MIRA
INFORM REPORT
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Report Date : |
22.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
AFRO-INVESTORS INDUSTRIES LIMITED |
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Registered Office : |
32, Road D, Close House Festac Town, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
26th November 2002 |
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Com. Reg. No.: |
RC: 467503 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importation and sales of building materials/general merchants. |
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
ENQUIRY NAME: AFRO INVESTORS INDUSTRIES LIMITED
COMPANY NAME: AFRO-INVESTORS INDUSTRIES LIMITED
REGISTERED NAME: AFRO-INVESTORS
INDUSTRIES LIMITED
REGISTERED ADDRESS: 32, Road D, Close House Festac Town, Lagos-Nigeria
HEAD OFFICE ADDRESS: Block 10, Shop 33, Agric Compound, Coker, Orile, Lagos
TELEPHONE(S): 234-802-318-9472
FAX: Nil
MOBILE: 234-802-318-9472
E-MAIL: aiil1033@yahoo.com
WEBSITE: Nil
POSTAL ADDRESS: Nil
Subject is into importation and sales of building materials/general merchants.
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 N122 to 1 US $.
SUMMARY
NATURE OF PREMISES: Leased, office space at head office occupying approximately 120 square metres.
DATE INCORPORATED: 26th November 2002
YEAR BEGAN OPERATION: 2002
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC: 467503
SHARE CAPITAL: N100, 000.00
ALLOTTED SHARE CAPITAL: N100, 000.00
PAID-UP CAPITAL N100, 000.00
AUDITORS: Nil
SOLICITORS: Nil
COMPANY SECRETARY: Nil
STAFF STRENGHT: 7
OWNERSHIP/SHAREHOLDING
STRUCTURE
Name
Tochukwu Umeh 95
32, Road D, Close House
Festac Town, Lagos
Chidozie Umeh 2.5
32, Road D, Close House
Festac Town, Lagos
Emenike Umeh 2.5
32, Road D, Close House
Festac Town, Lagos
SHARE HOLDERS (PREVIOUS)
Nil
DIRECTORS
Tochukwu Umeh
Chidozie Umeh
Emenike Umeh
MANAGEMENT PROFILE
Mr. Tochukwu Umeh Managing Director/CEO
Mr. Chidozie Umeh Executive Director
Mr. Emenike Umeh Executive Director
ASSOCIATE COMPANIES
Nil
PARENT COMPANY
Nil
BRANCH
Nil
BANKER
Intercontinental Bank Plc, Lagos
TRADE REFERENCES
Local and International
PAYMENT REFERENCES
Local and International
PRODUCT DESCRIPTION
*Floor Tiles *Door Classes *White Cements etc
PERFORMANCE RANKING
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
OPERATIONS
Subject is into importation and sales of building materials/general merchants.
Subject is located in a central business area at Block 10, Shop 33, Agric Compound, Coker, Orile, Lagos
TYPES OF CUSTOMERS: General Public
BACKGROUND
Afro-Investors Industries Limited is into the importation and sales of building materials with the commencement of its operation since 2006. Some of the products they trade in includes, White cement, Floor tiles, etc. In addition to this, the company also deals in commercial services, serving as a contracting agent. According to Mr. Tochukwu, who is the Managing Director, they do not only have a good working relationship with the Standards Organization of Nigeria (SON) but with the National Agency for Foods and Drugs Administration in Nigeria (NAFDAC) in Nigeria.
EXPANSION PLAN
To be one among the leaders in the industry.
PRINCIPAL ANTECEDENT
1. Name: Mr. Tochukwu Umeh
Position: Managing Director
Profession: Engineer
Date of Birth: Nil
Place of Birth: Nil
State of Origin: Nil
Nationality: Nigerian
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 our investigation.
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ASSESSMENT: |
Apparently healthy, with adequate working capital to meet normal 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. Name: Mr. Tochukwu Umeh
Position Managing Director
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 Block 10, shop, 33, Agric Compound Badagary express way. The nearest bus stop to this company is Odun-Ade. Afro-Investors Industries limited occupies one of the shops at the ground floor in Block 10 and entirely surrounded by some other companies dealing in the same line of trade.
OFFICIAL REMARKS
Having carried out all necessary research on subjects, our investigations revealed that, the company, Afro-Investors Industries Limited is duly registered in Nigeria, with a registered address, 32, Road D, Close House Festac Town, Lagos. While the operational office address is Block 10, Shop 33, Agric Compound, Coker, Orile, 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%)