MIRA
INFORM REPORT
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Report Date : |
07.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHRI BALAJI INTERNATIONAL LIMITED |
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Registered Office : |
11, Olabisi Street, Ilupeju, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
2nd September 2002 |
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Com. Reg. No.: |
RC: 461254 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is into importation / exportation |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
IDENTIFICATION
COMPANY NAME: SHRI BALAJI INTERNATIONAL LIMITED
REGISTERED
NAME: SHRI BALAJI INTERNATIONAL LIMITED
REGISTERED
ADDRESS: 11, Olabisi Street, Ilupeju, Lagos-Nigeria
HEAD OFFICE
ADDRESS: Behind First Bank of
Nigeria Plc 53, Adeshiyan, Ilupeju By-Pass Ilupeju, Lagos-
Nigeria
TELEPHONE(S): Nil
FAX: Nil
MOBILE: Nil
E-MAIL: Nil
WEBSITE: Nil
POSTAL ADDRESS: Nil
Subject is into importation / exportation
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 N128 to 1 US $.
SUMMARY
NATURE OF PREMISES: Leased,
office space at head office occupying approximately 140 square metres.
DATE INCORPORATED: 2nd
September 2002
YEAR BEGAN OPERATION: 2002
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC:
461254
SHARE CAPITAL: N2,
000,000.00
ALLOTTED SHARE
CAPITAL: N2, 000,000.00
PAID-UP CAPITAL N2, 000,000.00
AUDITORS: Nil
SOLICITORS: Nil
COMPANY SECRETARY: Nil
STAFF
STRENGHT: about 12
OWNERSHIP/SHAREHOLDING
STRUCTURE
Name %Held
Milesh Gurnam R. (Indian) 50
11, Olabisi Street,
Ilupeju, Lagos
Olu Okewumi 15
14, Olu Okewumi Street,
Ikotun, Lagos.
Prabha Shanker J. (Indian) 35
11, Olabisi Street,
Ilupeju, Lagos
SHARE HOLDERS (PREVIOUS)
Nil
DIRECTORS
Mrs. Milesh Gurnam R. (Indian)
Olu Okewumi
Prabha Shanker J. (Indain)
MANAGEMENT PROFILE
Milesh Gurnam R. Managing
Director
Olu Okewumi Executive
Director
Prabha Shanker J. Executive
Director
Mr. Innocent A. Chief
Security Officer
ASSOCIATE COMPANY
Nil
BRANCH
Nil
BANKER
Name: Oceanic Bank
International Plc
Address: Ilupeju Branch,
Ilupeju, Lagos.
TRADE REFERENCES
Nil
PAYMENT REFERENCES
Nil
PRODUCT DESCRIPTION
Nil
PERFORMANCE RANKING
* Quality of Management:
GOOD
* Ethics & Integrity: GOOD
* Ownership Structure:
GOOD
OPERATIONS
Subject is into importation / exportation
Subject is located in a central business area at Behind First Bank of
Nigeria Plc 53, Adeshiyan, Ilupeju By-Pass Ilupeju, Lagos-Nigeria.
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
Nil
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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
Mr. Innocent A. Chief
Security Officer
Though, the address provided for verification was correct, there was no official
of the company on hand to speak to. Mr. Innocent .A, the chief security
officer, of the premise where the company is situated, acknowledged the fact
that the company exists in that premise. He however, stated that the Managing
Director of the company (Shri Balaji International Ltd) and his Secretary do
not come to the office on regular basis. He stated further that the Secretary
only come once in a while to pick up their mails. When asked about the details
of what the company does, he said he does not know, since he is not an employee
of the company. As at the time of
visit, the company office was firmly locked. Questionnaire and cover letter was
however dropped with the security man to give to Shri Balaji International
Limited when they come to the office. And they should in return get back to our
office with the necessary information.
INDUSTRIAL OVERVIEW/ OPERATING
ENVIRONMENT
Importation of goods is major business in Nigeria, in fact, prior to the
new civilian regime, this use to be the business for majority of businessmen
and women alike. But the story is slightly different now, as the federal
government has placed ban on the importation of certain goods into Nigeria.
However, for those who bring in goods that are not prohibited by the Nigerian
laws are having swell time in terms of turnover.
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 Behind First Bank of Nigeria Plc 53,
Adeshiyan, Ilupeju By-Pass Ilupeju, Lagos.
OFFICIAL REMARKS
Having carried out all necessary research on subjects, our
investigations revealed that, the company, Shri Balaji International Limited is duly registered in Nigeria, with a
registered address, 11, Olabisi Street, Ilupeju, Lagos. While the operational
office address is Behind First Bank of Nigeria Plc 53, Adeshiyan, Ilupeju
By-Pass Ilupeju, 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%)