MIRA
INFORM REPORT
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Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
RHINE INDUSTRIES NIGERIA LIMITED |
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Registered Office : |
7, Oyebode Street, Aguda, Surulere, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
28th February 1986 |
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Com. Reg. No.: |
RC: 81308 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importation of jute bags, water treatment chemicals, signage and printing
materials and motor batteries. |
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 : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION
COMPANY NAME: RHINE INDUSTRIES NIGERIA LIMITED
REGISTERED
NAME: RHINE INTERNATIONAL NIGERIA LIMITED
REGISTERED ADDRESS: 7, Oyebode Street,
Aguda, Surulere, Lagos.
HEAD OFFICE
ADDRESS: 1B, Owukori, Crescent, Off Ajani
Olujare Street, Alaka Estate,
Surulere,
Lagos, Nigeria.
TELEPHONE(S): 234-1-5851159,
7761013
FAX: Nil
MOBILE: 234-8023460532
E-MAIL: rinl@hyperia.com
POSTAL ADDRESS: Nil
Subject is into importation of jute bags, water treatment chemicals,
signage and printing materials and motor batteries.
In Nigeria subject is considered to be a medium scale concern in this
sector.
Currency: All
monetary values in this report are in Nigerian Naira, the local currency,
except otherwise stated. The exchange rate is N130 to 1 US $.
SUMMARY
NATURE OF PREMISES: Leased, office space at head office
occupying approximately 120 square metres.
DATE INCORPORATED: 28th
February 1986
YEAR BEGAN
OPERATION: 1986
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC:
81308
SHARE CAPITAL: N50,
000.00
ALLOTTED SHARE
CAPITAL: N50, 000.00
PAID-UP CAPITAL N50, 000.00
AUDITORS: Nil
SOLICITORS: Nil
COMPANY SECRETARY: Nil
STAFF
STRENGHT: 25
OWNERSHIP/SHAREHOLDERS
Name
Mr. Jones P. Biyere
7, Oyebode Street, Aguda,
Surulere, Lagos
Mr. Steve Biyere
7, Oyebode Street, Aguda,
Surulere, Lagos
SHARE HOLDERS
(PREVIOUS)
Nil
DIRECTORS
1. Mr. Jones P. Biyere
2. Mr. Steve Biyere
MANAGEMENT PROFILE
Mr. S.O. Olawole
Operation Manager
Mr. Jones P. Biyere Executive Director
Mr. Steve Biyere Executive Director
RELATED COMPANY
Nil
BRANCHES
Nil
BANKER
Nil
TRADE REFERENCES
Nil
PAYMENT REFERENCE
Nil
PRODUCT DESCRIPTION
Jute Bags, Water Treatment Chemicals, Printing Materials and Motor
Batteries
PERFORMANCE RANKING
* Quality of Management:
GOOD
* Ethics & Integrity: GOOD
* Ownership Structure:
GOOD
OPERATIONS
Subject is into importation of jute bags, water treatment chemicals,
signage and printing materials and motor batteries.
Subject is located in a business/residential area at 1B, Owukori, Crescent,
Off Ajani Olujare Street, Alaka Estate, Surulere, Lagos, Nigeria.
OUR PARTNERS
Nil
TYPES OF CUSTOMERS
*General Public *Group of Companies
BACKGROUND
Nil.
EXPANSION PLAN
Nil
PRINCIPAL ANTECEDENT
1. NAME: Mr.
S.O. Olawole
POSITION: Operation Manager
PROFESSION: Administrator
NATIONALITY: Nigerian
EDUCATION & QUALIFICATION: Nil
WORK HISTORY: Nil
PHYSICAL VISIT
Visits were made to the followings:
COMPANY PREMISES
CORPORATE AFFAIRS COMMISSION.
FINANCES
Subject audited accounts were not available as at the time of compiling this report. Therefore, its present financial position could not be ascertained.
DIRECT INTERVIEW
NAME:
Mr. S.O. Olawole
POSITION: Operation Manager
DATE OF INTERVIEW:
16th, April 2007
He declined information. All efforts to speak with the Managing Director, an Indian proved abortive
INDUSTRIAL OVERVIEW/
OPERATING
ENVIRONMENT
The importation business in Nigeria has grown in size and complexity since the commencement of the present administration. The business has become more sophisticated financially in terms of expertise.
The government policy in using indigenous contractors to execute her projects has gone a long way in increasing the capital base, greater utilization of Nigerian human and material resources in this sector.
CMT REPORT
(Corruption, Money
Laundering &
Terrorism)
Public Notice from various sources including but not limited to: The
Courts, Nigerian Prison Service, Economic & Financial Crimes Commission
(EFCC), National Drug Law Enforcement Agency (NDLEA), National Agency for Food
& Drugs administration and Control (NAFDAC), Independent Corrupt Practices
and Other Related Offences Commission (ICPC) Etc.
No negative information on subject from the above agencies as at the time of compiling this report.
COMPANY LOCATION
The company is located at 1B, Owukori, Crescent, Off Ajani Olujare Street, Alaka Estate, Surulere, Lagos, Nigeria. The company could be easily located through Western Avenue by Alaka Bus Stop.
OFFICIAL REMARKS
Having carried out all necessary research on subjects, our investigations revealed that, the company, Rhine Industries Nigeria Limited is duly registered in Nigeria, with a registered address, 7, Oyebode Street, Aguda, Surulere, Lagos. While the operational office address is at 1B, Owukori, Crescent, Off Ajani Olujare Street, Alaka Estate, Surulere, Lagos, Nigeria.
RATING
EXPLANATIONS
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)