995 |
|
|
Reg. Number: |
100021995 |
|
|
Nominal Capital |
RWF.
1,000,000 |
|
|
Subscribed Capital |
RWF.
1,000,000 |
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Jean Gashuma |
Director |
|
|
Mr. John Paul Tuyishime |
Director |
|
|
Mr. Derrick Kayombya Majyambere |
Director |
|
|
None |
Parent company. |
|
UFAMETAL, KAGUGU DAIRY FARM (KDF). |
Subsidiary companies. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
Gikondo, Ngoma, Nyabugogo and Rubavu in |
Branches of the firm |
|
Registered to operate
import and distribution of petroleum products and manufacturing of steel
construction materials. |
|
|
Imports: |
Asia, Middle East, Europe |
|
Exports: |
Africa |
|
Trademarks: |
None |
|
Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|
|
|
|
Main Customers: |
firms and organizations |
|
Employees: |
175 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
Rwanda |
|
Location: |
Leased premises, 50,000 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 |
|
2,525,000,000 |
|
Bank Name: |
Diamond
Trust Bank (DTB) |
|
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.61.06 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.