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Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
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Name : |
KALAF NIGERIA LIMITED |
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Registered Office : |
35, Curtis Adeniyi Jones Close, Off Adamu Orisa Crescent, Off Gbajumo
Street, Off Adeniran Ogunsanya, Surulere, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
20.08.1985 |
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Com. Reg. No.: |
RC: 75173 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The Company engages in Importation and Supply of Chemical Raw Materials such as Dye for Fabrics and other chemicals. |
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No. of Employees : |
Between 5 - 8 |
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 |
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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
KALAF NIGERIA LIMITED
The Company engages in Importation and Supply of Chemical Raw Materials such as Dye for Fabrics and other chemicals.
The company address located at 35, Curtis Adeniyi Jones Close, Off Adamu
Orisa Crescent, Off Gbajumo Street, Off Adeniran Ogunsanya, Surulere, Lagos.
Nigeria.
COMPANY NAME: KALAF NIGERIA LIMITED
REGISTERED NAME: KALAF NIGERIA
LIMITED
REGISTERED ADDRESS: 17,
Kano Road, Adewole Housing Estate, Ilorin, Kwara State.
HEAD OFFICE ADDRESS: 35, Curtis Adeniyi Jones Close, Off Adamu Orisa
Crescent, Off Gbajumo Street, Off Adeniran Ogunsanya, Surulere, Lagos. Nigeria.
MOBILE: 234-807-728-8962
FAX: 234-1-5850228-9
PRIMARY CONTACT: Adetoun
Mohammed (Executive 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 approximately 600 square meters
DATE INCORPORATED: 20th
August, 1985
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC:
75173
SHARE CAPITAL: 10,000.00
ALLOTTED CAPITAL: 10,000.00
PAID-UP CAPITAL: 10,000.00
STAFF STRENGHT: Between 5 - 8
17, Kanor Road, Ilorin Kwara State
Plot 104, Babs Animashaun Street, Lagos
State, Nigeria
Kalaf Nigeria Limited was incorporated on 20th August,
1985 with Registration Number (RC: 75173). The company’s address is located at
35, Curtis Adeniyi Jones Close, Off Adamu Orisa Crescent, Off Gbajumo Street,
Off Adeniran Ogunsanya, Surulere, Lagos. Nigeria. The company occupies the whole edify storey
building and uses top floor for its administrative duties while the ground
floor is used as storage and workshop. The building is painted lemon green with
black gate opposite a brown bungalow with cream painted gate.
Kalaf
Nigeria Limited engages in sales and distribution of chemical
raw materials dye for fabrics etc.. The company has developed a wealth of
knowledge with regard to importation of chemicals prides themselves on their
fast and efficient delivery.
During
our visit to the company, we met Mrs. Adetoun Mohammed, the Executive Director
of the company who confirmed the company’s line of business and acknowledged
our documents. According to her, her
company does not have any business relationship with Indian company but she
promised that the management will get back to us in due course, all efforts to
obtain useful information from her proved futile. Some of the company’s personnel were seen
working while trucks were seen parked in the premises
Conclusion: Based
on our visit, facilities sighted, available information and comment from the
Executive Director, we are of the opinion that the company runs a legitimate
business and as such any business relationship with the company should be
mutually beneficial.
·
Polymers
·
Synthetic Resins
·
Rubber & Latex
·
Solvents
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Industrial Chemicals
·
Chlorinated Solvents
·
General
Public
·
Wholesalers
·
Retailers
·
Organisations
35, Curtis Adeniyi Jones Close, Off Adamu Orisa Crescent, Off Gbajumo
Street, Off Adeniran Ogunsanya, Surulere, Lagos. Nigeria
* Quality of Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership Structure: GOOD
Subject Audited
Accounts was not available as at the time of compiling this report. However,
based on the industry the company belongs to and services rendered, the
company’s estimated turnover could be put at $1 Million (One Million Dollars).
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.64.69 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
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.