|
Report No. : |
306687 |
|
Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
METSEC CABLES LTD |
|
|
|
|
Registered Office : |
Doshi Complex, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
07.12.1990 |
|
|
|
|
Com. Reg. No.: |
44732 |
|
|
|
|
Legal Form : |
Limited Corporation |
|
|
|
|
Line of Business : |
Subject operate manufacture
and distributor of all types of cables eg electrical power cables,
telecommunication cables and hot water heaters, products includes copper
cables for overhead cabling solutions and for residential and commercial
buildings. Cables are designed for high transmission, low interference and
electromagnetic compatibility and specifications |
|
|
|
|
No. of Employees : |
170 |
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
Company name |
|
|||
|
Registered Name: |
METSEC CABLES
LTD |
|||
|
Requested Name: |
METSEC CABLES LTD |
|||
|
Other Names: |
None |
|||
|
|
||||
ADDRESS AND TELECOMMUNICATION |
||||
|
Physical Address: |
Doshi Complex, Mombasa Road, Nairobi |
|||
|
Postal Address: |
P.
o. Box 75963-00200 |
|||
|
|
Nairobi |
|||
|
Country: |
Kenya |
|||
|
Phone: |
254-703030500 |
|||
|
Fax: |
254-703030500 |
|||
|
Email: |
metsec-info@doshigroup.com |
|||
|
Website: |
www.metsec.co.ke |
|||
|
|
||||
CREDIT OPINION |
|
|||
|
Financial Index as of December
2014 shows subject firm with a medium risk of credit. |
||||
|
|
||||
LEGAL |
|
|||
|
Legal Form: |
Limited Corporation |
|||
|
Date Incorporated: |
07-Dec-1990 |
|||
|
Reg. Number: |
44732 |
|||
|
Nominal Capital |
KES.
6,000,000 Shares 60,000 each KES. 100 |
|||
|
Subscribed Capital |
KES.
6,000,000 |
|||
|
Subscribed Capital is Subscribed in the following form: |
||||
|
|
Position |
Shares |
||
|
Mr. Kumarpal Magnlal Doshi |
MD |
2 |
||
|
Mr. Subhash Mansukhlal Doshi |
Director |
|
||
|
Mr. Kundanlal Prabhulal Doshi |
Director |
|
||
|
Mr. Ashwinkumar Maganlal Doshi |
Director |
|
||
|
Mr. Hemal Subash Doshi |
Director |
|
||
|
Mr. Ameet Ashwin M Doshi |
Director |
|
||
|
Mr. Ajay Arunkant Doshi |
Director |
|
||
|
Mr. Ramniklal Ravjibhai Patel |
Director |
|
||
|
Doshi Holdings Limited, Kenya |
Holding Company |
59,998 |
||
|
|
||||
RELATED COMPANIES |
||||
|
Doshi Holdings Limited, Kenya |
Parent company. |
|||
|
None |
Subsidiary company. |
|||
|
DOSHI ENTERPRISES LTD, DOSHI AND
CO.(HARDWARE)LTD, DOSHI AND
CO.(HARDWARE)LTD, DOSHI AND CO.(ELECTRICAL)
LTD, CELLNET LIMITED, METSEC (TANZANIA)
LIMITED, DOSHI HARDWARE
(TANZANIA)LTD, DOSHI HARDWARE (UGANDA)
LTD. |
Affiliated companies. |
|||
|
None |
Shareholder of subject
firm. |
|||
|
None |
Branches of the firm |
|||
|
|
||||
OPERATIONS |
||||
|
Registered to operate
manufacture and distributor of all types of cables eg electrical power
cables, telecommunication cables and hot water heaters, products includes copper
cables for overhead cabling solutions and for residential and commercial
buildings. Cables are designed for high transmission, low interference and
electromagnetic compatibility and specifications |
||||
|
Imports: |
Asia |
|||
|
Exports: |
None |
|||
|
Trademarks: |
None |
|||
|
Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|||
|
|
|
|||
|
Main Customers: |
firms and organizations |
|||
|
Employees: |
170 employees. |
|||
|
Vehicles: |
Several motor vehicles. |
|||
|
Territory of sales: |
Kenya |
|||
|
Location: |
Owned premises, 10,000 square feet, |
|||
|
|
||||
AUDITORS AND INSURANCE |
||||
|
Auditors: |
Information not
available. |
|||
|
Insurance Brokers: |
Information not
available. |
|||
|
|
|
|||
FINANCE |
|
|||
|
Currency Reported: |
Kenyan Shillings (KES.) |
|||
|
Approx. Ex. Rate: |
1 US Dollar = 91.44
Kenyan Shillings |
|||
|
Fiscal Year End: |
December 31, 2014 |
|||
|
Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2014 was of 13%. |
|||
|
|
||||
|
Financial Information not
Submitted |
|
|||
|
|
|
|||
|
Profit and Loss
(expressed in KES.) |
||||
|
|
|
2014 |
||
|
Sales |
|
2,850,000,000 |
||
|
|
||||
BANK |
|
|||
|
Bank Name: |
BARCLAYS
BANK |
|||
|
Branch: |
Kenya |
|||
|
Comments: |
Other Banks |
|||
|
|
I & M BANK |
|||
|
|
KENYA COMMERCIAL BANK |
|||
|
|
NIC BANK |
|||
|
|
||||
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.61.74 |
|
|
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.