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Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
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Name : |
KENYA TEA DEVELOPMENT AGENCY HOLDING LTD |
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Registered Office : |
KTDA Farmers Building, Moi Avenue, Nairobi, P.O. Box 30213, 00100
Nairobi |
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Country : |
Kenya |
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Date of Incorporation : |
15.06.2000 |
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Com. Reg. No.: |
C.89741 |
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Legal Form : |
Private Company |
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Line of Business : |
subject is private
teas management agency |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Kenya |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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 |
|
Company Name (legal name) |
KENYA TEA
DEVELOPMENT AGENCY HOLDING LTD |
|
Date of
Incorporation |
15th
June 2000 |
|
Registered No. |
C.89741 |
|
Registered
Address |
KTDA Farmers Building, Moi Avenue, Nairobi |
|
Legal Form (General) |
Private Co |
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Head Office
Address |
KTDA Farmers Building, Moi Avenue, Nairobi |
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Tel No |
254203227000 - 2 / +254202221441 - 4 |
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Fax No |
+254202211240 |
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E-mail |
|
|
Website |
MAJOR
SHAREHOLDERS
|
NAME |
% SHAREHOLDING |
NATIONALITY |
|
450,000 small
scale tea farmers |
Not disclosed |
Kenyan |
|
65 tea factory
companies |
Not disclosed |
Kenyan |
|
Total |
100% |
- |
The subject has a
board composed of 15 directors representing 65 tea factory companies and
450,000 small scale tea farmers who are the shareholders.
2.1 BOARD OF
DIRECTORS:
|
NAME |
NATIONALITY |
|
Peter T. Kanyago (Chairman) |
Kenyan |
|
Lerionka Tiampati (Group
CEO) |
Kenyan |
MANAGEMENT
#1
|
First name |
Lerionka |
Last Name |
Tiampati |
|
Nationality |
Kenyan |
Job Description |
Group CEO |
|
Other details |
The subject also serves
as the group CEO of the subject and all the subsidiaries. |
||
#2
|
First name |
Alfred |
Last Name |
Njagi |
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Nationality |
Kenyan |
Job Description |
General
Manager-Operations(MS) |
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Other details |
He is in charge of
operations |
||
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 |
BANK DETAILS
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Bank Name : |
National Bank of Kenya Ltd |
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Bank Address : |
P.O. Box 72866 00200,
Nairobi Kenya |
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Industry |
Tea |
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Main Products
& Services |
The subject is
private teas management agency 1.Tea Estate
Management 2.Coordination of
logistics of green leaf collection 3. IT related services 4.Tea Marketing
and Selling 5.Tea Extension
Services 6.Management of
tea-processing factories |
Comments
|
Additional information
(Public Information) |
The subject is
legally registered and domiciled in Kenya. - The subject was
initially registered as a state corporation under the name Kenya Tea
Development Authority before it was privatized on 15th June 2000
and registered as Kenya Tea Development Agency ltd. The name was later
changed on 14th December 2009 from Kenya Tea Development Agency
ltd to Kenya Tea Development Agency Holding ltd. As per the stored
with the registrar of companies, the subject was formed to acquire and
undertake the whole of the existing business assets and property vested in or
held by the Kenya Tea Development Authority. The subject
manages 65 tea factory companies. The factory companies, which own KTDA as
corporate shareholders, are owned by some 450,000 small scale tea farmers who
are both shareholders and suppliers of leaf to their respective factories |
Source
|
Source |
-Registrar of
Companies -National
directories -Regulatory
authorities -Subject’s
principal |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.82 |
|
UK Pound |
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.