MIRA
INFORM REPORT
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Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
WESTLAND MARKETING 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 1990s |
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Legal Form : |
Enterprise [Sole Proprietorship] |
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Line of Business : |
Importation of General goods |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
IDENTIFICATION
COMPANY NAME: WESTLAND MARKETING COMPANY
REGISTERED
NAME: Nil
REGISTERED
ADDRESS: 15, Ojo Giwa Street, Lagos Island, Lagos
HEAD OFFICE
ADDRESS: 15, Ojo Giwa Street, Lagos
Island, Lagos
TELEPHONE(S): 234-806-936-94727 (Not
on MTN Network)
FAX: Nil
MOBILE: 234-806-936-94727
(Not on MTN Network)
E-MAIL: Nil
WEBSITE: Nil
POSTAL ADDRESS: Nil
Subject is an importer & exporter of general goods.
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
1990s
YEAR BEGAN
OPERATION: Same
LEGAL FORM: Enterprise
REGISTRATION NO: Sole
Proprietorship
SHARE CAPITAL: Sole
Proprietorship
STAFF
STRENGHT: about 2
OWNERSHIP/SHAREHOLDING
STRUCTURE
Undetermined
SHARE HOLDERS (PREVIOUS)
Nil
DIRECTORS
Undetermined
MANAGEMENT PROFILE
Undetermined
PARENT COMPANY
Nil
BRANCHES
Nil
BANKER
Name: IBTC Chartered
Bank Plc.
Address: Lagos-Nigeria
Account No: Nil
TRADE REFERENCES
Nil
PAYMENT REFERENCES
Nil
PRODUCT DESCRIPTION
General Goods
PERFORMANCE RANKING
* Quality of Management:
POOR
* Ethics & Integrity: POOR
* Ownership Structure:
POOR
OPERATIONS
Subject is into importation of General goods
Subject was formerly 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 Westland
Marketing Company reliably informed that they initially were occupying No.15,
Ojo Giwa Street, off Idumagbo Street, Lagos. Companies and some other traders
occupying shops on that same business district area said that they have heard
of Westland Marketing 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: |
Extreme caution needs to be exercised when dealing with this company |
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CREDIT LINE
AMOUNT: |
CAUTION |
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CREDIT LINE
OPINION: |
Transaction with subject is considered to be high trade risk |
DIRECT INTERVIEW
Traders beside the demolished building.
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 was formerly 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, Westland Marketing 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
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%)