MIRA INFORM REPORT

Report Date :

01.11.2013

IDENTIFICATION DETAILS

Name :	SIYA INDUSTRIES (KENYA) LIMITED
Registered Office :	P. o. Box 31546-00600, Nairobi,
Country :	Kenya
Date of Incorporation :	2010
Legal Form :	Limited Corporation
Line of Business :	Operate as dealers in general merchandise
No. of Employees :	50

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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 31^st, 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:	SIYA INDUSTRIES (KENYA) LIMITED
Requested Name:	SIYA INDUSTRIES (KENYA) LIMITED
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	Baba dogo Road, Nairobi
Postal Address:	P. o. Box 31546-00600
	Nairobi,
Country:	Kenya
Phone:	254-20-2246384
Fax:	254-20-2246384
Email:	None
Website:	None
CREDIT OPINION
Financial Index as of December 2012 shows subject firm with a medium risk of credit.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		2010
Reg. Number:		Kenya
Nominal Capital		KES. 1,000,000
Subscribed Capital		KES. 1,000,000
Subscribed Capital is Subscribed in the following form:
		Position	Shares
Mr. Ashok Patel		GM
Mr. Vivek Patel		Manager

RELATED COMPANIES

None	Parent company.
None	Subsidiary company.
None	Affiliated company.
None	Shareholder of subject firm.
None	Branches of the firm
OPERATIONS
Registered to operate as dealers in general merchandise
Imports:	Asia
Exports:	None
Trademarks:	None
Terms of sale:	Cash (40%) and 25-90 days (60%), invoices.
Main Customers:	Locla agencies, stores etc
Employees:	50 employees.
Vehicles:	Several motor vehicles.
Territory of sales:	Kenya
Location:	Leased premises, 10,000 square feet,

AUDITORS AND INSURANCE

Auditors:	Information not available.
Insurance Brokers:	Information not available.
FINANCE
Currency Reported:	Kenyan Shillings (KES.)
Approx. Ex. Rate:	1 US Dollar = 84.95 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 not Submitted
Profit and Loss (expressed in KES.)
		2012
Sales		120,000,000
BANK
Bank Name:	Fina Bank
Branch:	Kenya
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.61.49
UK Pound	1	Rs.98.71
Euro	1	Rs.84.49

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

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