MIRA INFORM REPORT
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Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
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Name : |
ARS NIGERIA LIMITED |
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Registered Office : |
5, Sunmola Street, Ilupeju, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
06.12.1982 |
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Com. Reg. No.: |
RC: 51278 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Sales and Manufacturing of Plastic Products such as Bowls, buckets, chairs, tables among others. |
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 |
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
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Nigeria |
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
ARS NIGERIA
LIMITED
OPERATIONS
The company is
engaged in Sales and Manufacturing of Plastic Products such as Bowls, buckets, chairs, tables among others.
COMPANY LOCATION
The company is located at
10/12, Industrial Estate Street, off Town Planning Way, Opposite PZ Industries,
Near Fountain of Life Church, Ilupeju, Lagos State, Nigeria
RISK FACTORS
CREDIT LINE
OPINION: Subject appears to be a credit worthy organization
IDENTIFICATION
COMPANY NAME: ARS NIGERIA LIMITED
REGISTERED
NAME: ARS
NIGERIA LIMITED
REGISTERED
ADDRESS: 5, Sunmola Street, Ilupeju, Lagos State, Nigeria
HEAD OFFICE
ADDRESS: 10/12,
Industrial Estate Street, off Town Planning Way, Opposite PZ Industries, near
Fountain of Life Church, Ilupeju, Lagos State, Nigeria
TELEPHONE: 234-1-7760383,
4971922, 4971944
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 500 square metres.
DATE INCORPORATED: 6th December, 1982
YEAR BEGAN OPERATION: 1982
LEGAL FORM: Limited
Liability Company
REGISTRATION NO: RC: 51278
SHARE CAPITAL: 20,000,000.00
ALLOTTED SHARE CAPITAL: 50,000.00
PAID-UP CAPITAL 50,000.00
STAFF STRENGHT: Over
30
OWNERSHIP/SHAREHOLDING STRUCTURE
1.
Bode Abaoba
18, Obanikoro Street, Ikorodu Road, Lagos
State, Nigeria
2.
Ram C.S. Gwalani
5, Sunmola Street, Ilupeju, Lagos State,
Nigeria
DIRECTORS
1. Bode
Abaoba
2. Ram
C.S. Gwalani
BACKGROUND
ARS Nigeria Limited
was incorporated on 6th December, 1982 with Registration Number (RC: 51278). The corporate head office is located at
10/12, Industrial Estate Street, off Town Planning Way, Opposite PZ Industries,
Near Fountain of Life Church, Ilupeju, Lagos State, Nigeria. The company
occupies a storey building comprising a warehouse and admin department on the
ground floor. Subject share the spacious premises with Fountain Of Life Church
(234-1-4968646-7).
ARS
Nigeria Limited is into a wide spectrum of household and industrial plastic
products meeting the essential needs of the consumers. The company is a duly registered and one of the leading
producers of high quality, plastic manufacturer in Nigeria based in Lagos
State, Nigeria. The
products of the company have been well accepted and their quality has been
successfully established in the market. The company strives
to develop and maintain efficient, high quality operations and products.
To drive the
realization of satisfactory service delivery in a dynamic organizational
structure that is populated with proficient staff- office support, project
[Nigerians & Expatriates] and Consultants, the company has put in place a
well motivated management team and highly experienced professionals for its
operations. It has consistent high profitability standard of safety for its
members of staff.
During our visit on 15th
July, 2011, Mrs. Felicia the company’s receptionist confirmed that the company
is engage in Production and Wholesale Marketing of different kinds and sizes of
plastic rubbers. Though, she declined to supply further information about the
company but she promised to contact us if the management of the company is
willing to supply meaningful details.
However, thousands of their
products were sighted in the premises and in their warehouse. Some of their top
management sighted are seems to be either Indians or Chinese.
Conclusion: Based on available product
including other facilities sighted in the premises, we are of the opinion that
subject engaged on mass production of plastic materials. In addition, they make
use of Iyondellbase II, a Saudi Arabia Chemical use for the production of their
materials. As such, any business relationship with the company will likely be
mutually beneficial.
FACTORY ADDRESS
Km. 39,
Abeokuta Road, Sango-Otta, Abeokuta North, Ogun State, Nigeria (234-39-722192,
090-400276, 090404939)
TYPES OF CUSTOMERS
·
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; therefore, its present financial state could not be
ascertained.
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 ARS Nigeria Limited is duly
registered in Nigeria with a registered address is located at
5, Sunmola Street, Ilupeju, Lagos State, Nigeria, while
its operational address is located at 10/12, Industrial Estate Street,
off Town Planning Way, Opposite PZ Industries, Near Fountain of Life Church,
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.44.57 |
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UK Pound |
1 |
Rs.71.75 |
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Euro |
1 |
Rs.62.60 |
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.