MIRA INFORM REPORT

Report Date :

21.01.2011

IDENTIFICATION DETAILS

Name :	SHIVOM INTERNATIONAL LIMITED

Registered Office :	14, Idumagbo Avenue, Lagos Island, Lagos State

Country :	Nigeria

Date of Incorporation :	05.05.1999

Com. Reg. No.:	RC: 354858

Legal Form :	Limited Liability Company

Line of Business :	Imports of Public Address Systems and Electrical/Electronics

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	No Complaints

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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Nigeria

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

SHIVOM INTERNATIONAL LIMITED

OPERATIONS

The company is engaged in Imports of Public Address Systems and Electrical/Electronics.

COMPANY LOCATION

The company is located at 45, Bode Thomas Street, Surulere, Lagos State, Nigeria.

CREDIT LINE OPINION

Subject appears to be a credit worthy organization

IDENTIFICATION

COMPANY NAME: SHIVOM INTERNATIONAL LIMITED

REGISTERED NAME: SHIVOM INTERNATIONAL LIMITED

SECTOR: IMPORT AND EXPORT

REGULATORY BODY: MINISTRY OF COMMERCE AND INDUSTRY

REGISTERED ADDRESS: 14, Idumagbo Avenue, Lagos Island, Lagos State, Nigeria

HEAD OFFICE ADDRESS: 45, Bode Thomas Street, Surulere, Lagos State, Nigeria

PREVIOUS ADDRESS: 14, Idumagbo Avenue, Lagos Island, Lagos State, Nigeria

POSTAL ADDRESS: G.P.O. Box, 9199, Marina, Lagos State, Nigeria

TELEPHONE: 234-1-2664839, 2642583, 7766678, 4743665

FAX: 234-1-2640773, 5843679

MOBILE: 234-803-091-8082

EMAIL: shivom@21ctl.com

PRIMARY CONTACT: Mr. Kishore Makhija (General Manager)

Currency: All monetary quoted in this report are in Nigerian Naira, the local currency or unless otherwise stated. The exchange rate is N148 to 1 US $.

SUMMARY

NATURE OF PREMISES: Leased office space occupying approximately 250 square metres.

DATE INCORPORATED: 5th May, 1999

YEAR BEGAN OPERATION: 2000

LEGAL FORM: Limited Liability Company

REGISTRATION NO: RC: 354858

SHARE CAPITAL: 5,000,000.00

ALLOTTED SHARE CAPITAL: 5,000,000.00

PAID-UP CAPITAL 5,000,000.00

TURNOVER: N67, 000,000.00

NET-WORTH: $1.20 Million

STAFF STRENGHT: Three (3)

COMPANY SECRETARY: Idowu

122, E Gate, Festac Town, Lagos State, Nigeria

Date Appointed: 22nd October, 2002

OWNERSHIP/SHAREHOLDING STRUCTURE

Names % Held

1. Olaleye Ishola Asapa 50%

2. Adelabu Olatunji 50%

DIRECTORS

1. Olaleye Ishola Asapa

2. Adelabu Olatunji

MANAGEMENT PROFILE

S/NO	Names	Position
1.	Olaleye Ishola Asapa	Managing Director
2.	Adelabu Olatunji	Executive Director
3.	Kishore Makhija	General Manager

BACKGROUND

Shivom International Limited is a company incorporated on 5th May, 1999 with registration number RC.354858 to provide procurement services with interest in sales and Supply of general goods such as; Public Address Sound System, Bells etc. Its mission is to deliver services at world-class level and at competitive prices to its clients. The corporate head office is located at 45, Bode Thomas Street, Opposite MTN Office, Surulere, Lagos State, Nigeria. The Company occupies one wing on the 1st Floor of a storey building.

Shivom International Limited is engaged in the importation, Sales and supply of Public Address Sound Systems and Musical Equipment. It company supply its products to both local organization and corporate individuals. In order to meet the service expectation of their clients, Shivom International Limited has imbibed the operating strategy of executing procurement of its products using strategic alliances with foreign partners and manufacturing companies. This has put them in a vantage position to provide qualitative services.

