MIRA
INFORM REPORT
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Report Date : |
10.12.2012 |
IDENTIFICATION DETAILS
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Name : |
EAST AFRICAN SEA FOOD LTD. |
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Registered Office : |
Road A Off |
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Country : |
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Date of Incorporation : |
21.06.1980 |
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Com. Reg. No.: |
43288 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as distributors of fish and fish products |
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No. of Employees : |
250 employees |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
kenya - ECONOMIC OVERVIEW
Although the regional hub for trade and finance in East Africa, Kenya has been hampered by corruption and by reliance upon several primary goods whose prices have remained low. Low infrastructure investment threatens Kenya's long-term position as the largest East African economy. The IMF halted lending in 2001 when the government failed to institute several anticorruption measures. In the key December 2002 elections, Daniel Arap MOI's 24-year-old reign ended, and a new opposition government took on the formidable economic problems facing the nation. After some early progress in rooting out corruption and encouraging donor support, the KIBAKI government was rocked by high-level graft scandals in 2005 and 2006. In 2006, the World Bank and IMF delayed loans pending action by the government on corruption. The international financial institutions and donors have since resumed lending, despite little action on the government's part to deal with corruption. Post-election violence in early 2008, coupled with the effects of the global financial crisis on remittance and exports, reduced GDP growth to 1.7 in 2008, but the economy rebounded in 2009-10. GDP growth in 2011 was only 4.3% due to inflationary pressures and sharp currency depreciation - as a result of high food and fuel import prices, a severe drought, and reduced tourism. In accordance with IMF prescriptions, Kenya raised interest rates and increased the cash reserve in November 2011.
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Source : CIA |
SUBJECT'S NAME
Registered Name: EAST AFRICAN SEA FOOD LTD.
Requested Name: EAST
AFRICAN SEA FOOD LTD.
Other Names: None
ADDRESS AND TELECOMMUNICATION
Physical Address: Road A Off Enterprises Road,
Industrial Area, Nairobi
Postal Address: P. o. Box 10271 -00400
Nairobi,
Country: Kenya
Phone: 254-20-531608-10/533236/ 3513510/2/3/6533355/6531610
Fax: 254-20-3513501/ 6533750/ 6532616
Email: east@alphanairobi.com/seafood@alphakenya.com/
marine@alphakenya.com / easf.nairobi@ke.alphaafrica.com
Website: www.alphaafrica.com
CREDIT OPINION
Financial Index as of December 2011 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 Corporation
Date Incorporated: 21-June-1990
Reg. Number: 43288
Nominal Capital KES. 10,000,000 Divided into
Shares of 10,000
Each
KES. 1,000
Subscribed Capital KES. 400,000Divided
into Shares 400
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Fiaz S. Karim Kurji MD
Mr. Minaz S. Karim Kurji Director
Mr. Nawaz S. Karim Kurji Director
Mr. Riayal S. Karim Kurji Director
ALPHA GROUP Holding Co. 400
RELATED COMPANIES
ALPHA GROUP Parent company.
None Subsidiary company.
Listed Below Affiliated companies.
None Shareholder of subject firm.
None Branches of the firm
OPERATIONS
Registered to operate as distributors of fish and fish products
Imports: Asia,
Middle East
Exports: Worldwide
Trademarks: None
Terms of sale: Cash
(30%) and 25-90 days (70%), invoices.
Main Customers: firms
and organizations
Employees: 250
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Kenya
Location: Owned
premises, 5,000 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 = 86.05 Kenyan Shillings
Fiscal
Year End: December 31, 2011
Inflation: According to
information given by independent sources, the
inflation
at December 31st, 2011 was of 13%.
Financial
Information not Submitted
Profit and Loss (expressed in KES.)
2010 2011
Sales 725,000,000 880,000,000
BANK
Bank Name: STANDARD
CHARTERED BANK, KENYA LIMITED
Branch: Nairobi, Kenya
Comments: Other Banks DIAMOND
TRUST BANK (KENYA) LIMITED
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.
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AFFILIATED COMPANIES |
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KENYA COLD STORAGE (1964) LTD |
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ACCESS ENTERPRISES LTD |
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SOUTHERN ENGINEERING COMPANY LTD |
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SOUTHERN SHIPPING SERVICES LTD |
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ALSECO PETROLEUM CO., LTD |
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TANZANIA FISH PROCESSORS LTD. |
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TANPESCA LTD. |
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ALPHA KRUST LTD. |
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MUSOMA FISH PROCESSORS LTD |
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NATURLAND WILDFISH |
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ALPHA DUBAI |
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ALPHA LOGISTICA MOZAMBIQUE LIMITADA |
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INTEGRATED LOGISTICS SERVICES LTD |
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MILLENNIUM HIRE PURCHASE CO LTD |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.20 |
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UK Pound |
1 |
Rs.86.99 |
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Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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.