MIRA INFORM REPORT

 

 

Report Date :

15.07.2011

 

 

IDENTIFICATION DETAILS

 

Name :

STALLION MOTORS LIMITED

 

 

Registered Office :

270A, Ajose Adeogun Street, Victoria Island, Lagos State

 

 

Country :

Nigeria

 

 

Date of Incorporation :

25.11.1991

 

 

Com. Reg. No.:

RC: 178627

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Importers and Distributors of a Wide Range of Automobile Brands in Nigeria

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Nigeria

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

OPERATIONS

 

The company is an Importers and Distributors of a Wide Range of Automobile Brands in Nigeria

 

 

COMPANY LOCATION

 

The company is located at 179, Akin Adesola Street, Victoria Island, Lagos State, Nigeria

 

 

CREDIT LINE AMOUNT

 

Normal

 

CREDIT LINE OPINION: Subject appears to be a credit worthy organization

 

 

IDENTIFICATION

 

COMPANY NAME:                                 STALLION MOTORS LIMITED

REGISTERED NAME:                            STALLION MOTORS LIMITED

REGISTERED ADDRESS:                      270A, Ajose Adeogun Street, Victoria Island, Lagos State,

Nigeria

HEAD OFFICE ADDRESS:                     179, Akin Adesola Street, Victoria Island, Lagos State, Nigeria

TELEPHONE:                                        234-1-8529444, 8520007

MOBILE:                                               234-803-427-7777, 805-427-7777, 805-775-9889

E-MAIL:                                                contact@stallion.com.ng

WEBSITE:                                            www.stalliongroup.com, www.stallion.com.ng

PRIMARY CONTACT:                            Mr. Monaj (Finance 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:                                   Owned office space occupying approximately 2,000 square metres.

 

DATE INCORPORATED:                       25th November, 1991

YEAR BEGAN OPERATION:                              1991

LEGAL FORM:                                                  Private Limited Liability Company

REGISTRATION NO:                                         RC: 178627

SHARE CAPITAL:                                             66,000,000.00

ALLOTTED SHARE CAPITAL:                           100,000.00

PAID-UP CAPITAL                                            100,000.00

STAFF STRENGHT:                                          Over 50

 

 

OWNERSHIP/SHAREHOLDING STRUCTURE

 

1.       Maureen Umunna                                                                                                                   

270A, Ajose Adeogun Street, Victoria Island, Lagos State, Nigeria

 

2.       Tajudeen Olalere                                                                   

270A, Ajose Adeogun Street, Victoria Island, Lagos State, Nigeria

 

 

DIRECTORS

 

1.       Maureen Umunna

2.       Tajudeen Olalere

 

 

MANAGEMENT PROFILE

 

S/NO

Names

Position

1.

Mr Pavir Singh

Group Managing Director

2.

Mr. Raju Sawlani

Managing Director

3.

Mr Amit Sharma

Director of Sales and Marketing

4.

Mr. Naresh Lalawni

Managing Director Representative

5.

Mr. Manaj

Finance Manager

 

 

BACKGROUND

 

Stallion Motors Limited was incorporated on 25th November, 1991 with Registration Number (RC: 178627). The corporate head office is located at 179, Akin Adesola Street, Victoria Island, Lagos State, Nigeria. The Company’s showroom is a modern building well decorated with glass and different cars on display.

 

Stallion Motors Nigeria Limited is an importer and distributors of a wide range of automobile brands in Nigeria. The company recently won exclusive right to represent Volkswagen commercial vehicles in the country in addition to its dealership of Volkswagen passenger cars.

 

In line with its new status, Stallion Motors recently introduced four new brands of Volkswagen commercial vehicles to the country’s automobile market – Amarok Pick-up, Transporter, Caddy Panel Van and Caddy 7-Seater.

 

During our visit on the 13th July, 2011, more than 15 brand new automobile were sighted in the premises and the company has active security men. We had a brief discussion with Mr. Manaj the Finance Manager of the company who stated that the company is dedicated to launch Hyundai brands of cars in West Africa with the mission to provide the people of West Africa with affordable and quality cars.

 

However the Finance Manager among other personnel of the company decline further information as they said in one voice that their business is not hidden adding that they intend to challenge any market leader in the sector of Automobile in West Africa (Nigeria).

 

Conclusion: Based on our physical visit, available information, modern showroom and facilities sighted, we are of the opinion that the company is into legitimate business with professional track and ready to challenge any market leader is its sector.  In addition, subject appear reputable and credit worthy. As such, any business relationship with the company should be mutually beneficial.

 

 

PRODUCT DESCRIPTION

 

·         Hyundai

·         Porshe

·         Audi

·         Skoda

·         Honda

·         Mahindra

·         Volkswagen

 

 

BRANCH OFFICE

 

Address:                       7, Olu Obasanjo Road, Port Harcourt, Rivers State, Nigeria

Telephone:                  234-84-238317

Fax:                             234-84-461700

Mobile:                        234-803-427-7777, 805-427-7777

 

 

TYPES OF CUSTOMERS 

 

·         General Public,

·         Group of Companies

·         Government Agencies

·         Foreign Companies

·         Educational Institutions etc.

 

 

PERFORMANCE RANKING

 

* Quality of Management:          GOOD

* Ethics & Integrity:                     GOOD

* Ownership Structure:               GOOD

 

 

FINANCES

 

Subject Audited Accounts was not available as at the time of compiling this report.

However, based on the services rendered and the industry it belongs to, the company’s estimated turnover could be put at N100 million dollars (One hundred 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 Stallion Motors Limited is duly registered in Nigeria with a registered address is located at 270A, Ajose Adeogun Street, Victoria Island, Lagos State, Nigeria, while its operational address is located at 179, Akin Adesola Street, Victoria Island, 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.44.53

UK Pound

1

Rs.71.80

Euro

1

Rs.63.15

 

 

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

--

NB

                                       New Business

 

--

 

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.