MIRA INFORM REPORT

 

 

Report Date :

06.03.2014

 

IDENTIFICATION DETAILS

 

Name :

MILLY GLASS WORKS LTD

 

 

Formerly Known as: 

BAWAZIR GLASS WORKS LTD

 

 

Registered Office :

Section XLVIII, Liwatoni Road, Mombasa

 

 

Country :

Kenya

 

 

Date of Incorporation :

23.07.1992

 

 

Com. Reg. No.:

50266

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

manufacturers of glass bottles

 

 

No. of Employees

500

 

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:                                   MILLY GLASS WORKS LTD

Requested Name:                                   MILLY GLASS LIMITED

Former Names:                                       BAWAZIR GLASS WORKS LTD

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:                                   Section XLVIII, Liwatoni Road,Mombasa

Postal Address:                                      P. o. Box 80326-80180,

                                                              Mombasa,

Country:                                                 Kenya

Phone:                                                   254-41-222448/01/04/222999/2225204

Cell:                                                       254-733786862/722470940

Fax:                                                       254-41-222382

Email:                                                     glass@millygroup.com  / info@millyglass.com

Website:                                                 None

 

 

CREDIT OPINION

 

Financial Index as of December 2013 shows subject firm with a medium risk of credit.

 

 

LEGAL

 

Legal Form:                                                     Limited Corporation 

Date Incorporated:                                           23-July-1992

Reg. Number:                                                  50266

Nominal Capital                                                KES. 65,000,000 Divided into Shares 65,000 Each KES. 1,000

Subscribed Capital                                           KES. 65,000,000

 

Subscribed Capital is Subscribed in the following form:

                                                                       Position                          Shares

Mr. Sajjad Mohamedali Rashid                          MD                                  32,500

Mr. Sajjad Mohamed Rashid                             Director                          

Mr. Mohamedali Sajjad Rashid                          Director                          

Mr. Conny Menezes                                          GM                                 

ZARMAK INVESMENT INC (BRITISH WEST INDIES)                                 Shareholder     32,500

RELATED COMPANIES  

 

None                                                                Parent company.

None                                                               Subsidiary company.

MILLY WILS LTD,

MILLY GRAIN MILLERS LTD,

MILLY FRUIT PROCESSORS LTD,

SANTARIA LTD.                                               Affiliated company.

None                                                               Shareholder of subject firm.

None                                                               Branches of the firm

 

 

OPERATIONS

 

Registered to operate  as manufacturers of glass bottles

 

Imports:                                                           Italy, Germany and France

Exports:                                                          Zimbabwe, Djibouti, Uganda, Tanzania, Eritrea, West Africa and Indian Ocean Islands

Trademarks:                                                     None

Terms of sale:                                                  Cash (30%) and 25-90 days (70%), invoices.

                                                                      

Main Customers:                                              Industries, firms and organizations  

Employees:                                                     500 employees.

Vehicles:                                                         Several motor vehicles.

Territory of sales:                                             Kenya

Location:                                                         Owned premises, 3 acres,

 

 

AUDITORS AND INSURANCE   

 

Auditors:                                                         Information not available.

Insurance Brokers:                                            Information not available.

                                                                      

 

FINANCE 

 

Currency Reported:                                          Kenyan Shillings (KES.)

Approx. Ex. Rate:                                            1 US Dollar = 86.66 Kenyan 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.)

                                                                             2013

Sales                                                                     320,000,000

 

 

BANK 

 

Bank Name:                                                     KENYA COMMERCIAL BANK 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

 

Currency
Unit

Indian Rupees

US Dollar

1

        Rs.61.86

UK Pound

1

Rs.103.06

Euro

1

Rs.84.92

 

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.