MIRA INFORM REPORT

Report No. :	339937
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	MEDISEL (K) LIMITED
Registered Office :	Plot No 4953/1626 Factory Street, Industrial Area, Thika, P. O. Box 540-01000, Thika
Country :	Kenya
Date of Incorporation :	28.07.1994
Com. Reg. No.:	60288
Legal Form :	Limited Corporation
Line of Business :	Subject operates import and distribution of generic and branded pharmaceuticals and also dealers in hospital furniture and equipment such as Lab diagnostics, emergency trollies, examining tables.
No. of Employees :	150

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:

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ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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:	MEDISEL (K) LIMITED
Requested Name:	MEDISEL (K) LIMITED
Other Names:	MEDISEL (K) LTD
Former Names:	MEDICAL ESSENTIALS LIMITED
ADDRESS AND TELECOMMUNICATION
Physical Address:	Plot No 4953/1626 Factory Street,Industrial Area, Thika
Postal Address:	P. o. Box 540-01000
	Thika
Country:	Kenya
Phone:	254-67-22074/30378/9/-20-3569900/8033221/ 2406204
Cell:	254-733552664/711994714/739779027
Fax:	254-67-22230/-20-2321699
Email:	medisel@africaonline.co.ke/ accounts@mediselkenya.com/ info@mediselkenya.com/ enq@mediselkenya.com
Website:	www.mediselkenya.com
CREDIT OPINION
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.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		28-July-1994
Reg. Number:		60288
Nominal Capital		KES. 5,000,000 being shares 50,000 each Value KES. 100
Subscribed Capital		KES. 5,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Ajaykumar Shanabhai Patel		MD		50%
Dr. Rajendra Kumar Mohindra		Director		50%
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
DAWA LIMITED, UNICORN PHARMA (KENYA) LIMITED, THIKA CHEMIST (KENYA) LIMITED		Affiliated company.
Mr. Ajaykumar Shanabhai Patel Dr. Rajendra Kumar Mohindra		Shareholders of subject firm.
In Nairobi, Kenya In India and China		Branches of the firm
OPERATIONS
Registered to operate import and distribution of generic and branded pharmaceuticals and also dealers in hospital furniture and equipment such as Lab diagnostics, emergency trollies, examining tables.
Imports:		Asia, Europe Subject represents the following companies -Alkem Laboratories – India -Aristo Pharmaceuticals Limited – India -Aurochem Laboratories Limited – India -Bombay Drug House (BDH) – India -Caplin Point Laboratories – India -Chanelle Medical Limited – Ireland -China National Medicines & Health Products, Beijing – China -Cooper Pharmaceutique – Greece -Demo S.A Pharmaceutical Industry – Greece -Gracure Pharmaceuticals – India -Laboratoria Wolfs N.V – Belgium -Neon Laboratories – India -Nicholas Piramal Labs – India -Ochoa Labs – India -Plethico Pharmaceuticals – India -Rafarm S.A Pharmaceutical Industry – Greece -Surgiplast – India -Umedica Laboratories Limited – India
Exports:		Malawi, Congo, Sudan, Rwanda, Uganda, Tanzania and Zambia
Trademarks:		None
Terms of sale:		Cash (30%) and 25-90 days (70%), invoices.
Main Customers:		Local agencies, medical stores, outlets, firms and organizations
Employees:		150 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Kenya
Location:		Owned premises, 20,500 square feet,
AUDITORS AND INSURANCE
Auditors:		SUNIL DAVDA & COMPANY
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Kenya Shillings (KES.)
Approx. Ex. Rate:		1 US Dollar = 91.10 Kenya 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.)
		2013	2014
Sales		1,250,000,000	1,625,000,000
BANK
Bank Name:		STANDARD CHARTERED BANK (KENYA) LIMITED
Branch:		P.o. Box 300-01000 Thika Branch, Kenya
Comments:		Other Banks
		FINA BANK (KENYA) LIMITED
		KENYA COMMERCIAL BANK (KENYA) LIMITED
		BANK OF BARODA (KENYA) LIMITED
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.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

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%)

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