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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 Auctioneers was established in 1994 under the Business Name Act by Joseph M. Gikonyo who is the sole proprietor and licensed auctioneer.  Mr. Joseph M. 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 27 (twenty seven) years. Mr.  Walter Odhiambo is also a licensed auctioneer and has been assisting Mr. Gikonyo for over 19 (Ninteen) years.  He also doubles up as the accountant. Mr. Adam W. Ng’ethe is also a licensed auctioneer and has over 8 (Eight) years experience. Mr. Edwin M. Gikonyo is also a licensed auctioneer and has over 4 (Four) years experience. Ms. Anne Magondu is the Marketing Manager and has over 18 (Eighteen) years experience. Ms. Topaz Kwetto is the Personal Assistant/Secretary to Mr. Gikonyo and doubles as Manager as well. Mrs Carol Kamau is the Office Administrator and also doubles up as the Ass. P.A. to Mr. Gikonyo. Mr. Evans Moi is the Messenger and Mr. William Muthoni 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 27 (Twenty Seven) 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 M. Gikonyo, Mr. Walter M. 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 27 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 three (3) licensed auctioneers under his employment i.e Mr. Walter Odhiambo, Mr. Adam W. Ng’ethe and Mr. Edwin M. Gikonyo.

.

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 ABSA Bank (K) PLC (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

 

2012

2013

2014

2015

2016

2017

2018

2019

2020

Gross Revenue (Kshs)                 

33,037,551

36,098,270

25,298,859

29,546,990

68,578,549

 99,329,984

67,233,732

117,185,974

111,295,873

Operating Profit (Kshs)                     

6,924,342

4,427,467

3,075,683

4,815,961

9,869,805

24,506,063

12,244,858

16,849,195

24,902,767

Total Current Assets(Kshs)             

4,123,034

6,761,839

6,238,695

7,801,209

9,628,702

8,975,092

33,093,878

22,878,312

16,037,689

Total Non-Current Assets (Kshs)     

55,324

27,081

631,769

663,995

1,555,670

1,513,845

1,284,540

1,470,112

1,594,305

Total Current Liabilities(Kshs)

3,156,639

1,690,447

1,959,122

1,840,265

3,332,847

3,565,272

12,783,045

10,720,474

8,267,364

Total Non-current Liabilities   (Kshs)

ZERO

ZERO

ZERO

ZERO

ZERO

ZERO

ZERO

ZERO

ZERO

 21. EXPERIENCE

For the last Twenty seven (27) 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 2018 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 27 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. NCBA Bank PLC.
  1. ABSA Bank Kenya PLC.
  1. National Bank of Kenya Ltd.
  1. Kenya Commercial Bank Ltd.
  1. Standard Chartered Bank Limited.
  1. Housing Finance Bank Limited.
  1. I & M Bank Limited.
  1. Prime Bank Limited.
  1. Nusiness Partners II International Ltd.
  1. Co-operative Bank.
  1. Family Bank Limited.
  1. SBM Bank.
  1. Development Bank.
  1. Spire Bank Ltd.
  1. Stanbic Bank Ltd.
  1. Gulf African Bank.
  1. Kingdom Bank Limited.
  1. Standard Chartered Bank Limited.
  1. Bank of Africa Ltd .
  1. Bank of India.
  1. Faulu Bank Kenya Limited.
  1. Equity Bank Limited.
  1. KWFT Microfinance Bank.
  1. Guaranty Trust (K) Bank.
  1. Britam Insurance Co. Ltd.
  1. I.C.D.C.
  1. Progressive Credit Limited.
  1. Tourism Finance Corporation.
  1. Endeavour Credit Limited.
  1. Metropolitan Cannon Assurance Ltd.
  1. Saham Assurance (K) Limited.
  1. Resolution Insurance Co. Limited.
  1. Mwalimu Sacco Limited.
  1. Unaitas Sacco.
  1. ASL Credit Limited.
  1. First Community Bank Ltd.
  1. Wainaina Real Estates.
  1. Fortcom Consult Limited.

  2. Indar Singh Gill Limited.

  3. Metrocosmo Valuers Limited .
                          
  4. Gimco Limited.

  5. N. W. Realite Limited .

  6. Garden City Limited.

  7. National Housing Corporation.

  8. Ace Realtors Limited.

  9. Knight Frank Kenya Limited.

  10. Kiragu & Mwangi Limited.

  11. Suburbia Limited.

  12. Adlife Plaza Limited.

  13. Integer Limited.

  14. Real Appraisal Limited.

  15. Lesama Limited.

  16. Vantage Management Limited.

  17. Fairlands Investments Limited.

  18. Two Rivers Lifestyle Centre Limited.

  19. Crystal Valuers Limited.

  20. Nairobi Homes Limited.

  21. Magan Holdings Limited.

  22. Wamumbo Enterprises.

  23. Sunland Real Estates Limited.

  24. Sky Homes Enterprises Limited.

  25. Methodist Church in Kenya.

  26. Emm Consult Limited.

  27. Milestate Limited.

  28. Lead Realtors Ltd.

  29. Variant Realtors.

  30. Dunhill Consulting Limited.

  31. Riparo Properties Limited.

  32. Regent Management Limited.

  33. C & S properties Limited.

  34. LJA Associates.

  35. Karimbux Effendy & Co. Advocates.

  36. CM Advocates LLP.

  37. Kang’ethe & Mola Advocates.

  38. Wamae & Allen Advocates.

  39. Mahida Maina & Co. Advocates.

  40. Wainaina Ireri LLP.

  41. Kimondo Mubea & Co. Advocates.

  42. G. N. Mugo Advocates.

  43. Shapley Barret & Co. Advocates.

  44. Waweru Kihara & Co. Advocates.

  45. Wainaina Ireri & Co. Advocates .
  1. Maina Rogoi & Co. Advocates.                                                                                  
  1. Kimondo Mubea & Co. Advocate.                      
  1. High Court of Kenya Ltd.
  1. Central Bank of Kenya Limited.

  2. Kenya Revenue Authority (KRA).

  3. Kenya National Highway Authority (KENHA).

  4. Telkom (Orange) Kenya Limited.

  5. International Committee of Red Cross (ICRC).

  6. Norwegian Refugee Council.

  7. Concern Worldwide.

 


24. PHYSICAL LOCATION OF FIRM/OFFICE

Western Heights, 5th Floor Karuna Road Westlands-Nairobi

25. 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.

26. 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

27. 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 six) 26 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.

organisational chart2

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.

 

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