MIRA INFORM REPORT

 

 

Report Date :

02.02.2012

 

IDENTIFICATION DETAILS

 

Name :

NEW IMEX ENTERPRISES

 

 

Registered Office :

13, Club Road, Kano State

 

 

Country :

Nigeria

 

 

Date of Incorporation :

13.01.2011

 

 

Com. Reg. No.:

BN: 2154521

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Sales of Different Kinds of Machine both Electronic and Diesel Engine

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New Concern

Payment Behaviour :

Unknown

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

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Nigeria

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

OPERATIONS

 

The company is engaged in Sales of Different Kinds of Machine both Electronic and Diesel Engine

 

 

COMPANY LOCATION

 

The company address located at 16, Kolawole Shonibare Street, Ajao Estate, Lagos State, Nigeria.

 

 

IDENTIFICATION

 

COMPANY NAME:                                 NEW IMEX ENTERPRISES

REGISTERED NAME:                            NEW IMEX ENTERPRISES

REGISTERED ADDRESS:                      13, Club Road, Kano State, Nigeria

HEAD OFFICE ADDRESS:                     16, Kolawole Shonibare Street, Ajao Estate, Lagos State, Nigeria

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:                       Leased office space approximately 500 square meters

DATE INCORPORATED:                        13th January, 2011

YEAR BEGAN OPERATIONS:                2011

LEGAL FORM:                                      Sole Proprietorship

REGISTRATION NO:                             BN: 2154521

 

 

OWNERSHIP/DIRECTOR

 

  1. Davies Sanni

13, Club Road, Lagos State, Nigeria

 

 

BACKGROUND

 

New Imex Enterprises was registered on 13th January, 2011 with Registration Number (BN: 2154521). The corporate head office is located at 16, Kolawole Shonibare Street, Ajao Estate, Lagos State, Nigeria. It occupies a large warehouse with another company. The company is on the right side of the street with red gate.

 

During our visit on 31st January, 2012, we spoke with one of the security man at the gate who confirmed that New Imex Enterprises is owned by Indians and deals in sales of different types of Machine both Electronic and Diesel Engine such as Pumbling Machines, Drilling Machines, Generators, Refrigerators, Deep Freezers, Air Conditioners and other home appliances etc.  He received our document and delivered to Mr. Davies (one of the company’s director) who refused to supply any information but confirmed the company’s line of business through the intercom at the gate. He promised to get back to us but we are yet to receive any response from him at the time of compiling this report.

 

Conclusion:  Based on our visit, brief discussion with the security man and Mr. Davies (one of the director) and level of business activities witnessed, we are of the opinion that the company is a legal entity. As such, any business relationship with the company should be mutually beneficial.

 

 

TYPES OF CUSTOMERS

 

·        General Public

·        Group of Companies

 

 

PERFORMANCE RANKING

 

* Quality of Management:          GOOD

* Ethics & Integrity:                     GOOD

* Ownership Structure:               GOOD

 

 

INDUSTRIAL OVERVIEW/ OPERATING ENVIRONMENT

 

There are many opportunities in this sector of the economy. This could be largely 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 New Imex Enterprises is duly registered in Nigeria with a registered address  located at 13, Club Road, Kano State, Nigeria, while its operational address is located at 16, Kolawole Shonibare Street, Ajao Estate, Lagos State, Nigeria.

 

Information contained in the report is mostly from secondary sources.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.53

UK Pound

1

Rs.77.95

Euro

1

Rs.64.66

 

 

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

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

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

 

--

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.