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Report Date : |
02.08.2013 |
IDENTIFICATION DETAILS
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Name : |
NYCIL LIMITED |
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Registered Office : |
7, Alhaji Tokunbo-Alli Street, Ikeja, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
12.12.1978 |
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Com. Reg. No.: |
RC: 27148 |
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Legal Form : |
Private Limited Liability |
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Line of Business : |
Manufacture of Alkyd Resins, Adhesive Binders, Textile
Finishing/Sizing Agents, Polyester Resins, Driers & Plasticizing Agents. |
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No. of Employees : |
Over Three Hundred (300) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
|
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 2007-12 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
NYCIL LIMITED
The company engages in Manufacture of Alkyd Resins, Adhesive
Binders, Textile Finishing/Sizing Agents, Polyester Resins, Driers &
Plasticizing Agents.
The company address is
located at 24, Talabi Street, Off 90, Adeniyi Jones, Ikeja, Lagos State,
Nigeria
COMPANY NAME: NYCIL
LIMITED
REGISTERED NAME: NYCIL LIMITED
SECTOR: MANUFACTURING
REGISTERED
ADDRESS: 7,
Alhaji Tokunbo-Alli Street, Ikeja, Lagos State, Nigeria
HEAD OFFICE ADDRESS: 24,
Talabi Street, Off 90, Adeniyi Jones, Ikeja, Lagos State,
Nigeria
POSTAL ADDRESS: P.O.
Box, 1187, Ikeja, Lagos State, Nigeria
TELEPHONE: 234-1-7733007-8
(2 Lines), 39722273, 7912808
FAX: 234-1-39722272
EMAIL: nycil_limited@yahoo.co.uk,
info@nycil.org
WEBSITE: www.nycil.org
Currency:
All monetary quoted in this report are in Nigerian Naira, the local currency or
unless otherwise stated. The exchange rate is N155 to 1 US $.
NATURE OF PREMISES: Leased
office space occupying 2,500 square meters
DATE INCORPORATED 12th December, 1978
YEAR BEGAN OPERATION: 1979
LEGAL FORM: Private Limited
Liability
REGISTRATION NO: RC: 27148
SHARE CAPITAL: 550,000,000.00
ISSUED CAPITAL: 10,000.00
PAID-UP CAPITAL: 10,000.00
STAFF STRENGHT: Over Three Hundred (300)
1.
Laszco Gombos
20, Cheyne Court Flood Street, London S.W.
351P
2.
Padinakar Barrve
6, Hall Farms Close Stanrnore Midlesex Hahaji
3.
Harish Dalihand Tolia
10, Oluunmibe Street, P.O., Box 1187, Ikeja,
Lagos State, Nigeria
4.
Godwin Akinwale Bajomo
7, Alhaji Tokunbo Ali Street, Ikeja, Lagos
State, Nigeria
5.
Klaszlo Gombos
20, Cheyne Court Flood Street, London S.W.
351P
6.
Mr. Jacob Kholi
House No. Bat A/179, Opposite Akuaba Estate,
Maingt, Accra, Ghana
7.
Mr. Ravinder Sharma
Plot 102, Medical Guild Close, Victoria
Island, Lagos State, Nigeria
1. Laszco
Gombos
2. Padinakar
Barrve
3. Harish
Dalihand Tolia
4. Godwin
Akinwale Bajomo
5. Klaszlo
Gombos
6. Mr.
Jacob Kholi
7. Mr.
Ravinder Sharma
1.
Dr. P. Sridharan - Managing Director
2.
Mr. K. R. Sarkar - Executive Director
3.
Chief M. R. Rao - Non-Executive Director
4.
Mr. Jacob Kholi - Director
5.
Mr. Ravinder Sharma - Director
MANAGEMENT PROFILE:
|
S/N |
Name |
Position |
|
1. |
H. Omomagho |
Chairman |
|
2. |
Dr. P. Sridharan |
Managing Director/CEO |
|
3. |
E. O. Ogunleye |
Assistant General Manager (Raw Materials Stores) |
|
4. |
D.K.I Igbokwe |
Assistant General Manager (Personnel/Admin) |
|
5. |
P.S. Surve |
Chief Engineer |
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6. |
Dr. G.K. Gawde |
Research & Development Manager |
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7. |
Mr. K.R. Sarkar |
Manufacturing Manager |
|
8. |
R.B. Deshmukhe |
Process Control Manager |
|
9. |
M.R. Rao |
Product Development Manager |
Nycil Limited was incorporated with Corporate
Affairs Commission on 12th December, 1978 with Registration Number (RC: 27148).
