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Report Date : |
16.12.2013 |
IDENTIFICATION DETAILS
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Name : |
DELUXE INKS LTD |
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Registered Office : |
57 Lunga Lunga Road, Industrial Area, Nairobi |
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Country : |
Kenya |
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Date of Incorporation : |
21.12.1998 |
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Com. Reg. No.: |
83854 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
manufacturers of
printing inks, consumables and allied products |
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No. of Employees : |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Kenya |
B1 |
B1 |
|
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
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. In the key December 2002
elections, Daniel 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. Unemployment is very high. The country has experienced chronic budget
deficits, inflationary pressures, and sharp currency depreciation - as a result
of high food and fuel import prices. The discovery of oil in March 2012
provides an opportunity for Kenya to balance its growing trade deficit if the
deposits are found to be commercially viable and Kenya is able to develop a
port and pipeline to export its oil.
|
Source : CIA |
Registered Name: DELUXE INKS LTD
Requested Name: DELUXE
INKS LTD
Other Names: None
Physical Address: 57 Lunga Lunga Road, Industrial Area, Nairobi,
Postal Address: P. o. Box 67945-00200
City Square Nairobi,
Country: Kenya
Phone: 254-20-550169 / 170 / 3573049
Fax: 254-20-554678
Email: info@deluxeinks.com
Website: None
Financial Index as of December 2012 shows subject firm with a medium
risk of credit. However, bank and credit information obtained reveal a history
of prompt payments.
Legal Form: Limited Corporation
Date Incorporated: 21-Dec-1998
Reg. Number: 83854
Nominal Capital KES.100,000
Subscribed Capital KES.100,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Biren G. Shah MD 50%
Mr. Parag Gudka Director 50%
None Parent company.
None Subsidiary company.
AFRIFOSE LIMITED, UK,
PABINI TRADERS LIMITED. Affiliated companies.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as manufacturers of printing inks, consumables and
allied products
Imports: Asia,
Middle East
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Stores,
outlets etc
Employees: 50
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Kenya
Location: Owned
premises, 2,500 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Kenya Shillings (KES.)
Approx. Ex. Rate: 1 US Dollar = 86.58 Kenya Shillings
Fiscal
Year End: December 31, 2012
Inflation: According to
information given by independent sources, the
inflation
at December 31st, 2012 was of 13%.
Financial
Information not Submitted
Profit and Loss (expressed in KES.)
2012
Sales 65,000,000
Bank Name: BARCLAYS BANK
Branch: Kenya
Comments: Other banks
FINA BANK, Kenya
Experiences: Good
None
This
information was obtained from outside sources other than the subject company
itself and confirmed the above subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.13 |
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|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
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 |
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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 |
|
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 |
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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 |
|
-- |
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.