MIRA
INFORM REPORT
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Report Date : |
16.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MILAN NIGERIA LIMITED |
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Registered Office : |
3, Idoluwo Street Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
07.04.1981 |
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Com. Reg. No.: |
RC: 43724 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importation, Marketing and Distribution of General Goods |
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 : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
MILAN NIGERIA
LIMITED
OPERATIONS
Subject is into Importation, Marketing &
Distribution of General Goods
In Nigeria, subject is a medium concern in this sector
Subject is located in a commercial area at 52A Kofo Abayomi Street Victoria
Island, Lagos State –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:
Fluctuation of prices in Foreign Exchange also poses a great challenge.
Similarly, activities of dealers and bureaucracy of Government Regulatory
Agencies in this sector has also slow down the pace at which business
activities are being conducted.
Internal
Constraints:
The company is not under any major constraints internally, whether
management or space.
However, the only challenge encountered by the company is in the
unfaithfulness of drivers and lack of expertise in some technicalities of
vehicle repairs.
IDENTIFICATION
COMPANY NAME:
MILAN NIGERIAN LIMITED
REGISTERED
NAME: MILAN NIGERIAN
LIMITED
REGISTERED
ADDRESS: 3, Idoluwo Street
Lagos- State Nigeria
HEAD OFFICE ADDRESS: 52A,
Kofo Abayomi Street Victory Island Lagos State – Nigeria.
TELEPHONE(S): 234 -1- 4619703, 4619706, 2626340, 2626339.
FAX: 234 -1-4619705, 2614209
E-MAIL: info@milannigeria.com
WEBSITE: www.milannigeria.com
MOBILE: 234
(0) 803-404-0040
PRIMARY CONTACT: Mr. Ramesh Valechha (Chairman/CEO)
234
(0) 803-404-0040
PARENT COMPANY:
Milan Group
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: Owned, office space at head office occupying
approximately 2,500 square meters
DATE INCORPORATED 7th April, 1981
YEAR BEGAN OPERATION: 1981
LEGAL FORM:
Private Limited
Company
REGISTRATION NO: RC: 43724
SHARE CAPITAL:
100,000. 00
ISSUED CAPITAL: 100, 000. 00
PAID-UP CAPITAL: 100, 000. 00
STAFF STRENGHT: 1,500
OWNERSHIP
Name
- Master F.O.Akate
6, Khalk Road, Warri, Delta
State Nigeria.
- Master Rajesh Valechha
4, Obun Eko Street, Lagos
State-Nigeria.
- Master Ramesh Valechha
4, Obun Eko Street, Lagos
State-Nigeria
- Master Sanam Valechha
4, Obun Eko
Street, Lagos State-Nigeria
5. Alhaji S.Haruna
4, Obun
Eko Street, Lagos State-Nigeria
6. Mrs. S.Haruna
4, Obun
Eko Street, Lagos State-Nigeria
7. Franklin O.Akate
National
Assembly flats Victoria Island Lagos State Nigeria.
8. Raphael
A.Adeoti
71, Docemo Street, Lagos State
Nigeria
9. K.T.Tulsiani
3,
Idolumo Street, Lagos State Nigeria.
DIRECTORS
- Master F.O.Akate
- Master Rajesh Valechha
- Master Ramesh Valechha
- Master Sanam Valechha
5. Alhaji S.Haruna
6. Mrs. S.Haruna
7. Franklin
O.Akate
- Raphael A. Adeoti
9. K.T.Tulsiani
MANAGEMENT PROFILE
1. Mr. Ramesh
Valechha Chairman
2. Alhaji Suleiman
Haruna Director
3. Mr. Rajesh
Valechha Group Managing
Director
4. Mr. Vikram
Valechha Group Executive
Director
5. Mr. .J.B.Kar A.G.M.Marketing
6. Mr. A.K.Sinha Finance Controller (AGM)
7. Mr. Ogunmola Olu
Poroye Chief Accountant
BACKGROUND
Milan Nigeria
Limited is member of MILAN GROUP. They offer the most efficient services. They
came into existence Twenty years ago and since then they have been
growing. The company Started as
Meditarion Nigeria Limited trading in electronics, electrical equipments,
consumer and sundry items.
Presently MILAN
GROUP is one of the leading companies with investment in Nigeria exceeding Two
billion Naira (US Dollar 15.0 Million).
MILAN GROUP and its associate companies now cover a wide range of Products with
interest in Shipping, Transport, Hotel, Import and Real Estate. Serving Nigeria
through her branches in all the major cities such as Lagos, Kano, Port
Harcourt, Aba, Onitsha, Maidugiri, Abuja, Ibadan, Owerri, Enugu, Jos and City
of Benin as major distribution centers of their products.
Milan is one of the prominent Business Groups in Nigeria having more than 1,500
direct and indirect employees.
TELEPHONE INTERVIEW
1. Name: Mr. Ramesh
Valechha
Position: Chairman/CEO
PRINCIPAL ANTECEDENTS
1. Name: Mr. Ramesh
Valechha
Position: Chairman/CEO
Nationality: Indian
COMPANY LOCATION
The company is
located at 52A, Kofo Abayomi Street, Victoria Island, Lagos-Nigeria.
PRODUCT DESCRIPTIONS
Rice, Sugar, Cube
Sugar, Fertilizers, Automobile Tyres, Clearing/Forwarding &Shipping
Chartering &
Hotel.
EXPANSION PLANS
Subject is
planning to open eight new branches.
TRADE REFERENCE
Subject has both local and international trade references
DISTRIBUTION NETGWORK
- Lagos
(Apapa,Matory,Ilupeju,Victoria Island & Isolo )
- Two branches in Port
Harcourt
- Kano
- Two branches in Onitsha
- Maiduguri
- Ibadan
- Abuja
- Aba
- Benin
- Owerri
- Enugu
- Jos
- Kaduna
- Asaba
- Calabar
PAYMENT REFERENCES
Subject has both local and international Payment references
PERFORMANCE RANKING
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
TYPES OF CUSTOMERS
General public, Group of Companies and Foreign Companies.
PHYSICAL VISIT
- Company Premises
- Corporate Affairs Commission
FINANCES
Subject Audited
Accounts was not available as at 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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INDUSTRIAL
OVERVIEW/ OPERATING ENVIRONMENT
Subject is operating in an industry with very great potentials.
There
are many opportunities in this sector of the economy. This could only be
achieved through Foreign Companies joint ventures with Nigerian companies, as
well as providing adequate Training/Technical Assistance - Provision of
training facilities for a large work force indirectly engaged in the Sub-Sector
of the economy. This sector of the economy has great potentials for intending investors.
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, Milan
Nigeria Limited is duly registered in Nigeria, with a registered address at 3,
Idoluwo Street
Lagos- State Nigeria. While the head
office address is at 52A, Kofo
Abayomi Street,
Victoria Island, Lagos-Nigeria.
Subject is into genuine business
transactions. Subject is an ongoing
concern.
All information contained in the report are
mostly from secondary sources.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.63 |
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UK Pound |
1 |
Rs.83.76 |
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Euro |
1 |
Rs.66.49 |
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%)