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Company Profile

  • Posted on:  Wednesday, 14 March 2018 10:16

Company Profile

1.COMPANY NAME

Garam Investments Auctioneers

2.YEAR OF REGISTARATION

17th March 1994

3.POSTAL ADDRESS

P.O Box 63279-00619, Nairobi

4.(A) PHYSICAL ADDRESS  (OFFICES)

Western Heights, 5th Floor, Karuna Road
Westlands Nairobi

(b) PHYSICAL ADDRESS (STORAGE PREMISES)          

 

Auto Gallery Ltd, Junction of Mvuli Road and Waiyaki Way, Westlands Nairobi

STORAGE PREMISES

Auto Gallery Ltd, Junction of Mvuli Road and Waiyaki Way, Westlands Nairobi.

            :           120 motor vehicles (or 25 large lorries) plus 2,200 sq ft for moveable goods.

Leakey’s Storage Yard situated along Lunga Lunga Road, Kitui Road & Mombasa Road, Industrial area-Nairobi

            :           Over 1,500 Motor Vehicles (both small & large)

(Exceeding 90,000 sq ft for both moveable goods, motor vehicles & Machinery

5.TELEPHONE/FAX

Wireless:020-2592949, 020-2592990

0722-715838, 0786-318663

6.E-MAIL ADDRESS

This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.garam.co.ke

Our vision:  To be the dominant player in provision of auctioneering services countrywide.

Our Mission:  To apply the highest standards of excellence in execution of our duties.  To be attentive, considerate and respectful towards clients and debtors.

Our Motto:  Honest, efficient and diligent.


7. THE FIRM’S POLICY ON TURNAROUND TIME

At Garam Investments we endeavor to serve notices to debtors as soon as we get written instructions.  We thereafter covertly market the property through our website and by getting in touch with prospects contained in our huge database, so that by the time we are selling the subject property/parcels success is always guaranteed.

8. THE FIRM’S POLICY ON FEES

All contracts with our clients are based on the rates outlined in the Auctioneers Act 1996 (CAP 5 of 1996) and Legal Notice 120 of 18th July 1997

9. CATEGORY OF LICENSE & JURISDICTION

Auctioneers License “Class B” covering Nairobi, Kajiado, Thika and Kiambu for execution of Court warrants and Distress for rent and country wide for Repossession, realization of charged securities and sale of goods on commission basis by Public Auction.

10. CONTACT PERSON FOR CLARIFICATION

Mr. Joseph Mungai Gikonyo (The Director/Licenced Auctioneer)  (0722-518146)

11. ORGANIZATIONAL STRUCTURE (OWNERSHIP)

Garam Investments was established in 1994 under the Business Name Act by Joseph Mungai Gikonyo who is the sole proprietor and licensed auctioneer.  Mr. Joseph Mungai Gikonyo completed his high school at the Starehe Boys Centre (famed for inculcating discipline, hardwork, integrity, honesty and other positive ethics amongst its students) in 1982 and proceeded to pursue his university studies graduating with B.Sc. degree in Chemistry (1st class honours) in 1986 and an M.Sc. degree in Inorganic Chemistry (Upper 2nd class honours) in 1988.  Mr. Gikonyo then worked as a university lecturer in Egerton University and Jomo Kenyatta University of Agriculture and Technology.  He presented several research findings and proposals both locally and internationally. Mr. Gikonyo has personally managed Garam Investments from its inception to the present day.  He is the chief technical person at Garam Investments and is in charge of all matters relating to attachments, repossessions, distress, realizations and auctions.   He is fully licensed as an auctioneer and has a wealth of experience having practiced as an auctioneer for 25 (twenty five) years. Mr.  Walter Odhiambo is also a licensed auctioneer and has been assisting Mr. Gikonyo for over 17 years.  He also doubles up as the accountant. Mr. Adam W. Ng’ethe is also a licensed auctioneer and has over 6 years experience. Ms. Anne Magondu is the Marketing Manager and has over 16 years experience. Ms. Topaz Kwetto is the Personal Assistant/Secretary to Mr. Gikonyo and doubles as Manager as well. Evans Moi is the Messenger and David Mwangao is the driver.


12. SERVICES OFFERED

  1. Realization (Sale) of Charged Securities (immovable properties) by public auction.
  2. Repossession of Chattels and disposal of the same by public auction.
  3. Recovery of debts through warrants of attachment issued by court.
  4. Recovery of Rent arrears through distress and sale by public auction
  5. Sale of goods on behalf of clients by public auction
  6. Disposal of boarded stores on behalf of government institutions and parastatals

13. ABILITY TO COMPLY WITH DEMANDING STANDARDS

Our 25 (Twenty Five) years of experience in the auctioneering business makes us one of the best in this profession. The procedure we follow in carrying out the auctioneering and repossession business is strictly in accordance with the Auctioneers Act. We have never been cited either before the Auctioneers Licensing Board or Court for taking short cuts. We are able to get Break-in orders/Police assistance for difficult debtors and always act in the interest of our clients. We do not expose our clients to the Risk of being taken to court and are professionally indemnified by a reputable insurance company for Kshs 100 million. (See No. 15) In addition the company has three licensed auctioneers names Mr. Joseph Mungai Gikonyo, Mr. Walter Odhiambo & Mr. Adam W. Ng’ethe which makes us very effective in executing any task at hand.

