MIRA INFORM REPORT

 

 

Report Date :           

24.06.2011

 

IDENTIFICATION DETAILS

 

Name :

ENIMAC LIMITED

 

 

Registered Office :

Western House, 7th Floor, Suite, 719, 8/10, Broad Street, Lagos  Island, Lagos State

 

 

Country :

Nigeria

 

 

Date of Incorporation :

Not Available

 

 

Com. Reg. No.:

Not Available

 

 

Legal Form :

Not Available

 

 

Line of Business :

Not Available

 

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 :

Undetermined

 

 

Payment Behaviour :

---

 

 

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

 

 Bottom of Form

 

Company name

 

ENIMAC LIMITED

 

 

OPERATIONS

 

Could not be determined as the subject declined to provide informati0n

 

 

COMPANY LOCATION

 

The company is located at Western House, 7th Floor, Suite 719,8/10, Broad Street, Lagos Island, Lagos State, Nigeria

 

 

IDENTIFICATION

 

COMPANY NAME:                                 ENIMAC LIMITED

REGISTERED NAME:                            ENIMAC LIMITED

HEAD OFFICE ADDRESS:                     Western House, 7th Floor, Suite, 719, 8/10, Broad Street, Lagos 

Island, Lagos State, Nigeria

MOBILE:                                               234-803-720-6851

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

 

THE COMPANY’S NAME COULD NOT BE LOCATED AT THE CORPORATE AFFAIRS CORPORATION DATABASE AS AT THE TIME OF COMPILING THIS REPORT.

 

 

BACKGROUND

 

We visited Enimac Limited corporate office located at Suite, 719, Floor 7, Western House, Broad Street, Lagos Island, Lagos State, Nigeria on the 20th June, 2011.  It is a tall building which consists of 15 floors; it is painted sky blue and brown and owned by the government. The company occupies Suite 719 on the 7th floor while some other companies and firms occupy other suites in all the floors but First Bank of Nigeria Plc occupies the ground floor. At the entrance is also a very high walkway to the entrance.

 

During our visit we met the corporate office was under lock and key but we were able to speak with Mr. Macaulay through telephone (234-803-720-6851), he stated that he was at the company’s factory warehouse to supervise some on-going projects and he  would be there for some time. He thereafter asked the lady who works in the opposite office (Heritage Investment Suite 718) to receive the letter of enquiry from us and promised to get back to us in due course. She however received it but refused to give her name or sign as a receiver because she is simply not working for Enimac Limited. She also refused to give any information about the company or any details, when asked of the company’s line of business.

 

Conclusion: Based on our visit and discussion held with Mr. Macaulay Oni on the phone seems the company is operating their transaction and well known, we are of the opinion that the firms looks existing there and may be legitimate in transaction. Any business relationship should be closely monitored.

 

 

PERFORMANCE RANKING

 

* Quality of Management:          UNDETERMINED

* Ethics & Integrity:                     UNDETERMINED

* Ownership Structure:               UNDETERMINED

 

 

FINANCES

 

The company’s Audited Account was not available during our visit; therefore, as such, its present financial state could not be ascertained.

 

 

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 Enimac Limited is located at Western House, 7th Floor, Suite 719,8/10, Broad Street, Lagos Island, Lagos State, Nigeria

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.93

UK Pound

1

Rs.72.09

Euro

1

Rs.64.21

 

 

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.