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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 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 20million. (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 (copy enclosed) for Kshs 20 million with Kenya Orient Insurance Co. Limited. Please note that we can obtain one for a higher amount if the client requests.

  • 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

Gross Revenue (Kshs)                 

29,924,035

33,037,551

36,098,270

25,298,859

29,546,990

68,578,549

 99,329,984

Operating Profit (Kshs)                     

9,050,256

6,924,342

4,427,467

3,075,683

4,815,961

9,869,805

18,429,730

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

Total Non-Current Assets (Kshs)     

91,658

55,324

27,081

631,739

663,995

1,555,670

1,513,845

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

Total Non-current Liabilities   (Kshs)

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 5000 to 8000 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 (Law firms that can give their opinion of us)

Advocate     Client
Daly & Figgis Advocates      

NIC Bank Limited

 

2.  Kaplan & Stratton Advocates Barclays Bank of Kenya Ltd.
Savings & Loan (K) Ltd.
Investments & Mortgages Bank Ltd
3.Hamilton Harrison & Mathews Advocates                   Barclays Bank of Kenya Ltd.
National Bank of Kenya Ltd.
Kenya Commercial Bank Ltd.
Commercial Bank of Africa
Consolidated Bank of Kenya
4.Rachuonyo & Rachuonyo Advocates   National Bank of Kenya Ltd.
5.Amolo & Gacoka Advocates

Kenya Commercial bank
National Bank of Kenya Ltd.
African Banking Corporation

6.Ndungu Njoroge & Kwach Advocate

Standard Chartered Bank Limited
Kenya Commercial Bank Ltd.
National Bank of Kenya Ltd.
Trust Bank Limited
Postbank Credit Limited

7.Waruhiu & Gathuru Advocates

Postbank Credit Limited
Kenya Commercial Bank Ltd.
Housing Finance

8.Njenga Mwaura & Co. Advocates Fina Bank Limited
9.Muthoga & Gaturu Advocates                                             National Industrial Credit Bank Ltd.

10.Kahuthu & Kahuthu Advocates                             

Pan Africa Insurance Company (Staff
Provident Fund in liquidation)
11. Mboya Advocate Pan Africa Insurance Company (Staff Provident Fund in liquidation)
12. PriceWaterHouseCoopers National Bank of Kenya Ltd.
13. Coopers & Lybrand International Finance Corporation (I.F.C)
14. Nyachae & Co. Advocates

National Bank of Kenya Ltd.
Credit Bank Limited
Consolidated Bank

15. Oraro & Co. Advocates

Savings & Loan (K) Ltd.
Barclays Bank of Kenya Ltd

16. Waruhiu & Muite Advocates Kenya Commercial Bank Ltd.
Barclays Bank of Kenya Ltd.
17. D.A Onyancha & Co. Advocates Savings & Loan (K) Ltd National Bank of Kenya
18. Kitheka & Co. Advocates Trust Bank Limited (in liquidation)
19. Mbugua & Mbugua Advocate Kenindia Assurance Co. Ltd
20. Iseme Kamau & Co. Advocates Giro Commercial Bank Ltd.
21. Musyimi & Co. Advocates Savings & Loan (K) LtdNational Bank of Kenya Ltd
22. Kipkorir, Titoo & Kiara Advocates quatorial Commercial Bank Ltd. Giro Commercial Bank Ltd.
23. Mereka & Co. Advocates National Bank of Kenya Ltd
24. Kamunyori & Co. Advocates Housing Finance Co. Ltd
25. G. N. Kamau & Co. Advocates Kenya Commercial Bank Ltd
26. Mrs. R. Kinyanjui Advocate Industrial Development Bank Ltd.
27. Kimani Waweru & Co. Advocates Housing Finance Co. Ltd
28. Kabaru & Co. Advocates Kenya Commercial Bank Ltd
29. K. Mwaura & Co. Advocates National Industrial Credit Bank Ltd. Barclays Bank of Kenya Ltd.
30. Maina Wachira & Co Advocates Savings & Loan (K) Ltd
31. Kennedy Abuga Advocate Central Bank of Kenya Ltd.
32. Ali & Associates Housing Finance Co. Ltd.
33. Rustam Hira Advocate Giro Commercial Bank Ltd.
34. Timothy Juma Advocate Co operative Bank of Kenya Ltd.
35. Waruinge & Waruinge Co. Advocates Kenya Commercial Bank Ltd
36. Macharia Njeru & Co. Advocates Savings & Loan (K) Ltd
37. Ahmednasir, Abdikadir & Co Ltd Housing Finance Co. Ltd
38. J. W. Wambua & Co. Advocates Daima Bank Ltd
39. Wainaina Ireri & Co. Advocates Chartered Properties, Integer Ltd Kenya Commercial Bank Ltd Wainaina Real Estates
40. Ngotho Wathome Co. Ltd Realty Mart Limited
41. Walker Kontos Advocates Investments & Mortgages Bank, Barclays Bank of Kenya Ltd
42. Archer, Wilcock & Kairu Advocates Investments & Mortgages Bank
44. Mrs. Z. K. Mogaka National Bank of Kenya Ltd.
45. Njoroge Regeru & Co. Advocates CFC Bank Limited
45. Mrs. D.W. Gitonga National Bank of Kenya Ltd.
46. Mr. Kinyanjui Madison Insurance
47. Macharia Kahonge & Co. Advocates Pan Africa Insurance Company Ltd. (Staff Provident Fund in liquidation)
48. Laibutta & Co. Advocates National Industrial Credit Bank Ltd.
49. Inamda & Inamda Advocates Giro Commercial Bank Ltd.
50. Ngatia & Co. Advocates Credit Bank Limited
51. Mukite Musangi & Co. Advocates Kenya Commercial Bank Ltd.
52. Gakuru & Co. Advocates Estate Building Society Limited
  High Court of Kenya Ltd.
54. Mathenge & Muchemi Advocates Kenya Commercial Bank Ltd.
55. Lilian Mwaniki & Co. Advocates Kenya Commercial Bank Ltd.
56. Okoth & Kiplagat Advocates Post Bank Credit Limited
57. Susan Kahoya Advocate National Industrial Credit Bank Ltd.
58. Muturi Gakuo & Co. Advocates Triple Advantage Cards Limited
59. E. Mutua & Co. Advocates Giro Commercial Bank Ltd.
60. Iseme Kamau & Co. Advocates Giro Commercial Bank Ltd ABC Bank
61. A.G.N. Kamau & Kimani Advocates Equatorial Commercial Bank Ltd.
62. - Industrial Development Bank
63. General Motors (K) Limited Contact persons: Mr. Nyoro/Mr. Karanja/Mr. Muli
64. Karanja Njenga & Co. Advocates Barclays Bank of Kenya Ltd
65. Iseme Kamau & Maema Advocates Barclays Bank of Kenya Ltd
66. Muriu, Mungai & Co. Advocates Barclays Bank of Kenya Ltd
67. Iseme Kamau & Maema Advocates Gulf African Bank
68. Jamii Bora Bank Limited -
69. B. M. Mutie & Co. Advocates Standard Chartered Bank Limited
70. Gadhia & Mucheru Co. Advocates Standard Chartered Bank Limited
71. Walker Kontos Advocates Bank of Africa Ltd Gulf African Bank
72. Direct instructions K-Rep Bank Limited
73. Direct instructions Faulu Kenya Limited
74. Direct instructions Equity Bank Limited
75. Direct instructions Family Bank Limited
76. Direct instructions Britam Insurance Co. Ltd
77. Direct instructions Real Insurance Limited
78. Direct instructions Kenya Orient Insurance Co.
79. Direct instructions Cannon Assurance Ltd

