MIRA
INFORM REPORT
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Report Date : |
07.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
AMAX NIGERIA LIMITED |
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Registered Office : |
19, Oyadiran Estate, Yaba, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
11th January 1990 |
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Com. Reg. No.: |
RC: 143824 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is into leather works / tanning |
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 : |
No Complaints |
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Litigation : |
Clear |
IDENTIFICATION
COMPANY NAME: AMAX NIGERIA LIMITED
REGISTERED
NAME: AMAX NIGERIA LIMITED
REGISTERED
ADDRESS: 19, Oyadiran Estate, Yaba, Lagos-Nigeria.
HEAD OFFICE
ADDRESS: 44, Docemo Street, off
Idumagbo Street, Lagos
TELEPHONE(S): Nil
FAX: Nil
MOBILE: Nil
E-MAIL: Nil
WEBSITE: Nil
POSTAL ADDRESS: Nil
Subject is into leather works / tanning
In Nigeria subject is considered to be a small 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 N128 to 1 US $.
SUMMARY
NATURE OF PREMISES: Leased,
office space at head office occupying approximately 80 square metres.
DATE INCORPORATED: 11th January 1990
YEAR BEGAN
OPERATION: 1990
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC:
143824
SHARE CAPITAL: N500,
000.00
ALLOTTED SHARE
CAPITAL: N500, 000.00
PAID-UP CAPITAL N500, 000.00
AUDITORS: Nil
SOLICITORS: Nil
COMPANY SECRETARY: Nil
STAFF
STRENGHT: about 3
OWNERSHIP/SHAREHOLDING
STRUCTURE
Name
John Ayanponle
39, Asiata Street,
Orile, Lagos.
Jimoh Adeoti
22, Eyinga Street,
Lagos.
SHARE HOLDERS (PREVIOUS)
Nil
DIRECTORS
John Ayanponle
Jimoh Adeoti
MANAGEMENT PROFILE
John Ayanponle Director
Jimoh Adeoti Director
PARENT COMPANY
Nil
BRANCHES
Nil
BANKER
First City Monument Bank Plc.
TRADE REFERENCES
Nil
PAYMENT REFERENCES
Nil
PRODUCT DESCRIPTION
* Leather Works * Tanning
PERFORMANCE RANKING
* Quality of Management:
AVERAGE
* Ethics & Integrity: FAIR
* Ownership Structure:
GOOD
OPERATIONS
Subject is into leather works / tanning
Subject is located in a central business area at 44, Docemo Street, off
Idumagbo Street, Lagos
TYPES OF
CUSTOMERS: *General Public
BACKGROUND
Nil
EXPANSION PLAN
Nil
PRINCIPAL ANTECEDENT
Nil
PHYSICAL VISIT
Visits were made
to the followings:
COMPANY PREMISES
CORPORATE AFFAIRS
COMMISSION.
FINANCES
Subject Audited
Account was not available as at the time of compiling this report.
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ASSESSMENT: |
Appears to have average ability to meet trading commitments |
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CREDIT LINE
AMOUNT: |
FAIR |
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CREDIT LINE
OPINION: |
Transaction with subject is considered to be fair trade risk |
DIRECT INTERVIEW
1. Security Officer and some Staff of the Company
According to the Security Officer and other Staff of the Company, the
Managing Director traveled to India and that he will not be in Nigeria until
two weeks time.
All efforts to get information on the company operation/activities
proved abortive, as the security officer and some of the staff held on to the
fact that their boss was not around and by that cannot give any information
out.
After a lot of explanation and it appears they were still rigid about
giving out information, the questionnaire, cover letter as well as our company
complementary card was given to the security personnel to forward same to his
boss on arrival in Nigeria, who will in turn get back to our office.
When further information is provided by the company, this report will be
updated.
INDUSTRIAL OVERVIEW/ OPERATING
ENVIRONMENT
Leather works / Tanning sector in Nigeria has grown in size and complexity
since the commencement of the present administration. The industry has become
more sophisticated technically, financially and in terms of the required skills
and 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 44, Docemo Street, off Idumagbo Street, Lagos.
The company could easily be located through Adeniji Adele or Idumota/Nnamdi
Azikiwe Street, Lagos Island, Lagos-Nigeria
OFFICIAL REMARKS
Having carried out all necessary research on subjects, our
investigations revealed that, the company, Amax Nigeria Limited is duly registered in Nigeria, with a
registered address, 19, Oyadiran Estate, Yaba, Lagos. While the operational
office address is 44, Docemo Street, Lagos
All information contained in this reports are from secondary sources
only.
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. |
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%)