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Report Date : |
01.02.2013 |
IDENTIFICATION DETAILS
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Name : |
ELYS CHEMICALS INDUSTRIES LTD |
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Registered Office : |
Road ‘B’, Off Enterprise Road, Opp Hillock Inn, Industrial Area, Nairobi |
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Country : |
Kenya |
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Date of Incorporation : |
13.12.1961 |
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Com. Reg. No.: |
5158 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, importers and distributors of pharmaceuticals, hospitals sundries and surgical appliances. |
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No. of Employees : |
120 employees. |
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 – June 30th, 2012
|
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
Registered Name: ELYS CHEMICALS INDUSTRIES LTD
Requested Name: ELYS
CHEMICALS INDUSTRIES LTD
Other Names: None found.
Physical Address: Road ‘B’, Off Enterprise Road, Opp Hillock Inn,
Industrial Area, Nairobi
Postal Address: P.o. Box 40411-00100
Nairobi
Country: Kenya
Phone: 254-20-650503-10
Fax: 254-20-533452/533148
Email: elys@africaonline.co.ke
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: Private limited Liability company
Date Incorporated: 13-Dec-1961
Reg. Number: 5158
Nominal Capital KES.
10,000,000 Divided into Shares of 100,000
each KES. 100
Subscribed Capital KES. 10,000,000
Subscribed Capital is Subscribed in the
following form:
Position Shares
Mr. Ashokumar Krishnachandra
Patel MD 94,248
Mr. Taraben Ashokkumar Patel Director 5,702
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as
manufacturers, importers and distributors of pharmaceuticals, hospitals
sundries and surgical appliances.
Imports: Asia,
South Africa and Europe
Exports: Uganda
and Tanzania (10%)
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Local
hospitals, pharmacies etc
Employees: 120
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Kenya
Location: Owned
153,600 square feet
Auditors: Kanubhai & co. Limited, Nairobi
Insurance Brokers: None
Currency Reported: Kenya Shillings (KES.)
Approx. Ex. Rate: 1 US Dollar = 87.50 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 825,000,000
Bank Name: Bank Of India Ltd,
Branch: Kenyatta Avenue, P.o. Box 30246-00100,Nairobi
Comments: None
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.53.29 |
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|
1 |
Rs.84.22 |
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Euro |
1 |
Rs.72.23 |
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 |
-- |
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.