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.          

  1. Villa Care Limited
  2. Tysons Limited
  3. Equity Bank Limited
  4. Garden City Limited
  5. CB Richard Ellis Ltd.
  6. Knight Frank Kenya Ltd.
  7. Kinyua Koech Limited
  8. Suburbia Limited
  9. Agrimode Realty Limited
  10. Wainaina Ireri & Co. Advocates
  11. Kimondo Mubea & Co. Advocates
  12. Field-Marsham & Co. Advocates
  13. Shapley Barret & Co. Advocates
  14. Fortcom Consult Limited
  15. Muguga Investments
  16. Indar Singh Gill Limited
  17. Joyland Estate Agents
  18. Metrocosmo Valuers Ltd.
  19. Gimco Limited
  20. Kyalo & Associates
  21. Jordu Investments
  22. D. S. Kitaa & Co. Advocates
  23. N. W. Realite Limited
  24. Mally Homes
  25. Khaminwa & Khaminwa Advocates                       
  26. Waweru Kihara & Co. Advocates
  27. Tazama Development Limited
  28. Integer Limited
  29. Central Bank of Kenya Limited
  30. Kenya Railways
  31. Kenya Railways Pension Scheme
  32. Government of Kenya
  33. Lloyd Masika Ltd
  34. Kenya Revenue Authority (KRA)
  35. Nairobi City Council
  36. Deposit Protection Fund
  37. Kenya College of Communication and Technology (KCCT)
  38. Raffman Dhanji Elms & Virdee Advocates
  39. Ministry of Finance
  40. Nzoia Sugar Company
  41. G4S Security Company (K) Ltd
  42. Kenya Police
  43. Telkom (Orange) Kenya Limited
  44. General Motors (K) Limited
  45. GlaxosmithKline (K) Limited
  46. Aga Khan Hospital
  47. Office of the President
  48. Sortmasters Properties Limited
  49. Neema Management Limited
  50. Suburbia Limited
  51. Real Appraisal Limited
  52. Njihia Muoka Rashid Co. Limited
  53. Crystal Valuers Limited
  54. Nairobi Homes Limited
  55. Maxima Ventures Limited
  56. Pinnacle Development Limited
  57. Wamumbo Enterprises
  58. Gordas Agencies
  59. Kiragu & Mwangi Limited
  60. Alliance Realtors Limited
  61. Emm Consult Limited
  62. Milestate Limited
  63. Landmark Realtors
  64. National Environment Management Authority (NEMA)
  65. International Committee of Red Cross (ICRC)
  66. Action Against Hunger (ACF International)

We have also auctioned goods on behalf of clients on a commission basis.

 


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 four) 24 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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