MIRA INFORM REPORT

 

 

Report Date :

03.02.2014

 

IDENTIFICATION DETAILS

 

Name :

NORVIK ENTERPRISES LTD

 

 

Registered Office :

Plot No. 78/3, Kampala Road P. o. Box 21034 Kampala

 

 

Country :

Uganda

 

 

Date of Incorporation :

16.11.1998

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject operate as dealers in pharmaceutical products and related facilities

 

 

No. of Employees :

35

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Uganda

B2

B2

 

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. Uganda has received about $2 billion in multilateral and bilateral debt relief. In 2007 Uganda received $10 million for a Millennium Challenge Account Threshold Program. 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. Rising food and fuel prices in 2011 led to protests. 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

 

 

SUBJECT'S NAME   

 

Registered Name:

NORVIK ENTERPRISES LTD

Requested Name:

NORVIK ENTERPRISES LTD

Other Names:

None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Plot No. 78/3, Kampala Road

Postal Address:

P. o. Box 21034

 

Kampala,

Country:

Uganda

Phone:

256-414-346670/251067

Cell:

256-712544593

Fax:

256-414-346680

Email:

sales@norvik.co.ug

Website:

None

 

 

LEGAL

           

Legal Form:

Limited Corporation 

Date Incorporated:

16-Nov-1998

Reg. Number:

Uganda

Nominal Capital

UGS. 1,000,000

Subscribed Capital

UGS. 1,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr.Abdul Ghaffar

MD

 

Mr. M. N. Kishore

Director

 

NORVIK GROUP

Holding Co.

 

 

RELATED COMPANIES

           

NORVIK GROUP

Parent company.

None

Subsidiary company.

NORVIK HOSPITAL

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

OPERATIONS

 

Registered to operate as dealers in pharmaceutical products and related facilities

Imports:

UK, USA, Australia, Europe, South Africa

Exports:

None

Trademarks:

None

Terms of sale:

Cash (40%) and 25-90 days (60%), invoices.

 

 

Main Customers:

Medical firms and organizations  

Employees:

35 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Uganda

Location:

Owned premises, 7.000 square feet,

 

AUDITORS AND INSURANCE  

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

FINANCE

           

Currency Reported:

Ugandan Shillings (UGS.)

Approx. Ex. Rate:

1 US Dollar = 2474.96 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

 

485,000,000

 

BANK

           

Bank Name:

Standard Chartered Bank

Branch:

Kampala, Uganda

Comments:

None

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.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.48

UK Pound

1

Rs.102.95

Euro

1

Rs.84.60

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.