MIRA INFORM REPORT
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Report Date : |
22.02.2014 |
IDENTIFICATION DETAILS
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Name : |
KENS METAL LTD. |
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Registered Office : |
Off
Enterprise Road, Lusaka Road, Industrial Area, Nairobi |
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Country : |
Kenya |
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Financials (as on) : |
2012 |
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Date of Incorporation : |
20.06.1975 |
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Com. Reg. No.: |
13638 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Manufacturer, Importer,
Wholesaler & Retailer of Hardware and Building Materials |
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No of Employees : |
175 |
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 : |
Good |
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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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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SUBJECT'S
NAME
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Registered Name: |
KENS METAL LTD. |
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Requested Name: |
KENS METAL LTD.,
KENYA |
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Other Names: |
None |
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ADDRESS
AND TELECOMMUNICATION
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Physical Address: |
Off
Enterprise Road, Lusaka Road, Industrial Area, Nairobi, Kenya |
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Postal Address: |
P. o.
Box 45726-00100, |
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Nairobi, |
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Country: |
Kenya |
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Phone: |
254-20-651164/7/555002/6/7426/6082/5357/9214/
533093/551493 |
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Cell: |
254-7519140172 |
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Fax: |
254-20-554456/651989/558730 |
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Email: |
info@kensmetal.co.ke/kensmetal@wananchi.com/jayesh.hirani@kensmetal.co.ke
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Website: |
www.kensmetal.co.ke |
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CREDIT
OPINION
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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. |
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LEGAL
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
20-June-1975 |
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Reg. Number: |
13638 |
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Registered Capital |
KES.
25,000,000 being Shares 1,000,000 each KES. 20 |
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Nominal Capital |
KES.
20,000,000 |
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Subscribed Capital |
KES.
20,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr.
Muljibhai Lalji Pindolia |
MD/
CEO |
45.00% |
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Mr.
Devraj Kalyan Patel |
Director |
12.50% |
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Mr.
Devshi H. Varsani |
Director |
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Mr. Kishore Muljibhai Pindolia |
Shareholder |
22.50% |
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Mr. Bharat Muljibhai Pindolia |
Shareholder |
20.00% |
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RELATED
COMPANIES
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None |
Parent company. |
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None |
Subsidiary company. |
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Kens Metal Industries Ltd |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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Lusaka Road, Industrial Area, Nairobi, Kenya |
Branches of the firm |
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OPERATIONS
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Registered to operate as
manufacturers, importers, wholesalers & retailers of hardware and
building materials |
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Imports: |
Brazil, Taiwan, Europe, China and India |
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Exports: |
East Africa |
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Trademarks: |
None |
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Terms of sale: |
Cash (20%) and (80%), invoices. |
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Main Customers: |
firms and organizations |
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Employees: |
175 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 Sq. Feet
, |
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AUDITORS
AND INSURANCE
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Auditors: |
PATEL SHAH JOSHI & COMPANY |
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Insurance Brokers: |
Information not
available. |
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FINANCE
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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
Submitted Below |
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BANK
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Bank Name: |
KENYA COMMERCIAL BANK LTD |
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Branch: |
Kenya |
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Comments: |
Other Banks |
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BANK OF BARODA (KENYA) LIMITED |
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TRADE REFERENCES
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Experiences: |
Good |
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NOTARIAL BONDS |
None |
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COMMENTS
/ ADDITIONAL INFORMATION
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This information was
obtained from outside sources other than the subject company itself and
confirmed the above subject. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 62.16 |
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1 |
Rs.103.44 |
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Euro |
1 |
Rs. 85.26 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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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.