MIRA
INFORM REPORT
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Report Date : |
20.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
TWIGA
CHEMICAL INDUSTRIES LTD |
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Registered Office : |
Po Box 30172,Nairobi |
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Country : |
Kenya |
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Date of Incorporation : |
18.501949 |
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Com. Reg. No.: |
1865 Nairobi, KENYA |
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Legal Form : |
Private limited Liability company, Limited by Shares |
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Line of Business : |
Manufacturers, importers, wholesalers & distributors of
fungicides, insecticides, agro-chemicals, animal health, explosives,
industrial & pharmaceutical products |
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 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY REPORTED
TWIGA CHEMICAL
INDUSTRIES LTD
Principal Address
Po Box 30172,Nairobi,Kenya
Telephone: +254-20-530020/550405
Fax: +254-20-552658/551859
Email: info@twiga-chem.com
Internet: www.twiga-chem.com
Established
18/5/1949
Registration
No. 1865 Nairobi,
KENYA
Legal Form
Private limited
Liability company, Limited by shares
Stock Listing
Not Listed in any
stock exchanges
Workforce
2007
240
Office & Factories
Head offices View Park Towers, Uhuru Highway, Nairobi,
Kenya
Branches Olkalou road, off Nanyuki road, Industrial
area, Nairobi, Kenya
Company Profile:
Paid in Capital KSHS. 50,000,000
Subscribed Capital KSHS. 44,000,000
Shareholders
Name Position Amount
Ratio
Mr. H W Keith
Chairman
Mr. Gordon Pickering MD
Mr. H M Macharia Director
Mr. Alnoor Jamal Director
Mr. A Ramamurthy Director
Mr. Salim Jamal Director
Covenant (EA) ltd, UK Holding Co 1,319,992 60.00%
Bawan ltd, Kenya Shareholder 337,730 15.35%
Hon. Mwai Kibaki Shareholder 105,530 4.80%
Mr. P Muthingani Shareholder 29,950 1.36%
Other Shareholders Shareholder 406,798 18.49%
Total 2,200,000 100.00%
Credit Opinion
Our proposed credit amount of USD 500,000 is recommendable
Affiliated Companies
Company (1) KENYA BAKESURE LTD
Company (2) TOLL MANUFACTURING
CENTRE LTD
Company (3) TWIGA
AGRO-CHEMICALS LTD
Company (4) TWIGA ANIMAL
HEALTH LTD
Company (5) TWIGA EXPLOSIVES
LTD
Company (6) TWIGA INDUSTIAL
CHEMICALS LTD
Company (7) TWIGA
PHARMACEUTICALS LTD
Management/ Directors
President/ CEO (1)
Name Mr. H
W Keith
Remarks Top
Decision Maker
President/ CEO (2)
Name Mr. Gordon
Pickering
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
Manufacturers,
importers, wholesalers & distributors of fungicides, insecticides,
agro-chemicals, animal health, explosives, industrial & pharmaceutical
products
Terms of payment
Buying terms 30% in cash, 70% on credit
Selling terms 80% in cash, 20% on credit
Suppliers
None
Customers
Local agencies ,Department
stores, stores and outlets
Recent Sales
KSHS. 1,300,000,000
(2007)
Exports
None
Export Ratio
0.0%
Import Ratio
20.0%
Domestic Market Share
30.0%
Banking relationship
Main Banks BBK Bank
Stanbic Bank
Auditors
Deloitte & Touché
Credit Check of Subject,
President & CEO (as of report date)
Payment Morale: 300: In the documents at our
disposal nothing adverse has been shown so far.
CREDIT RATING: 300: Financial situation is
average.
COMMENTS
According to its restructuring plan, Company was formerly a subsidiary of Imperial Chemical Industries group of U.K. until in the late 1993 when it was bought over by Covenant (E.A) Ltd UK, which is controlled by Mr. Jamal and Family. The Company is also connected with the current president of Kenya Hon. Mwai Kibaki. Maximum credit we recommend is USD 500,000 outstanding at any one time. Full financial information to follow
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%)