MIRA INFORM REPORT

Report No. :	357090
Report Date :	30.12.2015

IDENTIFICATION DETAILS

Name :	BANGO CONTRACTORS (U) LTD
Registered Office :	Plot 12, Entebbe Road, 1st Floor, Kamu Kamu Plaza, P. o. Box 23919 Kampala
Country :	Uganda
Date of Incorporation :	10.07.2012
Legal Form :	Limited Corporation
Line of Business :	Subject operates as a consultancy firm.
No. of Employee :	10 employees

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. Agriculture is the most important sector of the economy, employing over two-thirds 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 in 2008 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, although lower oil prices since 2014 and protracted negotiations and legal disputes between the Ugandan government and oil companies may prove a stumbling block to further exploration and development. Instability in South Sudan is a risk for the Ugandan economy because Uganda is a key destination for Sudanese refugees and South Sudan is Uganda's main export partner. Unreliable power, high energy costs, inadequate transportation infrastructure, and corruption inhibit economic development and investor confidence. During 2014 to 2015 the Uganda shilling depreciated against the dollar, and this, coupled with increased public debt, has severely impeded production, especially since Uganda imports most of its capital goods.

Source : CIA

Company NAME
Registered Name:	BANGO CONTRACTORS (U) LTD
Requested Name:	BANGO CONTRACTORS (U)
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Plot 12, Entebbe Road, 1st Floor, Kamu Kamu Plaza,
Postal Address:	P. o. Box 23919
	Kampala,
Country:	Uganda
Phone:	256-414-236781
Fax:	256-414-236781
Email:	None
Website:	None
CREDIT OPINION
Financial Index as of December 2014 shows subject firm with a medium risk of credit. We recommend Secured Credit.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		10-July-2012
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. David Mukisa		MD
Mr. Moses Bakirente		Director
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate as a consultancy firm
Imports:		Asia
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		firms and organizations
Employees:		10 employees.
Vehicles:		2 motor vehicles.
Territory of sales:		Uganda
Location:		Rented premises, 1,500 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 = 3346.89 Ugandan Shillings
Fiscal Year End:		December 31, 2014
Inflation:		According to information given by independent sources, the inflation at December 31st, 2014 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in UGS.)
			2014
Sales			110,000,000
BANK
Bank Name:		EQUITY BANK UGANDA
Branch:		Plot 390, Muteesa 1 Road, Uganda
Account No.:		238094521
Contact:		Mr. Emmanuel Mugisha
Telephone:		256-754569864
Comments:		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.66.37
UK Pound	1	Rs.98.91
Euro	1	Rs.72.85
UGS	1	Rs.0.015

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ANK

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%)

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