MIRA INFORM REPORT
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Report Date : |
16.10.2014 |
IDENTIFICATION DETAILS
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Name : |
THE KENYA POWER & LIGHTING COMPANY LIMITED |
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Registered Office : |
Stima Plaza, Kolobot Road, Parklands P.o Box 30099-00100 Nairobi |
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Country : |
Kenya |
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Financial Data : |
30.06.2013 |
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Date of Incorporation : |
01.06.1922 |
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Com. Reg. No.: |
12513 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate
distributors of Electricity and Electrical power, The company buys
electricity from various companies and distributes it on the national Grid |
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No. of Employees : |
10,000 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 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 |
Company
name and address
|
Registered Name: |
THE KENYA POWER
& LIGHTING COMPANY LIMITED |
|
Requested Name: |
THE KENYA POWER & LIGHTING COMPANY LIMITED |
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Other Names: |
None |
ADDRESS
AND TELECOMMUNICATION
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Physical Address: |
Stima plaza, Kolobot road, parklands |
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Postal Address: |
P.o Box 30099-00100 |
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Nairobi |
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Country: |
Kenya |
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Phone: |
254-20-3201000 |
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Fax: |
254-20-3514485 |
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Email: |
info@kplc.co.ke/
customercarenairobi@kplc.co.ke |
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Website: |
www.kplc.co.ke |
LEGAL
|
Legal Form: |
Limited Corporation |
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Date Incorporated: |
01-June-1922 |
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Reg. Number: |
12513 |
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Nominal Capital |
KES. 4,757,000,000 |
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Subscribed Capital |
KES. 4,336,593,000 |
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Subscribed Capital is Subscribed in the following form: |
||
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Position |
Shares |
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Mr. Eliazar O. Ocholla |
Chairman |
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Dr. Ben Chumo |
MD/CEO |
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Dr. Kamau Thugge |
Director |
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Eng. Joseph Njoroge |
Director |
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Mr. Jacob Mwirigi |
Director |
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Eng. Patrick Obath |
Director |
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Dr. Theodorah Malla-Kilukumi |
Director |
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Mr. Macharia Kariuki |
Director |
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Mrs. Jane Nashida |
Director |
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Mr. Joseph Kariuki |
Director |
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Eng. Isaac Kiva |
Director |
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Permanent Secretary, Treasury |
Shareholder |
50.086% |
|
Standard Chartered Nominees Ltd. |
Shareholder |
17.464% |
|
Board of Trustees N.S.S.F. |
Shareholder |
4.114% |
|
CFC Stanbic Nominees Ltd. |
Shareholder |
3.700% |
|
KCB Nominees Ltd. |
Shareholder |
2.385% |
|
NIC Custodial Services Ltd. |
Shareholder |
1.932% |
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Co–op Bank Custody |
Shareholder |
1.367% |
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Equity Nominees Ltd. |
Shareholder |
1.152% |
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Jubilee Insurance Company Ltd. |
Shareholder |
1.039% |
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Kenindia Assurance Company Ltd. |
Shareholder |
0.568% |
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Old Mutual Life Assurance Company Ltd. |
Shareholder |
0.526% |
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Chase Bank Nominees Ltd. |
Shareholder |
0.429% |
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ICEA Lion Life Assurance Company Ltd. |
Shareholder |
0.340% |
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The Heritage AII Insurance Company Ltd. |
Shareholder |
0.269% |
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Natbank Trustee & Investment Services Ltd. |
Shareholder |
0.264% |
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Alimohamed Adam |
Shareholder |
0.261% |
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CFC Life Assurance Ltd. |
Shareholder |
0.258% |
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Kenya Reinsurance Corporation Ltd. |
Shareholder |
0.255% |
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Phoenix of East Africa Assurance Company Ltd. |
Shareholder |
0.197% |
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Dhimantilal Samji Shah |
Shareholder |
0.119% |
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Other Shareholders |
Shareholder |
13.275% |
RELATED
COMPANIES
|
None |
Parent company. |
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None |
Subsidiary company. |
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None |
Affiliated company. |
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Listed below |
Shareholders of subject firm. |
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Various in Kenya |
Branches of the firm |
OPERATIONS
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Registered to operate distributors of Electricity and Electrical power, The company buys electricity from various companies and distributes it on the national Grid etc |
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Imports: |
Uganda |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
30 days (100%), invoices. |
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Main Customers: |
firms and public |
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Employees: |
10,000 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Kenya |
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Location: |
Owned premises, 150000 square feet, |
AUDITORS AND
INSURANCE
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Auditors: |
Ernst & Young |
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Insurance Brokers: |
ICEA Assurance |
FINANCE
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Currency Reported: |
Kenyan Shillings (KES.) |
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Approx. Ex. Rate: |
1 US Dollar = 89.10 Kenyan 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 Submitted below |
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BANK
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Bank Name: |
Co-operative Bank of Kenya Ltd |
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Branch: |
Kenya |
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Comments: |
Other banks |
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Standard Chartered Bank Ltd |
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Stanbic Bank Ltd |
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Kenya Commercial Bank Ltd |
TRADE REFERENCES
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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. |
SHAREHOLDERS
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|
PERMANENT SECRETARY, TREASURY |
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STANDARD CHARTERED NOMINEES LTD. |
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BOARD OF TRUSTEES N.S.S.F. |
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CFC STANBIC NOMINEES LTD. |
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KCB NOMINEES LTD. |
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NIC CUSTODIAL SERVICES LTD. |
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CO–OP BANK CUSTODY |
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EQUITY NOMINEES LTD. |
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JUBILEE INSURANCE COMPANY LTD. |
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KENINDIA ASSURANCE COMPANY LTD. |
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OLD MUTUAL LIFE ASSURANCE COMPANY LTD. |
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CHASE BANK NOMINEES LTD. |
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ICEA LION LIFE ASSURANCE COMPANY LTD. |
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THE HERITAGE AII INSURANCE COMPANY LTD. |
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NATBANK TRUSTEE & INVESTMENT SERVICES LTD. |
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ALIMOHAMED ADAM |
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CFC LIFE ASSURANCE LTD. |
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KENYA REINSURANCE CORPORATION LTD. |
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PHOENIX OF EAST AFRICA ASSURANCE COMPANY LTD. |
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DHIMANTILAL SAMJI SHAH |
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OTHER SHAREHOLDERS |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
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|
1 |
Rs.98.15 |
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Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
NIS |
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.