MIRA
INFORM REPORT
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Report Date : |
03.01.2014 |
IDENTIFICATION DETAILS
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Name : |
UMOJA RUBBER PRODUCTS LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
25.11.1977 |
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Com. Reg. No.: |
16532 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
manufacturers of rubber footwear such as Rubber and Eva slippers, canvas shoes, block sandals, canvas shoes with PU soles, sport shoes and Eva floaters and other rubber consumer goods & rubber spare parts |
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No. of Employees : |
1500 |
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 – 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 |
SUBJECT'S NAME
Registered Name: UMOJA RUBBER PRODUCTS LTD.
Requested Name: UMOJA
RUBBER PRODUCTS LTD.
Other Names: None
ADDRESS AND TELECOMMUNICATION
Physical Address: Tangana Road Off Moi Avenue Mombasa
Postal Address: P. o. Box 87388,
Mombasa 80100,
Country: Kenya
Phone: 254-41-2224630/2221453/8536
Cell: 254-722204994/733619966
Fax: 254-41-224630/2221453/224189
Email: info@umojarubber.com
Website: www.umojarubber.com
CREDIT OPINION
Financial Index as of December 2012 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: 25-Nov-1977
Reg. Number: 16532
Tax Number: P000619594P
Nominal Capital KES. 10,000,000 Divided into
Shares 100,000 each KES. 100
Subscribed Capital KES. 10,000,000
Subscribed Capital is Subscribed in the following form:
Position Shares
Mr. Ashok Kumar
Nathoo Shah CEO 25,000
Mr. Sunil Nathoo
Shah Director 25,000
Mr. Dilip Kumar
Nathoo Shah Director 25,000
Mr. Janak Nathoo
Shah Director 25,000
Mr. Jinal Shah Manager 25,000
RELATED COMPANIES
None Parent company.
None Subsidiary company.
Mzuri Sweets
Limited Affiliated company.
None Shareholder of subject firm.
Factory at Kilifi,
Mtwapa in Kenya Branches of the firm
OPERATIONS
Registered to operate as manufacturers of rubber footwear such as Rubber and Eva
slippers, canvas shoes, block sandals, canvas shoes with PU soles, sport shoes
and Eva floaters and other rubber consumer
goods & rubber spare parts
Imports: Asia
Exports: Uganda,
Mozambique, Tanzania, Rwanda, Congo, South Africa, Argentina, Zimbabwe and
Burundi
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: Local
agencies, stores, outlets
Employees: 1500
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Kenya
Location: Owned
premises, 15 acres
AUDITORS
AND INSURANCE
Auditors: P
S J AND ASSOCIATES.
Insurance
Brokers: Information not available.
FINANCE
Currency Reported: Kenyan Shillings (KES.)
Approx. Ex. Rate: 1 US Dollar = 86.45 Kenyan Shillings
Fiscal
Year End: December 31, 2012
Inflation: According to
information given by independent sources, the
inflation
at December 31st, 2012 was of 13%.
BANK
Bank Name: CITIBANK N.A LIMITED,
Branch: 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.90 |
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1 |
Rs.102.74 |
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Euro |
1 |
Rs.85.16 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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.