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Report Date : |
19.04.2014 |
IDENTIFICATION DETAILS
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Name : |
REDLINE LIMITED |
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Registered Office : |
3rd
Floor, MMID Studio Building, Westlands Rd, Nairobi |
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Country : |
Kenya |
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Date of Incorporation : |
16.09.2009 |
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Com. Reg. No.: |
10811 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
providers of information communication technology services and solutions such as steel barbed wire, coated steel barbed wire and galvanized steel barbed wire, wireless communications solutions, galvanized steel wires and related products |
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No of Employees : |
20 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Kenya |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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 |
Registered Name: REDLINE LIMITED
Requested Name: REDLINE
LIMITED
Other Names: None
Physical Address: 3rd Floor, MMID Studio Building,
Westlands Rd, Nairobi,
Postal Address: P. o. Box 104257-00101,
Nairobi,
Country: Kenya
Phone: 254-20-3742800/3742801
Cell: 254-721294155
Fax: 254-20-3742800
Email: info@redline.co.ke
Website: www.redline.co.ke
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. We recommend Credit of USD 100,000 on 90 days.
Legal Form: Limited Corporation
Date Incorporated: 16-Sept-2009
Reg. Number: 10811
Nominal Capital KES. 100,000 Divided into Share 1,000 each KES.
100
Subscribed Capital KES. 100,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. George Thuo MD
Ms. Judy Thuo Director
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as providers of information communication
technology services and solutions such as steel barbed wire, coated steel
barbed wire and galvanized steel barbed wire, wireless communications
solutions, galvanized steel wires and related products
Imports: Asia,Middle
East, Europe
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 20
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Kenya
Location: Leased
premises, 5,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Kenyan Shillings (KES.)
Approx. Ex. Rate: 1 US Dollar = 86.95 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%.
Financial
Information not Submitted
Profit and Loss (expressed in KES.)
2013
Sales 30,000,000
Bank Name: Bank of Africa
Branch: Kenya
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.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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|
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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 |
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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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.