MIRA INFORM REPORT

 

 

Report No. :

301653

Report Date :

07.01.2015

 

IDENTIFICATION DETAILS

 

Name :

SYNERMED PHARMACEUTICALS (KENYA) LTD

 

 

Registered Office :

Gayatri House, Masai Road, Off Mombasa Road, Nairobi, P. o. Box 52096-00200

 

 

Country :

Kenya

 

 

Date of Incorporation :

12.06.1996

 

 

Com. Reg. No.:

F/8/96

 

 

Legal Form :

Limited Corporation

 

 

Line of Business :

Subject operate as manufacturers, agents and distributors pharmaceuticals products and surgical items

 

 

No. of Employee :

65

 

 

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

 

 

Company name

 

 

Registered Name:

SYNERMED PHARMACEUTICALS (KENYA) LTD

Requested Name:

SYNERMED PHARMACEUTICALS (KENYA) LTD

Other Names:

None

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

Gayatri House, Masai Road, Off Mombasa Road, Nairobi

Postal Address:

P. o. Box 52096-00200

 

Nairobi,

Country:

Senegal

Phone:

254-20-8155282/83/84/85

Fax:

254-20-8155286

Email:

synermed@swiftkenya.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:

12-June-1996

Reg. Number:

F/8/96

VAT Number:

P051142421G

Nominal Capital

KES. 100,000 (Share: 1,000 Value: KES. 100)

Subscribed Capital

KES. 100,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Mr. Dipak Bhatti

MD

50%

Mr. P. Bhatti

Director

50%

Mr. Vijay Limbachia

Director

 

 

RELATED COMPANIES

 

None

Parent company.

None

Subsidiary company.

None

Affiliated company.

None

Shareholder of subject firm.

None

Branches of the firm

 

OPERATIONS

 

Registered to operate as manufacturers, agents and distributors pharmaceuticals products and surgical items

Imports:

Asia

Exports:

None

Trademarks:

None

Terms of sale:

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

 

 

Main Customers:

Hospitals, pharmacies, dispensaries etc

Employees:

65 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Kenya

Location:

Rented premises, 5,000 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 = 90.80 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

 

120,000,000

 

BANK

 

 

Bank Name:

First American Bank of Kenya 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.63.39

UK Pound

1

Rs.96.72

Euro

1

Rs.75.80

 

 

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%)

 

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.