MIRA
INFORM REPORT
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Report Date : |
02.09.2011 |
IDENTIFICATION DETAILS
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Name : |
OMAXE GLOBAL LIMITED |
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Registered Office : |
21, Kolitine Technical Street, Industrial Line, Limca Road, Opposite Abimbola House, Isolo, Oshodi/Apapa Expressway, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
04.12.2003 |
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Com. Reg. No.: |
RC: 500339 |
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Legal Form : |
Private Limited Liability |
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Line of Business : |
Importation of Stainless Steel |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Poor |
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Payment Behaviour : |
Unknown |
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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 – 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 |
OPERATIONS
The company is engaged in Importation of Stainless Steel
COMPANY LOCATION
The company is located at
21, Kolitine Technical Street, Industrial Line, Limca Road, Opposite Abimbola
House, Isolo, Oshodi/Apapa Expressway, Lagos State, Nigeria.
IDENTIFICATION
COMPANY NAME: OMAXE GLOBAL LIMITED
REGISTERED NAME: OMAXE GLOBAL LIMITED
MD’S RESIDENTIAL ADDRESS: 10, Adeyinka Street, Town Planning
Bus Stop, Ilupeju, Lagos
State,
Nigeria
HEAD OFFICE ADDRESS: 21, Kolitine Technical Street,
Industrial Line, Limca Road, Opposite Abimbola House, Isolo, Oshodi/Apapa
Expressway, Lagos State, Nigeria.
PREVIOUS ADDRESS: 71,
Alakoro Street, Ebute-Ero, Lagos State, Nigeria
MOBILE: 234-819-132-2588
SUMMARY
NATURE OF PREMISES: Leased
office space occupying approximately 500 square metres.
YEAR BEGAN OPERATION:
2003
LEGAL FORM: Private Limited Liability
DATE INCORPORATED: 4th December, 2003
REGISTRATION NO: RC:
500339
STAFF STRENGHT:
About
ten (10)
BACKGROUND
Omaxe Global Limited was incorporated on 4th December,
2003 with registration number RC: 500339.
Its corporate office address is located at 21, Kolitine Technical Street, Industrial
Line, Limca Road, Opposite Abimbola House, Isolo, Oshodi/Apapa Expressway,
Lagos State, Nigeria.
The company engaged in
Importation and sales of Stainless Steel.
During our visit to 10,
Adeyinka Street, by Town Planning Bus Stop, Ilupeju, Lagos on 29th August, 2011 we met Mr. Heerasingh (234-819-132-2588) the
younger brother of the Managing Director of the company (Mr. Rajesh Churiwal),
who acknowledged our document and disclose that Omaxe Global Limited is registered with (RC: 500339), the company
was incorporated on 4th December, 2003 and commence operation same year. He
confirmed the company’s line of business and stated that it is jointly owned by
Mr. Rajesh Churiwal and one Mr. Fashola but he refused to disclose further
details as he was not in best position to disclose any information about the
company though, he promised that the management will get back to us in due
course.
Mr.
Haarasingh further revealed that the
company’s new corporate office address is located at 21, Kolitine Technical
Street, Industrial Line, Limca Road, Opposite Abimbola House, Isolo,
Oshodi/Apapa Expressway, Lagos State, Nigeria while 10, Adeyinka Street,
Ilupeju is a residential address of
Omaxe Global Limited (Managing
Director) Mr. Rajesh Churiwal. The
building is painted brown, well fenced
and has black gate, beside it is a building painted green and white.
Subject occupies ground floor, front wing.
Conclusion: Based
on our physical visit and discussion held with Mr. Heerasingh, copy of the form
(CAC) was given confirmed the legal entity of the company, we are of the
opinion that the firm is a legal entity and legitimate in business. As such,
any business relationship with the company should be mutually beneficial.
TYPES OF CUSTOMERS
·
General Public
·
Group of Companies
FINANCES
The company’s Audited Account was not available during our visit. As
such, its present financial state could not be ascertained.
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 Omaxe Global Limited is is located at
21, Kolitine Technical Street, Industrial Line, Limca Road, Opposite Abimbola
House, Isolo, Oshodi/Apapa Expressway, 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.46.01 |
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1 |
Rs.75.42 |
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Euro |
1 |
Rs.66.69 |
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.