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Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
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Name : |
SAMRIRA INTERNATIONAL LIMITED |
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Formerly Known As : |
SWATI NIGERIA LIMITED |
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Registered Office : |
103, |
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Country : |
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Date of Incorporation : |
28.11.1988 |
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Com. Reg. No.: |
RC: 119806 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engages in sales of engineering equipment |
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No. of Employees : |
5 |
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 : |
Small company |
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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 30, 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 |
SAMRIRA
INTERNATIONAL LIMITED
The company engages in sales of engineering equipment
The company address is located at 21, Idoluwo Street, 3rd
Floor, Idumota, Lagos. Nigeria.
COMPANY NAME: SAMRIRA INTERNATIONAL LIMITED
PREVIOUS NAME: SWATI NIGERIA LIMITED
REGISTERED ADDRESS: 103, Docemo Street, Lagos.
HEAD OFFICE
ADDRESS: 21, Idoluwo Street, 3rd Floor, Idumota, Lagos. Nigeria.
TELEPHONE: 234-1-2197600
MOBILE: 234-803-301-2713
PRIMARY
CONTACT: Manoj Jaju (Managing Director)
Currency: All monetary quoted in this report are in Nigerian
Naira, the local currency or unless otherwise stated. The exchange rate is N150
to 1 US $.
NATURE OF
PREMISES:
Leased office
space approximately 350 square meters
DATE
INCORPORATED: 28th November, 1988
LEGAL FORM: Private Limited
Company
REGISTRATION NO: RC: 119806
SHARE CAPITAL: 200,000.00
ISSUED CAPITAL: 200,000.00
PAID-UP CAPITAL: 200,000.00
STAFF STRENGHT: Over 5
1.
Vincent Ilechukwu
10,
Okwel Street Onitsha, Anambra State. Nigeria
2.
Mark Ilechukwu
19.
Okwel Street Onitsha, Anambra State. Nigeria
3. Vincent Anene
10
Kowel Street Onitsha, Anambra State.
Nigeria
Samrira International Limited was incorporated on 28th November, 1988 with
Registration Number (RC: 119806). The company’s address is located at 21,
Idoluwo Street, 3rd Floor, Idumota, Lagos. Nigeria. The company
occupies a wing on the 3rd floor of a three storey building painted
brown/ash colour. It has two side fence but the front of the building has no
security gate.
The company
engages in sales of engineering equipment.
During our
phone discussion with Mr. Manoj Jaju (Managing Director – a foreigner) who gave
us direction to the company and stated that the company was formerly known as
SWATI NIGERIA LIMITED but changed the name to SAMRIRIA INTERNATIONAL LIMITED in
2002. According to him, the company is currently engages in sales of engineering
equipment though, it was previously engaged in manufacturing and supply of auto
parts. They also engage in sales of Gum Arabic Natural Rubber, Raw Cashew nuts
etc..
During our
visit, we met Edith (234-802-2324816) the Personal Assistant to the Managing Director,
who stated that her boss was not available and refused to supply information on
the company when asked. However, all
efforts to gain entrance to the company’s admin office in order to speak with
any top personnel of the company and sight some of the company’s products
proved abortive as Edith locked the entrance gate and refused to grant us
access into the office.
Meanwhile, we
discovered that the company’s change of name from SWATI NIGERIA LIMITED to
SAMRIRIA INTERNATIONAL LIMITED is yet to be effected in the Corporate Affairs
Commission database as the search currently conducted on the company still
bears SWATI NIGERIA LIMITED.
Conclusion: Based on our visit, available information and
brief discussion with Edith, we are of the opinion that the company engaged in
business. As such, any business relationship with the company should be
mutually beneficial.
·
General Public
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
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 N1million (One Million
Naira).
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.
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.
Having carried
out all necessary verifications on the company, our investigations revealed
that Samrira International Limited
is is duly registered in Nigeria with a registered address located at 103,
Docemo Street, Lagos Island, Lagos State, Nigeria, while its operational
address located at 21, Idoluwo Street, 3rd Floor, Idumota, Lagos.
Nigeria.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.04 |
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1 |
Rs.81.08 |
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Euro |
1 |
Rs.67.39 |
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.