During our visit to the company on the 18th January 2011, Mr. Kishore Makhija (General Manager) informed us that the company actually started business in 2000 at 14, Idumagbo Avenue, Idumota, Lagos. However, due to the Lagos State Government Road Expansion Programme and the challenges from their Land Lord, the company relocated its operational office to 45, Bode Thomas Street, Surulere, Lagos which serve as his residence. The company’s warehouse is located at Eric Moore Road, Surulere is also not far from his residence and that this has added value to the business as his customer prefer the Surulere address to Idumota. According to him, his wide experience in the Industry has exposed him to many manufacturers in India. He posited that integrity and quality service deliveries are his core values coupled with the goodwill from other high profile companies where he has worked. These have made Shivom International Limited to thrive in the highly competitive market.

Conclusion: Based on available information/documents, our visit to company’s premises and discussion with Mr. Kishore Makhija (General Manager), we are of the opinion that the company is engaged in a legitimate business. As such, any business relationship with the company should be mutually beneficial.

PRODUCT DESCRIPTION

· PA Broadcasting Systems

· PA Amplifiers

· PA Cassette Amplifiers

· PA Audio Mixer Pre Amplifiers

· PA Digital Echo

· Portable PA Amplifiers

· Portable Teaching Systems/Megaphones

· PA Horn Speakers

· PA Driver Units

· Diaphragms

· Microphones

· Professional PA Loudspeakers

· Reflex & Trumpet Horns

· Mic Stands

· Line Matching Transformers

· School Broadcasting Systems

· High Performance DJ Amplifiers

· High Performance Two Zone PA Amplifiers

· High Performance PA Amplifiers

· General Purpose PA Amplifiers

· Portable 3 Power Source PA Amplifiers

· Shock & Weather Proof PA Horn Speakers

· Columns Stands & Microphone Stands

· Microphone Holders

· (New) SD-112 (Double Sound/Gong Bell) (220-240 V AC) / (110 0 240 V AC)

· Musical Bells (Melody / Vocal-Azzan, As Salam Ale Kum) (Uses 2 “AA” Cells)

· Hospital Indicators

· Ding Dong Bells (Double Sound / Gong) (110 – 240 V AC)

· Double Sound / Gong Bell (220 – 240 V AC) / (110 – 240 V AC) with Transformer Option

· (New) SDN-301 (Double Sound/Gong Bell) (220-240 V AC) / (110 – 240 V AC) With Transformer Option 220/12 V-AC

· (New) SD-401 (Double Sound /Gong Bell) (220-240 V AC) / (110-240 V AC) with Transformer Option 220/12 V-AC

· (New) SD-111 (Double Sound /Gong Bell) (220-240 V AC) / (110-240 V AC)

BRANCH

9, Idowu Mega Road, Iganmu Industrial Estate, off Eric Moore Road, Surulere, Lagos State, Nigeria

COUNTRY OF IMPORT/EXPORT

INDIA, UNITED ARAB EMIRATE

BANKERS

· SKYE BANK PLC, Idumagbo Avenue Branch, Lagos Island, Lagos State, Nigeria

· DIAMOND BANK PLC, Bode Thomas Street Branch, Surulere, Lagos State, Nigeria

· OCEANIC BANK PLC, Idumagbo Avenue Branch, Lagos Island, Lagos State, Nigeria

PAYMENT REFERENCE

Name of Company: Universal Exports Co.

Address: 4, Mangal Jyot, 485, Julu Lane, R0m 56

Telephone: 26244535

Volume of Credit Collected: $250,000

Outstanding Amount: $125,000

EXPANSION PLANS

To manufacture Clover & Switch Gear in Nigeria

TYPES OF CUSTOMERS

General Public

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 at the time of compiling this report. However, 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.

OFFICIAL REMARKS

Having carried out all necessary verifications on the company, our investigations revealed that Shivom International Limited is duly registered in Nigeria with a registered address is located at 14, Idumagbo Avenue, Lagos Island, Lagos State, Nigeria, while its operational address is located at 45, Bode Thomas Street, Surulere, 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

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.58
UK Pound	1	Rs.72.73
Euro	1	Rs.61.45

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
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
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
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
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
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.