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Report Date : |
27.11.2012 |
IDENTIFICATION DETAILS
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Name : |
HARDEX INDUSTRIAL LIMITED |
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Registered Office : |
Zone B, Block 2, |
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Country : |
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Date of Incorporation : |
22.03.2010 |
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Com. Reg. No.: |
RC: 876758 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The company engages in General Merchants & Trading including sales of automobile lubricants such as Engine oil, Spark Plugs etc. |
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No. of Employees : |
5 Employees |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th,
2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
nigeria - ECONOMIC OVERVIEW
Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms. Nigeria pulled out of its IMF program in April 2002, after failing to meet spending and exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club. In November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt. Since 2008 the government has begun to show the political will to implement the market-oriented reforms urged by the IMF, such as modernizing the banking system, removing subsidies, and resolving regional disputes over the distribution of earnings from the oil industry. GDP rose strongly in 2007-11 because of growth in non-oil sectors and robust global crude oil prices. President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, diversify economic growth, and improve fiscal management. Lack of infrastructure and slow implementation of reforms are key impediments to growth. The government is working toward developing stronger public-private partnerships for roads, agriculture, and power. Nigeria's financial sector was hurt by the global financial and economic crises, but the Central Bank governor has taken measures to restructure and strengthen the sector to include imposing mandatory higher minimum capital requirements.
Source : CIA
HARDEX INDUSTRIAL LIMITED
The company engages in General Merchants &
Trading including sales of automobile lubricants such as Engine oil, Spark
Plugs etc.
The company is located in a commercial area at Zone
B, Block 2, Suite 63/64, Aspamda Plaza, Trade Fair Complex, Lagos State.
COMPANY NAME: HARDEX INDUSTRIAL LIMITED
REGISTERED
NAME: HARDEX INDUSTRIAL LIMITED
REGISTERED ADDRESS: Zone
B, Block 2, Suite 63/64, Aspamda Plaza, Lagos State.
HEAD OFFICE ADDRESS: Zone B, Block 2, Suite
63/64, Aspamda Plaza, Trade Fair Complex,
Lagos
State.
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: Rented
office space as corporate/head office occupying approximately 450 square
metres.
DATE INCORPORATED: 22nd March 2010
YEAR BEGAN OPERATION: 2010
LEGAL FORM: Private Limited
Company
REGISTRATION NO: RC: 876758
SHARE CAPITAL: 1,000,
000.00
ALLOTTED SHARE CAPITAL: 1,000, 000.00
PAID-UP CAPITAL 1,000, 000.00
STAFF STRENGHT: Over 5
1.
Ugonna F. Agu
100,000.00
Zone
B, Block 2, Suite 63/64 Aspamda Plaza, Trade Fair Complex, Badagry,
Lagos
2.
Michael O. Agu 100,000.00
Zone B, Block 2, Suite 63/64 Aspamda Plaza,
Trade Fair Complex, Badagry, Lagos
3.
Ozioma E. Agu 200,000.00
Zone B, Block 2, Suite 63/64 Aspamda Plaza,
Trade Fair Complex, Badagry, Lagos
4.
Lawrence S.T. Agu 600,000.00
Zone B, Block 2, Suite 63/64 Aspamda Plaza,
Trade Fair Complex, Badagry, Lagos
1. Ugonna
F. Agu
2. Michael
O. Agu
3. Ozioma
E. Agu
4. Lawrence
S.T. Agu
Hardex Industrial Limited was
incorporated on 22nd March, 2010 with registration number RC: 876758. The company’s showroom/administrative block
consist of a 2-room spacious apartment, painted blue. It is located on the
ground floor of a storey building located at Zone B, Block 2, Suite 63/64
Aspamda Plaza, Trade Fair Complex, Badagry, Lagos
The company engages in General Merchants &
Trading and sales of automobile lubricants such as Engine oil, Spark Plugs
etc.
During our visit to the company on 22nd November,
2012, we spoke with the Secretary to the Managing Director who refused to
disclose any information about the company including her name. According to
her, the Managing Director/CEO who is in best position to disclose information
about the company was not available at that time. She later insisted on knowing the source of
enquiry and reiterated that any foreign company who wishes to do business with
HARDEX INDUSTRIAL LIMITED should contact them directly. All efforts to persuade her proved abortive
as she remains adamant. The company shares premises with JACKSON LIMITED
(234-08033193306) who also decline any comment on Hardex Industrial Limited
when asked.
Meanwhile, some of the company’s products such as
spark plug, engine oil was sighted well packed in the showroom. In addition, more than five (5) personnel were
sighted in the office.
Conclusion: Based on our visit to the company, products
sighted and available information, we are of the opinion that the company
engages in legitimate business. As such, any business relationship with the
company should be beneficial.
General Public,
Group of Companies, Local Authorities
General Public,
Corporate Organisations, Individuals etc.
* 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 industry the company belongs to and services
rendered, the company’s estimated turnover could be put at $300 (Three Hundred
Dollars).
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.
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 Hardex
Industrial Limited is duly registered in Nigeria with a registered address at Zone
B, Block 2, Suite 63/64, Aspamda Plaza, Trade Fair Complex, Lagos State, Nigeria which also
serves as corporate office/showroom.
The company is into genuine
business transactions. It is an on-going
concern.
Information contained in
the report is mostly from secondary sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
UK Pound |
1 |
Rs.89.34 |
|
Euro |
1 |
Rs.72.35 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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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 |
|
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.