MIRA INFORM REPORT
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Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SHONGAI PACKAGING INDUSTRY LIMITED |
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Registered Office : |
94, Broad Street, Lagos Island, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
21.07.1977 |
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Com. Reg. No.: |
RC: 21772 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in Injection Moulding Division, Blow Moulding
Division (Extrusion Blow & Injection Blow), Label Printing Division,
Crate printing /Container Printing Division |
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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
SHONGAI PACKAGING
INDUSTRY LIMITED
OPERATIONS
The company is engaged in Injection Moulding Division, Blow Moulding
Division (Extrusion Blow & Injection Blow), Label Printing Division, Crate
printing /Container Printing Division
COMPANY LOCATION
The company address located at Block 88, Plot 4, Tony Oghene Jode Close,
Lekki Phase 1, Lagos State, Nigeria.
RISK FACTORS
Credit Risk
RISK RATING ASSESSMENT: Apparently healthy, with adequate working capital to meet normal
Commitments
CREDIT LINE
AMOUNT: Normal
CREDIT LINE
OPINION: Subject
appears to be a credit worthy organization
IDENTIFICATION
COMPANY NAME: SHONGAI PACKAGING INDUSTRY LIMITED
REGISTERED
NAME: SHONGAI
PACKAGING INDUSTRY LIMITED
SECTOR: PLASTIC
REGISTERED
ADDRESS: 94, Broad Street, Lagos Island, Lagos State, Nigeria
HEAD OFFICE
ADDRESS: Block 88, Plot 4, Tony Oghene Jode Close, Lekki Phase 1, Lagos
State, Nigeria
TELEPHONE: 234-1-2718799, 7905503
MOBILE: 234-807-589-2036
EMAIL: info@shongaipackaging.com , md@shongaipackaging.com
WEBSITE: www.shongaipackaging.com
CONTACT PERSON: Chief F.S. Nikan (Managing Director/CEO)
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:
Owned office
space approximately 4,500 square meters
DATE
INCORPORATED: 21st July, 1977
YEAR BEGAN OPERATIONS: 1977
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC: 21772
SHARE CAPITAL: 1,000,000.00
ISSUED CAPITAL: 1,000,000.00
PAID-UP CAPITAL: 1,000,000.00
STAFF STRENGHT: Over
50
OWNERSHIP/SHAREHOLDING STRUCTURE
Durojaiye A.
Ogunmodede
94, Broad Street, Lagos Island, Lagos State, Nigeria
Abel. A. Olaniba
94, Broad Street, Lagos Island, Lagos State, Nigeria
M.L. Kassim
PC 14, Ahmed Onibudo Street, Victoria Island, Lagos State, Nigeria
A.K. Manchnani
PC 14, Ahmed Onibudo Street, Victoria Island, Lagos State, Nigeria
R. Bouffartique C/O
IBBI of Nigeria Limited
Plot A1, Kudena Industry Area, Kaduna State, Nigeria
Shuaibu Idris
PC 14, Ahmed Onibudo Street, Victoria Island, Lagos State, Nigeria
Ray Oilfield
PC 14, Ahmed Onibudo Street, Victoria Island, Lagos State, Nigeria
G.C.O. Anyaso
Km. 38, Lagos – Abeokuta Road, Sango-Otta, Ogun State, Nigeria
Alhaji M.L. Kassim
Km. 38, Lagos – Abeokuta Road, Sango-Otta, Ogun State, Nigeria
Mr. A.K. Mangnani
PC 14, Ahmed Onibudo Street, Victoria Island, Lagos State, Nigeria
Mr. R. Bonffatigue
PC 14, Ahmed Onibudo Street, Victoria Island, Lagos State, Nigeria
Mr. Raymond Oilfield
Km. 38, Lagos – Abeokuta Road, Sango-Otta, Ogun State, Nigeria
Mr. G.C.O. Anyaso
Km. 38, Lagos – Abeokuta Road, Sango-Otta, Ogun State, Nigeria
Mr. J.O. Pase
W3/7, Nnamdi Azikwe Street, Lagos State, Nigeria
Mr. Sam Onukwe
87/97, Port Harcourt, Road, Onitsha, Ogun State, Nigeria
DIRECTORS
· Durojaye A. Ogunmodede
· Abel A. Olaniba
· M.L. Kassim
· A.K. Manchnani
· R. Bouffartique
· Shuaibu Idris
· Ray Oilfield
· G.C.O. Anyaso
· Alhaji AM.L. Kassim
· Mr. A.K. Mangnani
· Mr. R. Bonffartique
· Mr. Raymond Oilfield
· Mr. G.C.O. Anyaso
· Mr. J.O. Pase
· Mr. Sam Onukwe
MANAGEMENT TEAM
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S/N |
Name |
Position |
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1. |
Mr.
Francis S. Nikan |
Managing Director/CEO |
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2. |
Mr.
Sunday Adeyemo |
Accountant |
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3. |
Mr.
Ashok |
Group Financial Contoller |
BACKGROUND
Shongai Packaging Industry Limited was incorporated on 21th
July, 1977 with Registration Number (RC: 21772) with N1,000,000.00. The
corporate head office is located at Block 88, Plot 4, Tony Oghene Jode Close,
Lekki Phase 1, Lagos State, Nigeria.
