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Report Date : |
19.06.2014 |
IDENTIFICATION DETAILS
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Name : |
ENERGY WATER AND
SANITATION LTD |
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|
|
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Formerly Known as : |
ELECTROGAZ PTY
LTD |
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Registered Office : |
Nyarugenge District Kigali
City |
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Country : |
Rwanda |
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Year of Establishment : |
1939 |
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Legal Form : |
State Corporation |
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Line of Business : |
Engaged in exploitation of energy sources, production and distribution of water and electricity |
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No of Employees : |
5200 |
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 |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Rwanda |
C1 |
C1 |
|
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: ENERGY WATER AND SANITATION LTD
Requested Name: ENERGY
WATER AND SANITATION LTD
Other Names: EWSA
Former Names: ELECTROGAZ PTY LTD
REGIDESO
Physical Address: Nyarugenge District Kigali City,
Postal Address: P. o. Box 537
Kigali,
Country: Rwanda
Phone: 250-252573666
Fax: 250-252573802
Email: ewsa@rwanda1.com
Website: www.ewsa.rw
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: State Corporation
Date Incorporated: 1939
Reg. Number: Rwanda
Nominal Capital RWF. 100,000,000
Subscribed Capital RWF. 100,000,000
Subscribed Capital
is Subscribed in the following form:
Position Shares
Dr. Papias Malimba
Musafiri Chairman
Mrs. Clementine
Umugwaneza Deputy Chairman
Mr. Ntare
Karitanyi MD
Mrs. Anathalie
Muteteli Deputy MD
Mr. Jean Claude
Iriboneye Director
Mrs. Alice Rwema Director
Mr. Peter Ngarambe Director
Mrs. Teta Bahunde Director
Mr. Bosco Sebabi Director
Government of
Rwanda Parent 100%
Government of
Rwanda Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
23 in Rwanda Branches of the firm
Registered to operate exploitation of energy sources, production and
distribution of water and electricity
Imports: Asia,
Europe
Exports: None
Trademarks: None
Terms of sale: 100%
tenders
Main Customers: General
Public
Employees: 5200
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Rwanda
Location: Owned
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 = 678 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 420,000,000
Bank Name: NATIONAL BANK
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.
In 1939 Subject Company was
founded as REGIDESO for the supplying water, electricity and gas to Rwanda and
Burundi.in 1933 it was divided into REGIDESO Rwanda and REGIDESO Burundi.In
1976 it underwent a name change to ELECTROGAZ.
In 2008 ELECTROGAZ was spilt into RECO (Rwanda Electricity Corporation)
and RWASCO (Rwanda Water and Sanitation Corporation). In 2010 the two merged to
form present company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.12 |
|
|
1 |
Rs.102.00 |
|
Euro |
1 |
Rs.81.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MNL |
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.