MIRA INFORM
REPORT
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Report Date : |
22.01.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
MAGADI SODA COMPANY LIMITED |
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Registered Office : |
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Country : |
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Date of Incorporation : |
06.12.1911 |
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Com. Reg. No.: |
202712 |
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Legal Form : |
Limited by shares |
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Line of Business : |
mining and processing of Soda Ash and salt
(sodium chloride). |
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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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUBJECT'S NAME
Registered Name: MAGADI SODA COMPANY LIMITED
Requested Name: THE MAGADI SODA COMPANY LIMITED
Other Names: None
ADDRESS AND TELECOMMUNICATION
Physical Address:
Postal Address: P.o
Magadi,
Country:
Phone: 254-20-6999210/ 6999000
Fax: 254-20-6999358
Email: administration@magadisoda.co.ke
Website: www.magadisoda.co.ke
CREDIT OPINION
Financial Index as of
December 2009 shows subject firm with a medium risk of credit. However, bank
and credit information obtained reveal a history of prompt payments.
If we do not provide an amount, then your maximum limit will suffice.
LEGAL
Legal Form: Limited by shares
Date Incorporated: 6-Dec-1911
Reg. Number: 202712
Nominal Capital £ 2,980,000Divided into Shares
of 2,980,000 each £ 1
Subscribed Capital £ 2,727,933
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Mike Odera MD/ CEO
Mr. Satyajit Ghoshal Finance Director
Mr. Eliud Kayongo Director
Ms. Laurian Mkala Director
Mr. Ronald Ndegwa Director
Mr. Dominic Ooko Director
Brunner Mond Group Holding Company
RELATED COMPANIES
Brunner Mond Group Parent company.
None Subsidiary company.
MAGADI RAIL LTD Affiliated company.
None Shareholder of subject firm.
OPERATIONS
Registered to operate mining and processing of Soda Ash and salt (sodium
chloride).
Imports: None
Exports: Worldwide
Trademarks: None
Terms
of sale: Cash (40%) and 30
days (60%), invoices.
Main
Customers: firms and
organizations
Employees: 490 employees.
Vehicles: Several motor
vehicles.
Territory
of sales:
Location: Owned premises,
500.000 square feet,
AUDITORS AND INSURANCE
Auditors: Information not available.
Insurance
Brokers: Alexander Forbes, Heritage AII
FINANCE
Currency Reported:
Approx. Ex. Rate: 1 US Dollar = 80
Fiscal
Year End: December 31, 2009
Inflation: According to
information given by independent sources, the inflation at December 31st,
2009 was of 13%.
Financial
Information not Submitted
Profit and Loss (expressed in KES.)
2009
Sales 3,450,000,000
BANK
Bank Name: Barclays
Bank of
Branch: Plaza Branch,
Account Number: 7002352
Enquiry Amount: USD 100
000 @ 30 days
Terms: 90 days
Bank Code: Code
-C which means good for normal Business Engagements
Other Bankers CITIBANK N.A
STANDARD CHARTERED
BANK
TRADE
REFERENCES
Experiences: Good
NOTARIAL
BONDS
None
COMMENTS / ADDITIONAL INFORMATION
Until 1992, the Imperial
Chemical Industries of U.K(ICI) and its
nominees were holding all the ordinary shares of the company. In 1992 ICI sold its shares to Brunner Mond
Holdings Plc of Chesire
In 2006 Tata Chemicals
Limited - part of the Tata Group of
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.45.70 |
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1 |
Rs.72.78 |
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Euro |
1 |
Rs.61.65 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.