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Report No. : |
340372 |
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Report Date : |
15.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
LAKE GAS LIMITED |
|
|
|
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Registered Office : |
Bondo Road, Industrial Area, P. O. Box 37376 00100 GPO, Nairobi |
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|
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Country : |
Kenya |
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Date of Incorporation : |
27.09.2013 |
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Legal Form : |
Limited Corporation |
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|
|
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Line of Business : |
Subject operate marketing
and distribution of Liquefied Petroleum Gas (LPG) |
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|
|
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No. of Employees : |
50 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 |
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|
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
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Registered Name: |
LAKE GAS LIMITED |
|
Requested Name: |
LAKE GAS LIMITED |
|
Other Names: |
LAKE GAS LTD. (KENYA) |
|
Physical Address: |
Bondo
Road, Industrial Area |
|
Postal Address: |
P.
o. Box 37376 00100 GPO |
|
|
Nairobi |
|
Country: |
Kenya |
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Phone: |
254-715468473 |
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Fax: |
254-715468473 |
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Email: |
contact.kenya@lakeoilgroup/ admin@lakeoilgroup.com |
|
Website: |
www.lakeoilgroup.com |
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
27-Sept-2013 |
|
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Reg. Number: |
Kenya |
|
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Nominal Capital |
KES.
1,000,000 |
|
|
Subscribed Capital |
KES.
1,000,000 |
|
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Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Ally Edha Awadh |
MD |
|
|
Mr. M. K. Awadh |
Director |
|
|
Mr. Andrew Omolo |
GM |
|
|
Lake Group |
Holding
Co. |
100% |
|
Lake Group |
Parent company. |
|
None |
Subsidiary company. |
|
Lake Oil Ltd., Lake Trans Ltd., GCCP Co. Ltd., Lake Petroleum Ltd.
(Zambia), Burundi Petroleum, DRC Petroleum S.A.R.L., Lake Petroleum Ltd.
(Rwanda), AFICD, Lake Gas Tanzania. |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
|
Registered to operate
marketing and distribution of Liquefied Petroleum Gas (LPG) |
|
|
Imports: |
Asia, Africa |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|
|
|
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Main Customers: |
firms and organizations |
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Employees: |
50 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, |
|
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 = 105.30
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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|
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||
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Financial Information not
Submitted |
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|
|
|
|
|
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Profit and Loss
(expressed in KES.) |
||
|
|
|
2014 |
|
Sales |
|
5,000,000 |
|
Bank Name: |
Standard
Chartered Bank |
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Branch: |
Kenya |
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Comments: |
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.66.37 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.75.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
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 |
|
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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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.