The Company’s head office is located at 24, Talabi Street, Off 90, Adeniyi
Jones, Ikeja, Lagos State, Nigeria. It occupies three (3) storey building
painted sky blue and cream colour with brown gate. It is opposite a storey
building painted white with black gate close to the end of the street.
Nycil Limited is a Manufacturer of Synthetic
Resins/Polymers, Alkyd Resins, Adhesive Binders, Textile Finishing/Sizing
Agent, Polyester Resins, Driers and Plasticizing Agents which it pioneered in
Nigeria 30 years ago. Its products are widely used as raw materials and enjoy
distinct pride of place in- various Nigerian Industries and particularly, in
the surface coating, printing ink and packaging industries. It has a long
history of recognition by both senior and junior staff of Trade Union.
Nycil Limited has been in operation for over 26
years in Nigeria under the supervision of Indian Expatriates. The Company
imports all its basic raw materials from various countries at competitive
prices. Nycil Limited
is rated as one of the leading service provider as well as one of the largest
manufacturers of Synthetic Resins and specialty chemicals in Nigeria and it is
the market leader in wide range of high quality polymer such as Alkyd Resins,
Homo Polymers Emulsion, Acrylic Copolymers, Plasticizers, Saturated and
Unsaturated Polyester Resins, Dispersants, etc.
During our visit to the
address, we met Mr. Caleb Nehywah a Security Officer at the address who confirmed
and acknowledged our document. According to him, their corporate office is
located at 35, Ikosi Road, Lagos State, Nigeria. He later decline to our
further questions and stated that he is not in the position to give information
of their company but promised to submit our document to the management who may
get back to us. The company’s facility
looks like a residential building from outside though we are not allowed access
into the premises.
Note: The Company
increased its Share Capital from 100,000,000.00 to 550,000,000.00 on 30th June,
2010.
Conclusion: Based
on our visit and discussion held with Mr. Caleb Nehymah, the Security Officer
security who confirmed that the company exists at the address, we are of the
view that the company runs a legitimate business. As such, any business
relationship with the company should be mutually beneficial.
·
Alkyd Resins (Short, Medium & Long Oil)
·
Modified Alkyd Resins
·
Acrylic Coplolymer (Solution &
Emulsion)
·
Polyester Resin (Saturated &
Unsaturated)
·
Polyamide Resins (Reactive & Non Reactive)
·
Amino Resins
·
Plasticizers (Primary & Secondary)
·
PVAc Emulsions (Homo & CoPolymer)
·
Red Yellow Iron Oxide Pigments
·
Penta98%
·
Styrene/Acrylic CoPolymers (Emulsion)
·
Aliphatic Solvents
·
Chemical Additives
·
Baby
Powder
·
Baby
Cream
·
Baby
Oil
·
Baby
Soap
Plot 5-8, Ogun State
Housing Corporation Ind. Estate, Km.6, Otta-Idiroko Road, Otta, Ogun State,
Nigeria.
Onitsha
16, Nkpor/Obosi Road, Obosi near Onitsha, Delta State, Nigeria
Tabansi
Industrial Estate, 33D, Limca Road, Onitsha, Anambra State, Nigeria
Tel: 234-46-314183
Mobile: 234-805-630-6044, 803-340-7750,
803-359-2141,
Aba
1A, Factory Road, Aba, Abia State, Nigeria
Tel: 234- 082-440388
Mobile: 234-802-686-0817, 805-775-8596
803-317-0154
Benin
Evbuomore,
Km 6, Benin/ Lagos Road, Benin City, Edo State, Nigeria
Mobile: 234-803-340-7750
Kano
Northern Sawmill Compound, 30A, Kundila Road, Bompai Industrial Estate, Kano
State, Nigeria
Tel: 234-64-312019
Mobile: 234-803-4541598, 0802-9457581
Enugu
Maduako Group Compound,
52-60, Ebony Paints Road, Amechi-Awkwunanaw, Enugu State, Nigeria
Mobile: 234-809-169-1002
Lagos
35, Ikosi Road, Ikeja,
Lagos State, Nigeria
Tel: 234-709-800-7692
1.
Manufacturer
Association of Nigeria (MAN)
2.
Nigerian
Employers’ Consultative Forum (NECA)
To manufacture and
market high quality products driven by technological innovation placing
customer need as focal point providing conducive working environment for
employees so as to enhance value to stake holders, such as, shareholders,
employees, customers, suppliers and banks.
·
General Public
·
Corporate Organisations
·
Private Companies
·
Individuals etc.
* 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 and the industry the company belongs to, a credit limit of $50,000
(Fifty Million Dollars) could be extended to the company.
INDUSTRIAL
OVERVIEW/ OPERATING ENVIRONMENT
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.74 |
|
|
1 |
Rs.92.05 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
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 |
|
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.