MIRA INFORM REPORT
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Report Date : |
23.07.2011 |
IDENTIFICATION DETAILS
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Name : |
SUNGLOW TRADERS |
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Registered Office : |
21, Savage Lane, Orile Iganmu, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
28.10.2009 |
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Com. Reg. No.: |
BN: 2114841 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Sales of Building Equipments 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 : |
Usually Correct |
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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
SUNGLOW
TRADERS (UPDATE)
OPERATIONS
The company is engage in Import, Export and Sales of Building Equipments
tools and as Commission Agent.
COMPANY LOCATION
The company is located at
32, Molade Street, off Agarawu Street, Lagos Island, Lagos State, Nigeria.
Credit Risk
RISK RATING
ASSESSMENT: Apparently healthy,
with adequate working capital to meet normal Commitments
CREDIT LINE
AMOUNT: Normal
CREDIT LINE
OPINION: Subject appears to be a credit worthy
organization
IDENTIFICATION
COMPANY NAME: SUNGLOW TRADERS
REGISTERED
NAME: SUNGLOW
TRADERS
REGISTERED
ADDRESS: 21, Savage Lane, Orile Iganmu, Lagos State, Nigeria
PREVIOUS ADDRESS: 21, Savage Lane, Orile-Iganmu, Lagos State, Nigeria
HEAD OFFICE
ADDRESS: 32,
Molade Street, off Agarawu Street, Lagos Island, Lagos State,
Nigeria
TELEPHONE
NUMBER: 234-802-3591271,
805-7292818
PRIMARY CONTACT: Mr.
Kasali Aminu (Managing Director/CEO)
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: 28th
October, 2009
YEAR BEGAN OPERATION: 2009
LEGAL FORM: Enterprises (Sole Proprietorship)
REGISTRATION NO: BN:
2114841
STAFF
STRENGHT: Eight (8)
OWNERS (SOLE PROPRIETOR)
1.
Aribidesi Kasali
Aminu
18, Obanikoro Street, Ikorodu Road, Lagos
State, Nigeria
DIRECTORS
1. Aribidesi
Kasali Aminu
BACKGROUND
Sunglow Traders was registered on 28th October,
2009 with Registration Number (BN: 2114841). The corporate head office is
located at 32, Molade Street, off Agarawu Street, Lagos Island, Lagos State,
Nigeria. The Company occupies the 5th Shop on the ground floor of a
storey building for its administrative duties and store. It relocated from
the address supplied on the enquiry 21, Savage Lane, Orile Iganmu, Lagos State,
Nigeria three (3) years ago.
The Company is engage in Import, Export and Sales of Building Equipments
tools and as Commission Agent.
During
our visit to the address 21, Savage Lane, Orile Iganmu, Lagos State, Nigeria,
we were informed that the company has relocated to Lagos Island. At the Island
address stated above, Mr. Aribidesi
Kasali Aminu confirmed that the company relocated to its present address.
He also confirmed that company’s line of business and stated that it has three
(3) branches in the same area, two warehouses at 7, Palace Road, Apapa, Lagos
State and 4, Abimbola Street, Isolo, Lagos State. Some of the company’s
products were sighted during our visit and customers besieged the company to
purchase some of the products.
Conclusion: Based
on our physical visit and level of operation witnessed, we are of the opinion
that the company is a legal entity and legitimate in business. As such, any business relationship with the
company should be mutually beneficial.
TYPES OF CUSTOMERS
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General Public
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Construction Companies
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Bricklayers
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Builders etc
BRANCHES
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17, Palace Road, Apapa, Lagos State,
Nigeria
·
4, Abimbola Street, Beside Benat
Company, Isolo, Lagos State, Nigeria
PERFORMANCE RANKING
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
FINANCES
The company’s Audited Account was not available during our visit.
However, based on the services the company renders and the sector it belongs
to, the Company’s estimated turnover could be put at $1 Million (One 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 Sunglow Traders is duly
registered in Nigeria with a registered address located at
21, Salvage Lane, Orile-Iganmu, Lagos State, Nigeria, while
its operational address is located at 32, Molade Street, off Agarawu
Street, Lagos 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 both primary and 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.44.38 |
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UK Pound |
1 |
Rs.72.34 |
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Euro |
1 |
Rs.62.87 |
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.