MIRA INFORM REPORT

 

 

Report Date :           

08.06.2011

 

IDENTIFICATION DETAILS

 

Name :

DIC REMICO (NIGERIA) COMPANY

 

 

Registered Office :

29, Oke-Olowogbowo Street, Off Broad Street, Lagos Island, Lagos State

 

 

Country :

Nigeria

 

 

Date of Incorporation :

07.03.2000

 

 

Com. Reg. No.:

RC: 376770

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

The company engages in Sales of Rigid PVC Trunking

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Poor

Payment Behaviour :

Unknown

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

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Nigeria

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name  

 

DIC REMICO (NIGERIA) COMPANY

 

 

OPERATIONS

 

The company engages in Sales of Rigid PVC Trunking.

 

 

COMPANY LOCATION

 

The company is located at 29, Oke-Olowogbowo Street, Off Broad Street, Lagos Island, Lagos State, Nigeria.

 

 

IDENTIFICATION

 

COMPANY NAME:                                 DIC REMICO (NIGERIA) COMPANY

HEAD OFFICE ADDRESS:                     29, Oke-Olowogbowo Street, Off Broad Street, Lagos Island,                                                                                 Lagos State, Nigeria.

PRIMARY CONTACT:                            Mr. Valle

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

 

STAFF STRENGHT:                                          About five (5)

 

THE COMPANY’S NAME COULD NOT BE LOCATED AT THE DATABASE OF CORPORATE AFFAIRS COMMISSION (CAC). MEANWHILE, THE COMPANY’S REGISTRATION NUMBER (RC: 376770) OBTAINED FROM OUR SECONDARY SOURCES INDICATES ANOTHER COMPANY’S NAME AT CAC. DETAILS BELOW:

 

 

SUMMARY

 

NAME OF COMPANY:                           DAR – ERIZON INDUSTRIES LIMITED

ADDRESS:                                            43, Iselu Street, Owo, Ondo State. Nigeria

DATE INCORPORATED:                        7th March, 2000

LEGAL FORM:                                      Private Limited Liability Company

REGISTRATION NO:                             RC: 376770

SHARE CAPITAL:                                 100,000.00

ALLOTTED SHARE CAPITAL:               100,000.00

PAID-UP CAPITAL                                100,000.00

LINE OF BUSINESS:                             MANUFACTURING

 

 

OWNERSHIP/SHAREHOLDING STRUCTURE

 

1.      Olusegun Akinnuwa                                           60%                 

43, Iselu Street, Owo, Ondo State. Nigeria

 

2.      Dupe Akinnuwa                                                  20%     

43, Iselu Street, Owo, Ondo State. Nigeria

 

3.      Ayodeji Akinnuwa                                              10%     

43, Iselu Street, Owo, Ondo State. Nigeria

 

4.      Olabode Akinnuwa                                             10%     

43, Iselu Street, Owo, Ondo State. Nigeria

 

 

BACKGROUND

 

Dic Remico (Nigeria) Co. is located at 29, Oke-Olowogbowo Street, Off Broad Street, Lagos Island, Lagos State, Nigeria and shares same office with Aikhena Jerna Nigeria Enterprises Limited (a sister company).  The company occupies a two room at the back side wing of a storey building, top floor, the building is painted ash and white, well fenced with white gate. There is a green three storey building directly opposite the company.

 

The company engages in Sales of Rigid PVC Trunking.

 

During our visit to the company on 2nd June, 2011, we spoke with Mr. Valle an Indian national in charge of the company who confirmed that the company exists at the address but refused to acknowledge our documents and also to provide any information about the company. According to him, it is for security reasons and based on the ugly experience he has had in the past.

 

He further confirmed that Dic Remico Nigeria Company and Aikhena Jerna Nigeria Enterprises are owned and managed by same management but he refused to disclose the owner’s names and that the company operates different line of business and share same office for their business activities. He vehemently declined to provide any information about the company including the registration details when asked.

Conclusion: Based on our physical visit, and discussion held with Mr. Valle, we are of the opinion that the company is operating but not sure of its legitimacy. As such, any business relationship with the company should be done under close monitoring and may likely be mutually beneficial.

 

 

AREA OF VISIT

 

·         Company Premises

·         Corporate Affairs Commission

 

 

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. However, we could not speak on the financial status of the company. We hereby advise that necessary caution should be exercised in doing business with the company.

 

FGSL RISK RATING ASSESSMENT:

NOT FULLY RATED DUE TO UNAVAILABLE CAC INFORMATION

 

 

 

 

 

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 Dic Remico (Nigeria) Co. is located 29, Oke-Olowogbowo Street, Off Broad Street, Lagos Island, Lagos State, Nigeria.

 The company is into genuine business transactions. 

 

Information contained in the report is mostly from secondary sources only.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.74

UK Pound

1

Rs.73.25

Euro

1

Rs.65.48

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.