MIRA INFORM REPORT

Report No. :	495800
Report Date :	07.03.2018

IDENTIFICATION DETAILS

Name :	TATA UGANDA LTD.
Registered Office :	Plot No 52,Lugogo Bypass, Plot 47, Jinja Road, Kampala, P. O. Box 7153 Kampala
Country :	Uganda
Date of Incorporation :	05.11.1994
Com. Reg. No.:	27412
Legal Form :	Limited Corporation
Line of Business :	Subject operate as importers and dealers of Tata vehicles, spare parts, after sale service, healthcare and pharmaceuticals products
No. of Employees :	150

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Uganda	B2	B2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 more than one-third of the work force. Coffee accounts for about 20% of exports. Uganda has a small industrial sector that is dependent on imported inputs like oil and equipment. Overall productivity is hampered by a number of supply-side constraints, including underinvestment in an agricultural sector that continues to rely on rudimentary technology.

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 were especially aimed at dampening inflation while encouraging foreign investment to boost 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, and better domestic security.

Oil revenues and taxes are expected to become a larger source of government funding as production starts in the next five to 10 years. However, 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.

Uganda faces many economic challenges. Instability in South Sudan has led to a sharp increase in Sudanese refugees and is disrupting Uganda's main export market. High energy costs, inadequate transportation and energy infrastructure, insufficient budgetary discipline, and corruption inhibit economic development and investor confidence. Between 2015 and 2017, the Uganda shilling depreciated 50% against the dollar.

The budget is dominated by energy and road infrastructure spending, while relying on donor support for long-term drivers of growth, including agriculture, health, and education. The largest infrastructure projects are externally financed through low-interest concessional loans. As a result, debt servicing for these loans is expected to rise.

Source : CIA

Company NAME

Registered Name:	TATA UGANDA LTD.
Requested Name:	TATA UGANDA LTD.
Other Names:	TATA UGANDA LIMITED
ADDRESS AND TELECOMMUNICATION
Physical Address:	Plot no 52,Lugogo Bypass,
Registered Address:	Plot 47, Jinja Road, Kampala,
Postal Address:	P. o. Box 7153
	Kampala,
Country:	Uganda
Phone:	256-41344320/1/376546/414233915
Cell:	256-754200204 Extension 227/757661537
Fax:	256-41344321/233915
Email:	tata@starcom.co.ug/ tata@utlonline.co.ug/ tata@tatauganda.com
Website:	www.tatauganda.com/www.tataafrica.com/ www.tatainternational.com
CREDIT OPINION
Financial Index as of December 2017 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:		5-Nov-1994
Reg. Number:		27412
VAT Number:		B94-1004-1130-F
Nominal Capital		UGS. 250,000,000
Subscribed Capital		UGS. 230,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. N Chandrasekaran		Group Chairman
Mr. Guenter Butschek		Group CEO/MD
Mr. Satish Borwankar		Group COO
Mr. P. B. Balaji		Group CFO
Mr. Nasser Munjee		Director
Mr. Vinesh K Jairath		Director
Dr. Ralf Speth		Director
Ms. Falguni S. Nayar		Director
Mr. O. P. Bhatt		Director
Ms. Hanne Sorensen		Director
Tata International Ltd, India		Holding Company		100%
RELATED COMPANIES
Tata International Ltd, India		Parent company.
None		Subsidiary company.
Various worldwide		Affiliated company.
None		Shareholder of subject firm.
Various in Major towns		Branches of the firm
OPERATIONS
Registered to operate as importers and dealers of Tata vehicles, spare parts, after sale service, healthcare and pharmaceuticals products
Imports:		Asia, Middle East, China
Exports:		None
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		firms and organizations
Employees:		150 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Uganda
Location:		Owned premises, 50,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Ugandan Shillings (UGS.)
Fiscal Year End:		December 31, 2017
Inflation:		According to information given by independent sources, the inflation at December 31st, 2017 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in UGS.)
			2017
Sales			25,720,000,000
BANK
Bank Name:		Bank of Baroda
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	INR 64.99
UK Pound	1	INR 89.91
Euro	1	INR 80.21
UGX	1	INR 0.018

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

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.