MIRA INFORM REPORT

Report No. :	324435
Report Date :	30.05.2015

IDENTIFICATION DETAILS

Name :	BIDCO UGANDA LIMITED
Registered Office :	Plot No 152/M Masese Industrial Area, P. o. Box 1136, Jinja
Country :	Uganda
Date of Incorporation :	21.02.2002
Com. Reg. No.:	52130
Legal Form :	Limited Corporation
Line of Business :	Subject operates as manufacturers of household products, edible oils, fats, margarine, and soaps.
No. of Employees :	500

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 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, although lower oil prices since 2014 may prove a stumbling block to further exploration and development. 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

Company Name
Registered Name:	BIDCO UGANDA LIMITED
Requested Name:	BIDCO UGANDA LIMITED
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Plot No 152/M Masese Industrial Area,
Postal Address:	P. o. Box 1136
	Jinja
Country:	Uganda
Phone:	256-434124200
Fax:	256-434122888
Email:	info@bul.ug
Website:	www.bul.ug
CREDIT OPINION
Financial Index as of December 2014 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		21-Feb-2002
Reg. Number:		52130
Nominal Capital		UGS. 100,000,000
Subscribed Capital		UGS. 100,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Kodey Rao		MD
Mr. Bhimji Depar Shah		Director
Mr. Suvrajit Ghosh		GM
Wilmar and Josovina Commodities.		Shareholder		50%
Bidco Oil Refineries Ltd		Shareholder		50%
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
BIDCO OIL REFINERIES KENYA BIDCO OIL REFINERIES TANZANIA		Affiliated companies.
Wilmar and Josovina Commodities. Bidco Oil Refineries Ltd		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate as manufacturers of household products, edible oils, fats, margarine, and soaps.
Imports:		Asia, India, Middle East, USA
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Local agencies, stores, outlets, distributors,firms and organizations
Employees:		500 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Uganda
Location:		Owned premises, 20,000 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 = 3044.16 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.)
		2013	2014
Sales		20,800,000,000	22,500,000,000
BANK
Bank Name:		Stanbic Bank
Branch:		Uganda
Comments:		None
TRADE REFERENCES
Experiences:		Good
NOTARIAL BONDS None
COMMENTS / ADDITIONAL INFORMATION
This information was obtained from outside sources other than the subject company itself and confirmed the above subject. In 2004 Subject company invested USD. 10,000,000 in production of detergents

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.97.80
Euro	1	Rs.69.91

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TPT

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.