MIRA INFORM REPORT

 

 

Report Date :

16.07.2013

 

IDENTIFICATION DETAILS

 

Name :

MEDIVET PRODUCTS LIMITED

 

 

Registered Office :

Plot no. 253, Ruiru Industrial Area, Thika

 

 

Country :

Kenya

 

 

Date of Incorporation :

19.04.1990

 

 

Com. Reg. No.:

42775 Nairobi, Kenya

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Manufacturers, distributors & Retailers of pharmaceuticals products

 

 

No. of Employees :

130

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory 

Payment Behaviour :

No  Complaints 

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 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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

 

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

 

 

SUBJECT'S NAME   

 

Registered Name:                                  MEDIVET PRODUCTS LIMITED

Requested Name:                                  MEDIVET PRODUCTS LIMITED

Other Names:                                        MEDIVET

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                  Plot no. 253, Ruiru Industrial Area, Thika

Postal Address:                                     P. o. Box 47951, 00100

                                                            Nairobi

Country:                                                Kenya

Phone:                                                  +254-67-54119/ 54138 / 55229

Fax:                                                      +254-67-54129

Email:                                                   info@medivettpl.com / info@medivettpl.com 

Website:                                               www.medivettpl.com   

 

 

CREDIT OPINION

 

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

 

Legal Form:                                           Limited Corporation 

Date Incorporated:                                  19-Apr-1990

Reg. Number:                                        42775 Nairobi, Kenya

Nominal Capital                                      KShs. 20,000,000 Divided into Shares of 1,000,000  each KShs 20

Subscribed Capital                                 KShs. 20,000,000

 

Subscribed Capital is Subscribed in the following form:

                                                            Position                                     No of Shares

Mr. Manish A. Dodhia                             Director                                      250,000

Mr. Nishid A. Dodhia                              Director                                      250,000

Mrs. Jyoti M. Shah                                 Director                                      250,000

Mr. Ramniklal N. Shah                            Director                                      250,000

                                                                                                             

                                                                                                             

RELATED COMPANIES  

 

None                                                               Parent company.

None                                                               Subsidiary company.

Shah Travel Agencies

Furaha Pharmacy

La-Belle Pharmacy Limited                                Affiliated company.

None                                                               Shareholder of subject firm.

2 branches in Nairobi and Thika                         Branches of the firm

 

 

OPERATIONS

 

Registered to operate as Manufacturers, distributors & Retailers of pharmaceuticals products

 

Imports:                                         Asia, Europe and middle East

Exports:                                         Tanzania, Uganda, Sudan etc

Trademarks:                                   None

Terms of sale:                                Cash (40%) and 30 days (60%), invoices.

                                                    

Main Customers:                            Affiliated companies, Chemists, Pharmacies, distributors & hospitals

Employees:                                    130 employees.

Vehicles:                                       Several motor vehicles.

Territory of sales:                            Kenya

Location:                                        Owned premises, 20.000 square feet,

 

AUDITORS AND INSURANCE   

 

Auditors:                                                          EASTERBROOK & CO NAIROBI

Insurance Brokers:                                            Tausi Assurance

                                                                      

 

FINANCE 

 

Currency Reported:                                           Kenyan Shillings (KShs.)

Approx. Ex. Rate:                                             1 US Dollar = 84.50 Kenyan 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 Submitted                   

                                                                                                            KShs.

Profit and Loss (expressed in KES.)

                                                                                                      2012

Sales                                                                                              512,000,000

                                                                                                     

 

BANK 

 

Bank Name:                                                     CREDIT BANK LTD,

Branch:                                                            Koinange Street Nairobi

Comments:                                                      None

                                                                      

 

TRADE REFERENCES    

 

Experiences:                                                    Good

 

                                                                      

NOTARIAL BONDS   

 

None

 

 

COMMENTS / ADDITIONAL INFORMATION    

 

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.60.05

UK Pound

1

Rs.90.71

Euro

1

Rs.78.47

 

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.