MIRA
INFORM REPORT
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Report Date : |
04.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SOMOTEX NIGERIA LIMITED |
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Registered Office : |
12B, Akin |
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Country : |
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Date of Incorporation : |
11.02.1997 |
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Com. Reg. No.: |
RC: 308383 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distribution/Wholesales of refrigerators, Microwaves, Air conditioners, Washing Machines etc |
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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 |
OPERATIONS
The company
engages in Distribution/Wholesales of refrigerators, Microwaves, Air
conditioners, Washing Machines etc
COMPANY LOCATION
The company is located at Gate
5,
IDENTIFICATION
COMPANY NAME: SOMOTEX NIGERIA LIMITED
REGISTERED NAME: SOMOTEX
NIGERIA LIMITED
REGISTERED ADDRESS: 12B,
Akin
HEAD OFFICE ADDRESS: Gate
5, Olorunfunmi Street, off Oregun Road, Ojota behind Philips compound, Ikeja, Lagos State, Nigeria.
TELEPHONE: 234-1-791-5565,
891-3043, 773-1936, 8522751, 4971550
WEBSITE: www.igeafrica.com
CONTACT PERSON: Mr. Ashish
Mathur (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
SUMMARY
NATURE OF PREMISES: Leased office space occupying
approximately 1350 square
DATE INCORPORATED: 11th
February, 1997
YEAR BEGAN OPERATION:
1997
LEGAL FORM: Private Limited Liability Company
REGISTRATION NO: RC:
308383
SHARE CAPITAL: 10,000,000.00
ALLOTTED SHARE CAPITAL: 10,000,000.00
PAID-UP CAPITAL 10,000,000.00
STAFF STRENGHT:
About
one Thousand (1ooo)
OWNERSHIP/SHAREHOLDING STRUCTURE
Name %
Held
1.
Mohinani R. U. 50%
4,
2.
Mohinani A. R 50%
4,
DIRECTORS
1. Mohinani
R. U.
2. Mohinani
A. R.
BACKGROUND
Somotex Nigeria Limited was incorporated on 11th February,
1997 with Registration Number (RC. 308383). The corporate head office is
located at Gate 5,
We visited the Somotex
Nigeria Limited 3rd May, 2011 for credit verification. During our visit, we
spoke with Mrs. Encess (234-812-914-6054) company receptionist; she
acknowledged our document and informed us that the management of the company
will get back to us. The receptionist also informed us that the company is
engaged in all kinds of electronic appliances like refrigerator, microwave,
iron, air conditioners and distribution board etc.
The company occupies a
large space and they share premises with other companies like Philips
Electronics Company first building by the left on
Conclusion: Based
on our physical visit, discussion held and transaction taking place, we are of
the opinion that the company is operating a legitimate business with verifiable
track. As such, any business relationship with the company should be mutually beneficial.
PRODUCTS
1. Airconditioners
2. Refrigerators
3. Washing
Machines
4. Microwaves
5. Electrical
Appliances such as T V etc.
AREA OF VISIT
·
Company Premises
·
Corporate Affairs Commission
TYPES OF CUSTOMERS
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General Public,
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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, based on the services
the company renders and the sector the Company’s estimated turnover could be
put at $10 Million (Ten 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 Somotex Nigeria Limited is duly
registered in Nigeria with a registered address is located at 12B, Akin Adesola
Street, Victoria Island, Lagos State, Nigeria, while its operational address is
located Gate 5, Olorunfunmi Street, off Oregun Road, Ojota behind Philips compound, Ikeja, 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.34 |
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1 |
Rs.73.69 |
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Euro |
1 |
Rs.65.75 |
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.