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Report Date : |
18.08.2012 |
IDENTIFICATION DETAILS
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Name : |
PANAR LIMITED
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Registered Office : |
126/130, Nnamdi Azikiwe Street, Lagos Island, Lagos State |
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Country : |
Nigeria |
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Year of Establishment : |
1976 |
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Com. Reg. No.: |
RC: 39704 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Industrial Chemicals, Manufacturing of UPVC Pipes and Fittings and
other Plastic Products |
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No. of Employees : |
Over 20 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Nigeria |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 |
PANAR
LIMITED
The company is engaged in Industrial Chemicals, Manufacturing of UPVC
Pipes and Fittings and other Plastic Products
The company address located at Plot 447, Apapa-Oshodi Expressway, Near
Cele Bus Stop, Next to Fatgbems Filling Station, Ijeshatedo, Lagos State,
Nigeria
COMPANY NAME: PANAR LIMITED
REGISTERED
NAME: PANAR
LIMITED
REGISTERED
ADDRESS: 126/130, Nnamdi Azikiwe Street, Lagos Island, Lagos State,
Nigeria
HEAD OFFICE
ADDRESS: Plot
447, Apapa-Oshodi Expressway, Near Cele Bus Stop, Next
to
Fatgbems Filling Station, Ijeshatedo, Lagos State, Nigeria
PREVIOUS
ADDRESS: 6,
Elsie Femi Pearse Street, First Floor, Suite 4, Victoria Island,
Lagos
State, Nigeria
POSTAL ADDRESS: P.O. Box 74300, Victoria Island, Lagos,
Lagos State, Nigeria
TELEPHONE: 234-1-7751819, 7736447,
7740150, 7349891, 7349892 (NEW)
Marketing
Direct Line: 234-1-7753460 or 702 8026189
MOBILE: 234-702-820-1448,
807-282-1525
FAX: 234-1-2613139
EMAIL: info@panargroup.com/ headoffice@panargroup.com sales@panargroup.com
WEBSITE: www.panargroup.com
CONTACT
PERSON: Mr.
Ravi Daryi (Vice Chairman/CEO)
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 1,000 square meters
DATE INCORPORATED: 29th
June, 1981
YEAR BEGAN OPERATIONS 1976
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC:
39704
SHARE CAPITAL: 20,000.00
ISSUED CAPITAL: 20,000.00
PAID-UP CAPITAL: 20,000.00
STAFF STRENGHT: Over
20
Michael O. Abiodun
126/130, Nnamdi Azikiwe Street, Lagos Island, Lagos State, Nigeria
Tajudeen Ojoye
126/130, Nnamdi Azikiwe Street, Lagos Island, Lagos State, Nigeria
|
S/N |
Name |
Position |
|
1. |
Alh. Abdullahi Bashir |
Chairman |
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2. |
Ravi Daryani |
Vice Chairman/CEO |
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3. |
Alh. Abdullahi Bashir |
Managing Director |
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4. |
Adewale Adenekan |
Marketing Manager |
|
5. |
Akeem Adeleke Lawal |
Administration /operations Manager |
Panar Limited was incorporated on 29th June, 1981 with Registration Number (RC: 39704). During our visit to the address supplied, 6, Elsie Femi Pearse Street, First Floor, Suite 4, Victoria Island, Lagos State, Nigeria, the premises is under renovation. We were informed that the company has relocated to to Plot 447, Apapa-Oshodi Expressway, Near Cele Bus Stop, Next to Fatgbems Filling Station, Ijeshatedo, Lagos State, Nigeria.
Based on our secondary sources
information, Panar Group who has been the leading manufacturer of PVC pipes and fittings in
Nigeria since 1976 is the parent company to Panar Limited. In 1997, Panar Group
pioneered the production of PET pharma bottles in Nigeria. Panar Group through Panar Limited and
Deltaplast Company (Nigeria) Limited offers a complete service to the water,
sewage, ducting and the construction industry manufacturing and supplying
pipes/fittings in sizes from 20mm to 500mm in pressure ratings from 4bar to
16bar.
Panar
Group through Geokev Company Nigeria Limited also manufactures HDPE containers
and jerry Cans in sizes ranging from 10ml to 50 litres. They also manufacture
Geokev PET bottles in sizes ranging from 20ml to 2000ml and pet performs in
various sizes and neck finishes.
During our visit to the new address on 16th August, 2012, some of the company’s personnel were seen busy on their respective duties at the company factory and at the warehouse which is behind the Administrative block. It was an edifice storey building painted white; it has a good security personnel unit on the left hand on entering the premises. Panar Limited shares same premises and administrative office with its parent company PANAR GROUP.
We contacted the Mr. Ravi Daryi
the Vice Chairman/CEO through his secretary (Obasi) while we are in the
premises but he expressly refused to attend to us. Though Gift
(234-817-874-9825) the Receptionist confirmed that the company is into
Industrial Chemicals.
Conclusion: Based on our visit and available facilities
and personnel sighted, we are of the opinion that the company is appears credit
worthy. Any business relationship with the company should be mutually
beneficial.
PANAR GROUP
Address: Plot 447, Apapa-Oshodi
Expressway, Near Cele Bus Stop,
Ijeshatedo,
Adjoining Fatgbems Filling Station,
Lagos State, Nigeria
Postal Address:
P.O. Box 74300, Victoria Island, Lagos,
Lagos State, Nigeria
E-Mail: headoffice@panargroup.com
Marketing: sales@panargroup.com
General Email: info@panargroup.com
Phones: 234-1-7736447, 7740150, 7349891,
7349892 (NEW)
Fax: +1 866 3212087 (VIRTUAL FAX)
Marketing
Direct Line: 234-1-7753460 or 702 8026189
Main
Factory & Kano Office:
Address: Plots 21/22, Sharada Industrial
Estate, Phase II, Kano, Kano State, Nigeria
Pump
Factory: Plot 58,
Sharada Industrial Estate, Phase III, Kano, Kano State, Nigeria
Tool
Room & Service
Centre: Plot 79A, Sharada Industrial Estate, Phase I, Kano, Kano State, Nigeria
E-Mail
General: panarkan@panargroup.com
Marketing:
sales.kano@panargroup.com
Telephone:
234-64-669113,
668684, 940019, 064 926798, 926799 (New)
Mobile: 234-806-938-2139
Fax: 234-64-662144
Marketing Phone: 234-64-953801
Mobile: 234-803-318-6011 or 702-802-6199
Manufacturers Association Of Nigeria (MAN)
·
General Public
·
Group of Companies
·
Private organization among others
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
The company’s Audited Account was not available during our visit; therefore, 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 Panar Limited is duly registered in Nigeria with a registered address is located at 126/130, Nnamdi Azikiwe Street, Lagos Island, Lagos State, Nigeria, while its operational address is located at Plot 447, Apapa-Oshodi Expressway, Near Cele Bus Stop, Next to Fatgbems Filling Station, Ijeshatedo, Lagos State, Nigeria.
Information contained in the report is mostly from secondary sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
UK Pound |
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.85 |
INFORMATION DETAILS
|
Report Prepared by
: |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
<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.