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Report Date : |
05.07.2014 |
IDENTIFICATION DETAILS
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Name : |
GEOTHERMAL EXPLORATION LTD |
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Registered Office : |
Industrial Area, Nairobi, P. o. Box 38615, Nairobi 00623 |
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Country : |
Kenya |
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Date of Incorporation : |
11.03.2010 |
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Legal Form : |
Limited Corporation |
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|
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Line of Business : |
Subject operate drilling
of geothermal well engineering |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Kenya |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
KENYA - ECONOMIC OVERVIEW
Kenya hKenya 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, although the Kenyatta administration has prioritized infrastructure development. International financial lenders and donors remain important to Kenya's economic growth and development. Unemployment is high at around 40%. The country has chronic budget deficits. Inflationary pressures and sharp currency depreciation peaked in early 2012 but have since abated following low global food and fuel prices and monetary interventions by the Central Bank. Recent terrorism in Kenya and the surrounding region threatens Kenya's important tourism industry. Kenya, in conjunction with neighboring Ethiopia and South Sudan, intends to begin construction on a transport corridor and oil pipeline into the port of Lamu in 2014.
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Source
: CIA |
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Registered Name: |
GEOTHERMAL
EXPLORATION LTD |
|
Requested Name: |
GEOTHERMAL EXPLORATION LTD |
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Other Names: |
None |
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Physical Address: |
Industrial
Area, Nairobi |
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Postal Address: |
P.
o. Box 38615 |
|
|
Nairobi
00623, |
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Country: |
Kenya |
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Phone: |
254-20-8067380/+917043330686 |
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Cell: |
254-722708222 |
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Fax: |
254-20-8067380 |
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Email: |
info@gec.co.ke |
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Website: |
www.geothermalexplorers.com |
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Legal Form: |
Limited Corporation |
|
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Date Incorporated: |
11-March-2010 |
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Reg. Number: |
Kenya |
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Nominal Capital |
USD.
10,000,000 |
|
|
Subscribed Capital |
USD.
10,000,000 |
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Subscribed Capital is Subscribed in the following form: |
||
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Position |
Shares |
|
Mr. Ajay Shah |
Director |
|
|
None |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
|
Registered to operate
drilling of geothermal well engineering |
|
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Imports: |
Asia |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (30%) and 25-90 days (70%), invoices. |
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|
|
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Main Customers: |
firms and organizations |
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Employees: |
30 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Kenya |
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Location: |
Rented premises, 2,500 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: |
Kenya Shillings (KES.) |
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Approx. Ex. Rate: |
1 US Dollar = 87.80 Kenya
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 |
|
Sales |
|
20,000,000 |
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Bank Name: |
Prime
Bank |
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Branch: |
Kenya |
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Comments: |
None |
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Experiences: |
Good |
None
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.59.79 |
|
|
1 |
Rs.102.66 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
|
Report Prepared
by : |
NNA |
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.