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Report Date : |
21.06.2012 |
IDENTIFICATION DETAILS
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Name : |
M TEX INDUSTRIES LIMITED |
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Registered Office : |
2, |
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Country : |
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Date of Incorporation : |
19.10.2004 |
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Com. Reg. No.: |
RC: 609285 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing of Foam Tape Edge |
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No. of Employees : |
Over 20 employee |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
M TEX
INDUSTRIES LIMITED
The company engages in Manufacturing of Foam Tape Edge
The company address located at 10, Oke Street, Ahmadiyya Bus Stop,
Ojokoro, Lagos State, Nigeria.
COMPANY NAME: M TEX INDUSTRIES LIMITED
REGISTERED
NAME: M TEX
INDUSTRIES LIMITED
REGISTERED
ADDRESS: 2, Oduduwa Road, Apapa, Lagos State, Nigeria
HEAD OFFICE
ADDRESS: 10,
Oke Street, Ahmadiyya Bus Stop, Ojokoro, 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 N150
to 1 US $.
NATURE OF
PREMISES:
Leased office
space approximately 500 square meters
DATE
INCORPORATED: 19th October, 2004
YEAR BEGAN OPERATIONS: 2004
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC: 609285
SHARE CAPITAL: 2,000,000.00
ISSUED CAPITAL: 2,000,000.00
PAID-UP CAPITAL: 2,000,000.00
STAFF STRENGHT: Over
20
Names %Held
24,
Burma Road, Apapa, Lagos State, Nigeria
42,
Avenue Faidherebe, Dakar Pakistan
2,
Oduduwa Road, Apapa, Lagos State, Nigeria
24,
Burma Road, Apapa, Lagos State, Nigeria
M Tex Industries Limited was incorporated on 19th October,
2004 with Registration Number (RC: 609285). The
corporate office occupies spacious premises comprising an edifice factory and administrative
blocks. It is well fenced and located at 10, Oke Street, Ahmadiyya Bus Stop,
Ojokoro, Lagos
State, Nigeria.
During our visit on 14th
April, 2012, Okegbemi Adenike the Account Officer (234-802-422-5463) who
acknowledged our document and confirmed that the company is into Manufacturing
of Foam Tape Edge and their major client includes: Mouka and Vita Foam
Companies. She later stated that major information could be only supplied by
the Managing Director who was not available as she could not divulge any
information without due authority from the management. We sighted some of their
machines even though we were not allowed to move near the equipment they
distance us from the machines.
Conclusion: Based
on our visit, good number of personnel sighted including their facilities, we
are of the opinion that the company is very active. As such, any business
relationship with the company should be mutually beneficial
MAJOR CLIENTS
·
MOUKA FOAM
·
VITA FOAM
TYPES OF CUSTOMERS
·
General Public
·
Group of Companies
PERFORMANCE
RANKING
* 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 rendered and the industry the company belongs to, the Company’s
estimated turnover could be put at $1 Million (One Million Dollars).
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 M Tex Industries Limited is
duly registered in Nigeria with a registered address is located at
2, Oduduwa Road, Apapa, Lagos State, Nigeria, while
its operational address is located at 10, Oke Street, Ahmadiyya Bus
Stop, Ojokoro, Lagos
State, Nigeria.
Information contained in
the report is mostly from secondary sources only.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.86 |
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UK Pound |
1 |
Rs.87.93 |
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Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.