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Report Date : |
11.10.2012 |
IDENTIFICATION DETAILS
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Name : |
RAGI INDUSTRIES LIMITED |
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Registered Office : |
2-4, Vika Vills Community Road, Ikeja, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
23.11.2004 |
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Com. Reg. No.: |
RC: 611763 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importation and Sales of Industrial Chemicals from various
countries. |
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No. of Employees : |
Over 10 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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
RAGI INDUSTRIES
LIMITED
The company is engages in Importation and Sales of Industrial Chemicals
from various countries.
The company address is located at 3, Olajire House,
Ilupeju Bye-Pass, Lagos State, Nigeria
COMPANY NAME: RAGI INDUSTRIES LIMITED
REGISTERED NAME: RAGI INDUSTRIES
LIMITED
REGISTERED ADDRESS: 2-4,
Vika Vills Community Road, Ikeja, Lagos State,
Nigeria
HEAD
OFFICE ADDRESS: 3,
Olajire House, Ilupeju Bye-Pass, Lagos State,
Nigeria
PREVIOUS ADDRESS: 28,
Michael Adekoya Street, Ilupeju, Lagos State, Nigeria
TELEPHONE: 234-1-2718175,
7917575 (Not reachable)
FAX: 234-1-2718178,
7917575 (Not reachable)
PRIMARY CONTACT: Mr. Ravi Kumar (Sales Manager)
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: 23rd
November, 2004
YEAR BEGAN OPERATION: 2004
LEGAL FORM: Limited
Liability Company
REGISTRATION NO: RC:
611763
SHARE CAPITAL: 10,000,000.00
ISSUED CAPITAL: 10,000,000.00
PAID-UP CAPITAL: 10,000,000.00
STAFF STRENGHT: Over
10
Names %Held
39/9,
Sathotn Soi-9, South Sathorn Road, Yannawa Bangkok 10102, Bangkok Thailand
39/9,
Sathotn Soi-9, South Sathorn Road, Yannawa Bangkok 10102, Bangkok Thailand
39/9,
Sathotn Soi-9, South Sathorn Road, Yannawa Bangkok 10102, Bangkok Thailand
39/9,
Sathotn Soi-9, South Sathorn Road, Yannawa Bangkok 10102, Bangkok Thailand
Ragi Industries Limited was incorporated on 23rd November,
2004 with Registration Number (RC: 611763).
It corporate head office comprising multiple offices apartment on the 1st
Floor of a two (2) storey building painted cream and it has a wide security
gate painted black. The 2nd Floor of the same building is occupied by Heritage
Estate and Home Limited and the facility is located at 3, Olajire House,
Ilupeju Bye-Pass, Lagos State, Nigeria. The
company’s warehouse is attached to the administrative block, though it is a
bungalow on the down floor of the premises. Industrial Chemicals were sighted
at the warehouse.
During our visit on 8th
October, 2012, Mr. Ravi Kumar (234-1-7904502), the Sales Manager stated that
the company is into Importation and Sales of Industrial Chemicals from various
countries such as China, India etc. He also stated that the company relocated
from 28, Michael Adekoya Street, Ilupeju, Lagos State, Nigeria for the past
three (3) years.
Meanwhile,
the management of the company declined further information and insisted on
knowing the source of enquiry and all efforts to persuade them proved abortive.
Conclusion: Based
on our visit, trucks sighted beside the warehouse including facilities sighted,
we are of the opinion that the company appears to be credible. As such, any business
relationship with the company should be mutually beneficial.
·
General Public
·
Group of Companies
Mineral Products - Ores, Slag & Ash
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership Structure: GOOD
The company’s Audited Account was not available during our visit; as
such, its present financial state could not be ascertained.
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.
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 as at the time of compiling this
report.
Having carried out all
necessary verifications on the company, our investigations revealed that Ragi Industries Limited is duly
registered in Nigeria with a registered address is located at 2-4, Vika Vills
Community Road, Ikeja, Lagos State, Nigeria, Lagos
State, Nigeria, while its operational address is located at 3, Olajire House,
Ilupeju Bye-Pass, Lagos State, Nigeria
Information contained in
the report is mostly from secondary sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.53.04 |
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1 |
Rs.84.83 |
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Euro |
1 |
Rs.68.21 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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.