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Report Date : |
20.02.2012 |
IDENTIFICATION DETAILS
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Name : |
WHITEX INDUSTRIES (NIGERIA) LIMITED |
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Registered Office : |
2, Catholic Mission Street, Lagos Island, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
03.06.1981 |
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Com. Reg. No.: |
RC: 39175 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in Importation and Sales of Industrial Chemical |
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No. of Employees : |
About 5 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – September 30, 2011
|
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 |
WHITEX
INDUSTRIES (NIGERIA) LIMITED
The company is engaged in Importation and Sales of Industrial Chemical
The company address located at 28, Ladoke Akintola Street, GRA, Ikeja,
Lagos State, Nigeria.
COMPANY NAME: WHITEX INDUSTRIES NIGERIA LIMITED
REGISTERED
NAME: WHITEX
INDUSTRIES NIGERIA LIMITED
REGISTERED
ADDRESS: 2, Catholic Mission Street, Lagos Island, Lagos State, Nigeria
HEAD OFFICE
ADDRESS: 28, Ladoke Akintola Street, GRA, Ikeja, Lagos State, Nigeria
TELEPHONE: 234-706-400-090 (INCOMPLETE)
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 $.
NATURE OF
PREMISES:
Leased office
space approximately 500 square meters
DATE INCORPORATED: 3rd June, 1981
YEAR BEGAN OPERATIONS: 1981
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC: 39175
SHARE CAPITAL: 5,500,000
ISSUED CAPITAL: 5,500,000
PAID-UP CAPITAL: 5,500,000
STAFF STRENGHT: About
5
Names %Held
28,
Ladoke Akintola Street, GRA, Ikeja, Lagos State, Nigeria
15,
Commercial Road, Akoka, Yaba, Lagos State, Nigeria
28,
Ladoke Akintola Street, GRA, Ikeja, Lagos State, Nigeria
Flat
1301-1B, Green Acres, Lekhandwala Complex, Andheri (W) Mumbai, India
15,
Alhaji Gatar Street, Ogudu, Lagos State, Nigeria
Whitex Industries (Nigeria) Limited was incorporated on 3rd
June, 1981 with Registration Number (RC: 39175).
The corporate head office is located at 28, Ladoke Akintola Street, GRA, Ikeja,
Lagos State, Nigeria (Tel: 234-706-400-090). It is a storey building painted
orange. It is well fenced and has an iron gate painted blue.
The company is engaged in Importation and Sales of Industrial Chemicals.
During our visit on 15th
February, 2012, Mr. Dele the security personnel stated that the company is
engaged in Importation and Sales of Industrial Chemicals. According to him,
none of the management team was available as they have all gone for marketing
and other business discussions. He declined to supply further information as he
is not in best position to supply the needed information; he acknowledged our
document and promised to forward it to the appropriate authority. Meanwhile,
the telephone number (234-706-400-090) supplied is incomplete.
Conclusion: Based
on our visit and brief discussion with Mr. Dele, we are of the opinion that the
company that the company is legal entity that is engaged in legitimate business.
As such, any business relationship with the company should be mutually
beneficial.
·
General Public
·
Group of Companies
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
Subject Audited Accounts was not available as at the time of compiling
this report. However, based on the services the company renders and the sector it
belongs to, the Company’s estimated turnover could be put at $1 Million (One
Million Dollars).
The company is operating in an industry with very great potentials. This
sector 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 record in
this sector, foreign investors are inevitable. They facilitate the importation
of high-tech equipment, which will boost quality services.
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 Whitex Industrial Nigeria Limited
is duly registered in Nigeria with a registered address is located at
2, Catholic Mission Street, Lagos Island, Lagos State, Nigeria, while its operational address is located at 28,
Ladoke Akintola Street, GRA, Ikeja, Lagos State, Nigeria.
Information contained in
the report is mostly from secondary sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.21 |
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1 |
Rs.77.75 |
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Euro |
1 |
Rs.64.58 |
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 |
-- |
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.