|
Report Date : |
28.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
ABACUS PHARMA (A) LTD |
|
|
|
|
Registered Office : |
Plot No.28B-32B-34B, Coronation Avenue, UMA Show Grounds Lugogo,
Kampala, Plot No 2, Bombo Road, Kampala P. o. Box 31376, Kampala, |
|
|
|
|
Country : |
Uganda |
|
|
|
|
Date of Incorporation : |
14.01.1998 |
|
|
|
|
Legal Form : |
Limited
Corporation |
|
|
|
|
Line of Business : |
Subject operate
import and distribution of pharmaceutical and surgical equipments |
|
|
|
|
No. of Employees : |
50 |
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. 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. 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: |
ABACUS PHARMA (A)
LTD. |
|
Requested Name: |
ABACUS PHARMA (A) LTD. |
|
Other Names: |
ABACUS PHARMA (AFRICA) LTD. |
|
Physical Address: |
Plot No.28B-32B-34B, Coronation Avenue, UMA Show Grounds Lugogo,
Kampala, |
|
Registered
Address: |
Plot No 2, Bombo Road, Kampala |
|
Postal Address: |
P. o. Box 31376, |
|
|
Kampala, |
|
Country: |
Uganda |
|
Phone: |
256-414-250777/236866/-417-100900 |
|
Fax: |
256-414-236867/-417-100920 |
|
Email: |
abacus@kiboko.co.ug |
|
Website: |
www.abacuspharma.com |
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
14/01/1998 |
|
|
Reg. Number: |
Kampala |
|
|
Nominal Capital |
UGS. 4,000,000,000 Shares 4,000,000 each UGS. 1,000 |
|
|
Subscribed Capital |
UGS. 3,747,000,000 being 3,747,000 |
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Chuni R. Shah |
Chairman |
|
|
Mr. Anantharaman Nagarajan |
CEO |
|
|
Mr. B.S. Ramesh Babu |
Group MD |
|
|
Mr. Balaji E. Jampani |
Group CFO |
|
|
Mr. Rasik H. Haria |
Director |
|
|
Mr. Praful N. Shah |
Director |
|
|
Ms. Rukmini Bonthala |
Director |
|
|
Mr. Dipan Shah |
Director |
|
|
Mr. Skander Oueslati |
Director |
|
|
Mr. George Odo |
Director |
|
|
Mr. Milind Sawant |
GM |
|
|
Mr. Jagan Mohan |
Manager |
|
|
Kiboko Group of Companies |
Holding Co. |
100% |
|
Kiboko Group of Companies |
Parent company. |
|
None |
Subsidiary company. |
|
Various in Group |
Affiliated company. |
|
None |
Shareholder of subject firm. |
|
10 in Uganda |
Branches
of the firm |
|
Registered to operate import and distribution of pharmaceutical and surgical equipments |
|
|
Imports: |
Asia, UK, Kenya and Malaysia |
|
Exports: |
None |
|
Trademarks: |
None |
|
Terms of sale: |
Cash (40%) and 30 days (60%), invoices. |
|
|
|
|
Main Customers: |
firms and organizations |
|
Employees: |
50 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
Uganda |
|
Location: |
Owned premises, 5.000 square feet, |
|
Auditors: |
PKF UGANDA |
|
Insurance Brokers: |
Information not available. |
|
Currency Reported: |
Ugandan Shillings (UGS.) |
|
|
Approx. Ex. Rate: |
1 US Dollar = 2572.01 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 |
|
100,000,000,000 |
|
Bank Name: |
Crane Bank |
|
Branch: |
Uganda |
|
Comments: |
Other Banks |
|
|
DIAMOND TRUST BANK (UGANDA)
LIMITED |
|
|
STANBIC BANK (UGANDA) LIMITED |
|
|
STANDARD CHARTERED BANK (UGANDA)
LIMITED |
|
Experiences: |
Good |
None
|
This
information was obtained from outside sources other than the subject company
itself and confirmed the above subject. In 2014 Subject underwent a Share capital increase from UGS. 50,000,000 to UGS. 4,000,000,000 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.13 |
|
|
1 |
Rs.99.65 |
|
Euro |
1 |
Rs.82.91 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.