How to enter

Participation is voluntary. Any company can take part as long as it meets the following criteria:-

  • Turnover range of RWF 50 million to RWF 6 Billion for the last 3 years (2011, 2012, 2013)
  • Three year audited financial track record
  • No listed in the stock exchange
  • Not a bank, Sacco, law or accounting/auditing firm.

The rationale for the exemption of banks and insurance companies is that banks are adequately covered by the banking survey, whilst SACCOs and insurance companies require more rigorous analysis than that envisaged by the Top 100 Survey.

Information that each participating company is required to submit

The survey covers both financial and non financial information. Each company is required to complete two questionnaires – a Financial Questionnaire and a General Questionnaire.

The General Questionnaire provides information aimed at providing an understanding of the business, its history, products and services, ownership, management practices, business confidence outlook, job creation, approach to corporate social responsibility, and the extent to which ICTs are used in the business.

The Financial Questionnaire covers the following information for each participating company for the three preceding three financial years.


  • The revenue range within which the company falls. No company is required to disclose its actual revenue.
  • The annual revenue growth rate


  • Return on equity
  • Return on equity adjusted for any new capital raised during the financial year


  • Current ratio
  • Quick ratio
  • No of days sales in debtors

Funding structure and servicing of Debt funding

  • Debt equity ratio
  • Interest cover ratio
  • Retention ratio

Criteria used to select the winners

The final Top 100 companies are determined objectively on the basis of the following quantitative criteria.

  • Revenue growth (three year average)
  • Return on equity (three year average)
  • Current ratio (for the most recent financial year)

Rankings are prepared for each ratio. The overall ranking is based on the average rank.

Revenue growth, return on equity and liquidity thresholds are however set each year to ensure that the final list only includes profitable companies, companies that demonstrated appreciable top line growth and companies that do not show any obvious signs of financial distress as at the latest financial year end.

If you believe that your company has met the participation criteria, please send an email to
Catherine Mutahi :

Give your name, your company name and an indication that you would like to participate in the Top 100 survey.