MIRA
INFORM REPORT
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Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
CASTLE SOAP LIMITED |
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Registered Office : |
2nd Floor, 3, Ororoyin Street, Idumota, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
1st July, 1998 |
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Com. Reg. No.: |
RC: 337892 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing of soap. |
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 : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION
COMPANY NAME: CASTLE SOAP LIMITED
REGISTERED
NAME: CASTLE INVESTMENT HOLDING LIMITED
REGISTERED
ADDRESS: 2nd Floor, 3, Ororoyin Street, Idumota, Lagos
HEAD OFFICE
ADDRESS: Plot 7, Apakun Industrial Estate,
St. Lambert Imasuen Street, Ajao Estate,
Oshodi,
Lagos-Nigeria.
TELEPHONE(S): 234-1-7733311, 7905377
FAX: 234-1-773
MOBILE: 234-1-7733311,
7905377
E-MAIL: sagar@castlesoaps.net
WEBSITE: www.castlesoaps.net
(Under Construction)
POSTAL ADDRESS: Plot 7, Apakun Industrial
Estate, St. Lambert Imasuen Street, Ajao Estate,
Oshodi,
Lagos-Nigeria.
Subject is into manufacturing and distribution of soap
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 N128 to 1 US $.
SUMMARY
NATURE OF PREMISES: Owned,
office space at head office occupying approximately 1,000 square
metres.
DATE INCORPORATED: 1st July, 1998
YEAR BEGAN
OPERATION: 1998
LEGAL FORM: Private Limited
Company
REGISTRATION NO: RC:
337892
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: 30
OWNERSHIP/SHAREHOLDING
STRUCTURE
Name %Held
Mahesh S. Phulwani (British) 50
50/52, Broad Street,
Lagos-Nigeria.
Prakash Phulwani (British) 50
2nd Floor, Ororoyin Street,
Idumota, Lagos-Nigeria.
SHARE HOLDERS (PREVIOUS)
Nil
DIRECTORS
1. Mahesh S. Phulwani (British)
2. Prakash Phulwani
(British)
MANAGEMENT PROFILE
Mr. Bhoju Sadhu Phulwani
Managing Director
Mr. Sagar Jadhav Manager
Mr. Mahesh S. Phulwani Executive
Director
Mr. Prakash Phulwani Executive
Director
ASSOCIATE COMPANY
Nil
BRANCH
Nil
BANKER
Nil
TRADE REFERENCES
Subject has both Local and Foreign Trading Partners
PAYMENT REFERENCES
Subject has both Local and Foreign Trading Partners
PRODUCT DESCRIPTION
All Kinds of Soap
PERFORMANCE RANKING
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure:
GOOD
OPERATIONS
Subject is into manufacturing of soap. Subject is located in a central
business area at Plot 7, Apakun Industrial Estate, St. Lambert Imasuen Street,
Ajao Estate, Oshodi, Lagos.
TYPES OF CUSTOMERS: General Public
BACKGROUND
Castle Soap Limited was
incorporated in Nigeria, July 1998 for manufacturing, marketing and sales of
Soaps and healthcare products. It is a joint venture with knowledge and
experience in the industry.
Castle Soap Limited started with the name Castle Investment Holding
Limited with corporate head office in Lagos, started operations in July 1998
with a vision to be among the leading companies in the healthcare industry
within and outside the country
OPERATIONS
The hallmark of her operations is to ensure complete satisfaction of
customer’s services. Therefore, they make available products at cutting-edge
prices with post marketing support to customers with utmost delight. This they
achieve there and highly motivated professionals with diverse fields of
specializations.
PERSONNEL
At Castle Soap Limited, her Human Capital is the most vital asset. This
providing a workplace climate of cooperation, trust, teamwork, open
communication and creativity for her employees.
Since the quality of an organization’s employees directly influences its
ability to gain and sustain competitive advantage, the strength of our
workforce lies in the qualitatively trained personnel, guided by
professionalism and integrity with the aim of meeting the need of customers and
the society at large.
EXPANSION PLAN
Subject intends to expand her view to overseas companies
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 compiling
this report.
However, the subject’s estimated turnover could be put at about N25,
000, 000.00
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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. Mr. Sagar Jadhav - Manager
According to Mr. Sagar Jadhav, the company Managing Director, person of
Mr. Bhoju Sadhu Phulwani is currently out of the country. He however promised
to pass our standard questionnaire to him on return.
Subject has qualified, efficient, and dedicated staff that are all times
on the alert to respond to client needs.
INDUSTRIAL OVERVIEW/ OPERATING
ENVIRONMENT
The manufacturing 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. With Government regulatory bodies like NAFDAC, NDLEA Etc.
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 Plot 7, Apakun Industrial Estate, St. Lambert
Imasuen Street, Ajao Estate, Oshodi, Lagos-Nigeria. Plot 7, Apakun Industrial
Estate is just by 7 & 8 Bus Stop and could easily be located when coming
from Oshodi or Murtala Mohammed International Airport, Ikeja, Lagos-Nigeria.
OFFICIAL REMARKS
Having carried out all necessary research on subjects, our
investigations revealed that, the company, Castle Soap Limited is duly registered in Nigeria, with a
registered address, 2nd Floor, 3, Ororoyin Street, Idumota, Lagos.
While the operational office address is Plot 7, Apakun Industrial Estate, St.
Lambert Imasuen Street, Ajao Estate, Oshodi, Lagos-Nigeria.
Subject is into genuine business transactions & ongoing
concern.
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%)