MIRA
INFORM REPORT
|
Report Date : |
12.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BAMBURI CEMENT LIMITED |
|
|
|
|
Registered Office : |
PO Box 10921, 001000 Nairobi |
|
|
|
|
Country : |
Kenya |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
20-July-1951 |
|
|
|
|
Com. Reg. No.: |
1752 |
|
|
|
|
Legal Form : |
Public Company,
Limited by shares |
|
|
|
|
Line of Business : |
Commercial
manufacturer of cement etc |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 2,000,000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY REPORTED
BAMBURI CEMENT LIMITED
Principal Address
PO Box 10921, 001000 Nairobi, Kenya
Telephone: +254-20-2710487-9/510/531
Fax: +254-20-2710581/ 2
Email: corp.info@bamburi.lafarge.com
Internet: www.bamburi.lafarge.com
Established
20-July-1951
Registration
No. 1752 Nairobi,
KENYA
Legal Form
Public company,
Limited by shares
Stock Listing
Listed on the NSE,
Nairobi, Code: (BAMB.NR)
Workforce
2005
1,000
Office & Factories
Head offices 6th floor, Kenya-Re Towers, Upper Hill, off Ragati Road, Nairobi, Kenya
Branches 1. Malindi-Mombasa Road, Mombasa
2. Athi River, Nairobi
Company Profile
Paid in Capital KShs. 1,815,000,000
Subscribed Capital KShs. 1,815,000,000
Shareholders
Name Position Amount
Ratio
Mr. Richard
Kemoli Chairman
Mr. Michel Puchercos President &
CEO
Mr. Henri Nicot Director
Mr. D. Njoroge Director
Mr. Timothy Kaloki Director
Mr. Robert Nyangaya Director
Mrs. Sheila M'Mbijjiwe Director
Mr. R.K Lumbasyo Director
Mr. J.C. Hillenmeyer Director
Mr. S.W. Karanja Director
Mr. Elmor Leo Director
Mr. T. Hadley Director
MR. K. W. GEORGE Director
MR. T. HADLEY Director
Bancem holdings ltd Holding
Co. 265,901,994 73.27%
National social security fund Shareholder 57,314,178 15.79%
other individual shareholders Shareholder 18,676,463 5.15%
Ballobhai Chotabhai Patel Shareholder 9,064,741 2.50%
Barclaytrust Investment
Services Ltd Shareholder 3,920,861 1.08%
Insurance Company Of EA Limited Shareholder 2,970,000 0.82%
Kenya Reinsurance Corporation Shareholder 2,735,748 0.75%
Old Mutual Insurance Company Shareholder 2,347,740 0.65%
Total 362,931,725 100.00%
Credit Opinion
Our proposed credit amount of USD 2,000,000 is recommendable
Affiliated Companies
Company (1) BAMBURI SPECIAL
PRODUCTS
Company (2) HIMA CEMENT
LIMITED
Company (3) LAFARGE ECO
SYSTEMS
Management/ Directors
|
President/
CEO (1) |
|
|
Name |
Mr. Michel Puchercos |
|
Work Experience |
10 years in this line of business |
|
Remarks |
Top Decision Maker |
|
President/
CEO (2) |
|
|
Name |
Mr.
Richard Kemoli |
|
Work Experience |
10 years in this line of business |
Ž Top decision maker is the person who has the ultimate authority or power to make important managerial decisions. He/She may or may not be officially registered as a president or an executive director.
Business Activities
commercial
manufacturer of cement etc
Terms of payment
Buying terms 30% in cash, 70% on 60 day
credit
Selling terms 80% in cash, 20% on 60 day
credit
Suppliers
Lafarge
Customers
Local agencies,
Distributors, construction firms and outlets
Recent Sales
KSHS. 16,488,000,000
(2006)
Exports
Sudan, Uganda etc
Export Ratio 30.0%
Import Ratio 20.0%
Domestic Market Share 60.0%
Banking relationship
Main Banks BARCLAYS BANK,
Nairobi
Auditors
Deloitte & Touche
Credit Check of Subject,
President & CEO
(as of report date)
Payment Morale : In the documents at our
disposal nothing adverse has been shown so far.
CREDIT RATING : Financial situation is
average.
COMMENTS
Maximum credit we recommend is USD 2,000,000 outstanding at any one time.
|
BALANCE SHEET |
Year
End Results as of 31 Dec 2006 (In Million KShs.) |
||
|
|
2006 |
2005 |
||
|
ASSETS |
|
|
||
|
Non current assets |
|
|
||
|
Property, plant and equipment |
9,395 |
9,080 |
||
|
Operating lease rentals |
9 |
9 |
||
|
Intangible assets |
56 |
72 |
||
|
Capital work in progress |
643 |
350 |
||
|
Investments in subsidiaries |
1 |
1 |
||
|
Other equity investments |
2,610 |
1,803 |
||
|
Goodwill |
217 |
217 |
||
|
|
12,931 |
11,532 |
||
|
Current assets |
|
|
||
|
Inventories |
2,385 |
2,027 |
||
|
Trade and other receivables |
1,137 |
853 |
||
|
Tax recoverable |
3 |
- |
||
|
Cash and cash equivalents |
2,057 |
920 |
||
|
|
5,582 |
3,800 |
||
|
Total Assets |
18,513 |
15,332 |
||
|
EQUITY AND LIABILITIES |
|
|
||
|
Capital and reserves |
|
|
||
|
Share capital |
1,815 |
1,815 |
||
|
Capital redemption reserve |
2 |
2 |
||
|
Revaluation surplus |
2,965 |
2,821 |
||
|
Fair value reserve |
2,264 |
1,457 |
||
|
Translation reserve |
-70 |
-338 |
||
|
Retained earnings |
6,041 |
4,922 |
||
|
Shareholders’ funds |
13,017 |
10,679 |
||
|
Minority interest |
719 |
602 |
||
|
|
13,736 |
11,281 |
||
|
Non-current liabilities |
|
|
||
|
Deferred tax |
1,951 |
1,932 |
||
|
Provision for liabilities and charges |
368 |
342 |
||
|
|
2,319 |
2,274 |
||
|
Current liabilities |
|
|
||
|
Trade and other payables |
2,187 |
1,168 |
||
|
Tax payable |
167 |
108 |
||
|
Borrowings |
- |
417 |
||
|
Provision for liabilities and charges |
84 |
64 |
||
|
Unclaimed dividends |
20 |
20 |
||
|
|
2,458 |
1,777 |
||
|
Total equity and liabilities |
18,513 |
15,332 |
||
|
|
|
|
||
|
INCOME STATEMENTS |
|
|||
|
Year End Results
as of 31 Dec 2006 |
2004 |
2005 |
2006 |
|
|
Sales |
15,142 |
14,393 |
16,488 |
|
Net Income
|
1,901
|
2,155
|
2,799
|
|
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)