MIRA INFORM REPORT
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Report Date : |
29.10.2011 |
IDENTIFICATION DETAILS
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Name : |
ALULA NIGERIA LIMITED |
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Registered Office : |
32, Moshood Abiola Crescent, off Toyin Street, Ikeja, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
30.10.2006 |
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Com. Reg. No.: |
RC: 671034 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importation and Sales of Chemical for Textiles Industries |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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
ALULA NIGERIA
LIMITED (UPDATE)
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
REGISTERED
ADDRESS: 32, Moshood Abiola Crescent, off Toyin Street, Ikeja, Lagos State,
Nigeria
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
DATE INCORPORATED 30th
October, 2006
LEGAL FORM: Private
Limited Liability
REGISTRATION NO: RC:
671034
SHARE CAPITAL: 2,000,000.00
ISSUED CAPITAL: 2,00,000.00
ALLOTED SHARE CAPITAL: 600,000.00
OWNERSHIP/SHAREHOLDING STRUCTURE
Name Shares
Held
1.
Ashok Kumar Nayak ( Indian)
200,000.00
32, Mashood Abiola Crescent, Off Toyin
Street, Ikeja, Lagos
2.
Sachirani Nayak ( Indian)
200,000.00
32, Mashood Abiola Crescent, Off Toyin
Street, Ikeja, Lagos
3.
Prakashchand Girdharilal Sharma
(Indian) 200,000.00
32, Mashood Abiola Crescent, Off Toyin
Street, Ikeja, Lagos
DIRECTORS
1.
Ashok Kumar Nayak
2.
Sachirani Nayak
3.
Prakashchand Girdharilal
Sharma
BACKGROUND
Alula Nigeria Limited was incorporated with Corporate Affairs
Commission on 30th October, 2006 with Registration Number (RC: 671034) with
N2,000,000.00 Share Capital.
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 and operational address
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
until it provides the correct operational address (location).
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
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 as at the time of compiling this report.
OFFICIAL REMARKS
Having carried
out all necessary verifications on the company, our investigations revealed
that Alula Nigeria Limited is
duly registered in Nigeria, with a Registered Address located at 32, Moshood Abiola Crescent, off Toyin
Street, Ikeja, Lagos State, Nigeria but it was discovered that the address is
used as residential not official but its operational address exists somewhere in Isolo, Lagos State, Nigeria.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.82 |
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UK Pound |
1 |
Rs.78.57 |
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Euro |
1 |
Rs.69.29 |
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.