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Report Date : |
01.09.2012 |
IDENTIFICATION DETAILS
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Name : |
BRIGHTLINE TRADING NIGERIA LIMITED |
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Registered Office : |
13, Toyan Street, Obalende,
Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
18.03.2011 |
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Com. Reg. No.: |
RC: 942693 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The company engages in Exportation of Agricultural Products and
Importation of Consumable Goods |
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No. of Employees : |
5 |
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) |
|
Nigeria |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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 |
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
BRIGHTLINE TRADING
NIGERIA LIMITED
The company engages in Exportation of Agricultural Products and
Importation of Consumable Goods.
The company address located at 13, Toyan
Street, Obalende, Lagos State, Nigeria.
COMPANY NAME: BRIGHTLINE TRADING NIGERIA LIMITED
REGISTERED
NAME:
BRIGHTLINE TRADING NIGERIA LIMITED
REGISTERED ADDRESS: 13,
Toyan Street, Obalende,
Lagos State, Nigeria
HEAD OFFICE
ADDRESS: 13,
Toyan Street, Obalende,
Lagos State, Nigeria
MOBILE: 234-703-250-776
CONTACT PERSON: Mr. Anil Jhurani
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 300 square
meters
DATE INCORPORATED: 18th
March, 2011
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC:
942693
SHARE CAPITAL: 15,000,000
ALLOTTED CAPITAL: 1,000,000
PAID-UP CAPITAL: 1,000,000
STAFF STRENGHT: About
5
Names %Held
22/3
JK Store Balk Street, Samatharmapuram Theni Theni, India
1,
Industrial Layout, Tortola Bristih
Virgin, India
Brightline Trading Nigeria Limited
was incorporated on 18th March, 2011 with Registration Number (RC:
942693). The company’s address is located at 13,
Toyan Street, Obalende,
Lagos State, Nigeria. The company occupies a two room’s office apartment in a
bungalow building painted ash. The company shares the premises with other
reputable companies and also with a well-known legal firm.
During
our visit, Mrs. Martins Ayo who supplied brief
information on behalf of the management stated that as a result of business
expansion Brightline Trading Nigeria Limited
increased its share capital to 15,000,000 which was registered with Corporate
Affairs Commission on 17th August, 2011.
According to her, the company is into exportation of agricultural
products as well as importation of consumable goods. She further maintained
that the company’s main operational office is located somewhere at Oyijolayemi Street, Victoria Island, Lagos State, Nigeria.
Having said that, she declined further information. We later contacted Mr. Anil
Jhurani, the Managing Director/CEO via his telephone
(234-703-250-6776) but he also declined information despite all our efforts to
persuade him.
Conclusion: Based
on our visit, discussion with some of the company’s personnel, we are of the
opinion that the company is active and managed by an Indian, therefore any
business relationship with the company should be mutually beneficial.
The Company
operates Account with the under listed bank.
|
Bank Name |
Address/ Tel |
Account Name/ Number |
Account Officer’s Remarks |
|
Diamond Bank Plc |
Plot 1261, Adeola Hopewell Street, Victoria
Island, Lagos State, Nigeria |
Brightline Trading Nigeria Limited 0005772761 |
Other bank
officials confirmed that the company’s account exists and active |
Remarks
on Bank: The Company’s Bank Account is active and satisfactory
Name of Company: Rashika
Enterprises
Address: 122 A/6, Rajiv Nagar, 2nd Street Kovilpatti
628501 Tuticorin Dt. Tamilnadu, India
·
Granite
·
Welding Electrodes
·
Incense Sticks
·
Agricultural Products
·
General Public
·
Individuals etc.
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
The company’s Audited
Account was not available during our visit.
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.
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 Brightline Trading Nigeria Limited is duly registered in Nigeria with a registered address located at
13, Toyan Street, Obalende,
Lagos State, Nigeria, while its operational address
is located at the same address.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.72 |
|
UK Pound |
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.65 |
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 |
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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 |
|
<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.