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Report Date : |
12.08.2013 |
IDENTIFICATION DETAILS
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Name : |
INTEGRATED JOWALE NIGERIA LIMITED |
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Registered Office : |
27, Idumagbo Avenue, Lagos Island, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
03.04.2012 |
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Com. Reg. No.: |
RC: 1023279 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The company engages into Importation and Sales of Sodium Bicarbonate |
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No. of Employees : |
About five (5) |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 |
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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 2007-12
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
INTEGRATED JOWALE
NIGERIA LIMITED
The company engages into Importation and Sales of Sodium
Bicarbonate
The company address located
at 3rd Floor, 27, Idumagbo Avenue, Lagos Island, Lagos State, Nigeria
COMPANY NAME: INTEGRATED JOWALE NIGERIA LIMITED
REGISTERED NAME: INTEGRATED JOWALE NIGERIA LIMITED
REGISTERED ADDRESS: 27, Idumagbo Avenue, Lagos
Island, Lagos State,
Nigeria
HEAD OFFICE ADDRESS: 3rd
Floor, 27, Idumagbo Avenue, Lagos Island, Lagos State,
Nigeria
MOBILE: 234-708-333-1980,
FAX: 234-1-8441461
EMAIL: adeadewale@mail.com,
adeadewale25@hotmail.com,
adewaleade85@gmail.com,
adeadewale545@yahoo.com
PRIMARY CONTACT: Mr.
Ade Adewale (Director)
Currency:
All monetary quoted in this report are in Nigerian Naira, the local currency or
unless otherwise stated. The exchange rate is N160 to 1 US $.
NATURE OF PREMISES: Leased office space
occupying approximately 120 square
DATE INCORPORATED: 3rd
April, 2012
LEGAL FORM: Private Limited Liability Company
REGISTRATION NO: RC:
1023279
SHARE CAPITAL: 1,000,000.00
ALLOTTED SHARE CAPITAL: 1,000,000.00
PAID-UP CAPITAL 1,000,000.00
STAFF STRENGHT:
About
five (5)
Names Shares
Held%
1. Tunde
Adeleke 30%
27,
Idumagbo Avenue, Lagos Island, Lagos State, Nigeria
2. Adewale
Adeleke 40%
27,
Idumagbo Avenue, Lagos Island, Lagos State, Nigeria
3. Muyiwa
Adeleke 30%
27,
Idumagbo Avenue, Lagos Island, Lagos State, Nigeria
1. Tunde
Adeleke
2. Adewale
Adeleke
3.
Muyiwa Adeleke
Integrated Jowale Nigeria Limited was incorporated with (RC:
1023279) on 3rd April, 2012, its corporate/residential address occupies a room
apartment on the 3rd Floor of a three (3) storey commercial/ residential
building. The facility is located at 27,
Idumagbo Avenue, Lagos Island, Lagos State, Nigeria.
The company is in to
Importation and Sales of Sodium Bicarbonate from Hangzhou Topmate Chemical Co.
Ltd in China (Tel: 86571-28002981); they are also into Sales of Building
Materials such Roofing, Wire and Common Nails and other Industrial Chemicals
welding electrodes ( AWS E6013), White'Taper Candles 23g and 28g) and General
merchandise.
According to Mr. Ade
Adewale, the Managing Director (234-708-333-1980), the company has no interest
in India companies neither their products. He added that he normally receive
goods from China on credit basis. When
asked for the company’s office/ warehouse he stated that he only to supply to
his customers on demand and he was very adamant to the query.
Conclusion: Based
on our visit, discussion held with the Managing Director of the company, we are
of the opinion that the company depends on credit facilities for his business. As such, we advise that any business relationship on cash and carry
basis.
·
General Public
·
Private companies
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership Structure: GOOD
THE COMPANY CURRENTLY HAS NO FINANCIAL REPORTS, WE THEREFORE HAVE
RESERVATION IN SUGGESTING THE CREDIT LIMIT TO BE GIVEN 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
-- |
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.