MIRA INFORM REPORT

Report No. :	340998
Report Date :	21.09.2015

IDENTIFICATION DETAILS

Name :	MULTIPLE INDUSTRIES LIMITED
Registered Office :	Plot 714/715, Mbogo Road, 8th Street Industrial Area, Kampala P. o. Box 20166 Kampala
Country :	Uganda
Date of Incorporation :	26.02.1991
Com. Reg. No.:	22447
Legal Form :	Limited Corporation
Line of Business :	Manufacturers of domestic and industrial plastic products such as water pipes and fittings under the brand name ‘Simba’ and other related products
No. of Employee :	300

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 – 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:	MULTIPLE INDUSTRIES LIMITED
Requested Name:	MULTIPLE INDUSTRIES LIMITED
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Plot 714/715, Mbogo Road, 8th Street Industrial Area, Kampala
Postal Address:	P. o. Box 20166
	Kampala,
Country:	Uganda
Phone:	256-41-4236021/ 4236022/ 4307200
Fax:	256-41-4236023/ 4307290
Email:	response@multipleindustries.com
Website:	www.multipleindustries.com
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:		26-Feb-1991
Reg. Number:		22447
Nominal Capital		UGS. 10,000,000
Subscribed Capital		UGS. 10,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Bob Barayan		CEO		25%
Mr. Sukhminder Singh Baryan		MD
Mr. Venu Gopal		Director
Mr. William Karamagi		Director
Mr. Naveed Saleem		Director
Mr. Lalit Patel		Director
Mr. Amrik Singh Heer		Director		25%
Mr. Rajinder Singh Baryan		Director		25%
Mr. Tarlochan Singh Heer		Director		25%
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
MULTIPLE HAULIERS (EA)LTD		Affiliated company.
Mr. Bob Barayan, Mr. Amrik Singh Heer, Mr. Rajinder Singh Baryan, Mr. Tarlochan Singh Heer.		Shareholder of subject firm.
-Plot 13/23 8th Street Industrial Area Kampala, Uganda -Plot7 Bombo Road, Kampala, Uganda		Branches of the firm
OPERATIONS
Registered to operate as manufacturers of domestic and industrial plastic products such as water pipes and fittings under the brand name ‘Simba’ and other related products
Imports:		Asia
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Local agencies, firms and organizations
Employees:		300 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Uganda
Location:		Owned premises, 100,000 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 = 3660.86 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			9,498,000,000
BANK
Bank Name:		STANDARD CHARTERED BANK (UGANDA) LIMITED
Branch:		Kampala, 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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.92
UK Pound	1	Rs.102.75
Euro	1	Rs.75.13

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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