MIRA
INFORM REPORT
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Report Date : |
29.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
ALLIED TECHNOL SYSTEMS LIMITED |
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Registered Office : |
28, Allen Avenue, Ikeja, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
21st October 1987 |
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Com. Reg. No.: |
RC: 101242 |
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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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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%)