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Report No. : |
310313 |
|
Report Date : |
13.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
ABACUS PHARMA (A) LTD |
|
|
|
|
Registered Office : |
Opposite City Plaza, Quartier Commercial, Kigali BP 4344 Kigali |
|
|
|
|
Country : |
Rwanda |
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|
|
|
Date of Incorporation : |
02.05.2003 |
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|
|
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Com. Reg. No.: |
100304988 |
|
|
|
|
Legal Form : |
Limited Corporation |
|
|
|
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Line of Business : |
Import and Distribution
of Pharmaceutical and Surgical Equipments. |
|
|
|
|
No. of Employees : |
40 Employees. |
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 |
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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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Rwanda |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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: |
ABACUS PHARMA
(A) LTD |
|
Requested Name: |
ABACUS PHARMA (A) LTD |
|
Other Names: |
None |
|
Physical Address: |
Opp
City Plaza, Quartier Commercial, Kigali |
|
Postal Address: |
BP
4344 |
|
|
Kigali,
|
|
Country: |
Rwanda |
|
Phone: |
250-2502973 |
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Fax: |
250-2570000 |
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Email: |
kigaliaccounts@kiboko.co.ug |
|
Website: |
www.kibokogroup.com |
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
02-May-2003 |
|
|
Reg. Number: |
100304988 |
|
|
Nominal Capital |
RWF.
1,000,000 |
|
|
Subscribed Capital |
RWF.
1,000,000 |
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Chuni R. Shah |
Chairman |
|
|
Mr. Balaji E. Jampani |
Group
CFO |
|
|
Mr. B.S. Ramesh Babu |
MD |
|
|
Mr. Rasik H. Haria |
Director |
|
|
Mr. Praful N. Shah |
Director |
|
|
Mr. George Odo |
Director |
|
|
Mr. Skander Oueslati |
Director |
|
|
Mrs. Rukmini Bonthala Garrido |
Director |
|
|
Mr. Gabriel Keita |
Director |
|
|
Kiboko Group of Companies |
Holding
Co. |
100% |
|
Kiboko Group of Companies |
Parent company. |
|
None |
Subsidiary company. |
|
Various in Group |
Affiliated companies. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
|
Registered to operate
import and distribution of pharmaceutical and surgical equipments |
|
|
Imports: |
Asia, UK, Kenya |
|
Exports: |
None |
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Trademarks: |
None |
|
Terms of sale: |
Cash (40%) and 30 days (60%), invoices. |
|
|
|
|
Main Customers: |
firms and organizations |
|
Employees: |
40 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
Rwanda |
|
Location: |
Leased premises, 5.000 square feet, |
|
Auditors: |
Information not
available. |
|
Insurance Brokers: |
Information not
available. |
|
Currency Reported: |
Rwandan Franc (RWF.) |
|
|
Approx. Ex. Rate: |
1 US Dollar = 688.99
Rwandan Franc |
|
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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 RWF.) |
||
|
|
|
2014 |
|
Sales |
|
565,000,000 |
|
Bank Name: |
Access
Bank Rwanda (ABR) |
|
Branch: |
Rwanda |
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Comments: |
None |
|
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.62.57 |
|
|
1 |
Rs.93.57 |
|
Euro |
1 |
Rs.65.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.