MIRA INFORM REPORT
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Report Date : |
20.07.2011 |
IDENTIFICATION DETAILS
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Name : |
SMV TOOLS LIMITED |
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Registered Office : |
103, Docemo Street, Idumota, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
31.07.2004 |
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Com. Reg. No.: |
RC: 603233 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Import, Sales and Distribution of
Engineering and Hand tools |
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
SMV TOOLS LIMITED
OPERATIONS
The company
engages in Importation, Sales and Distribution of Handtools and Engineering Tools such as
Motorcycle Parts & Accessories, Auto Repair Tools, Roadway Safety Locks for
Furniture etc.
COMPANY LOCATION
The company is located at
12, Pelewura Way, off Randle Road, near Nigeria Airways, Apapa, Lagos State,
Nigeria.
RISK FACTORS
Credit Risk
RATING
ASSESSMENT: Apparently
healthy, with adequate working capital to meet normal Commitments
IDENTIFICATION
COMPANY NAME: SMV TOOLS LIMITED
REGISTERED NAME: SMV
TOOLS LIMITED
SECTOR: HAND
AND ENGINEERING TOOL
REGISTERED ADDRESS: 103,
Docemo Street, Idumota, Lagos State, Nigeria.
HEAD OFFICE ADDRESS: 12,
Pelewura Way, off Randle Road, Lagos State, Nigeria.
OPERATIONAL ADDRESS: 103,
Docemo Street, Idumota, Lagos State, Nigeria.
MOBILE: 234-702-770-5493,
805-729-2803, 8034357777
EMAIL: smvtools@gmail./com
, somatabrand@gmail.com
PRIMARY CONTACT: Ashish
Rathi (Operation 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 400 square metres.
DATE INCORPORATED: 31st
July, 2004
YEAR BEGAN OPERATION:
2004
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC:
603233
SHARE CAPITAL: N25,000,000.00
ALLOTTED SHARE CAPITAL: N15,000,000.00
PAID-UP CAPITAL: N15,000,000.00
COMPANY SECRETARY: AF NOMINEES LTD
7,
Sule Abore Street, Ojodu, Ikeja, Lagos State, Nigeria
AUDITORS: ADEDOLAPO
FAYOMI & CO.
7, Sule Abore Street, Ojodu, Ikeja,
Lagos State, Nigeria
Tel:
234-708-856-5020
FINANCIAL YEAR END: 31st, March
FORECAST FOR 2010
- TURNOVER: N500
– 600,000,000.o0
PROFIT BEFORE TAX: N10–
12,000,000.00
NETWORTH: N28,000,000.00
STAFF STRENGHT: Ten (10)
OWNERSHIP/SHAREHOLDING STRUCTURE
Names %Held
1.
Mundhra Chandra
Kant 50%
103, Docemo Street, Idumota, Lagos State,
Nigeria.
2.
Munhdra Rita 50%
103, Docemo Street, Idumota, Lagos State,
Nigeria.
DIRECTORS
1. Mundhra
Chandra Kant
2. Mundhra
Rita
MANAGEMENT PROFILE
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S/NO |
NAMES |
POSITION |
Qualification |
Years of
Experience |
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1. |
Mundhra Chandra Kant |
Managing Director |
Graduate |
20 years |
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2. |
Rita Mundhra |
Executive Director |
Graduate |
15 years |
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3. |
Ashish Rathi |
Operation Manager |
----------- |
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4. |
Bimai Kr. Agarwal |
Senior Staff |
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5. |
Ms. Tina |
Receptionist |
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BACKGROUND
SMV
Tools Limited was incorporated on 31st July, 2004 with
registration number RC: 603233. The corporate head office is located at 12,
Pelewura Way, off Randle Road, near Nigeria Airways, Apapa,
Lagos State, Nigeria. It is a duplex fenced and painted white.
The company is engages in Import, Sales and
Distribution of Engineering and Hand
tools such as Motorcycle Parts & Accessories, Auto Repair Tools, Roadway
Safety Locks for Furniture etc. The company has dealer network all over Nigeria
and deals in all kinds of hand tools and industrial tools imported in large
quantity from India and China.
During our
visit to the contact address supplied on the enquiry,
103, Docemo Street, 2nd floor, Idumota, Lagos, it was discovered
that it is now being used as the company’s warehouse as the placed was under
lock and key, some other occupants informed us that the company’s goods are
being kept there. According to them,
the goods are mostly tools.
However, during our visit to 12, Pelewura Way, off
Randle Road, near Nigeria Airways, Apapa, Lagos State, Nigeria, we were informed by the front desk officer
that she could not disclose any information and that the senior staff of the
company, Mr. Bimai Kr. Agarwal F.C.A (E-mail: bimaldurg@yahoo.com,
234-702-770-5493) who is in best position to supply any information was not
available and all efforts to reach him on phone proved abortive as the line
(234-805-7292803) did not go through. She however received our documents and
promised to submit it to the appropriate authority. Some of the company’s
products were sighted on display during our visit to the company at Apapa.
Note: The Company increased its share capital
from 12,000,000 to 25,000,000 on 17th August, 2005.
Conclusion: Based on available information, our visit to
the company’s two addresses, and business activities sighted, we are of the
opinion that the company is engaged in legitimate business. As such, any business relationship with the
company should be mutually beneficial.
BANKER
The
Company operates current accounts with the under listed bank.
|
Bank Name |
Address/ Tel |
Type of Account |
Account Name/ Number |
Account Officer’s Remarks |
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Fidelity Bank Plc. |
39, Warehouse
Road, Apapa, Lagos Branch |
Current Account 2005 |
SMV Tools Limited 031508010000091 |
Bank officials
confirmed that the company’s account exists and active. |
PRODUCT DESCIPTION
·
Pilers
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Pincers
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Wrenches
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Spanners
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Chisel
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Handsaw
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Locks for Furniture
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Sewing Machines Spares
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Hammers
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Measuring Tapes
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Sockets
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Scissors etc.
INSURANCE COVER
Prestige Insurance Plc.
19, Ligali Ayorinde Street, Victoria Island, Lagos State,
Nigeria
Tel: 234-1-27137113
COUNTRY OF IMPORT AND EXPORT
India and China
TYPES OF CUSTOMERS
·
General Public
·
Construction Companies
·
Oil & Gas Companies
·
Individuals among others
PAYMENT REFERENCE
Company’s Name: Tony Chegwe & Co. (Estate
Surveyors/Valuers)
Address: 16/17, Ado Avenue, off
Commercial Road, Apapa, Lagos State, Nigeria
Telephone: 234-1-7928140
Mobile: 234-802-311-4693,
702-840-8421
Email: info@tonychegwe.com
Website: www.tonychegwe.com
EXPANSION PLAN
·
To extend trading
activities in nearby states of Lagos State.
·
Exploration of new
markets for different products.
·
Planning to span
branches outside Lagos State as well
PERFORMANCE RANKING
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
FINANCES
The company’s Audited Account was not presented during our visit.
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 SMV Tools Limited is duly registered in
Nigeria with a registered address at 103, Docemo Street,
Idumota, Lagos State, Nigeria, while its head office
address is at 12, Pelewura Way, off Randle Road, near Nigerians Airways,
Apapa, 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.44.59 |
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UK Pound |
1 |
Rs.71.62 |
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Euro |
1 |
Rs.62.78 |
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.