MIRA INFORM REPORT

 

 

Report Date :

29.01.2014

 

IDENTIFICATION DETAILS

 

Name :

SUBATI FLOWERS LIMITED

 

 

Registered Office :

9th Floor, Crescent Business Center, Parklands, Nairobi

 

 

Country :

Kenya

 

 

Date of Incorporation :

22.12.1995

 

 

Com. Reg. No.:

68530

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject operate floricultural farming dealing with plantation and exporter of roses

 

 

No. of Employees :

150

 

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

 

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:                                    SUBATI FLOWERS LIMITED

Requested Name:                                    SUBATI FLOWERS LIMITED

Other Names:                                          None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   9th Floor, Crescent Business Center, Parklands, Nairobi,

Postal Address:                                       P. o. Box 25130 – 00100  

                                                              Nairobi,

Country:                                                  Kenya

Phone:                                                    254-20-2048483/650511/4442442

Cell:                                                       254-736347777/722811832

Fax:                                                       254-20-650494/ 4442195

Email:                                                     info@subatiflowers.com

Website:                                                 www.subatiflowers.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.

 

 

LEGAL

 

Legal Form:                                                      Limited Corporation 

Date Incorporated:                                            22/12/1995

Reg. Number:                                                   68530

Nominal Capital                                                KES. 3,000,000 Divided into Shares 30,000 each KES. 100

Subscribed Capital                                            KES. 3,000,000 being 30,000

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Mr. Homer George Combos                               Director                            4800

Mrs. Sheilah Jane Combos                                Director                            4800

Mr. Higel Grahm Sandys Lumsdaine                  Director                            1

Mr. Phillip Magor                                              Director                            1

Mr. Malcom Alexander Wilson                           Director                            1

Mr. Ian D C Burridge                                         Director                            1

Mr. Ravi Patel                                                   Director                           

Mr. Sureshkumar Nair                                       GM                                 

Williamson Flowers Limited (UK)                        Holding Co.                      20,396

RELATED COMPANIES  

 

Williamson Flowers Limited (UK)                        Parent company.

None                                                               Subsidiary company.

None                                                               Affiliated company.

None                                                               Shareholder of subject firm.

P.o. Box 25120-00100 Nakuru, Kenya                Branches of the firm

 

 

OPERATIONS

 

Registered to operate floricultural farming dealing with plantation and export of roses

 

Imports:                                                           Europe, UK

Exports:                                                           Asia

Trademarks:                                                     None

Terms of sale:                                                  Cash (40%) and 25-90 days (60%), invoices.

                                                                      

Main Customers:                                              Distributors, firms and organizations  

Employees:                                                      150 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                              Kenya

Location:                                                          Owned premises, 27 hectares,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                          Information not available.

Insurance Brokers:                                            Information not available.

 

                                                                      

FINANCE 

 

Currency Reported:                                           Kenya Shillings (KES.)

Approx. Ex. Rate:                                             1 US Dollar = 85.85 Kenya 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.)

                                                                       2012                        2013

Sales                                                               300,000,000             365,000,000

BANK 

 

Bank Name:                                                     BARCLAYS BANK OF KENYA LTD

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.99

UK Pound

1

Rs.104.61

Euro

1

Rs.86.17

 

INFORMATION DETAILS

 

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

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.