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Report Date : |
11.02.2014 |
IDENTIFICATION DETAILS
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Name : |
QUALITY CHEMICAL INDUSTRIES LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
10.10.1997 |
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Com. Reg. No.: |
36144 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Importer and Distributor of
human and veterinary pharmaceutical products |
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No of Employees : |
365 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Uganda |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
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Registered Name: |
QUALITY
CHEMICALS INDUSTRIES LTD |
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Requested Name: |
QUALITY CHEMICALS INDUSTRIES LTD |
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Other Names: |
None |
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Physical Address: |
Luzira
Industrial Park |
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Postal Address: |
P.
o. Box 34871 |
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Kampala, |
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Country: |
Uganda |
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Phone: |
256-784498766/312-341100 |
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Fax: |
256-414-221319 |
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Email: |
frontdesk@qcil.co.ug/ceo@qcil.co.ug |
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Website: |
www.qcil.co.ug |
Financial Index as of
December 2013 shows subject firm with a medium risk of credit. However, bank and
credit information obtained reveal a history of prompt payments.
|
Legal Form: |
Limited Corporation |
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Date Incorporated: |
10-Oct-1997 |
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Reg. Number: |
36144 |
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Nominal Capital |
UGS.
60,000,000 Divided into Shares of 3,000 Each
UGS. 20,000 |
|
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Subscribed Capital |
UGS.
60,000,000 |
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Subscribed Capital is Subscribed in the following form: |
||
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Position |
Shares |
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Mr. Francis X. Kitaka |
Chairman |
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Mr. Emmanuel Katongole |
CEO |
16% |
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Mr. Frederick Mutebi
Kitaka |
CFO |
16% |
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Mr. George Willy Baguma |
CCO |
16% |
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Mr. Zain Latiff |
Director |
|
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Mrs. Beth Mandel |
Director |
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M.T.K. LIMITED |
Holding
Co. |
51% |
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M.T.K. LIMITED |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
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Registered to operate as
importer and distributors of human and veterinary pharmaceutical products |
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Imports: |
Asia |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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Main Customers: |
Medical Stores, firms and organizations |
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Employees: |
365 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Uganda |
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Location: |
Rented premises, 25,500 square feet, |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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Currency Reported: |
Ugandan Shillings (UGS.) |
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Approx. Ex. Rate: |
1 US Dollar = 2465.03
Ugandan Shillings |
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Fiscal Year End: |
December 31, 2013 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2013 was of 13%. |
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Financial Information not
Submitted |
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Profit and Loss
(expressed in USD.) |
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2013 |
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Sales |
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125,000,000 |
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Bank Name: |
BARCLAYS BANK OF UGANDA LTD |
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Branch: |
Uganda |
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Comments: |
Other Banks |
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|
STANBIC BANK |
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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. 62.19 |
|
|
1 |
Rs. 102.13 |
|
Euro |
1 |
Rs. 84.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.