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Report Date : |
04.09.2012 |
IDENTIFICATION DETAILS
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Name : |
RECKITT BENCKISER NIGERIA LIMITED |
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Registered Office : |
14, Creek Road, Apapa, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
15.09.1962 |
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Com. Reg. No.: |
RC: 3159 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The company is engaged in Manufacture & Marketing of Household
Cleaning Products, Health & Personal Care Products |
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No. of Employees : |
Over 20 |
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RATING & COMMENTS
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MIRA’s Rating : |
Be |
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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
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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
RECKITT BENCKISER
NIGERIA LIMITED
The company is engaged in Manufacture & Marketing of Household
Cleaning Products, Health & Personal Care Products
The company address located at Reckitt Benckiser House, 12, Montgomery Road,
Yaba, Lagos State, Nigeria
COMPANY NAME: RECKITT BENCKISER NIGERIA LIMITED
REGISTERED NAME: RECKITT & COLMAN
(NIGERIA) LIMITED
PREVIOUS NAME: RECKITT &
COLMAN (NIGERIA) LIMITED (Till 1999)
REGISTERED ADDRESS: 14,
Creek Road, Apapa, Lagos State, Nigeria
HEAD OFFICE ADDRESS: Reckitt
Benckiser House, 12, Montgomery Road, Yaba, Lagos
State,
Nigeria
POSTAL ADDRESS: P.O. Box 801, Yaba, Lagos State, Nigeria
TELEPHONE: 234-1-7749528,
7749387, 7749525, 4794263
FAX: 234-1-
2793103
WEBSITE: http://www.rb.com/RB-worldwide/Operations-around-the-world/Nigeria
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: Owned
office space approximately 1,000 square meters
DATE INCORPORATED: 15th
September, 1962
YEAR BEGAN OPERATIONS: 1st
November, 1968
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC:
3159
SHARE CAPITAL: 10,000.00
ISSUED CAPITAL: 10,000.00
PAID-UP CAPITAL: 10,000.00
BOARD SECRETARY: DTT
Services Limited – Corporate Secretaries
SOLICITORS: AELEX
AUDITORS: Pricewaterhousecoopers
STAFF STRENGHT: Over
20
Names %Held
Hull
Yorks Britain, Britain
5,
Probyn Road, Ikoyi, Lagos State, Nigeria
Trangie
Hull Road, Cottingham E. Yorks, Britain
Elibank
House, Rectory Road, Taplow Bucks, Britain
The
Tilt House, Brownswood Road, Beacons Field Bucks, Britain
12,
Montgomery Road, Yaba, Lagos State, Nigeria
1.
Chief Olu Falomo - Chairman
2.
Mr. Safdar Ata - Managing Director/CEO
3.
Chief A.C.I. Mbanefo, CON
4.
Sir. Adebowale Omotosho
5.
Mr. Salvatore Caizzone
6.
Mr. Freddy Caspers
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S/N |
Name |
Position |
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1. |
Mr. Safdar Ata |
Managing Director/CEO |
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2. |
Udochkwu Anya |
Sales Director |
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3. |
Rohit Mishra |
Finance Director |
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4. |
faisalHashmi |
Marketing Director |
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5. |
Adedotun Idowu |
Supply Director |
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6. |
Pius Adegoke Baiyere |
Human Resources Manager |
Reckitt Benckiser Nigeria Limited was incorporated on 15th
September, 1962 with Registration Number (RC: 3159) Reckitt & Colman (Nigeria) Limited. The corporate head office is located at Reckitt Benckiser House,
12, Montgomery Road, Yaba, Lagos State, Nigeria. It occupies an edifice four
(4) storey building painted grey and white, opposite Marian Hospital.
During our visit on 29th August,
2012, we spoke with Miss Adeola the Receptionist (234-1-7749525) who
acknowledged our document and disclosed to us that the company engages in
Manufacturing and Marketing of Household Cleaning Products, Health and Personal
Care Products and we sighted some products like Jik, Dettol, Strepsiles, Dettol
Soaps and Antiseptics. She also confirmed that the company used to market some
imported products while she declined to further information but promised that
she will submit our document to the management who will get back to us but we
are yet to receive any response at the time of compiling this report.
Meanwhile, during our visit
to Corporate Affairs Commission (CAC), Nigeria, we discovered that the
company’s name from RECKITT & COLMAN
(NIGERIA) LIMITED to RECKITT BENCKISER NIGERIA LIMITED is yet to be
effected/updated in CAC’s record. The registration information obtained is
still on the company’s previous name.
Conclusion: Based
on our visit and discussion held with Miss Adeola the Receptionist with the
level of structure, personnel and company’s brand products sighted we are of
the opinion that the company is a legal entity and credit worthy. As such, any
business relationship with the company should be mutually beneficial.
·
Standard Chartered Bank
·
Citibank Nigeria
·
Guaranty Trust Bank
RECKITT BENCKISER PLC (UK)
Plot C2/3, Agbara
Industrial Estate, Km. 32, Lagos-Badagry Expressway, Agbara, Ogun State,
Nigeria
Telephone: 234-1-7749388,
7737492, 7737556
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Media Reach
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LTC
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Manufacturers Association of
Nigeria (MAN)
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Nigeria Employers’ Consultative
Association (NECA)
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Nigerian-British Chamber of
Commerce
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Lagos Chamber of Commerce and
Industry
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CHEMICAL and Non Metallic
Products Employers' Federation (CANMPEF)
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Innovation Awards
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Corporate Awards
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Environment and Community Awards
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General Public
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Group of Companies
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Corporate Organisations
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Wholesalers
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Retailers
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership Structure: GOOD
The company’s Audited Account was not available during our visit. However, based on the services rendered by
the company, a credit limit of $500 (Five Hundred Dollars) could be extended to
the company.
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.
OFFICIAL REMARKS
Having carried out all
necessary verifications on the company, our investigations revealed that Reckitt Benckiser Nigeria Limited is
duly registered in Nigeria with a registered address is located at 14, Creek
Road, Apapa, Lagos State, Nigeria, while its operational address is located at
Reckitt Benckiser House, 12, Montgomery Road, Yaba, Lagos State, Nigeria
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.45 |
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1 |
Rs.87.98 |
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Euro |
1 |
Rs.69.69 |
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.