MIRA INFORM REPORT
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Report Date : |
08.10.2011 |
IDENTIFICATION DETAILS
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Name : |
THE MAGADI SODA COMPANY LIMITED |
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Registered Office : |
Lake Magadi,
Magadi Town |
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Country : |
Kenya |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Kenya |
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: THE MAGADI SODA COMPANY LIMITED
Requested Name: THE
MAGADI SODA COMPANY
Other Names: MAGADI SODA COMPANY LIMITED
ADDRESS AND TELECOMMUNICATION
Physical Address: Lake
Magadi, Magadi Town, Kenya
Postal Address: P.o Box 1-00205
Magadi,
Country: Kenya
Phone: 254-20-6999210
Fax: 254-20-6999358
Email: administration@magadisoda.co.ke
Website: www.magadisoda.co.ke
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.
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
Mr. Dominic Ooko Director
Ms. Laurian Mkala Director
Mr. Ronald Ndegwa 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.
Mombasa in Kenya Branches of the 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: 462 employees.
Vehicles: Several motor
vehicles.
Territory
of sales: Kenya
Location: Owned premises,
500.000 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 = 92 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 3,800,000,000
BANK
Bank Name: Barclays
Bank of kenya, Plaza Branch,
Branch: Enterprise Rd, Nairobi
Account Number: 7002352
Enquiry Amount: R100 000 @ 30 days
Terms: 60 days
Bank Code: Code -C which means
good for normal Business Engagements
Comments: CITIBANK N.A
STANDARD CHARTERED
BANK OF KENYA LIMITED
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 U.K. , In 2006
Tata Chemicals Limited - part of the Tata Group of India - acquired the Brunner
Mond Group
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.49.14 |
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UK Pound |
1 |
Rs.75.97 |
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Euro |
1 |
Rs.65.99 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.