MIRA
INFORM REPORT
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Report Date : |
29.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
ALLIED TECHNOLOGY SYSTEM LTD |
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Registered Office : |
1 Cocosheen Closeby Alade Market P O Box No 6303 IKCJA, |
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Country : |
Nigeria |
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Date of Incorporation : |
21.10.1987 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Sales of fragrances and flavours |
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 : ALLIED TECHNOLOGY SYSTEM LIMITED
REGISTERED NAME : ALLIED TECHNOL SYSTEMS LIMITED
REGISTERED ADDRESS : 28, Allen Avenue, Ikeja, Lagos
HEAD OFFICE ADDRESS : 1, Cocosheen Close, by Ikeja Medical Centre, behind Alade Market,
Off Allen Avenue, Ikeja, Lagos.
TELEPHONE(S) : 234-1-4973629, 4963357, 4726874
FAX : Nil
MOBILE : 234-1-4973629, 4963357, 4726874
E-MAIL : ablesell@nova.net.ng
WEBSITE : Nil
POSTAL ADDRESS : Nil
Subject is into sales of fragrances and flavours
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 : 21st October 1987
YEAR BEGAN OPERATION : 1987
LEGAL FORM : Private Limited Company
REGISTRATION NO : RC: 101242
SHARE CAPITAL : N10, 000.00
ALLOTTED SHARE CAPITAL : N10, 000.00
PAID-UP CAPITAL : N10, 000.00
AUDITORS : Nil
SOLICITORS : Nil
COMPANY SECRETARY : Nil
STAFF STRENGHT : 7
OWNERSHIP/SHAREHOLDING
STRUCTURE
Name
Henry O. Boyo
28, Allen Avenue,
Ikeja, Lagos
Magdelene T. Boyo
28, Allen Avenue,
Ikeja, Lagos
SHARE HOLDERS
(PREVIOUS)
Nil
DIRECTORS
Henry O. Boyo
Magdelene T. Boyo
MANAGEMENT PROFILE
Mr. Henry Boyo Managing Director/CEO
Mr. Magdelene T. Boyo Executive Director
SUBSIDIARY COMPANY
Company Name: Abel Sell Limited
Registered No: RC: 50069
PARENT COMPANY
Nil
BRANCHES
*56, Port Harcourt Road Aba, Abia State
*2, Robert Road, Warri, Delta State
BANKER
Name: United Bank for Africa Plc (UBA)
Address: Oregun, Ikeja, Lagos
TRADE REFERENCES
Local and International
PAYMENT REFERENCES
Local and International
PRODUCT DESCRIPTION
*Fragrances and Flavours
PERFORMANCE RANKING
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
OPERATIONS
Subject is into sales of fragrances and flavours
Subject is located in a central business area at 1, Cocosheen Close, by Ikeja Medical Centre, behind Alade Market, Off Allen Avenue, Ikeja, Lagos.
TYPES OF CUSTOMERS: General Public
BACKGROUND
Allied Technol as it is rightly called was visited on the 27th of December 2007. The company occupies the second floor of a 3 storey building with a large compound. Several attempts to get necessary information from everyone met proved abortive, and there was no form of products on display that could suggest what the company is into, but some small containers and jars were sighted from a far in an inner room which looks like they were filled some chemical substances. The staff strength is about 7 as it was observed.
EXPANSION PLAN
Nil
PRINCIPAL ANTECEDENT
1. Name: Mr. Henry Boyo
Position: Managing Director
Profession: Businessman
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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RATING 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. Henry Boyo
Position Managing Director/CEO
Mr. Boyo who is the Managing Director was interviewed but the
discussion centered on questions and skepticism. Though attempts were made to
convince him on the importance of the mission to his office but he declined and
insisted not divulging any further information about the company. He stated
that any company that is interested in sourcing information about his own
company should contact him directly and latter notify him that an information
company would come for verification and confirmation. Notwithstanding, our
standard questionnaire was dropped with him and the introduction letter was
acknowledged.
INDUSTRIAL OVERVIEW/
OPERATING
ENVIRONMENT
Subject is operating in an industry with very great potentials. With the Local Content Initiative of the supervising agency, Nigerian indigenous companies now have exclusive rights to up-to 30% of all contracts awarded within the industry.
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 1, Cocosheen close which is the third street behind Alade market. The entrance to the street is in between Karox building to the right where Eco Bank Plc occupies the ground floor and Alade Market to the left. Allied Technol operates from an area off Allen Avenue in Ikeja, Lagos state.
OFFICIAL REMARKS
Having carried out all necessary research on subjects, our investigations revealed that, the company, Allied Technology Systems Limited is duly registered in Nigeria, with a registered address, 28, Allen Avenue, Ikeja, Lagos. While the operational office address is 1, Cocosheen Close, by Ikeja Medical Centre, behind Alade Market, Off Allen Avenue, Ikeja, 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%)