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Report Date : |
05.02.2013 |
IDENTIFICATION DETAILS
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Name : |
HARLEY'S LTD |
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Registered Office : |
Westland’s
Road, On Harleys Complex, Nairobi P. o. Box 42718-00100 Nairobi, |
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Country : |
Kenya |
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Date of Incorporation : |
09.11.1953 |
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Com. Reg. No.: |
2849 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as importers and distribution of pharmaceuticals,
Laboratory equipment and medicines and related facilities |
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No. of Employees : |
75 employees. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
|
Without Financials |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Kenya |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
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Source : CIA |
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Registered Name: |
HARLEY'S LTD |
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Requested Name: |
HARLEY'S LTD |
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Other Names: |
None |
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Physical Address: |
Westland’s Road, On Harleys Complex, Nairobi |
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Postal Address: |
P.
o. Box 42718-00100 |
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|
Nairobi, |
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Country: |
Kenya |
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Phone: |
254-20-3747380/90/93/95/315522 |
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Fax: |
254-20-3747390/2247216/3748141 |
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Email: |
info@harleysltd.com /
anjana@harleysltd.com |
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Website: |
www.harleyslimited.com |
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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 |
|
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Date Incorporated: |
9-Nov-1953 |
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Reg. Number: |
2849 |
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Nominal Capital |
KES.
800,000 Divided into Shares of 16,000 each
KES 50 |
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Subscribed Capital |
KES.
800,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Ashwin Kumar Raishi Haria |
Chairman |
40% |
|
Mr. Hitesh Chandulal Haria |
Director |
30% |
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Mr. Mansukhlal Raishi Haria |
Director |
30% |
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None |
Parent company. |
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None |
Subsidiary company. |
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CROSS LABORATORY
SUPPLIERS LTD, PALSHA LIMITED, R.H AND SONS LTD, HARIA PRINTERS LIMITED. |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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None |
Branches of the firm |
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Registered to operate as
importers and distribution of pharmaceuticals, Laboratory equipment and
medicines and related facilities |
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Imports: |
Asia, UK |
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Exports: |
East Africa i.e. Tanzania, Uganda, Rwanda, Burundi, Congo, Seychelles,
Zanzibar, Malawi, Zambia, Liberia, Sierra Leon and South Sudan |
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Trademarks: |
None |
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Terms of sale: |
Cash (30%) and 25-90 days (70%), invoices. |
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Main Customers: |
Distributors, Medical institutions etc |
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Employees: |
75 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Kenya |
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Location: |
Leased premises, 8,000 square feet, |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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Currency Reported: |
Kenya Shillings (KES.) |
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Approx. Ex. Rate: |
1 US Dollar = 87.60 Kenya
Shillings |
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Fiscal Year End: |
December 31, 2012 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2012 was of 13%. |
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Financial Information not
Submitted |
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Profit and Loss
(expressed in KES.) |
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|
2011 |
2012 |
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Sales |
619,520,000 |
630,000,000 |
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Bank Name: |
BARCLAYS
BANK |
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Branch: |
Kenya |
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Comments: |
None |
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Experiences: |
Good |
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NOTARIAL BONDS |
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.52.97 |
|
|
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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 |
|
<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.