MIRA
INFORM REPORT
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Report Date : |
13.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
MIKE JUMBO & COMPANY |
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Registered Office : |
20, Agboola Adebayo Way, Okokomaiko, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
July 2003 |
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Com. Reg. No.: |
BN: 0017784 ((KN) |
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Legal Form : |
Enterprise |
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Line of Business : |
Trade Agents/Brokers and Consultants |
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: MIKE
JUMBO & COMPANY
REGISTERED NAME: MIKE
JUMBO & COMPANY
REGISTERED ADDRESS: 20,
Agboola Adebayo way, Okokomaiko, Lagos.
HEAD OFFICE ADDRESS: 150, Ojo Igbede Road, First
Floor, Suite 7, Ajangbadi, Ojo, Lagos
TELEPHONE(S): 234-1-7407272
FAX: 15154746119 ( USA)
MOBILE: 234 - 8024747484
E-MAIL: emjaycom@yahoo.com
WEBSITE: Nil
POSTAL ADDRESS: Nil
Subject is a Trade Agent/ Broker
and Consultancy.
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 N118
to 1 US $.
SUMMARY
NATURE
OF PREMISES: Rented, office space at head office occupying
approximately 120 square metres.
DATE INCORPORATED: July
2003
YEAR BEGAN OPERATION:
2004
LEGAL FORM: Enterprise
(Business Name)
REGISTRATION NO:
BN: 0017784 ((KN)
SHARE CAPITAL: Sole
proprietorship
ALLOTTED SHARE CAPITAL: Sole
proprietorship
PAID-UP CAPITAL Sole
proprietorship
AUDITORS: Nil
SOLICITORS: Nil
COMPANY SECRETARY:
Nil
STAFF STRENGHT: 2
OWNERSHIP
Mr. Michael Jumbo
SHARE HOLDERS (PREVIOUS)
Nil
DIRECTORS
Mr. Michael Jumbo
Mrs. Francisca Jumbo
MANAGEMENT PROFILE
Mr. Michael Jumbo-
Managing Director/CEO
Mrs. Francisca Jumbo- Director
SUBSIDIARY COMPANY
Nil
PARENT COMPANY
Nil
BRANCHES
Nil
BANKER
1. Name: Ecobank Plc
Branch: St. Patrick`s Junction, Ojo Alaba, Lagos
Tel: 234-1- 2813114
Year opened Account: 2006
Account No: 2860836613
Account Name: Mike Jumbo & Co.
2.Name: Intercontinental Bank Plc
Branch: Alaba 3, Ojo Alaba, Lagos
Tel: 234-1- 2814591
Year opened Account: 2006
Account No: 10000003306
Account Name: Mike Jumbo & Co.
TRADE REFERENCES
*Bulk Merchant International Nigeria Ltd, Nig., *Bamis
Company Ltd., Nigeria * Jiagsu Word Group, China * Alphin Fleury & Partner,
Switzerland * Qingdao Ever Lasting Imp & Exp Co. Ltd, China, *Ulubas Dis
Ticaret AS, Turkey, *Geotess Nigeria Ltd., Nigeria, *Red Rose International,
Pakistan., *Doanh Tin International Co., Ltd., Vietnam. *Asalcy Resources
Nigeria Ltd., *Zaib International Traders, Pakistan.
PAYMENT REFERENCES
1. Name of Company:
Red Rose International
Address: 27, Old
Rifle Range, Lahore, Pakistan
Tel: 92 3009441001
2. Food Pharma Pvt. Ltd., India
3. Jeda Electronics Company, Nigeria
4. Danzango Investment Ltd, Nigeria
5. Devji Kalyanji & Sons, India
6. Tianjin Lichang Chemical Co. Ltd., China
7. Refem Limited
8. Qingdao Ever Lasting Imp & Exp Co. Ltd, China
9. Deesdays Ecoventures Ltd, Nigeria
PRODUCT DESCRIPTION
*Consumer goods, *Motor vehicles parts, *Engineering
equipment, *IT & Communication equipment, *Security, *Household,
*Electrical & Electronic Equipment and Appliances, *Agricultural products.
PERFORMANCE RANKING
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
OPERATIONS
Subject is into Trade Agents/Brokers
and Consultants
Subject is located in an industrial area at 150, Ojo Igbede Road, First Floor, Suite 7, Ajangbadi, Ojo,
Lag
TYPES OF CUSTOMERS: General Public, Group of
Companies and Foreign Companies.
BACKGROUND
Mike Jumbo & Co. was registered in the year 2003 to carries out
business as a professional outfit offering consultancy and agency services to
Nigerian and foreign exporters and importers.
