MIRA INFORM REPORT

 

 

Report Date :

01.01.2015

 

IDENTIFICATION DETAILS

 

Name :

DESBRO (KENYA) LTD

 

 

Registered Office :

Desbro House, Kampala Road, Industrial Area, Nairobi P. o. Box 42469-00100 Nairobi

 

 

Country :

Kenya

 

 

Date of Incorporation :

24.08.1954

 

 

Com. Reg. No.:

C3018 Kenya

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Subject operate import and distribution of Industrial chemicals, plastic and chemical raw materials

 

 

No. of Employee :

150 employees.

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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:

DESBRO (KENYA) LTD

Requested Name:

DESBRO (KENYA) LTD

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Desbro House, Kampala Road, Industrial Area, Nairobi

Postal Address:

P. o. Box 42469-00100

 

Nairobi,

Country:

Kenya

Phone:

254-20-557613/16/537273/557600/542196/558802

Fax:

254-20-542147/543791/555956/537274

Email:

info@desbrokenya.com

Website:

www.desbrogroup.com

 

 

LEGAL

 

Legal Form:

Limited Corporation 

Date Incorporated:

24/8/1954

Reg. Number:

C3018 Kenya

Nominal Capital

KES. 10,000,000

Subscribed Capital

KES. 10,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Suman Kumar Sennik

CEO

1

Mr. Ramasany Seshadri Somasundaram

Director

 

Mr. Anish Kumar Sennik

Director

 

Mr. Rajesh Kumar Sennik

Director

 

Desbro Holdings (K) Limited

Holding Co.

99,999

 

 

RELATED COMPANIES

 

None

Parent company.

None

Subsidiary company.

Given Below

Affiliated companies.

None

Shareholder of subject firm.

None

Branches of the firm

 

 

OPERATIONS

 

Registered to operate import and distribution of Industrial chemicals, plastic and chemical raw materials

Imports:

Asia, Europe

Exports:

None

Trademarks:

None

Terms of sale:

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

 

 

Main Customers:

firms and organizations  

Employees:

150 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Kenya

Location:

Owned premises, 5,000 square feet,

 

 

AUDITORS AND INSURANCE

 

Auditors:

Grant Thornton

Insurance Brokers:

Information not available.

 

                                                                    

FINANCE

                                                                    

Currency Reported:

Kenyan Shillings (KES.)

Approx. Ex. Rate:

1 US Dollar = 90.65 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

 

 

2013

Estimated Sales

1,625,000,000

 

 

BANK

 

Bank Name:

KENYA COMMERCIAL BANK LTD

Branch:

Moi Avenue Branch

Comments:

Other banks

 

STANDARD CHARTERED BANK

 

VICTORIA COMMERCIAL 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.

 

 

AFFILIATED COMPANIES

 

DESBRO ENGINEERING LTD

DESBRO EXPORTS LTD

DESBRO POLYMERS LTD

DESBRO TANZANIA  LTD

DESBRO TRADING LTD

DESBRO UGANDA LTD

GALAVANISED & FIRE WIRES LTD

INDUSTRIAL DISTRIBUTORS LTD

MESSH AND STEEL TRADING LTD

MRC WIRE PRODUCTS LTD

PIPING SYSTEMS LTD

PLASTIC COMPOUNDERS CO LTD

PLASTIC FITTINGS LTD

PLASTIC PIPES & PRODUCTS LTD

PLASTIC PROFILES LTD

PLATIC FITTINGS LTD

POLYPIPE LTD

PPP PIPING SYSTEMS LTD

SHANGHAI EXPRESS RESTAURANT LTD

SOCIETE DES TUBES ET RACCORDS MARKETING LTEE

TANDOORI EXPRESS RESTAURANT LTD 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.33

UK Pound

1

Rs.98.58

Euro

1

Rs.77.00

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SDA

 

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.