MIRA
INFORM REPORT
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Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
AMEEN BUSAYO ENTERPRISES |
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Registered Office : |
47, Kano Street, Ebute Metta, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
21.03.2007 |
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Com. Reg. No.: |
RC: 2026413 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
General Contractor, Importer, Exporter, Commission Agent,
Merchandise and Manufacturer’s Representative. |
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 |
name of the company
AMEEN BUSAYO
ENTERPRISES
OPERATIONS
Subject
is a general contractor, importer, exporter, commission agent, merchandise and
manufacturer’s representative.
In Nigeria, subject is a medium concern in this sector
Subject is located in a commercial area at 47, Kano Street, Ebute Metta Lagos, Nigeria.
RISK FACTORS
Credit Risk
RISK RATING ASSESSMENT:
Apparently healthy, with adequate working capital to meet normal commitments
CREDIT LINE AMOUNT: Normal
CREDIT LINE OPINION: Subject appears to be a
credit worthy organization
External
Constraints:
Subject operates in a sector where fluctuation of prices in equipment or
Services poses great challenges. Some other challenges include government
policies, low funding of private and non Governmental Agencies etc .
Internal
Constraints:
Subject is not under any major constraints internally, whether
management or space.
IDENTIFICATION
COMPANY NAME: AMEEN BUSAYO ENTERPRISES
REGISTERED
NAME: AMEEN BUSAYO ENTERPRISES
REGISTERED
ADDRESS: 47,
Kano Street, Ebute Metta, Lagos, Nigeria
HEAD OFFICE
ADDRESS: 47,
Kano Street, Ebute Metta, Lagos, Nigeria (Former)
Currency:
All monetary quoted in this report are in Nigerian Naira, the local currency or
unless otherwise stated. The exchange rate is N118 to 1 US $.
SUMMARY
NATURE OF PREMISES: Undetermined
DATE INCORPORATED 21st March, 2007.
LEGAL FORM:
Sole
Proprietorship
REGISTRATION NO: RC: 2026413
DIRECTOR
Mr. Adeniyi Bashiru Olayemi
47, Kano Street, Ebute Metta, Lagos, Nigeria.
MANAGEMENT: Mr. Adeniyi Bashiru
Olayemi (Managing Director)
COMPANY LOCATION
The company is located at 47, Kano Street,
Ebute Metta, Lagos- Nigeria.
TRADE REFERENCES
Subject: have both local and international references
PAYMENT REFERENCES
Subject: have both local and international references
PERFORMANCE RANKING
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
PHYSICAL VISIT
- Company
Premises
- Corporate
Affairs Commission
FINANCES
Subject Audited
Accounts was not available as the time of compiling this report.
RISK
RATING ASSESSMENT: Apparently healthy, with adequate
working capital to meet normal
Commitments
CREDIT
LINE AMOUNT: Normal
CREDIT LINE OPINION: Subject appears to be a credit worthy organization
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CREDIT
RISK ASSESSMENT
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.
OFFICIAL REMARKS
Having carried out all necessary verifications on subject, our investigations revealed that, the company, Ameen Busayo Enterprises duly registered in Nigeria with a registered address at 47, Kano Street, Ebute Metta, Lagos, Nigeria while the present operational office address could not be determined as at the time of our visit to the company.
DETAILS OF OUR INVESTIGATION
Our team of investigators arrived at the
venue; the address was on three building 47A, 47B1, and 47B2. In the first
building (47A) were three storey painted light brown but not fenced, we met two
young men who said that subject is not known to them. We proceeded to the next building (47B1) where we met a lady who
is a fashion designer she directed us to the next building (47B2), the building
in question is painted cream and brown. On getting there, we found one small
enterprise that deals with the sale of indomie
instant noodle. Though no body was available as at the time we got there.
So we asked a security man about the subject but no useful result. All efforts to locate the company present
location proved abortive. After all
our investigation, we therefore
concluded that probably the subject had stayed in one of the building long time
before relocating.
All information contained in this report is
from secondary sources only.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.01 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.65.20 |
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%)