MIRA
INFORM REPORT
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Report Date : |
10.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
BRANDED FINE FOODS LTD |
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Registered Office : |
Lumumba Road, Near
Kingsway Tyres, Mombasa |
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Country : |
Kenya |
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Date of Incorporation : |
29.09.1995 |
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Com. Reg. No.: |
67142 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Dealers in variety of
Food products such as Fruits, Spices etc |
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: BRANDED FINE FOODS LTD
Requested Name: BRANDED
FINE FOODS LTD
Other Names: None found.
ADDRESS AND TELECOMMUNICATION
Physical Address: Lumumba Road, Near Kingsway Tyres, Mombasa, Kenya
Postal Address: P.o Box 99403-80100
Mombasa
Country: Kenya
Phone: 254-41-2491130/2491422
Mobile: 254-723293714
Fax: 254-41-2491193/2493916
Email: finefoods@brandedfine.com
Website: none
CREDIT OPINION & RISK RATING
ASSESSMENT
Financial Index as of December 2007 shows subject firm
with a medium risk of credit. However, bank and credit information obtained
reveal a history of prompt payments. We recommend Credit of USD 100,000 on 90
days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 29-Sept-1995
Reg. Number: 67142
Nominal Capital KES 5,000,000 Divided into
Shares of 5000 each 1000
Subscribed Capital KES 5,000,000
Paid Up Capital KES 1,500
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr.
Iqbal Valli Hussein MD/ CEO 1485
Mr.
Valli Hussein Valli Director 15
Mrs.
Zainul Iqbal Valli Manager
RELATED COMPANIES
None Parent company.
None Subsidiary company.
Peace Ridge Agencies Ltd Affiliated company.
None Shareholder of subject firm.
Tanzania and Mauritius Branches of the firm
OPERATIONS
Registered to operate as dealers in variety of food
products such as fruits, spices etc.
Imports: Tiles
and materials from Italy, China, India and South Africa
Exports: Neighboring
countries
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
The
subject has about 800 customers, 95% from the private sector and 5% from
government sector.
Main Customers: Distributors,
retail outlets etc
Employees: 15
employees.
Vehicles: Several
motor vehicles.
Territory of sales: Kenya
Location: Owned
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 = 79.25 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
BANK
Bank Name: Commercial Bank of Africa Ltd,
Branch: MOI Avenue Br, Mombasa Kenya
Enquiry Amount: 100,000
Terms: 90 days
Bank Code: Code
-C which means good for normal Business Engagements
Comments: Mortgages 20,250,000
TRADE
REFERENCES
Experiences: Good
NOTARIAL BONDS None
CHECK
INSOLVENCIES
The checks have been
made on: The company
and owners
PROTESTS
AND NEGATIVE ELEMENTS
The company and the following officers Mr. Iqbal
Valli, Mr. Valli Hussein Valli and Mrs. Zainul Iqbal Valli have been checked at
the Registries of companies and with the judicial local facilities.
PROTESTS RECORDED
No protests in the name of the company and its
officers, No protests on the associated concerns, No protests on
shareholders/partners, Check on Prejudicial Events as per Commercial Court
office
NEGATIVE ELEMENTS
Researches effected
concerning possible prejudicial events
in the name of the company
revealed: No negative elements since 01/01/2000
Date of the check on protests and prejudicial events:
09/12/2008
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.49.12 |
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UK Pound |
1 |
Rs.72.59 |
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Euro |
1 |
Rs.63.52 |
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%)