MIRA
INFORM REPORT
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Report Date : |
12.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
EVER BEST COMPANY |
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Registered Office : |
15, Ojo Giwa Street, Lagos Island, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
Around 1990 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer & Exporter of Sandwich Toaster, DVD Player,
Apint Brush PVC Medical Gloves, Bathroom Accessories, Stainless Cooking
Wares, Home Appliances Etc |
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 : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
IDENTIFICATION
COMPANY NAME : EVER BEST COMPANY
REGISTERED NAME : Nil
REGISTERED ADDRESS : 15, Ojo Giwa Street, Lagos Island, Lagos
HEAD OFFICE ADDRESS : 43, Idumagbo Avenue, Lagos
TELEPHONE(S) : 234-806-657-7126
FAX : Nil
MOBILE : 234-806-657-7126
E-MAIL : everbest2004@yahoo.com
WEBSITE : Nil
POSTAL ADDRESS : Nil
Subject is an importer & exporter of sandwich toaster, DVD player, Apint Brush PVC Medical Gloves, Bathroom accessories, Stainless cooking wares, Home Appliances etc.
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 N123.83
to 1 US $.
SUMMARY
NATURE OF PREMISES : Leased, office space at head office occupying approximately 80 square metres.
(But subject has move to unknown location)
DATE INCORPORATED : Around 1990
YEAR BEGAN OPERATION : Same
LEGAL FORM : Enterprise
REGISTRATION NO : Sole Proprietorship
SHARE CAPITAL : Sole Proprietorship
STAFF STRENGHT : about 4
OWNERSHIP/SHAREHOLDING
STRUCTURE
Ever Best
SHARE HOLDERS
(PREVIOUS)
Nil
DIRECTORS
Ever Best
MANAGEMENT PROFILE
Ever Best (Sole Proprietor/CEO)
PARENT COMPANY
Nil
BRANCHES
Nil
BANKER
Name: Barclays Bank Plc.
Address: Nil
Account No: Nil
TRADE REFERENCES
Nil
PAYMENT REFERENCES
Nil
PRODUCT DESCRIPTION
Sandwich toaster *DVD Player *Apint Brush *PVC Medical Gloves *Bathroom Accessories *Stainless Cooking Wares Set Home Appliances etc.
PERFORMANCE RANKING
* Quality of Management: POOR
* Ethics & Integrity: AVERAGE
* Ownership Structure: FAIR
OPERATIONS
Subject is into importers & exporters of Sandwich Toaster, DVD player, Apint Brush PVC Medical Gloves, Bathroom Accessories, Stainless Cooking Wares, Home Appliances etc.
Subject was located in a central business area at 15, Ojo Giwa Street, Lagos Island, Lagos
TYPES OF CUSTOMERS
*General Public
BACKGROUND
When visit was made by our team of investigators, to the address provided it was discovered that the supposed building which is to be no 15, Ojo Giwa Street has been demolished and turned to a construction site. When further enquiries were made round the area and extended to the major street adjacent Ojo Giwa, which is Idumagbo Avenue, some traders who use to know Ever Best Company reliably informed that they, initially were occupying no 45 Idumagbo Street which United Bank for Africa (UBA) now presently occupy. Though, when visit was made to the supposed new location, there was no evidence of Ever Best Company operating on that street. Companies and some other traders occupying shops on that same business district area said that they have heard of Ever Best Company on that street before; though, they claimed to have been newly relocated and were yet to establish their presence around that building (no 15 Ojo Giwa Street) before it was demolished. All efforts to contact subject through Tel., Email etc proved abortive
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: |
Appears to have limited ability to meet commitments and some caution needs to be exercised |
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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
According to some traders who use to know Ever Best Company reliably informed that they initially were occupying no 45 Idumagbo Street which United Bank for Africa (UBA) now presently occupy
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 Ojo Giwa Street is off Idumagbo Avenue on Lagos Island. Idumagbo can be easily accessed through Adeniji Adele bus stop on Lagos Island which is adjacent that same access route.
OFFICIAL REMARKS
Having carried out all necessary research on subjects, our investigations revealed that, the company, Ever Best Company is not duly registered in Nigeria. And could not be traced in her former operation address at 15, Ojo Giwa Street, Lagos Island, Lagos and 43, Idumagbo Avenue, Lagos respectively
NOTE: that all information contained in this report 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%)