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Report No. : |
339190 |
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Report Date : |
08.09.2015 |
IDENTIFICATION DETAILS
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Name : |
GENERAL INDUSTRIES LTD |
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Registered Office : |
LY 209 / 9727 Fembe Street Industrial Area Nairobi, P. o. Box 41682-00100 Nairobi |
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Country : |
Kenya |
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Date of Incorporation : |
16.10.1970 |
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Com. Reg. No.: |
13040 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Manufacture and supply of
plastic products such as UPVC pipes, PPR pipes, HDPE pipes, waste pipes,
conduit pipes and also paper cores. |
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No. of Employees : |
600 Employees |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 is the economic and transport hub of East Africa. Kenya’s real GDP growth has averaged around 5% for the past several years. According to recently rebased national statistics, Kenya’s GDP for 2013 was $55.3 billion, placing Kenya among the low middle income countries with per capita income of $1,300. Agriculture remains the backbone of the Kenyan economy, contributing 25% of GDP. About 80% of Kenya’s population of roughly 42 million work at least part-time in the agricultural sector, including livestock and pastoral activities. Over 75% of agricultural output is from small-scale, rain-fed farming or livestock production. While Kenya has a growing entrepreneurial middle class, faster growth and poverty reduction is hampered by corruption and by reliance upon several primary goods whose prices have remained low. Inadequate infrastructure 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, but Kenya has also successfully raised capital in the global bond market. 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. Unemployment is high at around 40%. The country has chronic budget deficits and is in the process of devolving some 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.
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Source
: CIA |
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Registered Name: |
GENERAL
INDUSTRIES LTD |
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Requested Name: |
GENERAL INDUSTRIES LTD |
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Other Names: |
None |
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Physical Address: |
LY
209/9727 Fembe Street Industrial Area Nairobi |
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Postal Address: |
P.
o. Box 41682-00100 |
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|
Nairobi |
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Country: |
Kenya |
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Phone: |
254-20-556112/556390/558536 |
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Cell: |
254-722706126/737400277 |
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Fax: |
254-20-558533 |
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Email: |
info@gil.co.ke/sales@gil.co.ke |
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Website: |
www.gilkenya.com |
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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 Form: |
Limited Corporation |
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Date Incorporated: |
16-Oct-1970 |
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Reg. Number: |
13040 |
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Nominal Capital |
KES. 3,000,000 |
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Subscribed Capital |
KES. 3,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. Vinodhai
Mulchand Dodhia |
CEO |
55.50% |
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Mrs. Kusum Vinobhai
Dodhia |
Director |
44.50% |
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Mr. Kantilal M. Dodhia |
Director |
|
|
None |
Parent company. |
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None |
Subsidiary company. |
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PETTY PACKS LTD |
Affiliated company. |
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Mr. Vinodhai Mulchand
Dodhia, Mrs. Kusum Vinobhai
Dodhia. |
Shareholders of subject
firm. |
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None |
Branches of the firm |
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Registered to operate as
manufacture and supply of plastic products such as UPVC pipes, PPR pipes,
HDPE pipes, waste pipes, conduit pipes and also paper cores |
|
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Imports: |
Asia |
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Exports: |
Asia |
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Trademarks: |
Neighboring countries |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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Main Customers: |
Textile and packaging industries, firms and organizations |
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Employees: |
600 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Kenya |
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Location: |
Leased premises, 20,000 square feet, |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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Currency Reported: |
Kenyan Shillings (KES.) |
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Approx. Ex. Rate: |
1 US Dollar = 104.10
Kenyan 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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|
|
2014 |
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Sales |
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1,245,000,000 |
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Bank Name: |
CFC
STANBIC BANK |
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Branch: |
Kenya |
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Comments: |
None |
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Experiences: |
Good |
None
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.66.74 |
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UK Pound |
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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Report Prepared
by : |
VNT |
RATING EXPLANATIONS
|
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.