MIRA
INFORM REPORT
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Report Date : |
9th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
DIAMOND BICYCLE INDUSTRIES LIMITED |
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Registered Office : |
24, Isale Agbede, Off Idumagbo Avenue Idumagbo Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
16.02.2000 |
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Com. Reg. No.: |
RC: 373851 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in to Assembly, Marketing and Distribution of
Bicycles/Accessories. |
RATING &
COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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/normal. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
IDENTIFICATION
COMPANY NAME: DIAMOND BICYCLE INDUSTRIES LIMITED
REGISTERED
NAME: DIAMOND BICYCLES AND TUBE LIMITED
REGISTERED
ADDRESS: 24, Isale Agbede, Off Idumagbo Avenue Idumagbo
Lagos
HEAD OFFICE
ADDRESS: Eleganza Plaza
(Gemini Block) 2nd Floor 1, Commercial Road,
Apapa
Lagos-Nigeria
TELEPHONE(S): (01) 5804740-4,
5451660
MOBILE: Nil
E-MAIL: Nil
WEBSITE: Nil
POSTAL ADDRESS: P. O. Box 1006, Apapa Lagos
Subject is into Information, Assembly, Marketing and Distribution of
Bicycles.
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 N130 to 1 US $.
SUMMARY
NATURE OF PREMISES: Leased,
office space at head office occupying approximately 100 square metres.
DATE INCORPORATED: 16th February, 2000
YEAR BEGAN
OPERATION: 2000
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC:
373851
SHARE CAPITAL: N500,
000.00
ALLOTTED SHARE
CAPITAL: N500, 000.00
PAID-UP CAPITAL N500, 000.00
AUDITORS: Nil
SOLICITORS: Nil
COMPANY SECRETARY: Aminat
STAFF
STRENGHT: 20
OWNERSHIP/SHAREHOLDING
STRUCTURE
Name %Held
Okechi Sunday
50
8, Afolabi Duda Street, Ikafe,
Surulere Lagos
Okechi Chibuzo 30
8, Afolabi Duda Street, Ikafe,
Surulere Lagos
Okechi Innocent 20
8, Afolabi Duda Street, Ikafe,
Surulere Lagos
SHARE HOLDERS (PREVIOUS)
Nil
DIRECTORS
1. Okechi Sunday
2. Okechi Chibuzo
3. Okechi Innocent
4. Mr. Raman (Indian)
MANAGEMENT PROFILE
Okechi Sunday Executive Director
Okechi Chibuzo Executive Director
Okechi Innocent Executive
Director
Mr. Raman (Indian) Managing
Director
RELATED COMPANY
Nil
BRANCH
26, Higher Street, Opposite Gidan Goldie, Kano State
Tel: (064) 639030, 647380
BANKER
Nil
TRADE REFERENCES
Nil
PAYMENT REFERENCE
Nil
PRODUCT DESCRIPTION
Bicycles Accessories, Tubes and Tires
PERFORMANCE RANKING
* Quality of Management: AVERAGE
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
OPERATIONS
Subject is into Assembly, Marketing and Distribution of
Bicycles/Accessories.
Subject is located in a central business area at Eleganza Plaza (Gemini
Block) 2nd Floor, 1 Commercial Road, Apapa Lagos.
TYPES OF CUSTOMERS
General Public, Group of Companies and Foreign Companies
BACKGROUND
Nil
EXPANSION PLAN
Nil
PRINCIPAL ANTECEDENT
Nil
PHYSICAL VISIT
Visits were made
to the followings:
- COMPANY PREMISES
- CORPORATE AFFAIRS COMMISSION.
FINANCES
Subject audited accounts were not available as at the time of compiling
this report. Therefore, its present financial position could not be
ascertained.
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RISK RATING ASSESSMENT: |
AVERAGE Appears
to have average ability to meet trading commitments. |
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CREDIT LINE
AMOUNT: |
FAIR |
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0CREDIT LINE
OPINION: |
Transaction with subject is considered to be fair trade risk |
DIRECT INTERVIEW
NAME: Mr. Raman (Indian)
POSITION: Managing Director
DATE OF INTERVIEW:
6th
and 8th March 2007.
He declined information. Other Staff interview: Aminat (Secretary) she
also declined information
All attempts to get additional information on subject through other
staff proved abortive.
INDUSTRIAL OVERVIEW/ OPERATING
ENVIRONMENT
The Parts Assembly industry in Nigeria has grown in size and complexity since
the commencement of the present administration. The industry has become more
sophisticated technically, financially and in terms of the required skills and
expertise.
The government policy in using indigenous contractors to execute her
projects has gone a long way in increasing the capital base, greater
utilization of Nigerian human and material resources in this sector.
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 eleganza plaza (Gemini block) 2nd
floor, 1 commercial road, Apapa, Lagos.
REMARKS
Having carried out all necessary research on subjects, our
investigations revealed that, the company, Diamond Bicycle Industries Limited
is duly registered in Nigeria, with a registered address, 24, Isale Agbede, Off
Idumagbo Lagos. While the operational office address is at Elaganza Plaza
(Gemini Block) 2nd Floor, 1 Commercial Road, Apapa, Lagos-Nigeria.
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/normal. |
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 SCs 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%)