MIRA INFORM REPORT

 

 

Report Date :

12.11.2014

 

IDENTIFICATION DETAILS

 

Name :

SPINNERS & SPINNERS LTD

 

 

Registered Office :

Room 6, 6th Floor,  Agip House, Haile Selassie Avenue, Nairobi

 

 

Country :

Kenya

 

 

Date of Incorporation :

10.12.1979

 

 

Com. Reg. No.:

20043

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Manufacturers of Textiles, curtains cotton, rayon acrylic yarns, Blanket yarn and furnishing material.

 

 

No of Employees :

2550

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 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.

 

Source : CIA

 

 

 

 

SUBJECT'S NAME

 

 

Registered Name:

SPINNERS & SPINNERS LTD

Requested Name:

SPINNERS & SPINNERS LTD

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

3rd Floor, Ring Road, Nakumatt  Ukay, Nairobi,

Registered offices

Room 6, 6th Floor,  Agip House, Haile Selassie Avenue, Nairobi

Postal Address:

P.o. Box 46206-00100

 

Nairobi

Country:

Kenya

Phone:

254-20-221391/ 332047/ 332874/ 448225/ 740976

Cell:

254-722253795/734556667

Fax:

254-20-218154/3752257

Email:

spinners@form-net.com/ office@spinnersandspinners.com/

info@spinners.co.ke /sales@spinners.co.ke

Website:

www.spinnersandspinners.com

 

 

LEGAL

 

 

Legal Form:

Limited Corporation 

Date Incorporated:

10-Dec-1979

Reg. Number:

20043

Nominal Capital

KES. 100,000,000

Subscribed Capital

KES. 100,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Chandrakant Premchand Dodhia

MD

1,375,000

Mr. Hemlata D. Dhanani

Director

1,375,000

Mrs. Dhirajlal Meghji Dhanani

Director

 

Mr. Pravinchandra Meghji Dhanani

Director

 

Orrey Investments Limited

Holding Company

2,250,000

 

 

RELATED COMPANIES

 

 

Orrey Investments Limited

Parent company.

None

Subsidiary company.

None

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

 

OPERATIONS

 

Registered to operate manufacturers of Textiles, curtains cotton, rayon acrylic yarns, Blanket yarn and furnishing material.

Imports:

Asia

Exports:

None

Trademarks:

None

Terms of sale:

Cash (40%) and 25-90 days (60%), invoices.

 

 

Main Customers:

firms and organizations  

Employees:

2550 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Kenya

Location:

Owned premises, 25.000 square feet,

 

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

 

FINANCE

 

 

Currency Reported:

Kenya Shillings (KES.)

Approx. Ex. Rate:

1 US Dollar = 89.78 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.)

 

 

2013

Sales

 

4,516,000,000

 

BANK

 

 

Bank Name:

INVESTMENTS & MORTGAGES BANK LTD,

Branch:

Kenyatta Avenue, PO Box 30238 00100 GPO, Nairobi, Kenya

Comments:

Other Banks

 

BIASHARA BANK LTD

 

KENYA COMMERCIAL BANK LTD, NAIROBI

 

INVESTMENT & MORTGAGE BANK LTD, NAIROBI

 

 

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.61.55

UK Pound

1

Rs.97.53

Euro

1

Rs.76.48                  

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SMN

 

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.