MIRA INFORM REPORT

Report Date :

13.08.2012

IDENTIFICATION DETAILS

Name :	BLUE SEA ENERGY LIMITED
Registered Office :	TVR office place, 5th Floor, Mithithi Road, P.O. Box 898-00518, Nairobi
Country :	Kenya
Year of Establishment :	2009
Com. Reg. No.:	Not Available
Legal Form :	Private Limited Company
Line of Business :	Manufacturer of Solar energy projects
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

Important Note:

In the absence of financial no credit limit recommended.

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 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Kenya	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

BUSINESS PROFILE

Company Name (legal name)	BLUE SEA ENERGY LIMITED
Date of Incorporation	2009
Registered No.	Not disclosed
Registered Address	TVR office place, 5th Floor, Mithithi Road, P.O. Box 898-00518, Nairobi Kenya
Legal Form (General)	Private limited company
Head Office Address	TVR office place, 5th Floor, Mithithi Road, P.O. Box 898-00518, Nairobi Kenya
Tel No	+254723977697 /+254720841184 /+254732539920
Fax No	NONE
E-mail	info@bluesea-energy.com
Website	www.bluesea-energy.com

SHAREHOLDING DETAILS

MAJOR SHAREHOLDERS

NAME	% SHAREHOLDING	NATIONALITY
John Majiwa	Not disclosed	Kenyan
David Mutai Ikiara	Not disclosed	Kenyan
Total	100%	-

2.1 BOARD OF DIRECTORS:

NAME	NATIONALITY
John Majiwa	Kenyan
David Mutai Ikiara	Kenyan

MANAGEMENT PROFILES

MANAGEMENT

#1

First name	John	Last Name	Majiwa
Nationality	Kenyan	Job Description	Managing Director
Other details	He is a co shareholder and director of the subject.

#2

First name	David Mutai	Last Name	Ikiara
Nationality	Kenyan	Job Description	Group Chairman
Other details	He is a co shareholder and director of the subject.

FINANCIAL COMPARATIVES

The financial statement of the subject could not be obtained due to refusal by the subject’s principal to disclose information citing constraints by the company’s policy.

Financial Analysis

ROC Status	Undetermined
RecFin	Undetermined
Credit Amount	Undetermined

BANK DETAILS

Bank Name :	Kenya Commercial Bank
Address :	P.O. Box 48400-00100 Nairobi Kenya

COMPANY SECRETARY

Name :	Not disclosed
Address :	Not disclosed

BUSINESS OPERATIONS

Industry	Manufacturer
Main Products & Services	1.Solar energy projects

COMMENTS & OBSERVATION

Comments

Additional information (Public Information)

The subject is legally registered and domiciled in Kenya. A search at the Registrar of Companies yielded no results as the file was missing at the shelves. The subject’s managing director Mr. John Majiwa was willing to divulge information but requested for some extra time to attend to our inquiry.

Source

Source

-Registrar of Companies -National directories -Regulatory authorities -Subject’s principal

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.86.45
Euro	1	Rs.68.43

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.