MIRA
INFORM REPORT
|
Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
MITSUMI COMPUTER GARAGE LTD |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
17.10.1996 |
|
|
|
|
Com. Reg. No.: |
73220 |
|
|
|
|
Legal Form : |
Limited Corporation |
|
|
|
|
Line of Business : |
Importer and Resellers of
all types and computer hardware and software. |
|
|
|
|
No of Employees : |
120 |
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 |
|
Maximum Credit Limit : |
USD 200,000 |
|
|
|
|
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 – 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. 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: |
MITSUMI COMPUTER
GARAGE LTD |
|
Requested Name: |
MITSUMI
DISTRIBUTION KENYA |
|
Trade Names: |
MITSUMI DISTRIBUTION KENYA |
ADDRESS AND TELECOMMUNICATION
|
Physical Address: |
41
Weslands Road, Between Graffins College And Chiromo Road, Weslands, Nairobi |
|
Postal Address: |
P.
o. Box 32735-00600 |
|
|
Nairobi, |
|
Country: |
Kenya |
|
Phone: |
254-20-3744921/3740750/3745347/3751726/3742604 /3743364/3741594 |
|
Cell: |
254-733612230/720738736/722493712 |
|
Fax: |
254-20-3740750 |
|
Email: |
sales@mitsumidistribution.com/sales@mitsuminet.com/mitesh@mitsuminet.com
|
|
Website: |
www.mitsumidistribution.com |
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. We recommend
Credit of USD 200,000 on 90 days. |
LEGAL
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
17-Oct-1996 |
|
|
Reg. Number: |
73220 |
|
|
Nominal Capital |
KES.
200,000,000 Divided into Shares 2,000,000 each KES.100 |
|
|
Subscribed Capital |
KES.
170,000,000 being 1,700,000 |
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Jagat Mahendrakumar Shah |
MD |
850,000 |
|
Mr. Mitesh Mahendrakumar Shah |
Director |
850,000 |
RELATED COMPANIES
|
None |
Parent company. |
|
None |
Subsidiary company. |
|
MITSUMINET LIMITED, MITSUMI COMPUTER GARAGE
LIMITED, TANZANIA, MITSUMI COMPUTER GARAGE
LIMITED, UGANDA, SUN DISTRIBUTION
FZCO-DUBAI, U.A.E, MITSUMI DISTRIBUTORS
LIMITED, RWANDA, MITSUMI IMPEX PVT
LIMITED, INDIA, MITSUMI COMPUTER GARAGE
LIMITED, NIGERIA, MITSUMI COMPUTER GARAGE
LIMITED, GHANA. |
Affiliated companies. |
|
None |
Shareholder of subject
firm. |
|
-Caxton House, Nairobi, Kenya - Westlands Arcade, Westlands, Nairobi, Kenya |
Branches of the firm |
OPERATIONS
|
Registered to operate as
importers and resellers of all types and computer hardware and software. |
|
|
Imports: |
USA, United Arab Emirates, France and China |
|
Exports: |
Tanzania, Uganda, Congo, Ethiopia and Southern Sudan |
|
Brands: |
Acer, Asus, BenQ, Dell, Dell SonicWall, D-Link, EPSON, HP, Huawei,
IBM, Lenovo, LINKSYS, Microsoft, Polycom, Rivedbed, Samsung, Sandisk,
Toshiba, Tripp-Lite and WD. |
|
Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|
|
|
|
Main Customers: |
firms and organizations |
|
Employees: |
120 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
Kenya |
|
Location: |
Owned premises, 10,000 square feet, |
AUDITORS AND INSURANCE
|
Auditors: |
B C PATEL & CO.. |
|
Insurance Brokers: |
Information not
available. |
FINANCE
|
Currency Reported: |
Kenya Shilllings (KES.) |
|
|
Approx. Ex. Rate: |
1 US Dollar = 86.10 Kenya
Shilllings |
|
|
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
Submitted Below |
|
|
|
|
|
|
|
|
|
|
|
Profit and Loss
(expressed in KES.) |
||
|
|
|
2013 |
|
Sales |
|
4,500,000,000 |
BANK
|
Bank Name: |
ECOBANK KENYA LIMITED |
|
Branch: |
Nairobi,
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. 62.31 |
|
|
1 |
Rs. 101.77 |
|
Euro |
1 |
Rs. 84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.