MIRA INFORM REPORT

 

 

Report Date :

03.09.2012

 

IDENTIFICATION DETAILS

 

Name :

IRRICO INTERNATIONAL LIMITED

 

 

Registered Office :

L.R. No. 209/89/12 Wambugu Road, Parklands, P.O. Box 41159 – 00100 Nairobi Kenya

 

 

Country :

Kenya

 

 

Date of Incorporation :

01.12.2000

 

 

Com. Reg. No.:

C.92048

 

 

Legal Form :

Private Limited company

 

 

Line of Business :

Subject deals in irrigation systems, tools, equipments, implements and greenhouses of all kinds

 

 

No. of Employees :

Not Available 

 

 

RATING & COMMENTS

           

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 200

Status :

Moderate

Payment Behaviour :

Unknown

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 31st, 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

 

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

BUSINESS PROFILE

 

Company Name

(legal name)

IRRICO INTERNATIONAL LIMITED

Date of Incorporation

 

1st December 2000

Registered No.

 

C.92048

Registered Address

L.R. No. 209/89/12 Wambugu Road, Parklands,

P.O. Box 41159 – 00100 Nairobi Kenya

Legal Form (General)

 

Private Limited company

Head Office Address

School Lane, Westlands, Nairobi
P. O. Box 38974- 00623, Nairobi Kenya

Tel No

 

+254721388444/ +254733325912 /+254733325912 /

+ 254204442958/4445972

Fax No

+254204445148

E-mail

 

info@irricointernational.com / irricooin@africaonline.co.ke

Website

www.irricointernational.com

 

 

SHAREHOLDING DETAILS

 

MAJOR SHAREHOLDERS

NAME

SHARES

NATIONALITY

Mr. B. Chhotalal Vadera

199,991

Kenyan

Ms. Nita Chhotalal Vadera

9

Kenyan

Total

200,000

-

 

2.1 BOARD OF DIRECTORS:

NAME

NATIONALITY

Mr. Bindu Chhotalal Vadera

Kenyan

 

 

MANAGEMENT PROFILES

 

MANAGEMENT

#1

First name

B. Chhotalal

Last Name

Vadera

Nationality

Kenyan

Job Description

CEO & Chairman

Other details

He holds the largest shareholding in the subject.

 

#2

First name

Nita Chhotalal

Last Name

Vadera

Nationality

Kenyan

Job Description

Administrator

Other details

She holds only 9 shares in the subject.

FINANCIAL COMPARATIVES

 

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

Bank Name :

I & M Bank Ltd

Address :

P.O. Box 30238 – 00100 Nairobi Kenya

 

COMPANY SECRETARY

Name :

Evesec Associates (CPS No. 621)

Address :

P.O. Box 41159 – 00100 Nairobi Kenya

 

 

BUSINESS OPERATIONS

 

Industry

Agriculture

Main Products & Services

The subject deals in irrigation systems, tools, equipments, implements and greenhouses of all kinds;

  1. Drip irrigation systems
  2. Over head irrigation systems
  3. Lawn irrigation systems
  4. Greenhouse misting systems
  5. Reservoir liners
  6. Greenhouses construction
  7. Propagation heating and misting systems
  8. Irrigation and greenhouse projects
  9. Water silos
  10. Distribution and Reticulation design and supplies/Installation

 

 

 

COMMENTS & OBSERVATION

 

Comments

Additional information (Public Information)

 

The subject is legally registered and domiciled in Kenya.

As per the registration details, the subject had the following registered charges;

 

-All asset debenture from 28th December 2009 to 9th February 2010 of Ksh.85 million in favor of I & M Bank Ltd, P.O. Box 30238 – 00100 Nairobi Kenya, charged over the all the company’s assets.

 

The subject is a member of Fresh Produce Exporters Association of Kenya (FPEAK).

 

 

Source

Source

 

-Registrar of Companies

-National directories

-Regulatory authorities

-Subject’s principal

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.72

UK Pound

1

Rs.87.95

Euro

1

Rs.69.66

 

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.