MIRA INFORM REPORT

 

 

Report Date :

30.03.2012

 

IDENTIFICATION DETAILS

 

Name :

PILLARS MULERO NIGERIA LIMITED

 

 

Registered Office :

94, Oyadiran Estate, Sabo-Yaba, Lagos State, Nigeria

 

 

Country :

Nigeria

 

 

Date of Incorporation :

05.02.1985

 

 

Com. Reg. No.:

RC: 68927

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Not Available

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Undetermined

 

 

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

 

Company name

 

PILLARS MULERO NIGERIA LIMITED

 

 

OPERATIONS

 

The company’s line of business could not be determined

 

 

COMPANY LOCATION

 

The company could not be located at 3, Akanni Doherty Street, Ikeja, Lagos State, Nigeria.

 

 

IDENTIFICATION

 

COMPANY NAME:                                 PILLARS MULERO NIGERIA LIMITED

REGISTERED NAME:                            PILLARS MULERO NIGERIA LIMITED

REGISTERED ADDRESS:                      94, Oyadiran Estate, Sabo-Yaba, Lagos State, Nigeria

HEAD OFFICE ADDRESS:                     3, Akanni Doherty Street, Ikeja, Lagos State, Nigeria (Not Known)

 

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 $.

  

 

SUMMARY

 

NATURE OF PREMISES:                       The premises is approximately 3,000 square meters

DATE INCORPORATED:                        5th February, 1985

YEAR BEGAN OPERATIONS:                2005

LEGAL FORM:                                      Private Limited Company

REGISTRATION NO:                             RC: 68927

SHARE CAPITAL:                                 500,000.00

ISSUED CAPITAL:                                500,000.00

PAID-UP CAPITAL:                               500,000.00

STAFF STRENGHT:                              Undetermined

 

 

OWNERSHIP/SHAREHOLDING STRUCTURE

 

  1. John O. Folarin

94, Oladiran Estate, Sabo-Yaba, Lagos State, Nigeria

 

  1. Daswani Jaikishin                                 

3, Akanni Doherty Street, Ikeja, Nigeria

 

  1. Hathiramani Ram                                                                                              

3, Akanni Doherty Street, Ikeja, Nigeria

 

  1. Vishindas Haresh                                                                                              

3, Akanni Doherty Street, Ikeja, Nigeria

 

 

DIRECTORS  

                                                                                               

  1. John O. Folarin
  2. Daswani Jaikishin
  3. Hathiramani Ram
  4. Vishindas Haresh

 

 

BACKGROUND

 

Pillars Mulero Nigeria Limited was incorporated on 5th February, 1985 with Registration Number (RC: 68927). The corporate head office is located at 3, Akanni Doherty Street, Ikeja, Lagos State, Nigeria. The building is painted white and green gate opposite Guinness warehouse, Akanni Doherty Street.

 

During our visit on 28th March, 2012, none of the people we met in the premises could identify the company’s name. According to the security man who refused to disclose his name, the name of the company operating there is Dasco Engineering Limited, he then asked one of his  colleague to enquire from the Managing Director of Dasco Engineering but he came back to say that the Managing Director stated that such company does not exist at the address.

All efforts to contact the company  proved abortive as there was no contact phone number provided on the enquiry and there no address and details of the company from could be found from our secondary sources.

 

Conclusion:  Based on our visit and brief discussion with the security man who confirmed that the company is not known at the above address, we are of the opinion that the company does not exist at the given address. As such, we advise that every business transaction with the company should be put on hold till the correct address is provided and verification is made and concluded.

 

 

TYPES OF CUSTOMERS

 

·        UNDETERMINED

 

 

PERFORMANCE RANKING

 

* Quality of Management:          UNDETERMINED

* Ethics & Integrity:                     UNDETERMINED

* Ownership Structure:               GOOD

 

 

FINANCES

 

The company’s Audited Account was not available during our visit; therefore, as such, its present financial state could not be ascertained.

 

 

INDUSTRIAL OVERVIEW/ OPERATING ENVIRONMENT

 

UNDETERMINED DUE TO INADEQUATE INFORMATION

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism)

 

UNDETERMINED DUE TO INADEQUATE INFORMATION

 

 

 

OFFICIAL REMARKS

 

Having carried out all necessary verifications on the company, our investigations revealed that Jul Pillars Mulero Nigeria Limited is duly registered in Nigeria with a registered address is located at 94, Oladiran Estate, Sabo-Yaba, Lagos State, Nigeria, Nigeria. However, the company could not be located at 3, Akanni Doherty Street, Ikeja, Lagos State, Nigeria.

 

Information contained in the report is mostly from secondary sources.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.41

UK Pound

1

Rs.81.41

Euro

1

Rs.68.22

 

 

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.