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Report Date : |
28.11.2012 |
IDENTIFICATION DETAILS
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Name : |
SAMKING CHEMICALS LIMITED |
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Registered Office : |
Plot 13A, |
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Country : |
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Year of Establishment : |
1996 |
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Com. Reg. No.: |
RC: 662998 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Subject engages in Chemical Import,
Export and Distribution |
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No. of Employees : |
Between 11 - 50 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
SAMKING CHEMICALS LIMITED
The Company engages in Chemical Import, Export and Distribution.
The company address located at Plot 13A, ACME Road, Ogba Industrial Estate, Ikeja, Lagos State, Nigeria.
COMPANY NAME: SAMKING CHEMICALS LIMITED
REGISTERED NAME: SAMKING CHEMICALS NIGERIA LIMITED
REGISTERED ADDRESS: Plot 13A, ACME Road, Ogba Industrial Estate, Ikeja, Lagos State,
Nigeria.
HEAD OFFICE ADDRESS: Plot 13A, ACME Road, Ogba Industrial Estate, Ikeja, Lagos State,
Nigeria.
TELEPHONE: 234-1-775-2257, 761-1766, 761-1776
FAX: 234-1-345-1578
WEBSITE: www.samkingchemicals.com
EMAIL: info@samkingchemicals.com
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 700
square meters
DATE INCORPORATED: 11th
August, 2006
YEAR COMMENCED OPERATION: 1996
LEGAL FORM: Private
Limited Company
Registration No.: RC:
662998
SHARE CAPITAL: 1,000,000
ALLOTTED CAPITAL: 1,000,000
PAID-UP CAPITAL: 1,000,000
STAFF STRENGHT: Between 11 - 50
Names %Held
Plot 13A, Acme Road, Ogba Industrial Estate,
Ikeja, Lagos State, Nigeria
Plot 13A, Acme Road, Ogba Industrial Estate,
Ikeja, Lagos State, Nigeria
Plot 13A, Acme Road, Ogba Industrial Estate,
Ikeja, Lagos State, Nigeria
l Sam Olawale Obaleye
l Oloruntola Obaleye
l Olayinka Obaleye
|
Name |
Position |
|
Mr. Adebayo |
Technical Manager |
Samking Chemicals Limited was incorporated on 11th August, 2006 with Registration Number (RC: 662998). The company’s address is located at Plot 13A, ACME Road, Ogba Industrial Estate, Ikeja, Lagos State, Nigeria. The premises is made up of a storey building tagged Record Manufacturer of Nigeria Limited and located beside Diamond Pearl filling station. The company uses the ground floor for its products storage and administrative work.
Samking Chemicals limited is a chemical import,
export and distribution centred company in Nigeria. In the fast changing
environment the chemical industry provides, their ability to locate and deliver
hard to find items makes them an asset for small, medium and large chemical
buyers from all over Nigeria. The company operates nation-wide to
efficiently furnish its customers with affordable chemical raw materials, they
also work with producers,
manufacturers, and local distributors.
The company’s core values are consistency and quality at affordable prices. This makes them to provide unsurpassed value for its customers. Its main focus is in paints and ink chemical raw materials but they have diversified into other industrial chemicals. For manufacturers and other suppliers of chemicals they can help clients reach and maintain their goal of increased sales in their geographic area of interest. The company does marketing of by-products, surplus, secondary raw materials and marketing of adhesives and laundry chemicals.
Samking Chemicals can import liquids, solids, isotanks, containers, drums, bags or sacks to any location in Nigeria. Their customers rely on their flexibility, ingenuity and sincere desire to best serve their unique price, quality, packing and delivery requirements. They have the flexibility to establish warehouse locations local to their customers, creating additional cost savings and ensuring timely, reliable delivery.
During our visit on 20th November, 2012, Mr. Tunde who attended to our enquiries disclosed that the company engages in Industrial chemicals, general import and even partner with Koepeke & Co. GMBH Germany as an international technical partner. He later promised to get back to us in due course. There is free entry and exit into the premises as at our visit and staffs were sighted in their uniform carrying drums filled with chemicals.
Conclusion: Based on our visit, available information
and comment from Mr. Tunde, we are of the opinion that the company runs a
legitimate business and as such any business relationship with the company
should be mutually beneficial.
PRODUCT
DESCRIPTION
·
Acrylic Acid & Esters
·
Polymers
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Plasticizers
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Synthetic Resins
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Rubber & Latex
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Solvents
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Industrial Chemicals
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Chlorinated Solvents
SERVICES
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Paints Chemicals
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Foam chemicals
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Industrial Chemicals
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Adhesives
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Floor Coverings
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PolyUrethane
BANKER
·
Zenith Bank Plc.
FOCUS
TYPES OF CUSTOMERS
·
General Public
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Wholesalers
·
Retailers
·
Organisations
* 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 $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.
Having carried out all necessary verifications on the
company, our investigations revealed that Samking Chemicals Limited is duly
registered in Nigeria with a registered address located at Plot 13A, Acme Road,
Ogba
Industrial Estate, Ikeja, Lagos State, Nigeria, while
its operational address is located at the same address.
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 : |
MNL |
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 |
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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 |
|
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NB |
New Business |
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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.