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Report Date : |
06.10.2012 |
IDENTIFICATION DETAILS
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Name : |
ASL LTD (TRADING DIVISION) |
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Registered Office : |
L.R. No. 209/3472/73,
Dar E Salaam Road, Industrial area, P.O. Box 18639 – 00500 Nairobi |
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Country : |
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Date of Incorporation : |
04.10.1976 |
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Com. Reg. No.: |
C.14939 |
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Legal Form : |
Private
Limited |
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Line of Business : |
The subject is an importer, supplier and distributor of Sanitary ware,
Brassware and Tiles, Mild Steel, Galvanized Crca
& Aluminum, Bathroom Furniture, etc |
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No. of Employees : |
Not Available |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 (31.03.2011) |
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.
Source : CIA
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Company Name (legal name) |
ASL LTD (TRADING DIVISION) |
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Date of Incorporation |
4th October 1976 |
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Registered No. |
C.14939 |
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Registered Address |
L.R. No. 209/3472/73, Dar E Salaam Road, Industrial area, P.O. Box 18639 – 00500 Nairobi Kenya |
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Legal Form (General) |
Private Limited |
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Head Office Address |
Likoni Road, Industrial area, P.O. Box 18639 – 00500 Nairobi Kenya |
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Tel No |
+254 (20) 6534776 / +254 (20) 559869 / +254 (20) 559871 / +254
(20) 555032 / +254 (20) 652089 |
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Fax No |
+254 (20) 6534610 / 6534726 / 6534654 / 555043 |
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E-mail |
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Website |
www.ramco-group.com |
MAJOR SHAREHOLDERS
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NAME |
SHARES |
NATIONALITY |
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Kiritkumar Rambhai Patel |
4,500,000 |
Kenyan |
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Chandrakant Rambhai Patel |
1,500,000 |
British |
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Hasit Mahendra Patel |
1,500,000 |
British |
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Total |
7,500,000 |
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The subject has an
authorized share capital of KES. 150 million divided into 7,500,000 shares each priced
at KES.20/= per share.
BOARD OF
DIRECTORS:
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NAME |
NATIONALITY |
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Kiritkumar Rambhai Patel |
Kenyan |
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Chandrakant Rambhai Patel |
British |
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Hasit Mahendra Patel |
British |
#1
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First name |
Kiritkumar Rambhai |
Last Name |
Patel |
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Nationality |
Kenyan |
Job Description |
Managing
director |
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Other details |
He is the majority
shareholder as well as a co director of the subject. |
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#2
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First name |
Chandrakant Rambhai |
Last Name |
Patel |
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Nationality |
British |
Job Description |
Director |
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Other details |
He is a co director and shareholder of the subject. |
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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
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ROC Status |
Undetermined |
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RecFin |
Undetermined |
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Credit Amount |
Undetermined |
BANK DETAILS
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Bank Name : |
I&M Bank Ltd |
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Address : |
P.O. Box 30238 – 00100 Nairobi Kenya |
COMPANY SECRETARY
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Name : |
Mutual Registrars
Associates (CPS No. 420) |
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Address : |
P.O. Box 45669 – 00100
Nairobi Kenya |
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Industry |
Construction |
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Main Products & Services |
The subject is an importer, supplier and distributor of the following
products; Sanitary ware, Brassware and Tiles, Mild Steel, Galvanized Crca & Aluminum, Bathroom Furniture, Domestic and Industrial Electrical Goods, Steel Doors, Fire Fighting Equipments, Fittings and locks, Furniture Handles & Knobs, Wood & Wood Products, Paints |
Comments
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Additional information (Public Information) |
The subject is
legally registered and domiciled in Kenya. As per the
details available at the registrar of companies, the subject had the
following registered charges; -Further charge
from 23rd March 2012 to 13th April of KES.70 million
registered in favor of I&M Bank Ltd and charged over the piece of land
L.R. No. 209/12091, Nairobi. The subject is
an Authorized Distributor for Pegler (UK), Eurobath (UK) , Havells
(India), Sona Ceramic (India), Opera (India), Ardex Endura (India), Robin
(Malaysia), Pakai (Malaysia), Handy (China), Twyford (UK), Macsteel (SA), Aracemco (Egypt), Vado (UK), Lecico (Egypt) and Grohe (germany). The subject is a
member of Ramco group of Companies. |
Source
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Source |
-Registrar of
Companies -National
directories -Regulatory
authorities -Subject’s
principal |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.62 |
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1 |
Rs.83.57 |
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Euro |
1 |
Rs.67.17 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.