14. DETAILS OF HOW QUALITY SERVICES, EFFECTIVENESS, EFFICIENCY AND INTEGRITY ARE ENSURED

As mentioned elsewhere the licensed auctioneer herein Mr. Joseph Mungai Gikonyo has 25 years of extensive hands on experience and has built a reputation for possessing all the qualities mentioned above.  He never cut corners and adheres strictly to the provisions of the Auctioneers Act.  Our client base speaks for itself (see addendum for list of clients and references) and we shall definitely not let you down.  Mr. Joseph Mungai Gikonyo personally manages every aspect of the auctioneering/repossession work from the beginning till its completion.  He is assisted by two (2) licensed auctioneers under his employment i.e Mr.Walter Odhiambo and Mr. Adam W. Ng’ethe

15. DETAILS OF PROFESSIONAL INDEMNITY COVER (INSURANCE)

  • We have one for Kshs 100 million with Resolution Health Insurance (copy enclosed)

  • Employer’s liability (WIBA policy) for Kshs 500 million (Kshs 50 million per employee) from Resolution Health Insurance (copy enclosed)

  • Fire and burglary & theft for Kshs 1 million from Britam Insurance (copy enclosed)

16. DETAILS OF OUR BANKERS

Our bankers are Barclays Bank of Kenya Ltd (Hurlingham Branch) A/C No. 1092480 (office Account) and A/C No. 1092448 (Clients Account).  We have enclosed a letter from them.

17. CERTIFICATIONS, ACCREDITATIONS, APPROVALS, AGENCIES & PARTNERSHIPS

We are licensed by the Auctioneers Licensing Board (copy enclosed) and are members of the National Association of Kenya Auctioneers (N.A.K.A), we are E.T.R certified, K.R.A tax compliant, N.S.S.F plus N.H.I.F contributors (see enclosed copies).

18. COUNTRYWIDE SERVICES

We hold a valid class ‘B’ license (see enclosed certified copy) which enables us to operate throughout the country as we have been doing and are willing and able to continue doing so.

19. REPORTING

Mr. J. M. Gikonyo (the auctioneer) is available any time of the day through the office lines and personal mobile phone and will be more than willing to handle any queries by the bank/client.

20.(a) CAPABILITY STATEMENT

We have recently managed to sell a couple of properties at valuation price despite the harsh economic climate.  Such properties had failed to get buyers in the hands of other auctioneers and the instructing clients had more or less given up on them.  Amongst the reasons we can attribute to our success include our aggressive style of marketing which include distribution of thousands of handbills and posters by pasting on walls, trees, notice boards plus distribution to motorist’s and potential buyers.

(b) Financial Information

 

2011

2012

2013

2014

2015

2016

2017

2018

Gross Revenue (Kshs)                 

29,924,035

33,037,551

36,098,270

25,298,859

29,546,990

68,578,549

 99,329,984

67,233,732

Operating Profit (Kshs)                     

9,050,256

6,924,342

4,427,467

3,075,683

4,815,961

9,869,805

18,429,730

12,244,858

Total Current Assets(Kshs)             

5,732,505

4,123,034

6,761,839

6,238,695

7,801,209

9,628,702

8,975,092

33,093,878

Total Non-Current Assets (Kshs)     

91,658

55,324

27,081

631,739

663,995

1,555,670

1,513,845

1,284,540

Total Current Liabilities(Kshs)

4,733,561

3,156,639

1,690,447

1,959,122

1,840,265

11,640,863

10,488,937

34,378,418

Total Non-current Liabilities   (Kshs)

Zero

Zero

Zero

Zero

Zero

Zero

Zero

Zero

 21. EXPERIENCE

For the last Twenty five (25) years we have been instructed by various financial institutions to realize a total of 4,630 (Four thousand, six hundred and thirty) different securities comprising agricultural, residential and commercial properties.  In the year 2017 alone we raised over Kshs 1 billion  through realization of charged securities, (details can be availed on request), on behalf of  our clients. We have in addition carried out distress for rent on thousands of tenants and executed hundreds of warrants of attachment.  We have also disposed of used motor vehicles and furniture plus scrap by public auction on behalf of Parastatals, the government and huge corporate entities. Our success rate has been very impressive and this can be confirmed by contacting any of the quoted clients/referees.

