MIRA
INFORM REPORT
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Report Date : |
31.10.2007 |
IDENTIFICATION
DETAILS
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Name : |
AFRICAN COTTON INDUSTRIES LTD |
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Registered Office : |
Taveta Road, Shimanzi, P O Box 90324 -
80100, Mombasa |
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Country : |
Kenya |
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Date of Incorporation : |
8th April, 1960 |
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Com. Reg. No.: |
4686 |
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Legal Form : |
Limited Liability company, Limited by shares |
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Line of Business : |
Manufacturer of
cotton wool, sanitary towels, pads, bandages, surgical dressing |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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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Maximum Credit Limit : |
USD 120,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY REPORTED
AFRICAN COTTON INDUSTRIES LTD
Principal Address
Taveta Road, Shimanzi, P O Box 90324 - 80100, Mombasa Kenya
Telephone: 254-41-2225316/
2225317/ 2226970
Fax: 254-41-2220250/
314655
Email: info@africancotton.com
Internet: www.africancotton.com
Established
8th April, 1960
Registration
4686 Kenya
Legal Form
Limited Liability company, Limited by shares
Stock Listing
Not Listed
Workforce
2006
200
Office & Factories
Head offices Taveta Road, Shimanzi, Mombasa Island, Mombasa , Kenya
Branches (3) Off Mombasa Road, Nairobi, Kenya
Uganda Branch: 0774-178115
Rwanda 08416847
Company Profile
Paid in Capital KSHS. 15,000,000
Subscribed Capital KSHS. 12,500,000
Shareholders
Name Position No. of shares Ratio
Mr. Salim
Anjarwalla Managing
Director 6,239 49.91%
Mr. Girish Apabhai
Patel Director 6
0.05%
Executor of The
Estate Of H K Anjarwalla Shareholder 11 0.09%
Mr. Shamsudeen
Kashmiri Shareholder 5
0.04%
Mirak Limited Holding
Company 6,239 49.91%
Total 12,500
100.00%
Credit Opinion
Our proposed credit amount of USD 120,000 is recommendable
Affiliated Companies
None
Management/ Directors
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President/
CEO (1) |
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Name |
Mr. Salim Anjarwalla |
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Remarks |
Top Decision Maker |
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President/
CEO (2) |
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Name |
Mr. Girish Apabhai Patel |
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Work Experience |
5 years in this line of business |
Þ 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
Manufacturer of
cotton wool, sanitary towels, pads, bandages, surgical dressing
Terms of payment
Buying terms 30% in cash, 70% on credit
Selling terms 80% in cash, 20% on credit
Suppliers
None Stated
Customers
Hospitals, Distributors and
Agencies etc
Recent Sales
KSHS. 240,000,000
(2006)
Exports
East African
Countries
Export Ratio 20.0%
Import Ratio 60.0%
Domestic Market Share 15.0%
Banking relationship
Main Banks CITIBANK N A
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 120,000 outstanding at any one time.
RATING EXPLANATIONS
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RATING |
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. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)