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Report Date : |
01.09.2012 |
IDENTIFICATION DETAILS
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Name : |
BSHAT CONCEPT LIMITED |
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Registered Office : |
10, Onoje Crescent, Ajah, Victoria Island, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
26.07.2010 |
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Com. Reg. No.: |
RC: 901887 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
General Merchants and Traders |
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No. of Employees : |
Not Available |
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RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Undetermined |
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Payment Behaviour : |
Unknown |
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Litigation : |
-- |
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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
BSHAT CONCEPT
LIMITED
Based on our secondary sources information, the company engages in
General Merchants and Traders
The company
address given as 10, Emma Onoje Crescent, Ajah, Victoria Island, Lagos State, Nigeria could not be
located during our visit to the area.
COMPANY NAME: BSHAT CONCEPT LIMITED
REGISTERED NAME: BSHAT CONCEPT
LIMITED
REGISTERED ADDRESS: 10,
Onoje Crescent, Ajah,
Victoria Island, Lagos State, Nigeria
HEAD OFFICE ADDRESS: 10,
Emma Onoje Crescent, Ajah,
Victoria Island, Lagos State,
Nigeria (Could not be located)
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: UNDETERMINED
DATE INCORPORATED: 26th
July, 2010
YEAR BEGAN OPERATIONS: 2010
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC:
901887
SHARE CAPITAL: 1,000,000.00
ISSUED CAPITAL: 1,000,000.00
PAID-UP CAPITAL: 1,000,000.00
STAFF STRENGHT: Undetermined
Names %Held
10, Onoje
Crescent, Ajah, Victoria Island, Lagos State, Nigeria
10, Onoje
Crescent, Ajah, Victoria Island, Lagos State, Nigeria
10, Onoje
Crescent, Ajah, Victoria Island, Lagos State, Nigeria
Elibank House, Rectory
Road, Taplow Bucks, Britain
Bshat Concept Limited was
incorporated on 26th July, 2010 with Registration Number (RC: 901887). The corporate head office given as 10,
Emma Onoje Crescent, Ajah,
Victoria Island, Lagos State, Nigeria could not be located in the area.
During our visit on 29th
August, 2012, we were unable to locate the address as the specific area or
Bus-stop in Ajah was not indicated and all effort to
get the right description from Taxi (Cabs), Commercial Bus Drivers, Okada
Riders and residents of the area proved abortive as they all claimed that such
street name is unknown to them as Ajah is very wide.
In addition, no information on the company could be obtained from our secondary
sources and no telephone number was provided on the enquiry in order to contact
the company for necessary description.
Conclusion: Based
on our visit and inability to locate the address, we advise that any business
relationship with the company should be done on cash and carry basis until the
correct address is provided by the company and verified.
·
UNDETERMINED
* Quality of
Management: UNDETERMINED
* Ethics &
Integrity:
UNDETERMINED
* Ownership Structure: GOOD
The company’s Audited Account was not available during our visit; as
such, its present financial state could not be ascertained.
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 Bshat Concept Limited is duly registered in
Nigeria with a registered address is located at 10, Onoje
Crescent, Ajah, Victoria Island, Lagos State,
Nigeria, Lagos State, Nigeria, while its operational address is given as 10,
Emma Onoje Crescent, Ajah,
Victoria Island, Lagos State, Nigeria could not be located.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.72 |
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1 |
Rs.87.95 |
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Euro |
1 |
Rs.69.65 |
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 |
-- |
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.