MIRA INFORM REPORT
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Report Date : |
20.07.2011 |
IDENTIFICATION DETAILS
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Name : |
STALLION MOTORS LIMITED |
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Registered Office : |
270A, Ajose Adeogun Street, Victoria Island, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
25.11.1991 |
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Com. Reg. No.: |
RC: 178627 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers and Distributors of a Wide Range of Automobile Brands in
Nigeria |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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
STALLION
MOTORS LIMITED (UPDATE)
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
RISK FACTORS
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 |
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1. |
Mr Pavir Singh |
Group Managing Director |
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2. |
Mr. Raju Sawlani |
Managing Director |
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3. |
Mr Amit Sharma |
Director of Sales and Marketing |
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4. |
Mr. Naresh Lalawni |
Managing Director Representative |
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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).
The Vaswanis brothers who are the promoters of STALLION MOTORS namely Suril
Vaswani, Mahesh Vaswani and Haresh Vaswani have always been in and out of
favour of the Federal Govt. of Nigeria. In the year 2003, they were accused of
defrauding the government in large amount of unpaid import duties. This led to
their deportation by the government of Chief Olusegun Obasanjo.
However, it was believed in some quarters that the Vaswanis were deported
because of their involvement in businesses that were in direct competition with
businessmen that are well connected with the political class. The brothers were pardoned in December, 2007
by a new government then under Alhaji Yar'dua, this pardon was short-lived
because they were deported again in April, 2009 alongside 21 foreign workers in
their employment. The allegation was that the brothers imported 9 vessels of
rice into the country without paying duties of about N2.9B to the government.
There was also a dealership disagreement between the brothers through
one of their companies Honda Place and Globe Motors. This led to instituting a case
of fraud of about N40B against the brothers.
However, just like before, the deportation order was challenged and a
Federal High Court gave judgment in favour of the brothers on account that the
deportation did not follow due process. By June 2010, the Jonathan led
government also grant them permission to return back to the country.
Meanwhile, their whereabouts could not be determined at the time of
compiling this report and none of the staff met at STALLION MOTORS are ready to
give information during our revisit.
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 appears
reputable and credit worthy. As such, any business relationship with the
company should be mutually beneficial.
PRODUCT DESCRIPTION
·
Hyundai
·
Porshe
·
Audi
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Skoda
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Honda
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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
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General Public,
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Group of Companies
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Government Agencies
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Foreign Companies
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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.44.59 |
|
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.