MIRA INFORM REPORT
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Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
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Name : |
KHODAL NIGERIA LIMITED |
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Registered Office : |
7, Ololade Odeyemi Close, Anthony Village, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
23.10.2000 |
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Com. Reg. No.: |
RC: 393515 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject was previously engaged in Import and Export
Services |
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
KHODAL
NIGERIA LIMITED
OPERATIONS
The company was previously engaged in Import and Export Services
COMPANY LOCATION
The company is located at
7, Ololade Odeyemi Close, Anthony Village, Lagos State, Nigeria
IDENTIFICATION
COMPANY NAME: KHODAL NIGERIA LIMITED
REGISTERED NAME: KHODAL
NIGERIA LIMITED
REGISTERED ADDRESS: 7,
Ololade Odeyemi Close, Anthony Village, Lagos State, Nigeria
HEAD OFFICE ADDRESS: 7,
Ololade Odeyemi Close, Anthony Village, Lagos State, Nigeria
POSTAL ADDRESS: P.O.
Box 1745, Anthony Village, Lagos State, Nigeria
MOBILE: 234-706-5706678,
709-0429666
E-MAIL: chirag@jenisimpex.com
PRIMARY CONTACT: Chirag Patel (Director)
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 350 square metres.
DATE INCORPORATED: 23rd
October, 2000
YEAR BEGAN OPERATION: 2000
LEGAL FORM: Limited Liability Company
REGISTRATION NO: RC:
393515
SHARE CAPITAL: 1,000,000.00
ALLOTTED SHARE CAPITAL: 900,000.00
PAID-UP CAPITAL 900,000.00
STAFF STRENGHT: Undetermined
OWNERSHIP/SHAREHOLDING STRUCTURE
Name %
Held
1.
Patel Jayantilal
K 50%
7, Ololade Odeyemi Close, Anthony Village,
Lagos State, Nigeria
2.
Patel Pana J 20%
7, Ololade Odeyemi Close, Anthony Village,
Lagos State, Nigeria
3.
Patel Chirag 5%
7, Ololade Odeyemi Close, Anthony Village,
Lagos State, Nigeria
4.
Patel Deepak R. 15%
7, Ololade Odeyemi Close, Anthony Village,
Lagos State, Nigeria
DIRECTORS
1. Patel
Jayantilal K
2. Patel
Pana J
3. Patel
Chirag
4. Patel
Deepak R.
BACKGROUND
Khodal Nigeria Limited was incorporated on 23rd October,
2000 with Registration Number (RC. 393515).
The office is 7, Ololade Odeyemi Close, Anthony Village, Lagos State, Nigeria.
According to our secondary
sources, the company is related to Jenis Impex Pvt. Limited a renowned
manufacturer, exporter and supplier of Cotton Yarn and 100% Virgin Cotton Yarn
of various counts like 6NE, 7NE, 8NE, 9NE, 10NE, 12NE, 14NE, 16NE and 20NE.
During our visit to the
address, it was discovered that the company is not known in the above address
and the building is strictly used as residential. We met Mr. Ayo one of the
resident of the building who disclosed that some Lebanese lives at the ground
floor of the building in the first apartment but for the past few weeks they
have not seen them around.
However, one of the
company’s Director confirmed to us on phone (234-709-0429666) that the company
has currently ceased operation.
Conclusion: Based
on our visit to the address given and the little discussion we had with Mr. Ayo
as well as phone discussion with one of the directors on phone who disclosed that the company is no
longer in operation. We are of the opinion that the company has ceased
operation. As such, we advise that any
business relationship with the company should be suspended.
FOREIGN PARTNER
Jenis Impex Pvt. Limited
Plot No. 2304, Phase-II, G.I.D.C.,Chhatral - 382729, Gujarat,
India
Phone:91-2764-234446/48 Fax:91-2764-234446
Contact Person: Mr. Chirag J.K. Patel
(C.E.O.)
Mobile: +919377754797,+919879554797
PERFORMANCE RANKING
* Quality of
Management: AVERAGE
* 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.
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RISK RATING ASSESSMENT: |
Apparently
healthy, with adequate working capital to meet normal Commitments |
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CREDIT LINE AMOUNT: |
Normal |
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CREDIT LINE OPINION: |
Subject appears
to be a credit worthy organization |
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 Khodal Nigeria Limited is duly registered in
Nigeria with a registered address is located at 7, Ololade Odeyemi Close, Anthony Village, Lagos State
but has since ceased operation.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.03 |
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UK Pound |
1 |
Rs.74.43 |
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Euro |
1 |
Rs.64.75 |
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.