MIRA INFORM REPORT

 

 

Report Date :

24.01.2012

 

IDENTIFICATION DETAILS

 

Name :

KAFIN KAFI NIGERIA LIMITED

 

 

Registered Office :

32, Fagge Takudu Street, Kano State

 

 

Country :

Nigeria

 

 

Date of Incorporation :

25.07.1978

 

 

Com. Reg. No.:

25595

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Import & Exports of Textiles Leather and General Merchandising

 

 

No. of Employees :

Over 10

 

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

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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

 

Company name 

 

KAFIN KAFI NIGERIA LIMITED

 

 

OPERATIONS

 

The company engages in Import & Exports of Textiles Leather and General Merchandising

 

 

COMPANY LOCATION

 

The company address located at 69E, Bello Road, Ajingi, Kano State, Nigeria.

 

 

IDENTIFICATION

 

COMPANY NAME:                                 KAFIN KAFI NIGERIA LIMITED

REGISTERED NAME:                            KAFIN KAFI NIGERIA LIMITED

REGISTERED ADDRESS:                      32, Fagge Takudu Street, Kano State, Nigeria

HEAD OFFICE ADDRESS:                     69E, Bello Road, Ajingi, Kano State, Nigeria

TELEPHONE:                                        234-64-647715, 632392-3 (2 Lines), 640465, 641715

FAX:                                                     234-64-643678

MOBILE:                                               234-803-788-1660

POSTAL ADDRESS:                             P.O. Box 2235, Kano, Kano State. Nigeria

E-MAIL:                                                kafinkafi@hotmail.com, Bmanwani@aol.com

CONTACT PERSON:                             Harish S. Manwani

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:                        25th July, 1978

YEAR BEGAN OPERATIONS:                1978

LEGAL FORM:                                      Private Limited Company

REGISTRATION NO:                             RC: 25595

SHARE CAPITAL:                                 50,000

ISSUED CAPITAL:                                50,000

PAID-UP CAPITAL:                               50,000

STAFF STRENGHT:                              Over 10

 

 

OWNERSHIP/SHAREHOLDING STRUCTURE

 

  1. Michael O. Abiodun

24, Iwaya Road, Onike, Yaba, Lagos State, Nigeria

 

  1. Tajudeen Ojoye                         

32, Fagge Takudu Street, Kano State, Nigeria

 

  1. Harish S. Manwani

69E, Bello Road, Kano State, Nigeria

 

  1. Shewak U. Manwani

69E, Bello Road, Kano State, Nigeria

 

  1. Shewak L. Inter Ltd

69E, Bello Road, Kano State, Nigeria

 

 

DIRECTORS  

                                                                                               

  1. Michael O. Abiodun
  2. Tajudeen Ojoye
  3. Harish S. Manwani
  4. Shewak U. Manwani

 

 

MANAGEMENT TEAM

 

S/N

Name

Position

1.

Mr. S.U. Manwani

Chairman

2.

Chief Shewak Manwani

Chief Executive Officer

3.

Mr. Harish Manwani

Executive Director

4.

Mr. Bharat Manwani

Executive Director

 

 

BACKGROUND

 

Kafin Kafi Nigeria Limited was incorporated on 25th July, 1978 with Registration Number (RC: 25592). The corporate head office located at 69E, Bello Road, Ajingi, Kano State, Nigeria could not be confirmed as a result of bomb blasts in different parts of Kano on Friday 20th January, 2012 where scores of people were confirmed dead. This made the Kano State government to impose 24 hours curfew in the state.  Meanwhile, all efforts to contact the company through the phone numbers provided (234-64-647715, 632393, 640465) were not going through.

 

Based on the information from our secondary sources, the company engages in Import & Export of Textiles Leather and General Merchandising.

 

Conclusion:  Based on the registration details of the company obtained from the Corporate Affairs Commission (CAC) and the secondary sources information we obtained on the company, we are of the opinion that the company is a legal entity and operate a legitimate business. 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

 

 

FINANCES

 

Subject Audited Accounts was not available as at the time of compiling this report. However, based on the industry the company belongs to and services rendered, we are of the opinion that estimated turnover of the company could be put at $3 Billion (Three Billion Dollars).

 

 

INDUSTRIAL OVERVIEW/ OPERATING ENVIRONMENT

 

Subject is operating in an industry with very great potentials. With the Local Content Initiative of the supervising agency, Nigerian indigenous companies now have exclusive rights up-to 30% of all contracts awarded within the manufacturing industry.  In cases where local expertise is lacking, indigenous companies are encouraged to enter into technical partnership with foreign firms.  With this innovation, local indigenous companies now have regular access to bids and can also benefit from the transfer of technology and expertise from their foreign technical partners.

 

There are many opportunities in this sector of the economy. These could be largely achieved through foreign companies’ joint ventures with Nigerian companies, as well as providing 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 Kafin Kafi Nigeria Limited is duly registered in Nigeria with a registered address is located at 32, Fagge Takudu Street, Ajingi, Kano State, Nigeria, while its operational address is located at 69E, Bello Road, Kano State, Nigeria could not be confirmed as a result of bomb blasts and curfew imposed in the state.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.24

UK Pound

1

Rs.78.13

Euro

1

Rs.64.79

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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