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Report Date : |
17.08.2012 |
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 : |
Subject is engaged in Importation of Stainless Steel |
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No. of Employees : |
About ten (10) |
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 : |
Moderate |
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Payment Behaviour : |
Unknown |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 |
OMAXE GLOBAL LIMITED
The company is engaged in Importation of Stainless Steel
The company address located at 21, Kolitine Technical Street, Industrial
Line, Limca Road, Opposite Abimbola House, Isolo, Oshodi/Apapa Expressway,
Lagos State, Nigeria.
COMPANY NAME: OMAXE GLOBAL LIMITED
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
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 occupying approximately 500 square metres
DATE INCORPORATED 4th December, 2003
LEGAL FORM: Private Limited Liability
REGISTRATION NO: RC: 500339
STAFF STRENGHT: About
ten (10)
Omaxe Global Limited was
incorporated on 4th December, 2003 with Registration Number (RC: 500339).
Based on our secondary sources information, the
company is engaged in Importation of Stainless Steel.
During our visit to the company address to 71, Alakoro Street, Ebute-Ero, Lagos State, Nigeria on 14th August, 2012. During our visit, the occupants of the premises stated that the company had relocated to an unknown destination. Meanwhile, our secondary sources information revealed 10, Adeyinka Street, Town Planning Bus Stop, Ilupeju, Lagos State, Nigeria. During our visit to 10, Adeyinka Street, the Managing Director, Mr. Heerasingh was said to have travelled for business discussion at Ibadan, Oyo State. The premises is a storey building painted brown and cream colour, well fenced and it has a black security gate.
However, a tailor and security personnel at the premises
confirmed that the apartment is used as residential. When asked they confirmed
that the company is known to them and that it engage in in importation and
Sales of Stainless Steel. While on that discussion the Managing Director’s wife
was contacted and she acknowledged our document on behalf of the company. In an
attempt for further discussion, she contacted the Managing Director through
telephone and he confirmed that the company occupies the ground floor of the
building but operates at Isolo, Lagos. Though, he promised to get back to us same
day, but we are yet to receive any response at the time of filling this report.
Conclusion: Based on our visit, confirmation from the employee and our discussion with the Managing Director and his wife, we are of the opinion that the company is active, however due to inability to sight the company’s facilities and refusal of the owner of the company to response to our visit and/or disclose the current operational address. We advise that any business relationship with the company should be done on cash and carry basis until the current address is provided and verified.
UNDETERMINED
DUE TO INSUFFICIENT INFORMATION
PERFORMANCE
RANKING
UNDETERMINED
DUE TO INSUFFICIENT INFORMATION
The company’s Audited Account was not available during our visit; therefore, as such, its present financial state could not be ascertained.
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.
(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.
Having carried out all necessary verifications on the company, our investigations revealed that Omaxe Global Limited’s Managing Director’s residential address is located at 10, Adeyinka Street, Town Planning Bus Stop, Ilupeju, Lagos State, Nigeria but its operational address could not be determined.
Information contained in
the report is mostly from secondary sources only.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.98 |
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UK Pound |
1 |
Rs.87.55 |
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Euro |
1 |
Rs.68.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.