22. DATABASE

For the last 25 years in which we have been actively involved in auctioneering we have always opened a register for every auction sale that we have held comprising the names of bidders, their telephone contacts, e-mail & postal addresses. The net result is that to date we have compiled an awesome database of hundreds of prospective purchasers which database we always log into as and when an auction sale arises. This database is categorized into three (3) sections i.e immovable property, motor vehicles and furniture/scrap. Our website www.garam.co.ke has an average of 60,000 hits per day and is popular both locally & abroad and has proved to be an effective marketing mode for both properties and moveable goods..


23.Our Clients
1. NIC Bank Limited
2. Barclays Bank of Kenya Ltd.
3. National Bank of Kenya Ltd.
4. Kenya Commercial Bank Ltd.
5. Commercial Bank of Africa
6. Standard Chartered Bank Limited
7. Housing Finance Bank Limited
8. Giro Commercial Bank Ltd.
9. Spire Commercial Bank Ltd.
10. Wainaina Ireri & Co. Advocates
11. Wainaina Real Estates
12. Spire Bank Limited
13. Stanbic Bank Ltd
14. Credit Bank Limited
15. Kimondo Mubea & Co. Advocates
16. High Court of Kenya Ltd.
17. Gulf African Bank
18. Jamii Bora Bank Limited
19. Standard Chartered Bank Limited
20. Bank of Africa Ltd
21. Faulu Bank Kenya Limited
22. Equity Bank Limited
23. Britam Insurance Co. Ltd
24. Real Insurance Limited
25. Kenya Orient Insurance Co. Ltd
26. Cannon Assurance Ltd
27. Resolution Insurance Co. Limited
28. Guaranty Trust (K) Bank.
29. Mwalimu Sacco Limited
30. First Community Bank Ltd
31. Development Bank of Kenya

In addition we have levied distress for rent, carried out repossessions, sold goods/motor vehicles on commission basis under instructions from the under listed Estate Agents & Advocates.

32. Equity Bank Limited
33. Garden City Limited
34. National Housing Corporation
35. Wamae & Allen Advocates
36. Ace Realtors Limited
37. Knight Frank Kenya Limited
38. Kiragu & Mwangi Limited
39. Suburbia Limited
40. Wainaina Ireri & Co. Advocates
41. Kimondo Mubea & Co. Advocates
42. Shapley Barret & Co. Advocates
43. Fortcom Consult Limited
44. Indar Singh Gill Limited
45. Metrocosmo Valuers Limited
46. Gimco Limited
47. N. W. Realite Limited
48. Waweru Kihara & Co. Advocates
49. Adlife Plaza Limited
50. Integer Limited
51. Central Bank of Kenya Limited
52. Kenya Revenue Authority (KRA)
53. Telkom (Orange) Kenya Limited
54. Suburbia Limited
55. Real Appraisal Limited
56. Two Rivers Lifestyle Centre Limited
57. Njihia Muoka Rashid Co. Limited
58. Crystal Valuers Limited
59. Nairobi Homes Limited
60. Wamumbo Enterprises
61. Sunland Real Estates Limited
62. Sky Homes Enterprises Limited
63. Methodist Church in Kenya
64. Emm Consult Limited
65. Milestate Limited
66. Lead Realtors Ltd
67. International Committee of Red Cross (ICRC)

 


24. PHYSICAL LOCATION OF FIRM/OFFICE

Western Heights, 5th Floor Karuna Road Westlands-Nairobi

25. BANK PARTICULARS

We also have a client’s Account at Barclays Bank Hurlingham A/C No. 1092448.

26. BRIEF DESCRIPTION OF RECORD KEEPING, REPORTING AND INVENTORY METHODS TO BE  USED IN TRACKING OF MATERIAL FOR AUCTION AND REPORTING OF THE SALES INFORMATION
On top of a bell & a hammer, we have modern desktop computers with 24 hour internet connectivity provided by Iway Africa and a 48 hour power inverters which ensures un interrupted communication/contact with our clientele.

31. REFEREES

1. Auctioneers Licensing Board
Milimani Commercial Courts
P.O Box 30420
Nairobi
Tel: 2715622, 2715846

2. Mr. David Ireri
Wainaina Ireri & Co. Advocates
Bruce House, 4th Floor
P.O Box 42706 Nairobi
Tel: 317735, 242036, 247489

3. Mr. D. W. Wainaina
Wainaina Real Estates
Hughes Building, 1st Floor
P.O Box 74194
Nairobi - Tel: 227207 / 224995

36. DETAILS OF OFFICE REPRESENTATION IN KENYA We only have offices in Nairobi but this does not in any way diminish our
 capabilities of realizing charged securities countrywide.

We believe the above proposals will go a long way in convincing your prestigious institution to try our services.

Please note that we come to you with (twenty five) 25 years of extensive practical experience.

We promise to undertake with minimum time, cost and honesty assignments given to us by you.

We look forward to your favourable response.

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