MIRA INFORM REPORT
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Report Date : |
08.04.2011 |
IDENTIFICATION DETAILS
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Name : |
FIRST CHOICE CONCEPTS AND INTEGRATED NIGERIA LIMITED |
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Registered Office : |
SCWM Limited, 233, |
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Country : |
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Date of Incorporation : |
16.12.2002 |
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Com. Reg. No.: |
RC: 467813 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
The Company is Engages in Business Supplies Services and Equipment. |
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 : |
Usually correct |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company
name
FIRST CHOICE CONCEPTS AND INTEGRATED NIGERIA LIMITED
OPERATIONS
The company is
engages in business supplies Services and equipment, Security/Stock Brokers.
COMPANY
LOCATION
The company is located at
SCWM Limited, 233,
RISK
FACTORS
CREDIT LINE AMOUNT:
CREDIT LINE OPINION: Subject appears to be a
credit worthy organization
IDENTIFICATION
COMPANY NAME : FIRST CHOICE CONCEPTS AND INTEGRATED NIGERIA LIMITED
REGISTERED NAME : FIRST CHOICE CONCEPTS AND INTEGRATED NIGERIA LIMITED
REGISTERED ADDRESS :
33,
HEAD OFFICE ADDRESS :
SCWM Limited, 233,
TELEPHONE : 234-1-850-8129
EMAIL : firstchoiceconcepts@yahoo.com
PRIMARY CONTACT : Mr. Olusegun Makinde (Managing Director)
SUMMARY
NATURE OF PREMISES : Leased office
space occupying approximately 350 square
DATE INCORPORATED :16th December, 2002
YEAR BEGAN OPERATION : 2002
LEGAL FORM :
Private Limited Liability Company
REGISTRATION NO : RC:
467813
SHARE CAPITAL :
1,000,000.00
ALLOTTED SHARE CAPITAL : 1,000,000.00
PAID-UP CAPITAL 1,000,000.00
STAFF STRENGHT :
Ten (10)
OWNERSHIP/SHAREHOLDING
STRUCTURE
Name %
Held
- Makinde Abayomi Olusegun 60%
- Olubunmi Eko 40%
DIRECTORS
- Makinde Abayomi Olusegun
- Olubunmi Eko
BACKGROUND
First Choice Concepts and
Integrated Nigeria Limited was incorporated on 16th December, 2002 with
Registration Number (RC. 467813). The corporate head office is located at SCWM
Limited, 233,
During our visit on 4th
April, 2011, Mr. Olusegun Makinde (234-808-743-9576)
the contact person was not available. However we contacted him through
telephone but he declined to supply meaningful information about the company
and its business. Though, the security guards on duty confirmed that the
company is operating a legitimate business.
Conclusion
Based on our visit,
physical evidence sighted and brief discussion held with the primary contact
person and the security men of the company, we are of the opinion that the
company is operating a legitimate business. As such, any business relationship
with the company should be mutually beneficial.
AREA
OF VISIT
·
Company Premises
·
Corporate Affairs Commission
TYPES
OF CUSTOMERS
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General Public,
·
Group of Companies
PERFORMANCE
RANKING
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
FINANCES
The company’s Audited Account was not available during our visit.
However, based on the services the company renders and the sector the Company’s
estimated turnover could be put at $10 Million (Ten Million Dollars).
INDUSTRIAL OVERVIEW/ OPERATING ENVIRONMENT
There are many
opportunities in this sector of the economy. This could be largely achieved
through Foreign Companies joint ventures with Nigerian companies, with 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.
FGSL’s
OFFICIAL REMARKS
Having carried out
all necessary verifications on the company, our investigations revealed that
First Choice Concepts and Integrated Nigeria Limited is duly registered in
Nigeria with a registered address is located at 33, Odebanjo
Solarin Street, Ketu, Lagos State, Nigeria, while its
operational address is located at SCWM Limited, 233, Ikorodu Road, HFZ
office, Aret Adams Building, Block B, Suite 7, Ilupeju, Lagos State, Nigeria.
The company is into genuine
business transactions. It is an on-going
concern.
Information contained in
the report is 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.44.22 |
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1 |
Rs.71.97 |
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Euro |
1 |
Rs.63.23 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.