MIRA INFORM
REPORT
|
Report Date : |
20.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SPINNERS & SPINNERS LTD |
|
|
|
|
Registered Office : |
Room 6, 6th Floor, Agip House,
Haile Selassie Avenue, Nairobi |
|
|
|
|
Country : |
Kenya |
|
|
|
|
Date of Incorporation : |
10.12.1979 |
|
|
|
|
Com. Reg. No.: |
20043 |
|
|
|
|
Legal Form : |
Limited Corporation |
|
|
|
|
Line of Business : |
manufacturers of Textiles, curtains cotton, rayon
acrylic yarns, Blanket yarn and furnishing |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 150,000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Kenya |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Bottom of Form
SUBJECT'S NAME
Registered Name: SPINNERS & SPINNERS LTD
Requested Name: SPINNERS
& SPINNERS LTD
Other Names: None
ADDRESS AND TELECOMMUNICATION
Physical Address: Room 6, 6th Floor, Agip House, Haile Selassie Avenue, Nairobi
Postal Address: P.o. Box 46206
Nairobi
Country: Kenya
Phone: 254-20-221391/
332047/ 332874/ 448225/ 740976
Fax: 254-20-218154
Email: spinners@form-net.com/
office@spinnersandspinners.com
Website: www.spinnersandspinners.com
CREDIT OPINION
Financial Index as of December 2010 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 150,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 10-Dec-1979
Reg. Number: 20043
Nominal Capital KES. 100,000,000
Subscribed Capital KES. 100,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Chandrakant
Premchand Dodhia MD 1,375,000
Mr. Hemlata D.
Dhanani Director 1,375,000
Mrs. Dhirajlal
Meghji Dhanani Director
Mr. Pravinchandra
Meghji Dhanani Director
Orrey Investments
Limited Holding Company 2,250,000
RELATED COMPANIES
Orrey Investments Limited Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to operate manufacturers of Textiles, curtains cotton, rayon
acrylic yarns, Blanket yarn and furnishing material.
Imports: ASia
Exports: None
Trademarks: None
Terms
of sale: Cash (40%) and
25-90 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 2500
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Kenya
Location: Owned
premises, 25.000 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 = 89.75 Kenya Shillings
Fiscal Year End: December
31, 2010
Inflation: According
to information given by independent sources, the
inflation
at December 31st, 2010 was of 13%.
Financial
Information not Submitted
Profit and Loss (expressed in KES.)
2010
Sales 385,000,000
BANK
Bank Name: Investments & Mortgages Bank
Ltd, Kenyatta
Branch: Avenue, PO Box 30238 00100 GPO, Nairobi, Kenya
Comments: Other Banks
Biashara Bank Ltd
Kenya Commercial Bank Ltd, Nairobi
Investment & Mortgage Bank Ltd, Nairobi
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.59 |
|
UK Pound |
1 |
Rs.71.62 |
|
Euro |
1 |
Rs.62.78 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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.