MIRA INFORM REPORT
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Report Date : |
06.09.2011 |
IDENTIFICATION DETAILS
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Name : |
NOSAK PLASTICS LIMITED |
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Registered Office : |
42, Shasha Road, Agege State |
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Country : |
Nigeria |
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Date of Incorporation : |
17.04.1986 |
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Com. Reg. No.: |
RC: 83208 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing of Ethanol, Plastics, Oil Palm Plantation/Processing,
Marketing of Petroleum Products and Lubricants and Financial Services |
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 : |
Usually Correct |
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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
NOSAK
PLASTICS LIMITED
OPERATIONS
The company is engaged in Manufacturing of Ethanol, Plastics, Oil Palm
Plantation/Processing, Marketing of Petroleum Products and Lubricants and
Financial Services.
COMPANY LOCATION
The company address located at Plot C-34, Nosak Road, Amuwo Odofin
Industrial Estate, Amuwo-Odofin, Lagos State, Nigeria.
IDENTIFICATION
COMPANY NAME: NOSAK PLASTICS LIMITED
REGISTERED
NAME: NOSAK
PLASTICS LIMITED
SECTOR: MANUFACTURING/DISTRIBUTION
REGISTERED
ADDRESS: 42, Shasha Road, Agege State, Nigeria
OPERATIONAL/FACTORY
ADD: Plot
C-34, Nosak Road, Amuwo-Odofin Industrial Estate, Amuwo-
Odofin, Lagos State, Nigeria
HEAD OFFICE
ADDRESS: 116, Ogudu/Ojota Road, Ogudu GRA, Lagos State, Nigeria
POSTAL ADDRESS: P.O. Box 4290, Apapa, Lagos State, Nigeria
TELEPHONE: 234-1-6712314, 7749165, 4700035, 4754991
MOBILE: 234-803-329-5092, 803-3676286
FAX: 234-1-5550330
E-MAIL: info@nosakgroup.com
WEBSITE: www.nosakgroup.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:
Owned office
space approximately 7,000 square meters
DATE
INCORPORATED: 17th April, 1986
YEAR BEGAN OPERATIONS: 1986
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC: 83208
SHARE CAPITAL: 100,000.00
ISSUED CAPITAL: 100,000.00
PAID-UP CAPITAL: 100,000.00
STAFF STRENGHT: Five
Hundred and Fifty (550)
OWNERSHIP/SHAREHOLDING STRUCTURE
F.O. Ehigbe
139, Igbosere Road, Lagos Island, Lagos State, Nigeria
A.E Ogunbor
29, Atiken Road, Sabon-Gari, Kano State, Nigeria
J.I. Ehigie
3, Willie Avenue, Bukuru, Jos, Plateau State, Nigeria
R. Ogunbor
29, Atiken Road, Sabon-Gari, Kano, Kano State, Nigeria
DIRECTORS
- F.O. Ehigbe
- A.E. Ogunbor
- J.I. Ehigie
- R. Ogunbor
MANAGEMENT PROFILE
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S/N |
Name |
Position |
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1. |
Mr. Toni Ogunbor |
Group Chairman/CEO |
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2. |
Mr. Alex I. Osunde |
Group Chief Operating Officer |
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3. |
Mr. Sunny Ogbeide |
Group G.M (Logistics/Special Duties) |
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4. |
Mr. Edwin Ibude |
Managing Director (Nosak Distilleries Limited) |
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5. |
Mr. John I. Uhue |
Group A.G.M. (Project Development) |
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6. |
Eng. Emman Osagie |
National Sales & Marketing Manager (Grand Petroleum &
Chemicals Limited) |
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7. |
Mr. Dan Eboh |
Group Internal Audit/Quality Assurance Manager |
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8. |
Mr. Egbosa Uwamose |
Head (Sales & Marketing, Nosak Distilleries Limited) |
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9. |
Mr. Victor Oronsaye |
Group Finance Controller |
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10. |
Mr. Joseph Oboko |
Group Treasurer |
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11. |
Mr. Thomas Adu |
Group M.D. (Enterprises Financial Services Group) |
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12. |
Mr. Fakayejo Rotimi Williams |
Managing Director (Enterprises Stockbrokers Plc.) |
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13. |
Mr. Bright Nwogu |
Group ICT Manager |
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14. |
Mr. Peter Nwakolo |
Business Development Manager (Nosak Haulage Services) |
BACKGROUND
Nosak Plastics Limited was incorporated on 17th April,
1986 with Registration Number (RC: 83208) and commenced business activity same
year. The company operation facilities is located at Plot C-34, Nosak Road,
Amuwo Odofin Industrial Estate, Amuwo-Odofin, Lagos State, Nigeria. The head
office is located at 116, Ogudu/Ojota Road, Ogudu GRA, Lagos State, Nigeria.
