MIRA INFORM REPORT

Report No. :	507285
Report Date :	08.05.2018

IDENTIFICATION DETAILS

Name :	BIDCO UGANDA LIMITED
Registered Office :	Plot No 152/M Masese Industrial Area, P. o. Box 1136 Jinja
Country :	Uganda
Financials (as on) :	2017 (Summarized)
Date of Incorporation :	21.02.2002
Com. Reg. No.:	52130
Legal Form :	Limited Corporation
Line of Business :	Subject operate as manufacturers of household products, edible oils, fats, margarine, and soaps.
No. of Employees :	525

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	Acceptable Risk	Business dealings permissible with moderate risk of default

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

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, significant reserves of recoverable oil, and small deposits of copper, gold, and other minerals. Agriculture is one of the most important sectors of the economy, employing 72% of the work force. The country’s export market, which suffered a major slump following the outbreak of conflict in South Sudan, has now recovered, largely due to record coffee harvests and increasing gold exports. Uganda has a small industrial sector that is dependent on imported inputs such as refined oil and heavy equipment. Productivity is hampered by several supply-side constraints, including insufficient infrastructure, underinvestment in agriculture, rudimentary technology, and corruption.

Uganda’s economic growth has slowed since 2016, with the growth rate dropping from 5.7% in 2015 to 4.4% in 2017. In FY 2016/17, revenue collections dropped by 4%, as public debt increased from 33.3% of GDP in 2015 to 40% in 2017. Uganda relies on foreign donor support to finance long-term drivers of growth, such as agriculture, health, and education.

Oil revenues and taxes will become a larger source of government funding in the near future when oil production begins in the next three to 10 years. Foreign investors are planning to invest $9 billion in production facilities projects, $4 billion in an export pipeline, and $2-3 billion in a refinery to produce petroleum products for the domestic and East African Community markets. Furthermore, the government is looking to build several hundred million dollars’ worth of highways to connect the oil region to the rest of the country.

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. Uganda has one of the lowest electrification rates in Africa - only 22% of Ugandans have access to electricity at the national level, and this figure drops to 10% in rural areas. Additional problems include poor economic management, endemic corruption, and a failure to invest adequately in health, education, and economic opportunities for a burgeoning young population.

Source : CIA

Company NAME

Registered Name:	BIDCO UGANDA LIMITED
Requested Name:	BIDCO UGANDA LIMITED
Other Names:	BIDCO UGANDA LTD.
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:	256-434122888/124282
Email:	info@bul.ug
Website:	www.bul.ug
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:		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 etc
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:		525 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Uganda
Location:		Owned premises, 25,000 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			30,000,000,000
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	INR 67.11
UK Pound	1	INR 90.85
Euro	1	INR 80.12
UGS	1	INR 0.018

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

INFORMATION DETAILS

Analysis Done by :	NIY
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.