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Report Date : |
22.02.2014 |
IDENTIFICATION DETAILS
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Name : |
ASSOCIATED
STEEL LIMITED |
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Registered Office : |
Lusaka Road, Industrial Area, Nairobi P. o. Box 18833-00500, Nairobi, |
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Country : |
Kenya |
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Date of Incorporation : |
04.10.1976 |
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Com. Reg. No.: |
14939 |
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Legal Form : |
Limited
Corporation |
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Line of Business : |
Subject
operate as distributors of building materials and related supplies |
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No. of Employees : |
1000 |
RATING & COMMENTS
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MIRAs 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 September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Kenya |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
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Source
: CIA |
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Registered Name: |
ASSOCIATED STEEL LIMITED |
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Requested Name: |
ASL LTD. (TRADING DIVISSION) |
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Trade Names: |
ASL LTD. (TRADING DIVISION) |
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Physical Address: |
Lusaka Road, Industrial Area, Nairobi |
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Postal Address: |
P. o. Box 18833-00500, |
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Nairobi, |
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Country: |
Kenya |
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Phone: |
254-20-6559869/6534776/559869/559871/555032/ 652089 |
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Fax: |
254-20-6534610/6534726/ 555043 |
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Email: |
info@asltd.ramco-group.com |
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Website: |
www.asl.co.ke/www.ramco-group.com |
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
4-Oct-1976 |
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Reg. Number: |
14939 |
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Nominal Capital |
KES. 50,000,000 |
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Subscribed Capital |
KES. 50,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Kirit Rambhai
Patel |
Chairman |
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Mr. Chandrakant
Rambhai Patel |
Director |
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Mr. Hashit Mahendra
Patel |
Director |
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Mr. Amit Patel |
Director |
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Ms. Prital Patel |
Director |
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Mr. Anand Dave |
Director |
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Mr. Kartik Patel |
Director |
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Mr. Anand Karani |
Director |
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Mr. Ronak Parikh |
Director |
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Ramco Group |
Holding
Co. |
100% |
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Ramco Group |
Parent company. |
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None |
Subsidiary company. |
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Given Below |
Affiliated company. |
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None |
Shareholder of subject firm. |
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Securex Place, Along Parklands Road, Opposite Nairobi University School of Law ( Parklands Campus), Nairobi |
Branches of the firm |
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Registered to operate as distributors of building materials and related supplies |
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Imports: |
Asia, Europe, UK |
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Exports: |
East Africa |
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Brands: |
Pegler, Eurobath, Havells, Grohe, Pakai etc |
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Terms of sale: |
Cash (60%) and 25-90 days (40%), invoices. |
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Main Customers: |
General Public |
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Employees: |
1000 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Kenya |
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Location: |
Owned premises, 50,000 square feet, |
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Auditors: |
Information not available. |
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Insurance Brokers: |
Information not available. |
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Currency Reported: |
Kenyan Shillings (KES.) |
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Approx. Ex. Rate: |
1 US Dollar = 86.15 Kenyan Shillings |
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Fiscal Year End: |
December 31, 2013 |
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Inflation: |
According to information given by independent sources, the inflation at December 31st, 2013 was of 13%. |
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Financial Information not Submitted |
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Profit and Loss (expressed in KES.) |
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2013 |
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Sales |
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1,250,000,000 |
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Bank Name: |
BARCLAYS BANK |
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Branch: |
Kenya |
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Comments: |
None |
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Experiences: |
Good |
None
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This
information was obtained from outside sources other than the subject company
itself and confirmed the above subject. |
AFFILIATED
COMPANIES
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CREATIVE EDGE LIMITED |
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MARKETPOWER INTERNATIONAL LIMITED |
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RAMCO PRINTING WORKS LIMITED |
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PLATINUM PACKAGING LIMITED |
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ASL LIMITED - PACKAGING DIVISION |
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POLYTHENE INDUSTRIES LIMITED ASL LIMITED - PAPER DIVISION |
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FLEXOWORLD LIMITED |
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OVIDIAN ADVERTISING AND DESIGN LIMITED |
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REDHOT BRANDING LIMITED |
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RAMCO HARDWARE LIMITED |
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JUMA HARDWARE STORES LIMITED |
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KENTAINERS LIMITED ASL TZ LIMITED TANZANIA |
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ASL HARDWARE LIMITED UGANDA |
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ASTRAL PIPES LIMITED |
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RAMCO CHEMICALS LIMITED |
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CROWN CLASSICS LIMITED |
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ASL LIMITED - WIRE & CABLE DIVISION |
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OFFICE MART LIMITED KENYA |
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OFFICE MART TZ LIMITED TANZANIA |
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SEAL HONEY LIMITED |
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LINO STATIONERS (AFRICA) LIMITED |
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TRAVELSHOPPE LIMITED |
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ASL LIMITED - STEEL DIVISION |
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ASL LIMITED - HEAVY FABRICATION DIVISION |
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SAI OFFICE SUPPLIES LIMITED - KENYA |
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SAI OFFICE SUPPLIES UG LIMITED UGANDA |
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SAI OFFICE SUPPLIES TZ LIMITED TANZANIA |
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SAI OFFICE SUPPLIES RW LIMITED RWANDA |
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OFFICE TECHNOLOGIES LIMITED |
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ASL CREDIT LIMITED |
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PROSERVE ICT |
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AFRICA CONSULTING SERVICES LIMITED |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
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|
1 |
Rs.103.44 |
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Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SCs 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.