Shongai Packaging Industry Limited manufactures and
markets plastic crates and beer labels. Its products include cosmetic jars,
paint containers, basins, yoghurt bottles, plastic chairs, plastic tables, plastic
nozzles and caps, and containers. The company was incorporated in 1977 and is
based in Sango Ota, Nigeria with an additional office in Lagos, Nigeria.
Shongai Packaging Industry Limited operates as a subsidiary of Sona Group
Nigeria.
The address visited
is the company’s group corporate head office. It is a three storey building and
a pent house, it is well fenced and has an iron gate painted black. Mr. Sunday
Adeyemo (234-1-2718796) the company accountant who received our document
confirmed that the company engaged in Plastic Production and Packaging for
Guinness Brewery, Nigeria Bottling Company and other reputable companies.
He
referred us to Mr. Ashok the Group Financial Controller who also further
referred us to Mr. Nikan Francis the Managing Director of the company who is in
charge of the factory at Sango, Otta, Ogun State. However, having discussed
with some of the top management team of the company they promised to forward
our document to the management of the company who is in best position to
contact us in due course but we are yet to receive any response from them at
the time of compiling this report.
Meanwhile,
some of the company’s personnel were sighted performing their respective duties
and some cartons were seen in the premises during our visit.
Conclusion: Based
on our visit, the number of personnel and cartons sighted in the company head
office in Lagos and available facilities at the factory in Sango Ogun State, we
are of the opinion that the company maintained a strong business relationship
with reliable and reputable clients. In addition, the company appears to be
credit worthy. As such, any business relationship with the company should be
mutually beneficial.
DIVISIONS
·
Injection Moulding Division
·
Blow Moulding Division (Extrusion Blow &
Injection Blow)
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Label Printing Division
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Crate printing /Container Printing Division
PRODUCTS DESCRIPTION
·
Beer Crates
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Cosmetic
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Grease Jars
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Exports Products
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Domestic Items Caps & Closures
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Coolers
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Label Printing
·
Paint Containers
SERVICES
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Container
Printing
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Label Cutting & Punching
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Blow Moulded Division
· Domestic Moulded Items
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Hot stamping
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Industrial Injection Moulded
Product
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Crate Decoration (Printing)
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Crate Materials
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Injection Moulding Division
AWARDS
·
Ota/Abgara Chamber of Commerce
& Industries- Gold Award, For Best Packaging Company of the year 2007.
·
Manufacturers Association of Nigeria, Best Packaging Company
of the year 2007
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The Quality Management Development Institute, The West
African Quality Plastic Packaging Product Company 2007- Gold
·
The Institute of Certified International Quality Standard
Houston – Texas USA African Quality Plastic & flexible Packaging
Products/Beer Labels Manufacturing Company of the year 2009 – Gold Award.
RELATED COMPANIES
·
West African Glass Industry PLC
– Port Harcourt, Rivers State www.waginig.com
·
Food, agro & Allied Industries
Limited - Sango Otta www.foodagromalting.com
·
Coronation Power and Gas Ltd
– Sango Otta www.coronationpowerandgas.com
·
Euro Global Foods and Distilleries
Ltd.–Sango Otta www.eurodistl.com.ng
·
Coronation Real Estate Development
Ltd – Lagos www.coronationrealestate.com
·
Golden Auto Engineering and
Transport Co. Ltd – Sango Otta www.goldenautoengineering.com
·
Sona Industrial Gases Limited -
Sango Otta www.sonaindustrialgas.com
·
Coronation Real Estate Ghana. www.coronationrealestateghana.com
·
Avnash Industries Ghana Ltd www.avnashindustriesghana.com
BRANCHES
·
Office/Factory
Address: Km 38, Lagos Abeokuta Road,
Sango-Otta, Ogun State,
P.O Box 4610,,
Lagos State, Nigeria
Telephone: 234-39-722204,
722206, 722208, 7738838
Mobile: 234-802-291-0400,
802-291-0402, 802-291-0404,
807-589-2036
Fax: 234-039-722435
·
Lagos Corresponding
Add: Plot P.C 14, Ahmed Onibuda Street, Victoria Island, Lagos
State, Nigeria
Telephone: 234-1-2614220,
2617496
Fax: 234-1-2617511, 2622151
Mobile: 234-807-589-2036
Email: info@shongaipackaging.com , md@shongaipackaging.com
Website: www.shongaipackaging.com
TYPES OF CUSTOMERS
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General Public
·
Group of Companies
PERFORMANCE RANKING
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
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 $5 Million (Five Million Dollars).
INDUSTRIAL OVERVIEW/ OPERATING ENVIRONMENT
Subject is operating in an industry with very great potentials. This
sector in Nigeria has a lot to explore when it comes to the need for expansion,
improvement of product quality, work force development and general technical
expertise. Mainly, private individuals dominate this sector. Despite the huge
capital required for setting up this investment, it has grown in its leaps and
bounds over the decades in the nation, although, the efforts of the Federal
Government cannot be ruled out. The government has put in place different
policies that support private individuals to secure loans/ mortgages from banks
and other financial institutions. However, to record a groundbreaking in this
sector, foreign investors are inevitable.
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 Shongai Packaging Industry Limited
is duly registered in Nigeria with a registered address is located at
94, Broad Street, Lagos Island, Lagos State, Nigeria,
while its operational address is located at Block 88, Plot 4, Tony
Oghene jode Close, Lekki Phase 1, Lagos State, Nigeria.
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.49.71 |
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UK Pound |
1 |
Rs.78.09 |
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Euro |
1 |
Rs.68.05 |
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.