MIRA INFORM REPORT
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Report Date : |
5th April
2006 |
IDENTIFICATION DETAILS
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Name : |
PY-REX EAST AFRICA LTD |
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Registered Office : |
P.O. BOX 4769, 00100 GPO, Nairobi, Kenya |
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Date of Incorporation : |
Dec-1998 |
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Legal Form : |
Limited
Corporation |
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Line of Business : |
Wholesalers
and retailers of Chemicals, laboratory, water treatment chemicals and
laboratory equipments etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba
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RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUBJECT'S NAME
Registered
Name: PY-REX EAST AFRICA
LTD
Requested
Name: PY-REX EAST AFRICA LTD
Other
Names: None found.
ADDRESS AND TELECOMMUNICATION
Physical
Address: PY-REX EAST AFRICA
LTD.
Postal
Address: P.O.
BOX 4769, 00100 GPO, Nairobi
Country: Kenya
Phone: 254-20-229005/
252353/ 214823/
252189
Cell: 254-722256167
Fax: 254-20-214808
Email: sales@py-rexeastafric.com
Website: --
CREDIT OPINION |
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Financial Index as of December 2005 shows subject
firm with a moderate risk of credit. And bank and credit information obtained
reveal a history of prompt payments. We recommend Credit of USD 40,000 on 90
days. |
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LEGAL |
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
Dec-1998 |
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Reg. Number: |
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Nominal Capital |
KShs. 100,000 Divided into
Shares of 10,000 each KShs 10 |
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Subscribed Capital |
KShs. 100,000 |
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Subscribed
Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Julius Mureithi |
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50% |
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Mrs. Irene Mureithi |
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50% |
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RELATED COMPANIES |
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None |
Parent company. |
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None |
Subsidiary company. |
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LABOREX LTD |
Affiliated company. |
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None |
Shareholder of subject firm. |
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OPERATIONS |
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Registered to operate wholesaling and retailing of
Chemicals, laboratory, water treatment chemicals and laboratory equipments
etc. |
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Imports: |
Chemicals,
materials and equipments from Germany, China, India and South Africa |
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Exports: |
Uganda
and Tanzania (5%) |
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Trademarks: |
None |
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Terms
of sale: |
Cash
(30%) and 30-60 days (70%), invoices. |
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The
subject has about 100 customers, 60% from the private sector and 40% from
government sector. |
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Main
Customers: |
Universities,
sugar manufacturing companies and organizations |
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Main
Suppliers: |
MERCK,
Germany, |
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Employees: |
15
employees. |
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Vehicles: |
Several
motor vehicles. |
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Territory
of sales: |
Kenya. |
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Location: |
Rented
premises, 1,000 square feet, |
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AUDITORS AND INSURANCE |
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Auditors: |
Information not available. |
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Insurance
Brokers: |
Jubilee
Assurance |
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FINANCE |
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Currency Reported: |
Kenyan Shillings (KSh) |
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Approx. Ex. Rate: |
1 US Dollar = 72 Kenyan Shillings |
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Fiscal
Year End: |
December
31, 2005 |
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Inflation: |
According
to information given by independent sources, the inflation at January
31st, 2006 was of 2%. |
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Financial Information Submitted |
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(Full Financial
information to follow) |
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KShs. |
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FIXED ASSETS |
1,000,000 |
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STOCKS |
2,000,000 |
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DEBTORS |
2,500,000 |
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Profit and Loss (expressed in KSh) |
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12/31/2005 |
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Sales |
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20,000,000 |
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BANK |
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Bank Name: |
KENYA COMMERCIAL BANK LTD, Moi Ave, Nairobi |
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Comments: |
Overdraft None, Promissory notes- None |
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TRADE REFERENCES |
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Experiences: |
Good |
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COMMENTS / ADDITIONAL INFORMATION |
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This information was obtained from outside sources
other than the subject company itself and confirmed the above subject. |
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RATING EXPLANATIONS
RATING
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STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |