MIRA INFORM REPORT

 

 

Report Date :

12.04.2014

 

IDENTIFICATION DETAILS

 

Name :

UNIVERSAL CORPORATION LTD

 

 

Registered Office :

LR No. 13777 Kikuyu Town Post Office, Kikuyu

 

 

Country :

Kenya

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

22.08.1975

 

 

Com. Reg. No.:

13784

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

manufacturers and distributors of pharmaceuticals formulations including Tablets, Capsules, Syrups & Suspensions, Ointments as well as creams

 

 

No. of Employees

320

 

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 :

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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, although the Kenyatta administration has prioritized infrastructure development. International financial lenders and donors remain key to Kenya’s economic growth and development. Unemployment is high at around 40%. The country has experienced chronic budget deficits, inflationary pressures, and sharp currency depreciation - but has recovered following low global food and fuel prices. Recent terrorism in Kenya and the surrounding region threatens Kenya’s important tourism industry. Kenya, in conjunction with neighboring Ethiopia and South Sudan, intends to begin construction on a transport corridor and oil pipeline into the port of Lamu in 2014.

 

Source : CIA

 

SUBJECT'S NAME   

 

Registered Name:                                   UNIVERSAL CORPORATION LTD

Requested Name:                                   UNIVERSAL CORPORATION LTD

Other Names:                                          None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   LR No. 13777 Kikuyu town post office, Kikuyu

Postal Address:                                      P. o. Box 1748-00902

                                                              Kikuyu,

Country:                                                 Kenya

Phone:                                                   254-6631459/-20-535309/13/532904/5/7/2693834/35/ 36

Cell:                                                       254-738279222/223/224/734513075/722207126/

                                                              721922210/280/279/771177903

Fax:                                                       254-6631461/-20-532906/66/2666966

Email:                                                   info@ucl.co.ke/neha@ucl.co.ke/reception@ucl.co.ke/

                                                              Sales@ucl.co.ke

Website:                                                 www.ucl.co.ke

 

 

CREDIT OPINION

 

Financial Index as of December 2013 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:                                           22/08/1975

Reg. Number:                                                  13784

Vat Number:                                                    P051130467R

Registered Capital                                            KES. 100,000,000

Nominal Capital                                                KES. 182,248,000

Subscribed Capital                                           KES. 182,248,000

 

Subscribed Capital is Subscribed in the following form:

                                                                                                              Position         Shares

Mr. Mike Davidson                                                                                  Chairman         15.17%

Mr. Perviz Rajnikant Dhanani                                                                    MD    

Mr. Rajan Rajnikant Dhanani                                                                     Director          

Mr. Pentti Keskitalo                                                                                 Director           15.17%

Rajen Dhanani                                                                                         Shareholder     49.00%

Rumee Investments Limited, Isle Of Man                                                  Shareholder     5.49%

Finnfund For Industrial Corporation Limited Finland                                   Shareholder     15.17%

 

 

RELATED COMPANIES  

                                                                      

None                                                                                        Parent company.

None                                                                                        Subsidiary company.

NAIROBI ENTERPRISES                                                           Affiliated company.

None                                                                                        Shareholder of subject firm.

L.R No. 209/9338/2 Clesoi Rd, Industrial Area, Nairobi, Kenya      Branches of the firm

 

 

OPERATIONS

 

Registered to operate as manufacturers and distributors of pharmaceuticals formulations including Tablets, Capsules, Syrups & Suspensions, Ointments as well as creams

 

Imports:                                                           Asia

Exports:                                                          Eastern Africa

Trademarks:                                                     None

Terms of sale:                                                  Cash (40%) and 25-90 days (60%), invoices.

                                                                      

Main Customers:                                              Local Agencies, Distributors, Hospitals and outlets

Employees:                                                     320 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                             Kenya

Location:                                                         Owned premises, 2 Acres,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                         PKF Kenya

Insurance Brokers:                                            Information not available.

 

                                                                      

FINANCE 

 

Currency Reported:                                          Kenyan Shillings (KES.)

Approx. Ex. Rate:                                            1 US Dollar = 87.38 Kenyan Shillings

Fiscal Year End:                                              December 31, 2013

Inflation:                                                          According to information given by independent sources, the

                                                                       inflation at December 31st, 2013 was of 13%.

 

BANK 

 

Bank Name:                                                     STANDARD CHARTERED BANK KENYA LTD,

Branch:                                                            Kenya

Comments:                                                      Other Banks

                                                                       NIC BANK LIMITED

                                                                       KCB BANK LIMITED

 

 

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.

 

Subject company was formed to take over the activities of Universal Pharmacy (Kenya) Limited (UPKL).

 

 

Financial Information Submitted Below         

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.26

UK Pound

1

Rs.101.09

Euro

1

Rs.83.73

                

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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.