MIRA INFORM REPORT

 

 

Report Date :           

22.10.2011

 

IDENTIFICATION DETAILS

 

Name :

ALULA NIGERIA LIMITED

 

 

Registered Office :

32, Moshood Abiola Crescent, off Toyin Street, Ikeja, Lagos State

 

 

Country :

Nigeria

 

 

Date of Incorporation :

Not Available

 

 

Com. Reg. No.:

Not Available

 

 

Legal Form :

Not Available

 

 

Line of Business :

Importation and Sales of Chemical for Textiles Industries

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

ALULA NIGERIA LIMITED

 

 

OPERATIONS

 

The company is engaged in Importation and Sales of Chemical for Textiles Industries

 

 

COMPANY LOCATION

 

The company address located at 32, Moshood Abiola Crescent, off Toyin Street, Ikeja, Lagos State, Nigeria.

 

 

RISK FACTORS

 

Credit Risk

RISK RATING ASSESSMENT:   NOT YET RATED DUE TO LACK OF INFORMATION

 

 

IDENTIFICATION

 

COMPANY NAME:                                 ALULA NIGERIA LIMITED

HEAD OFFICE ADDRESS:                     32, Moshood Abiola Crescent, off Toyin Street, Ikeja, Lagos State,

Nigeria

MOBILE:                                               234-703-618-6815, 809-633-5158

PRIMARY CONTACT:                            Ashok Kumar Nayak (Managing Director)

 

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 approximately 500 square meters

 

WE ARE YET TO GET THE REGISTRATION DETAILS FROM CORPORATE AFFAIRS COMMISSION (CAC) AT THE TIME OF COMPILING THIS REPORT DUE TO SOME NETWORK PROBLEM AT CAC. WE HOPE TO UPDATE AND SUBMIT THIS REPORT ON MONDAY UPON OBTAINING THE REGISTRATION DETAILS.

 

 

BACKGROUND

 

During our visit to the given address 32, Moshood Abiola Crescent, off Toyin Street, Ikeja, Lagos State, Nigeria on 19th October, 2011 on Alula Nigeria Limited, we discovered that the contact address visited is a residential two storey building painted brown/cream. The premises is occupied by four (4) Indians including the Managing Director of Alula Nigeria Limited, Mr. Ashok Kumar Nayak (234-703-618-6815, 809-633-5158) and other tenants.

 

Mr. Ajayi Isaac, the security man in the premises who acknowledged our document on behalf of the company stated that subject is reputable and operates somewhere at Isolo-Lagos but he does not know the address. However, we contacted Mr. Nayak the Managing Director on telephone who  confirmed that the company is engage in Importation and Sales of Chemical for Textiles Industries but refused to supply further details about his company due to security reasons best known to him.

 

Conclusion:  Based on our visit, intensive discussion held with the security personnel at the contact address and telephone discussion held with Mr. Nayak the Managing Director, we advise that caution should be exercised in doing business with the company pending when its registration details is obtained from Corporate Affairs Commission (CAC), Nigeria and correct address is supplied by the company.

 

 

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; therefore, as such, its present financial state could not be ascertained.

 

 

INDUSTRIAL OVERVIEW/ OPERATING ENVIRONMENT

 

UNDETERMINED  DUE TO LACK OF INFORMATION

 

 

CMT REPORT

(Corruption, Money Laundering & Terrorism)

 

UNDETERMINED  DUE TO LACK OF INFORMATION

 

 

OFFICIAL REMARKS

 

Having carried out all necessary verifications on the company, our investigations revealed that Alula Nigeria Limited given address located at 32, Moshood Abiola Crescent, off Toyin Street, Ikeja, Lagos State, Nigeria is used as residential not official but its operational address exists somewhere in Isolo, Lagos State, Nigeria.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.07

UK Pound

1

Rs.79.16

Euro

1

Rs.69.04

 

 

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.