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Report No. : |
323824 |
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Report Date : |
27.05.2015 |
IDENTIFICATION DETAILS
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Name : |
PASS AFRICA LTD. |
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Registered Office : |
Off
Mombasa Rd, Behind Airtel, Nairobi, P. o. Box 39837-00623, Nairobi |
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Country : |
Kenya
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Date of Incorporation : |
08.05.1998 |
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Com. Reg. No.: |
77328 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
operate as water drilling
contractors |
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No. of Employees : |
85 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 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 and is in the process of devolving
state revenues and responsibilities to the counties. 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 issued its first sovereign bond
offering in mid-2014, generating $2 billion at 6% interest; the funds are
slated to be used for infrastructure projects. Nairobi has contracted with a
Chinese company to begin construction of a new standard gauge railway, but the
project allegedly has been beset by corruption and fraud.
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Source
: CIA |
Company
name
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Registered Name: |
PASS AFRICA LTD. |
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Requested Name: |
PASS AFRICA LTD. |
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Other Names: |
None |
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ADDRESS
AND TELECOMMUNICATION
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Physical Address: |
Off
Mombasa Rd, Behind Airtel, Nairobi |
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Postal Address: |
P.
o. Box 39837-00623, |
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Nairobi |
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Country: |
Kenya |
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Phone: |
254-20-8067380 |
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Cell: |
254-722708222/734708222 |
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Fax: |
254-20-3746660 |
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Email: |
info@passafricaind.com |
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Website: |
www.passafricadrilling.com/ www.passafricaind.com |
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CREDIT
OPINION
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Financial Index as of
December 2014 shows subject firm with a medium risk of credit. However, bank
and credit information obtained reveal a history of prompt payments. |
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LEGAL
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
8-May-1998 |
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Started: |
2001 |
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Reg. Number: |
77328 |
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Nominal Capital |
USD.
10,000,000 |
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Subscribed Capital |
USD.
10,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Ajay Shah |
MD |
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RELATED
COMPANIES
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None |
Parent company. |
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None |
Subsidiary company. |
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None |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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None |
Branches of the firm |
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OPERATIONS
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Registered to operate as water
drilling contractors |
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Imports: |
Asia |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (60%) and 25-90 days (40%), invoices. |
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Main Customers: |
Individuals,firms and organizations |
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Employees: |
85 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Kenya |
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Location: |
Leased premises, 10,000 square feet, |
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AUDITORS
AND INSURANCE
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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FINANCE
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Currency Reported: |
Kenya Shillings (KES.) |
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Approx. Ex. Rate: |
1 US Dollar = 97.30 Kenya
Shillings |
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Fiscal Year End: |
December 31, 2014 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2014 was of 13%. |
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Financial Information not
Submitted |
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Profit and Loss
(expressed in KES.) |
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2013 |
2014 |
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Sales |
150,000,000 |
164,000,000 |
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BANK
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Bank Name: |
CBA
BANK |
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Branch: |
Kenya |
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Comments: |
None |
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TRADE REFERENCES
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Experiences: |
Good |
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NOTARIAL BONDS
None |
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COMMENTS/ADDITIONAL
INFORMATION
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This information was
obtained from outside sources other than the subject company itself and
confirmed the above subject. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.85 |
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1 |
Rs.98.38 |
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Euro |
1 |
Rs.69.64 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.