The company shares the same premises with its parent company NOSAK GROUP and
three other related companies.
Nosak Plastics Limited is engaged in Manufacturing of
Ethanol, Plastics, Oil Palm Plantation/Processing, Marketing of Petroleum
Products and Lubricants and Financial Services. The company is a member of NOSAK
GROUP, a diversified business group with interests in key
sectors of the Nigerian economy. It consist of Nosak Distilleries
Limited, Nosak Plastics Limited, Nosak Farms Limited, Nosak Haulage Services,
Consumer Commodities Distributors and Grand Petroleum and Chemical Limited etc.
The company is into
a wide spectrum of the above named products meeting the essential needs of the
consumers. The products of the company have been well accepted and their
quality has been successfully established in the market. To drive the
realization of satisfactory service delivery in a dynamic organizational
structure that is populated with proficient staff- office support, and
Consultants.
Nosak Plastics
Limited strives to develop and maintain efficient, high quality operations and
products and consistent profitability high standard of safety for its members
of staff. The company crop a well
motivated management team and highly
experienced professionals for its operations in the sector they belong.
During
our visit, the Administration Manager, confirmed the company’s line of business
but declined to supply information including his name. According to him, the
General Manager, KK Saseendran who is in best position to disclose information
about the company was not available. He later acknowledged our documents and
promised to get back to us in due course but we are yet to get his response at
the time of compiling this report. Business activities were 0n-going during our
visit as some of the company’s personnel were seen in their various duties
posts and products were sighted in the company’s premises.
Conclusion: Based
on our visit, available facilities sighted and brief discussion held with the
Administration Manager of the company, we are of the opinion that subject is
among the market leader in its sector. As such, any business relationship with
the company should be mutually beneficial.
PARENT COMPANY
NOSAK GROUP
RELATED COMPANIES
·
Nosak Distilleries Limited
·
Nosak Farms Limited
·
Nosak Haulage Services
·
Consumer Commodities Distributors
·
Grand Petroleum and Chemicals
Limited
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Enterprises Stockbrokers Plc
·
Enterprises Insurance Brokers
SALES DEPOT
2B, Danjuma Close, Iyana-Meiran, Ijaiye-Ojokoro, Lagos State, Nigeria (234-1-7749820)
BRANCH OFFICES
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154, Sapele Road, after Santana
Market, Benin City, Edo State, Nigeria (234-52-257962)
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Plot WH 93, Karu/Jikwoyi, CBN
Junction, Karu, FCT, Nigeria
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Yinka Oba Shopping Complex,
Iwo/Ibadan Road, Oshogbo (Tel: 234-35-241682, 240272)
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2, Osuma Road, off 103, Awka Road,
by Texaco Filling Station, Onitsha
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1, Okigwe Road, Aba
(234-82-226082)
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c/o Lamico Ventures Limited, 33,
New Cemetery Road, Onitsha (234-46-481019)
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Tank Farm, Apapa Wharf, Lagos
State, Nigeria (234-1-473682)
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Ibadan (234-2-2314495, 8108429)
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Oju-Oba Modern Market, Adeniji
Adele Street, Lagos Island, Lagos State, Nigeria (234-1-4731212)
TYPES OF CUSTOMERS
· General Public
·
Group of Companies
·
Corporate Organisations
EXPANSION PLANS
Development of PVC Fitting Factory
PERFORMANCE RANKING
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
FINANCES
Subject’s Audited Accounts was not available as at the time of compiling
this report. However, based on the services rendered and the sector it belongs
to, the company’s estimated turnover could be put at N5million.
INDUSTRIAL OVERVIEW/ OPERATING ENVIRONMENT
Subject is operating in an industry with very great potentials. The
engineering 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 record in this sector, foreign investors are inevitable. They
facilitate the importation of high-tech equipment, which will boost quality
services.
There are many opportunities in this sector of the economy.
But could largely be 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 Nosak Plastics Limited is duly
registered in Nigeria with a registered address is located at
42, Shasha Road, Agege, Lagos State, Nigeria, while
its operational address is located at Plot C-34, Nosak Road, Amuwo
Odofin Industrial Estate, Amuwo-Odofin, Lagos State, Nigeria.
Information contained in
the report is mostly from secondary sources ONLY.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.94 |
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UK Pound |
1 |
Rs.74.28 |
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Euro |
1 |
Rs.64.97 |
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.