MIRA
INFORM REPORT
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Report Date : |
27.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SANKIL NIGERIA LIMITED |
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Registered Office : |
35, |
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Country : |
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Date of Incorporation : |
15th November, 1989 |
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Com. Reg. No.: |
RC: 140521 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Production of snacks, golden nuts and golden chips meet. |
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: SANKIL NIGERIA LIMITED
REGISTERED
NAME: SANKIL NIGERIA
LIMITED
REGISTERED
ADDRESS: 35,
HEAD OFFICE
ADDRESS: 29/31,
TELEPHONE(S): 234-1-4728562, 7940822,
4360701, 4356854
FAX: 234-1-2614244, 2619282
E-MAIL: goldennuts@hyperia.com,
info@sankilnig.com
WEBSITE: www.sankilnig.com
POSTAL ADDRESS: Nil
Subject is into production of Foods such as Snacks, Golden Nuts, Golden
Chips Etc.
In
Currency: All
monetary values in this report are in Nigerian Naira, the local currency,
except otherwise stated. The exchange rate is N128 to 1
SUMMARY
NATURE OF PREMISES: Leased, office space at head office
occupying approximately 1120
square
metres.
DATE INCORPORATED: 15th
November, 1989
YEAR BEGAN
OPERATION: 1989
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC:
140521
SHARE CAPITAL: N500,
000.00
ALLOTTED SHARE
CAPITAL: N500, 000.00
PAID-UP CAPITAL N500,
000.00
AUDITORS: Nil
SOLICITORS: Nil
COMPANY SECRETARY:
Nil
STAFF
STRENGHT: 25
OWNERSHIP/SHAREHOLDING
STRUCTURE
Name %Held
David O. Adewara
5,
Lagos-Nigeria
David A. Bolaji
10,
Ifako, Gbagada, Lagos-Nigeria
SHARE HOLDERS
(PREVIOUS)
Nil
DIRECTORS
1. Mr. David O. Adewara
2. Mr. David A. Bolaji
MANAGEMENT PROFILE
Mr. Bhojwani Managing
Director
Mr. Apee Operation
Manager
ASSOCIATE COMPANY
Nil
BRANCH
Nil
BANKER
Nil
TRADE REFERENCES
Subject has both Local and Foreign Business References
PAYMENT REFERENCES
Subject has both Local and Foreign Business References
PRODUCT DESCRIPTION
*Snacks *Golden Nuts *Golden Chips Meet.
PERFORMANCE RANKING
* Quality of Management:
AVERAGE
* Ethics & Integrity: GOOD
* Ownership Structure:
GOOD
OPERATIONS
Subject is into production of snacks, golden nuts and golden chips meet
Subject is located in a central business area at 29/31,
Type of
products/Description: Snacks, Chips, Nuts and other Foods
Products
Type of Customers: *General Public and corporate Organizations
Nil
BACKGROUND
Sankil Nigeria Limited is
EXPANSION PLAN
Nil
PRINCIPAL
ANTECEDENT
NAME: Mr. Bhojwani
POSITION:
Managing Director
NATIONALITY: Indian
NAME: Mr. Apee
POSITION:
Operation Manager
NATIONALITY: Indian
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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RISK RATING
ASSESSMENT: |
Apparently healthy, with adequate working capital to meet normal
commitments. |
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CREDIT LINE
AMOUNT: |
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CREDIT LINE
OPINION: |
Transaction with subject is considered to be fair trade risk |
DIRECT INTERVIEW
1. Mr. Bhojwani Managing
Director
2. Mr. Apee Operation
Manager
Subject has qualified, efficient, and dedicated staff that are all times
on the alert to respond to client needs.
INDUSTRIAL
OVERVIEW/ OPERATING
ENVIRONMENT
The Fast Moving Consumption Goods (FMCG) sector in
For Example, the Raw Material Research and Development Council (RMRDC)
and the Manufacturing Association of Nigeria (MAN) in their research/seminar
conducted recently revealed that companies were exploring every available
option to remain in business, given the present harsh economic realities and
the fact that globalization has become the buzz word of our time. It was also
revealed that the fortunes of the manufacturing sector over the past four years
have been mixed. This was attributed to several external factors, which
includes;
- Unstable exchange rate
- Increased smuggling activities
- Infrastructure inadequacies and deficiencies
- Sharp and consistent rise in production cost
- Anomalies in custom tariffs on raw materials
- Increase in taxes and levies by the various tiers of government
- Faking and adulteration of products
Thus, the companies adjusted to the development by compromising quality
for quantitative production in order to make profit. Though this internal
crisis have been curbed by the activities of National Agency for Food and Drug
Administration and Control (NAFDAC) and Standards Organization of Nigeria (SON)
but on the other hand, the external menace motioned earlier have not been
totally dealt with by the Government, leaving the companies with little profit
margins. However, there are still few companies that were able to give their
products in the best quality though their products price is far higher than
what average market price is. This however does not mean woe for the sector,
due to the recent initiative of going into partnership with foreign companies
and the complementing government policies; the sector is now doing well. The
nation has witnessed the influx of new companies in the sector both in domestic
and foreign. Thus,
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 29/31,
OFFICIAL REMARKS
Having carried out all necessary research on subjects, our
investigations revealed that, the company, Sankil Nigeria Limited is duly registered in
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%)