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MIRA
INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
HACO INDUSTRIES
(K) LTD |
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Registered Office : |
Stima Plaza, Kolobot Road, Parklands |
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Country : |
Kenya |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
11.12.1974 |
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Com. Reg. No.: |
13160 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Manufacturers and Distributors of Writing Pens, Cosmetics, and Household Detergents |
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 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUBJECT'S NAME
Registered Name: HACO INDUSTRIES (K) LTD
Requested Name: HACO
INDUSTRIES (K) LTD
Other Names: None found.
ADDRESS AND TELECOMMUNICATION
Physical Address: Stima
Plaza, Kolobot Road, Parklands
Postal Address: P.o Box 43909-00100
Nairobi,
Country: Kenya
Phone: 254-20-8642000/8642002/8642003
Fax: 254-20-8642213/3520310
Email: info@haco.co.ke
Website: www.haco.co.ke
CREDIT OPINION
Financial Index as of December 2007 shows subject firm
with a medium risk of credit. We recommend Credit of USD 100,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 11-Dec-1974
Reg. Number: 13160
National ID: P000608167F
Nominal Capital KES 91,434,700
Subscribed Capital KES 91,434,700
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr.
Christopher John Kirubi MD/ CEO 34.62%
Mr. Polycarp
Igathe Director
Mr. S. Sagdo Director
Mr. Zachary Nganga Gatei Director
Mr. Peter Mbugua Kimani Director
Mr. Simon Njoroge Director
Mr. Johnson Mwaniki Nyagah Director
Tiger Brands Limited Shareholder 51.00%
Eurima Handels AG, Zurich, Shareholder 14.14%
Rudolf G Rijmer Shareholder 0.24%
RELATED COMPANIES
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to operate as manufacturers &
distributors of writing pens, cosmetics, and household detergents
Imports: Asia,
Europe & South Africa
Exports: Uganda,
Tanzania, Ethiopia, Rwanda, Burundi, Djibouti, Eritrea
Trademarks: None
Terms of sale: Cash
(30%) and 30 days (70%), invoices.
Main Customers: Supermarkets,
departmental Stores, distributors and other outlets etc
Employees: 400
employees.
Vehicles: Several motor
vehicles.
Territory of sales: Kenya
Location: Rented premises,
20,000 square feet,
AUDITORS AND INSURANCE
Auditors: Information not available.
Insurance Brokers: Information not available.
FINANCE
Currency Reported: Kenya Shillings (KES)
Approx. Ex. Rate: 1 US Dollar = 79.2 Kenya Shillings
Fiscal Year End: December
31, 2007
Inflation: According to
information given by independent sources, the inflation at December 31st,
2007 was of 13%.
Financial Information Not Submitted
2006 2007
Sales 1,100,000,000 1,140,000,000
BANK
Bank Name: Bank of Africa
Branch: Nairobi
Account Number: 114892240017
Enquiry Amount: 100,000
Terms: 90 days
Bank Code: Code
-C which means good for normal Business Engagements
Comments: Overdraft None, Promissory notes- None
Other bankers CITIBANK
N. A
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.90 |
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UK Pound |
1 |
Rs.74.30 |
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Euro |
1 |
Rs.63.42 |
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%)