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MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
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Name : |
GLOBEFLIGHT WORLDWIDE EXPRESS (K) LTD |
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Registered Office : |
Suite21, |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Year of Establishment : |
1995 |
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Com. Reg. No.: |
85688 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Logistics, Clearing and
Forwarding |
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 |
SUBJECT'S NAME
Registered Name: GLOBEFLIGHT WORLDWIDE EXPRESS (K) LTD
Requested Name: GLOBEFLIGHT
WORLDWIDE EXPRESS (K) LTD
Other Names: None found.
ADDRESS AND TELECOMMUNICATION
Physical Address: Suite21,
Postal Address: P.o
Country:
Phone: 254-20-828645/6/ 828054/5/6
Fax: 254-20-828647
Email: humphreyk@globeflight.co.ke
Website: www.globeflight.co.ke
CREDIT OPINION & RISK RATING
ASSESSMENT
Financial Index as of December 2007 shows subject firm
with a medium risk of credit. We recommend Credit of USD 500,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 1995
Reg. Number: 85688
Nominal Capital KES. 1,000,000
Paid Up Capital KES. 1,000,000
Subscribed Capital
is Subscribed in the following form:
Position Shares
Mr.
Humphrey Kimani CEO 20
Other
Directors Director 80
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 logistics, clearing and
Forwarding
Imports:
Exports:
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 40
employees.
Vehicles: Several
motor vehicles.
Territory of sales:
Location: Rented
premises, 1.000 square feet,
AUDITORS AND INSURANCE
Auditors: Information not available.
Insurance Brokers: Information not available.
FINANCE
Currency Reported: Kenyan Shillings (KES.)
Approx. Ex. Rate: 1 US Dollar = 68 Kenyan 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
Profit and Loss (expressed in KES.)
2007
Sales 80,000,000
Net Profit (Loss) 2,000,000
BANK
Bank Name: KCB BANK
Branch:
Comments: Overdraft None, Promissory notes- None
TRADE
REFERENCES
Experiences: Good
NOTARIAL BONDS None
COMMENTS / ADDITIONAL INFORMATION
This information was obtained from outside sources
other than the subject company itself. subject. The company file could not be
located from the registry of companies information
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.09 |
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1 |
Rs.74.90 |
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Euro |
1 |
Rs.63.40 |
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%)