They are sourcing agents, trade fair/exhibition and seminar promoter.
The Managing Director and Chief operating Officer is Mr. Michael E.
Jumbo. A graduate of Marketing with
options in Advertising and Public Relations, he has about 15 years of cognate
experience in EXIM trade. His endearing
managerial skills are ably complimented with an array of local and foreign
associates.
We are facilitators in the export of Nigerian agricultural products such
as gum Arabic, sesame seeds, dry split ginger, raw cashew nuts, dry hibiscus
flower and wood profiles. On
importation, we are active in consumer goods, motor vehicle parts, engineering
equipment, IT & Communication equipment, Security, Household, Electrical
and electronic equipment & Appliances, etc.
They have identified the fact that most Nigerian exporters and importers
are inert in forging viable trade relationship with foreign partners. Much akin to ignorance of the domestic
market and prejudice, some prospective foreign partners are apathetic towards
dealing with Nigerian importers and exporters.
Because they are abreast with the dynamics of global trade, they help to
bridge the gap between Nigerian and foreign importers and exporters.
Their mission is to create a fair playing ground where buyers and
sellers can relate profitably without any recourse to arbitration.
International trade is not a novelty venture. It thus calls for very articulate and meticulous planning,
execution and control, with an unalloyed zeal to excel; they help their
clientele to attain their desired corporate goals through the provision of
personalized and distinctively packaged services in the following areas.
They have worldwide agency network and sources of buyers and
sellers. With our vast knowledge of the
Nigerian market and privileged access to the global market, we help Nigerian
and foreign manufacturers to establish their domestic and international markets
They encourage importers and exporters to attend international trade
fairs and exhibitions, either as visitors or participants. Such a forum affords importers and exporters
the ample opportunity to meet with manufacturers/exporters and
importers/distributors. It creates an
enabling environment for parties to parley, assess each other’s potentials and
also identify areas of possible cooperation.
It is an opportunity for Nigerian exporters to sell their products in
the international market. For
importers, it is a clear chance to acquaint themselves with the latest
advancement in technology on display at such fairs and exhibitions.
We collaborate with organizers of international trade fairs/exhibitions
and have their mandate to arrange for Nigerian importers and exporters to
attend such events.
They hold seminars in major
cities of the world and are solely for professionals in the fields of medicine,
engineering, food & beverages, education, building & construction,
automobile, information technology, music, textile & fashion,
communication, etc.
EXPANSION PLAN
To be a major player in
this sector.
PRINCIPAL ANTECEDENT
1. Name: Mr. Michael
E. Jumbo (MON)
Position: Managing Director/CEO
Profession: Marketing
Date of Birth: 27th April, 1961
Place of Birth: Warri
State of Origin: Delta State
Nationality: Nigerian
Education
and Qualification: Government Secondary School, Port Harcourt, Nigeria 1973 – 1977
(WASC), European Centre of Business Studies, Rome, Italy. 1981 – 1982 (Higher
Diploma in Marketing), Instituto Aziendali e Tributari, Rome Italy (Certificate
in Computer Programming)
Work
History: D.
Stephen Tarpaulin Industry Limited, Port Harcourt 1984 – 1985 (Sales
Representative)
West Atlantic Systems, Port Harcourt, 1985 – 1986 (Sales
Executive)
Tadacon Limited, Lagos. 1987 – 1997 (Manager – Operations)
Bernhard Joffe Associates Limited, Lagos. 1997 – 1998 (General
Manager)
PHYSICAL VISIT
Visits were made to the followings:
1.
COMPANY PREMISES
2.
CORPORATE AFFAIRS COMMISSION.
3.
Subject Bankers
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. Michael E. Jumbo
Position Managing Director/Chief Operating
Officer
INDUSTRIAL OVERVIEW/ OPERATING
ENVIRONMENT
Exportation of goods is a lucrative business
in Nigeria. The Federal Government policy discouraging importation of certain
goods into the country has gone a long way to improving the potentials of this business. Also,
Government policies’ encouraging small scale businesses is a also boost to the
economy.
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 at150, Ojo Igbede Road, First Floor, Suite 7, Ajangbadi, Ojo, Lagos-Nigeria.
OFFICIAL REMARKS
Having carried out all necessary research on subjects, our investigations revealed that, the company, Mike Jumbo & Co. is duly registered in Nigeria, with a registered address, 20, Agboola Adebayo way, Okokomaiko, Lagos. While the operational office address is 150, Ojo Igbede Road, First Floor, Suite 7, Ajangbadi, Ojo, Lagos-Nigeria.
All information contained in
this reports are from both primary and secondary sources.
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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%)