MIRA
INFORM REPORT
|
Report Date : |
14th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
MIDLAND GALVANISING PRODUCTS
LIMITED |
|
|
|
|
Registered Office : |
Km 10 Abeokuta--Lagos Road, Abeokuta,
Ogun State |
|
|
|
|
Country : |
Nigeria |
|
|
|
|
Date of Incorporation : |
28.06.1976 |
|
|
|
|
Com. Reg. No.: |
18220 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of Aluminium Coil, Roofing
Sheets and Gas Cylinder. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
Company Name
Midland Galvanising Products Limited
Address
Km 10 Abeokuta--Lagos Road, Abeokuta, Ogun State.
Telephone : 234-39-242552/240129/242583/497122
Mobile : 23435232325/35232326
Fax : 234-39-242695
Email : midgal@linkserve.com
Date of Incorporation
28th June, 1976
Rc No
18220
Share Capital
1000000
Legal Form
Private Limited Liability Company
Managing Director
Mr Olatunde Abudu
Line of Business
Coil for Manufacturing of Long span, Galvanised Iron, Roofing Sheets
Products
Roofing Sheets, Head Pans, Gas Cylinder, Galvanising Iron
Number of Employee
Fifty
Business Risks
Subjects Business Enviroment
Presently,Nigerian economy is improving with the higher capacity utilization in industries and low inflationary trends and there are influx of foreign investors into the Country
Nature of subject Business
Midland Galvanising Products Limited has been in the business of manufacturing of Aluminium Coil, Roofing Sheets and Gas Cylinder of since 1976 in Abeokuta, Nigeria
Subject and its industry
Subject is a major and Viable player within the industry. The industry is dominated by foreign companies
Cash Flow and
Profitability
Despite our visit to subject office Financial Business information was not provided
Market Coverage
Midland Galvanising Products Limited Products covers the entire Nigeria
Directors
Nationality
Mr Olatunde Abudu-- Nigerian
Mr Oluyombo Akoni Nigerian
comment: shares alloted was not stated at the Corporate Affairs Commission
Competitors
Nigerite Nigeria Ltd
Aluminium Rolling Mills
Kolkorete Nig. Ltd
Asaba Aluminium Rolling Mills
Queensway Aluminium Co. Ltd.
Economic
Trend
2007
Foreign Exchange Rate to US Dollar 130
Interest Rate ( Lending ) 15percent
Financial Information
Finanacial Information was not provided despite our visit to subject office
Banker
First Bank of Nig. Plc
Stock Market
share Movement
Subject is a private Limited Liability Company, its shares are not quoted on the floor of Nigeria Stock Exchange
CONCLUSION AND
RECOMMENDATION
Midland Galvanising Products Limited was incorporated in Nigeria as a private Limited liability company. it is a going concern business.
We recommend for normal business relationship.
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and principal
sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|