MIRA
INFORM REPORT
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Report Date : |
12.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
CENTURY DYES & CHEMICALS |
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Registered Office : |
Km 33, Lagos-Badagry Expressway, Churchgate Bus-Stop, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
1991 |
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Legal Form : |
Enterprise |
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Line of Business : |
Manufacturers of dyestuffs, pigments, Textiles Auxiliaries
and industrial chemicals. |
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 :
CENTURY DYES & CHEMICALS
REGISTERED NAME :
Nil
GROUP OFFICEADDRESS : Plot
30, Afribank Street, (Churchgate Tower) Victoria Island, Lagos.
HEAD OFFICE/FACTORY ADD : Km 33, Lagos-Badagry
Expressway, Churchgate Bus-Stop, Lagos
TELEPHONE(S) :
234-1-7740671, 7742671, 7730564, 2620414, 2620544, 2620554 7760934
FAX :
234-1-2620531, 2620551
MOBILE :
234-1-7740671, 7742671, 7730564, 2882590, 7760934
E-MAIL :
pchcdc@churchgate.com,
andrew@churchgate.com
WEBSITE :
www.churchgate.com
POSTAL ADDRESS :
P. O. Box 7793, Marina, Lagos
Subject is into manufacturers of dyestuffs, pigments, Textiles
Auxiliaries and industrial chemicals.
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 N123.83
to 1 US $.
SUMMARY
NATURE OF PREMISES :
Leased, office space at head office occupying approximately 180 square
metres.
DATE INCORPORATED : Established in
1991
YEAR BEGAN OPERATION : 1991
LEGAL FORM :
Enterprise
STAFF STRENGHT :
about 50
BOARD CHAIRMAN
Mr. Bhagwan I. Mahtani-
Chairman
MANAGEMENT PROFILE
Mr. Bhagwan I. Mahtani Chairman
Mr. E.J. Lewis General
Manager/CEO
PARENT COMPANY
CHURCHGATE GROUP
BRANCHES
* Plot 30, Afribank Street, Victoria Island, Lagos.
Tel: 234-1-2620532, 2620533,
2620550
Fax: 234-1-2620326, 2620420
* 7B, Bllo Road, Kano
Tel: 234-64-644902, 639016
08042101594
* 29, Port Harcourt Road, Aba, Abia State
Tel: 234-9-400840
BANKER
Name: Regent Bank
Plc.
Address: Victoria Island
Account No: Nil
TRADE REFERENCES
Subject has both local and international Trade partners
PAYMENT REFERENCES
Subject has both local and international Payment References
PRODUCT DESCRIPTION
Dyestuff *Chemicals Textile Auxiliaries
PERFORMANCE RANKING
* Quality of Management:
FAIR
* Ethics & Integrity: GOOD
* Ownership Structure:
AVERAGE
OPERATIONS
Subject is into manufacturers of dyestuffs, pigments and industrial
chemicals
.
Subject is located in a central business area at Km 33, Lagos-Badagry
Expressway, Churchgate Bus-Stop, Lagos
RELATED COMPANIES
*Churchgate Nigeria Limited *Churchgate Industries (Nigeria) Limited *International
Textile Industries (Nigeria) Limited (Isolo) *Royal Spinners Plc (Isolo, Lagos)
*First Spinners Pl (Ikorodu, Lagos ) *Ocean Fisheries Limited (Apapa, Lagos)
*Intercott Limited (Kontagora, Niger State) *Ocean Transport & Shipping
Limited *Churchgate Research Educational Development Organisation *Britex
Nigeria Limited (Isolo, Lagos) *Cottoil Limited (Apapa, Lagos) *First
Continental Properties Limited *Aba Textile Mills Plc *Bendel Breweries Limited
(Benin) *International Glass Industries Limited (Aba)
TYPES OF CUSTOMERS
*General Public, Group of Companies, Government Agencies and
international Organizations.
BACKGROUND
In the words of Andrew E. Akpan the Customer Relation Officer
(Churchgate Group) said that the company is a leading producer of chemical
products in the country.
Century dyes & chemicals has the first plant in Africa to
manufacture textile dyestuffs and is also an ISO 9002 certified. With installed
capacity to manufacture Nigeria’s annual requirement of reactive dyes, the plant
was established in support of churchgate’s objective of import substitution,
backward integration and export promotion.
The company also has a state of the art manufacturing facility including
Tall Column nozzle type Spraydryers. The company has a well equipped laboratory
consisting of spectrophotometer, Gas Liquid Chromotograph (GLC), HPLC, HPTLC,
Computer colour matching, Light fastness tester, Sublimation fastness tester,
Laundrometer, Laboratory dyeing and printing machines.
The main factory where productions of their products are made is located
at Agbara Industrial Estate in Ogun State, while the Group head office is
located at Victoria Island. Century Dyes and Chemicals occupy about three
floors within the complex of CHURCHGATE Tower in Victoria Island. CHURCHGATE is
the parent company while Century and Dyes Chemicals is a member of the group.
The exports her products to North America, South America, Western
Europe, Estern Europe, Eastern Asia, Southeast Asia, Mid East and Africa in
general
EXPANSION PLAN
Nil
PRINCIPAL ANTECEDENT
Nil
PHYSICAL VISIT
Visits were made to the followings:
COMPANY PREMISES
CORPORATE AFFAIRS COMMISSION.
FINANCES
Subject’s Audited Account was not available as at the time of compiling
this report
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ASSESSMENT: |
AVERAGE 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
NAME: Andrew
E. Akpan
POSITION: Customer
Relation Officer
He declined further details insisting that there is an extent to which he
can divulge information, but he promised to forward our letter he acknowledged
and questionnaire to the appropriate quarters.
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. Nevertheless, 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 CHURCHGATE Tower is located on Afribank Street
by Afribank bus stop close to Law School Victoria Island Lagos with staff
strength of over 50 people. The tower is a skyscraper building which houses all
the companies that makes up CHURCHGATE and some other companies that rented
some floors for their business purposes.
OFFICIAL REMARKS
Having carried out all necessary research on subjects, our
investigations revealed that, the company, Century Dyes & Chemicals is in
Nigeria, with a Group registered address, Plot 30, Afribank Street, Victoria
Island, Lagos. While the operational
office/Factory address is at Km 33, Lagos-Badagry Expressway, Churchgate
Bus-Stop, Lagos-Nigeria.
All information contained in this reports are from both primary and
secondary sources.
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%)