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Report Date : |
17.12.2012 |
IDENTIFICATION DETAILS
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Name : |
COATES BROTHERS (WEST AFRICA) LIMITED |
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Registered Office : |
Lateef Jakande Road, Opp. Cadbury, Agidingbi, Ikeja, Lagos State
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Country : |
Nigeria |
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Date of Incorporation : |
13.06.1966 |
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Com. Reg. No.: |
RC: 4931 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of Printing Inks & Amp, Can Coatings/surface
coatings, and Printing Roller Recovery, press room chemicals and roller
recovery Services |
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No. of Employees : |
About 5 |
RATING & COMMENTS
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Nigeria |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
nigeria - ECONOMIC OVERVIEW
Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms. Nigeria pulled out of its IMF program in April 2002, after failing to meet spending and exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club. In November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt. Since 2008 the government has begun to show the political will to implement the market-oriented reforms urged by the IMF, such as modernizing the banking system, removing subsidies, and resolving regional disputes over the distribution of earnings from the oil industry. GDP rose strongly in 2007-11 because of growth in non-oil sectors and robust global crude oil prices. President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, diversify economic growth, and improve fiscal management. Lack of infrastructure and slow implementation of reforms are key impediments to growth. The government is working toward developing stronger public-private partnerships for roads, agriculture, and power. Nigeria's financial sector was hurt by the global financial and economic crises, but the Central Bank governor has taken measures to restructure and strengthen the sector to include imposing mandatory higher minimum capital requirements.
|
Source : CIA |
COATES BROTHERS (WEST AFRICA) LIMITED
The company engages in Manufacture of Printing Inks & Amp, Can
Coatings/surface coatings, and Printing Roller Recovery, press room chemicals and
roller recovery Services.
The Company address is located at Lateef Jakande Road, Opp. Cadbury,
Agidingbi, Ikeja, Lagos State, Nigeria.
COMPANY NAME: COATES BROTHERS (WEST AFRICA) LIMITED
REGISTERED
NAME: COATES BROTHERS
(WEST AFRICA) LIMITED
REGISTERED ADDRESS: Lateef
Jakande Road, Opp. Cadbury, Agidingbi, Ikeja, Lagos
State,
Nigeria
HEAD OFFICE
ADDRESS: Lateef
Jakande Road, Opp. Cadbury, Agidingbi, Ikeja, Lagos
State,
Nigeria
TELEPHONE: 234-1-7754145886-7,
3602511, 8158157, 8184861, 7732069 (Unreachable)
POSTAL ADDRESS: P.O. BOX 395, Ikeja, Lagos
FAX: 234-1-3611283,
7912297 (Unreachable),
E-MAIL: coateswestafrica@yahoo.com
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:
Owned office space
approximately 1,000 square meters
DATE INCORPORATED: 13th
June, 1966
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC:
4931
SHARE CAPITAL: 30,000,000.00
ALLOTTED CAPITAL: 18,000,000.00
PAID-UP CAPITAL: 18,000,000.00
STAFF STRENGHT: About
5
Names
Olinine
Lodge Box 2, Ozubulu, Nnewi, Anambra State, Nigeria
Immeuble
Le Diamant 16, Rue De La Republique 92800, Puteaux, France
Block
25, Jamarkani Estate, Henry Adefowope Crest, Opebi, Ikeja, Lagos State, Nigeria
7,
Malu Road, Kano, Kano State, Nigeria
K.
Gabs 93, Azare, Bauchi State, Nigeria
8,
Lanre Adeyemi Street, Ojodu Abiodun Street, Ojodu, Lagos State, Nigeria
3,
Rimi Close, P.M.B. 0249, Bauchi State, Nigeria
Cray
Avenue, St. Mary Cray Orpington Kent, BR5 3PP, U.K. London
696,
Nazarawa, Azare, Bauchi State, Nigeria
|
S/N |
NAMES |
POSITION |
|
1. |
Mr. Felix Omoikhoje
Aizobeoje Ohiwerei, OON |
Chairman |
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2. |
Mr. K. R. Nair |
Managing Director |
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3. |
Mr. N. A. Njoku |
Marketing
Manager/Business Controller (Inks & Exports) |
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4. |
Mrs. I. O. Ilori |
Admin. Manager |
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5. |
Mr. A.O Ayemo |
Finance Controller |
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6. |
Mr. P. I. Anowi |
Business Controller
(Liquid Inks) |
Coates Brothers (West Africa) Limited was incorporated on 13th June, 1966 with Registration Number (RC: 4931). The company corporate head office it is located at Lateef Jakande Road, Opp. Cadbury, Agidingbi, Ikeja, Lagos State, Nigeria. It occupies a bungalow building directly opposite Cadbury gate and the company is fenced with gate painted Skye and navy blue, the nearest bus stop is “Times” before Agidingbi.
Based on the information from our secondary sources, the company engages in Manufacture of Printing Inks & Amp, Can Coatings/surface coatings, and Printing Roller Recovery, press room chemicals and roller recovery Services.
During our visit on 12th December, 2012, we spoke with the security man on duty who returned our document after taking it into office. He stated that the Managing Director/CEO and the Administration Manager who are in best position to disclose information about the company are not available and there has been a standing order that they should not receive any letter or document addressed to the Managing Director except the Administration Manager. All efforts to speak with other personnel of the company proved abortive as we were not allowed to do so.
Conclusion: Based on our visit and information
gathered from other source about the company, we are of the opinion that the
company is a legal entity. As such, any business relationship with the company
should be mutually beneficial.
PRODUCT / SERVICES
(Based on secondary sources information)
PARENT COMPANY
(Based on secondary sources information)
Sunchemical
FOREIGN AFFILIATE
(Based on secondary sources information)
Coates
Brothers (South Africa) Limited
34 Ida Road .
Robertsham, 2091 Johannesburg
Geo: -26.244900, 28.017605
Phone: (+27) 11-6806500
Fax: (+27) 11-6804525
·
General Public
·
Individuals
·
Corporate Organisations etc.
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
The company’s Audited Account was not available during our visit. Meanwhile, based on the services rendered by the company, a credit limit of $1,000,000 (One Million Hundred Dollars) could be extended to the company.
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.
Having carried out all necessary verifications on the company, our investigations revealed that Coates Brothers (West Africa) Limited is duly registered in Nigeria with a registered address located at Lateef Jakande Road, Opp. Cadbury, Agidingbi, Ikeja, Lagos State, Nigeria, while its operational address is located at the same address.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.87.78 |
|
Euro |
1 |
Rs.71.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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 |
|
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 |
|
---- |
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.