MIRA INFORM REPORT
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Report Date : |
07.10.2011 |
IDENTIFICATION DETAILS
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Name : |
LA ROCHE EQUIPMENT LIMITED |
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Registered Office : |
3, Dakar Road, Apapa, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
17.05.2001 |
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Com. Reg. No.: |
RC: 410954 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Import, Distribution and Sales of Building materials and Construction equipment |
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
LA ROCHE EQUIPMENT LIMITED
OPERATIONS
Subject is into Import, Distribution and Sales of Building materials and Construction equipment
COMPANY LOCATION
Subject is located in an Industrial area at 64A, Amuwo Odofin, Oshodi
Apapa Expressway, Lagos
RISK FACTORS
Credit Risk
CREDIT LINE
AMOUNT: Normal
CREDIT LINE
OPINION: Subject appears to be a credit worthy organization
IDENTIFICATION
COMPANY NAME: LA ROCHE EQUIPMENT LIMITED
REGISTERED NAME: LA
ROCHE EQUIPMENT NIGERIA LIMITED
REGISTERED
ADDRESS: 3,
Dakar Road, Apapa, Lagos State-Nigeria.
HEAD
OFFICE ADDRESS: 64A,
Amuwo Odofin, Oshodi Apapa Expressway, Lagos.
POSTAL
ADDRESS: P. O. Box 3344, Apapa, Lagos
TELEPHONE(S): 234-1-7903777,
7926262
MOBILE: 234-805-82999-911,
808-0361-616, 803-3222-500
FAX:
234-1-5556667, 5894428
E-MAIL:
info@larochenigeria.com
WEBSITE:
www.larochenigeria.com
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 as head office occupying approximately
1,750 square meters
DATE INCORPORATED 17th May, 2001
YEAR BEGAN
OPERATION: 1979
LEGAL FORM: Limited
Liability Company
REGISTRATION NO: RC:
410954
SHARE CAPITAL: 5,000,000.00
STAFF
STRENGHT: about
70
SHAREHOLDERS
Names Shares
Held
1.
Assad Chagoury (Expertrate)
3, Dakar Road,
Apapa, Lagos State-Nigeria.
1, 500, 000.00
2.
Sayeed Chagoury (Expertrate)
3, Dakar Road,
Apapa, Lagos State-Nigeria-
1, 375, 000.00
3.
Tony Chagoury (Expertrate)
3, Dakar Road,
Apapa, Lagos State-Nigeria.-
1, 375, 000.00
4.
Joseph Chagoury (Expertrate)
3, Dakar Road,
Apapa, Lagos State-Nigeria. – 750, 000.00
DIRECTORS
· Assad Chagoury (Expatriate)
· Sayeed Chagoury (Expatriate)
· Tony Chagoury (Expatriate)
· Joseph Chagoury (Expatriate)
BACKGROUND
La Roche Equipment Limited
was incorporated on the 17th May, 2001 as a private limited liability company
under the Companies & Allied Matters Decree of 1990 (RC: 410954). The
Corporate head office is located at 64A, Amuwo Odofin, Oshodi Apapa Expressway,
Nigeria. The company occupies a standard office structure, where they use as
front showroom and administrative purposes with security post at the gate. The
building is painted red and ash colour. It is beside TATA Car & Truck
Company and directly opposite Joas House.
La Roche Equipment Limited is one of the leading importer of building
materials and equipment in Nigeria. The Company is also in partnership with
international companies who are keen in providing professional and standard
services in these areas.
La Roche Equipment Limited offers a wide range of products (Tiles, Equipments, Generators,
Sanitary fittings, Lightning, Painting, Plumbing, Security Locks
and others) to suit both home and professional uses. Its innovative solutions for
professionals and handymen help them coming to a realization of their projects. It has come a long way due to
the dynamics of its promoters since its beginning in 1979 with the creation of
"CHAGOURY Freres & Cie" specialized in distribution of Metallic
products. Over a year, "CHAGOURY Freres & Cie" knew evolution
following the development of the Benin nation in order to satisfy the market
needs.
Taking advantage of their strategy of permanent
innovation to serve the market and to safeguard the further
development, "CHAGOURY Freres & Cie" has grown with the
creation in 1984 of the largest Company " La ROCHE " intended to
commercialise hardware and products of building completion to suit different
tastes, markets and lifestyles in Benin.
The company intends to be one of the largest distributor
of the Building finishing materials, "La ROCHE" looks forward to be innovative and competitive,
organizes training courses and recycling in partnership with European factories.
The company work to widen its line of products in order to reach all the
requirements in Building and Public Works, Remain dynamic and innovator
and make possible on line quote request and products ordering,
offers
after Sales Services for the electro-portative equipments and the power
generating units, contribute each day to the performance of the Building and
Public Works and ensure business development.
The company is a market
driving organization which remains conscious of increasingly sophisticated
competitions. It aspires to attain international standards in all aspects of
its operation and eventually develop into a truly international company in the
industry whose sphere of business, social influences and responsibilities
extend beyond the borders. La Roche Equipment Nigeria Limited is also working
on Laundry & Cleaning, Oil & Gas Services for companies and Education
business activities.
During our visit to the
company, we spoke with Miss Mariam, Front Desk Officer who confirmed the
company’s line of business. She also stated that Sika and Panese Products
Limited are sister companies to LA Roche Equipment Limited. She later refused
to supply further details but promised to submit our documents to the
appropriate authority who are in best position to get back to us but we are yet
to get any response from the company at the time of compiling this report. .
Conclusion: Based on our visit and brief discussion held
with the Miss Mariam, Front Desk Officer,
we are of the opinion the company is a legal entity. As such, any business
relationship with the company should be mutually beneficial.
PRODUCTS
The company
products include Ceramic products, building and materials such as:
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Tiles
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Security Locks
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Roofing Materials
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Security Locks
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Hardware and Tools
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Plumbing Materials
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Generators
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Equipment
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Modern High Quality Sanitary Ware
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Sealing etc
SUBSIDIARIES
·
Societe
Beninoise de Transformation
·
La
Maintenance
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La Roche
Immobilizer
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Chafco Liban
TRADE REFERENCES
Subject: have both local and international references
PAYMENT REFERENCES
Subject: have both local and international references
PERFORMANCE RANKING
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
PHYSICAL VISIT
- Company Premises
- Corporate Affairs Commission
FINANCES
Subject Audited
Accounts was not available as at the time of compiling this report. However, based
on the industry the company belongs to and services rendered, the company’s
estimated turnover could be put at $10 Million (Ten Million Dollars).
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FGSL RISK
RATING ASSESSMENT: |
B (40-49) GOOD Apparently healthy, with adequate working capital to meet normal Commitments |
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CREDIT LINE
AMOUNT: |
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CREDIT LINE
OPINION: |
Subject appears to be a credit worthy organization |
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RISK RATING
ASSESSMENT: |
GOOD 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. These could be largely achieved through Foreign
Companies joint ventures with Nigerian companies, as well as providing 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.
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 as at the time of compiling this report.
OFFICIAL REMARKS
Having carried out all necessary verifications
on subject, our investigations revealed that
La Roche Equipment Nigeria
Limited is duly registered in Nigeria with a
registered
address at 3,
Dakar Road, Apapa, Lagos State-Nigeria while the head
office address is located at
64A, Amuwo Odofin, Oshodi Apapa Expressway, Lagos.
Subject is into genuine
business transactions. Subject is a
going concern.
All information contained
in the report are 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.49.19 |
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UK Pound |
1 |
Rs.75.92 |
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Euro |
1 |
Rs.65.44 |
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.