MIRA INFORM REPORT

Report Date :

09.05.2012

IDENTIFICATION DETAILS

Name :	BRITISH AMERICAN TOBACCO KENYA LIMITED
Registered Office :	L.R. No. 209/4273 Likoni Road, P.O. Box 30000 – 00100 Nairobi
Country :	Kenya
Financials (as on) :	31.12.2011
Year of Establishment :	1952
Com. Reg. No.:	Not Available
Legal Form :	Public Listed Company
Line of Business :	Manufacturer and sale of cigarettes
No. of Employees :	Not available

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

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 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)	BRITISH AMERICAN TOBACCO KENYA LIMITED
Date of Incorporation	1952 and listed on 1969
Registered No.	Foreign
Registered Address	L.R. No. 209/4273 Likoni Road, P.O. Box 30000 – 00100 Nairobi Kenya
Legal Form (General)	Public listed company
Head Office Address	Bat Processing Plant, Likoni Road, Industrial Area, Nairobi, P.O. Box 30000 – 00100 Nairobi Kenya
Tel No	+254202858000 / +254711062000/ +254-20-6942000
Fax No	+254-20-6942221/7
E-mail	Info_ke@bat.com / batkenya@bat.com
Website	http://www.bat.com

SHAREHOLDING DETAILS

MAJOR SHAREHOLDERS

The subject is a subsidiary of British American Tobacco Plc which owns 60 per cent of the shares. Only 40% of shareholding (i.e. 100,000,000 shares of KES. 10.00 each) is issued at the Nairobi Security Exchange (NSE). According to the NSE, the following is the share distribution of the issued share capital.

NAME	% SHAREHOLDING	NATIONALITY
Molensteegh Invest VB	60.00%	British
Board of Trustees - NSSF	20.00%	Kenyan
Barclays (Kenya) nominees Limited A/c 1256	1.00%	Kenyan
Old Mutual Life Assurance company Limited a/c 0469950	0.98%	Kenyan
Kenya Commercial Bank Nominees Limited A/C 744	0.90%	Kenyan
Barclays (Kenya) nominees Limited A/c 1853	0.80 %	Kenyan
Stanbic nominees Kenya Limited A/c SCKPF	0.51 %	Kenyan
Old Mutual Life Assurance Company Limited	0.50 %	Kenyan
Mahendra Fulchand Ghandhi & Malvika Mahendra Ghandhi	0.40 %	Kenyan
Barclays (Kenya) nominees Limited A/c 9230	0.40 %	Kenyan
Others	14.51%
Total	100%	-

BOARD OF DIRECTORS

NAME	Role	NATIONALITY
Gary Fagan	Managing Director	British
Evanson Mwaniki	Non-Executive Chairman	Kenyan
Philip Lopokoiyit	Finance Director	Kenyan
Gayling May	Non-Executive Director	British
Martin Oduor-Otieno	Non-Executive Director	Kenyan
H. Eloff	Non-Executive Director	British
Prof. J. H. Kimura	Non-Executive Director	Kenyan

MANAGEMENT PROFILES

MANAGEMENT

#1

First name	Gary	Last Name	Fagan
Nationality	British	Job Description	Managing Director
Other details	He was appointed to the Board in September 2008.

#2

First name	Philip	Last Name	Lopokoiyit
Nationality	Kenyan	Job Description	Finance Director
Other details	He joined the subject from BAT West Africa Area based in Lagos where he served as the Finance Director.

FINANCIAL COMPARATIVES

The financial statement of the subject is yet to be retrieved from the records of NSE. We shall avail them to you once we obtain them.

Financial Analysis

ROC Status	Undetermined
RecFin	Undetermined
Credit Amount	Undetermined

BANK DETAILS

Bank Name :	Barclays Bank of Kenya
Address :	P.O. Box 30120 – 00100 Nairobi Kenya

BUSINESS OPERATIONS

Industry	Manufacturer
Main Products & Services	1.Manufacture and sale of cigarettes

COMMENTS & OBSERVATION

Comments

Additional information (Public Information)

The subject is legally registered and domiciled in Kenya. The subject was formerly known as BAT Kenya Limited and changed its name to British American Tobacco Kenya, Ltd in 1998.The subject is a public limited company listed at the Nairobi Security Exchange.

Source

Source

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.34
UK Pound	1	Rs.86.09
Euro	1	Rs.69.37

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.