MIRA INFORM REPORT
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Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
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Name : |
M.C. PLASTIC LIMITED |
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Registered Office : |
Plot 28, Sharada Industrial Estate, Phase 1, Kano State |
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Country : |
Nigeria |
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Date of Incorporation : |
08.04.2003 |
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Com. Reg. No.: |
RC: 478227 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing and sales
of Various Domestic Plastic wares |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Undetermined |
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Payment
Behaviour : |
---- |
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Litigation : |
---- |
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
M.C.
PLASTIC LIMITED
OPERATIONS
The company is engaged in Manufacturing and sales of Various Domestic
Plastic wares
COMPANY LOCATION
The company address located at Plot 28, Sharada Industrial Estate, Phase 1, Ajingi, Kano State, Nigeria could not be located during our visit.
RISK FACTORS
Credit Risk
RISK RATING
ASSESSMENT: NOT
FULLY RATED DUE TO INSUFFICIENT INFORMATION
IDENTIFICATION
EnQUIRY NAME: M C PLASTIC LIMITED
COMPANY NAME: M.C. PLASTIC LIMITED
REGISTERED NAME: M.C. PLASTIC LIMITED
REGISTERED ADDRESS: Plot 28, Sharada Industrial
Estate, Phase 1, Kano State, Nigeria
HEAD OFFICE ADDRESS: Plot 28, Sharada Industrial Estate, Phase 1, Kano State, Nigeria
POSTAL ADDRESS: P.O. Box 13462, Kano State,
Nigeria
TELEPHONE: 234-64-318454, 335552
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: 8th April, 2003
YEAR BEGAN OPERATION: 2003
LEGAL FORM: Limited
Liability Company
REGISTRATION NO: RC:
478227
SHARE CAPITAL: 50,000,000.00
ALLOTTED SHARE CAPITAL: 50,000,000.00
PAID-UP CAPITAL 50,000,000.00
STAFF STRENGHT: Undetermined
MANAGEMENT PROFILE
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S/NO |
Names |
Position |
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1. |
Mr. Hassan Zein |
Chairman/CEO |
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2. |
Mr. Kamal Jichi |
General Manager |
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3. |
Mr. Haruna Adejo |
Head (Accounts) |
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4. |
Mr. Augustine A. Ukpele |
Head (Administration) |
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5. |
Mohammed Abdulrazak |
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BACKGROUND
M.C. Plastic Limited was incorporated on 8th April,
2003 with Registration Number (RC: 478227).
The corporate head office is located at Plot 28, Sharada Industrial Estate,
Phase 1, Ajingi, Kano State, Nigeria.
According to our secondary
sources, the company is engaged in manufacturing and sales of various Domestic
Plastic wares.
During our
visit to the address, the company could not be located. The residents and some
okada riders in the area also claimed that the address is unknown to them. All
efforts to speak with the company officials through telephone (234-64-318454)
was abortive as the line could not get through.
Based on the CAC Search result, the Company increased its Share
Capital from N5,000,000.00 to N50,000,000.00 on 22nd June, 2011 and also paid
its annual returns till 2010
Conclusion: In view of the above, we therefore advised
that extreme caution should be exercised in dealing with the company since its
address could not be located.
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, as such, 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 MC Plastic Limited is duly
registered in Nigeria with a registered address is located at
Plot 28, Sharada Industrial Estate, Phase 1, Ajingi, Kano State, Nigeria it could not be
located during our visit.
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.