MIRA INFORM REPORT
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Report Date : |
11.01.2012 |
IDENTIFICATION DETAILS
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Name : |
ECO BANK LIMITED |
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Registered Office : |
Plaza-2000
Branch, Mombasa Road, Nairobi |
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Country : |
Kenya |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
12.06.2008 |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Limited Corporation |
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Line of Business : |
banking services
and related financial activities |
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No. of Employees
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200 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 100,000 |
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Status : |
Moderate |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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: ECO BANK LIMITED
Requested Name: ECO
BANK LIMITED
Other Names: None
ADDRESS AND TELECOMMUNICATION
Physical Address: Plaza-2000
Branch, Mombasa Road, Nairobi
Head Office Address: ECO BANK Towers, Muindi Mbingu St, P.o. Box 49584 -
00100 GPO
Nairobi, City
Centre,
Nairobi
Postal Address: P.o. Box 27607-00506
Nairobi
Country: Kenya
Phone: 254-20-4968000/315984/2883000/8002212218
Fax: 254-20-2883304
Email: allebk-csq@ecobank.com
Website: www.ecobank.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. We recommend Credit of USD 100,000 on 90 days.
LEGAL
Legal Form: Limited Corporation
Date Incorporated: 12/06/2008
Reg. Number: Nairobi, Kenya
Nominal Capital KES. 2,519,300,000
Subscribed Capital KES. 2,519,300,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Peter Tiras Kanyago Chairman
Mr. Anthony Adejo
Okpanachi MD
Mr. Simon Mauncho Director
Mr. Dhruv
Lalitchandra Pandit Director
Mr. Rajesh
Lalitchandra Pandit Director
Mr. Surinder
Kapila Director
Mr. Charles Orony
Ogalo Director
Mr. Michael
Ombabah Monari Director
Ecobank
Transnational Incorporated
(represented by Mrs.
Evelyne Tall) Director
ECO BANK GROUP Holding Company 100%
RELATED COMPANIES
ECO BANK GROUP Parent company.
None Subsidiary company.
Various worldwide Affiliated company.
None Shareholder of subject firm.
22 in Nairobi, Mombasa, Kisumu, Kitale,
Kisii, Busia,
Malindi, Eldoret, Karatina, Thika, Nakuru,
Nyeri and Meru. Branches of the firm
OPERATIONS
Registered to operate banking services and related financial activities
Imports: ASia
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 30 days (60%), invoices.
Main Customers: General
Public, firms, organizations
Employees: 200
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Kenya
Location: Owned
premises, 8.000 square feet,
AUDITORS AND INSURANCE
Auditors: Price Water House Coopers
Insurance Brokers: Information
not available
FINANCE
Currency Reported: Kenya Shillings (KES.)
Approx. Ex. Rate: 1 US Dollar = 86.93 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 Submitted below
Profit and Loss (expressed in KES.)
2011
Sales 450,000,000
BANK
Bank Name: Self
Branch: Enterprise Rd, Nairobi
Comments: None
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. Ecobank Group ventured
into Kenya after acquiring former East Africa Building Society (EABS) formerly
Akiba Bank
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.52.23 |
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UK Pound |
1 |
Rs.80.84 |
|
Euro |
1 |
Rs.66.79 |
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.