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Report Date : |
14.02.2013 |
IDENTIFICATION DETAILS
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Name : |
AK-UNIMERCH LIMITED |
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Registered Office : |
8, Kola Adeyemo Street, Oshodi, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
11.09.1989 |
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Com. Reg. No.: |
RC: 136974 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Not Available |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Nigeria |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
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
A K UNIMERCH LIMITED
The company’s line
of business could not be determined due to insufficient information.
The company address given as Plot 450, Ethel Plaza, 5th Avenue, Lagos
State, Nigeria Could Not Be located.
COMPANY NAME: A K UNIMERCH LIMITED
REGISTERED NAME: AK-UNIMERCH LIMITED
REGISTERED ADDRESS: 8,
Kola Adeyemo Street, Oshodi, Lagos State, Nigeria
HEAD OFFICE
ADDRESS: Plot 450, Ethel
Plaza, 5th Avenue, Lagos State, Nigeria (Not 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: 11th
September, 1989
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC:
136974
SHARE CAPITAL: 1,000,000.00
ISSUED CAPITAL: 50,000.00
PAID-UP CAPITAL: 50,000.00
STAFF STRENGHT: UNDETERMINED
8,
Kola Adeyemo Street, Oshodi, Lagos State, Nigeria
8,
Kola Adeyemo Street, Oshodi, Lagos State, Nigeria
I
Orlu Road/Wora Road, Owerri, Imo State, Nigeria
8,
Kola Adeyemo Street, Oshodi, Lagos State, Nigeria
8,
Kola Adeyemo Street, Oshodi, Lagos State, Nigeria
8,
Kola Adeyemo Street, Oshodi, Lagos State, Nigeria
8,
Kola Adeyemo Street, Oshodi, Lagos State, Nigeria
8,
Kola Adeyemo Street, Oshodi, Lagos State, Nigeria
Based on our secondary sources information, A K Unimerch Limited
was incorporated on 11th September, 1989 with Registration Number
(RC: 136974).
The company’s address given
as Plot 450, Ethel Plaza, 5th Avenue, Lagos State, Nigeria and also the address
obtained from internet: Suite 15, 148, Awolowo Way, Ikeja, Lagos State, Nigeria
could not be located. During our
visit to the area, some of the residents we spoke with claimed that such
address is unknown to them.
All
efforts to locate Plot 450, Ethel Plaza as supplied to be the contact address
proved abortive as 5th Avenue is not numbered in Plots but in close and the
house numbers are in alphabetical order. In addition, all efforts to reach them
on telephone yield no result as the phone number supplied (234-705-607-3011,
234-1-493-47765) is unreachable.
Conclusion: Based on our visit,
discussion held with some commercial drivers/riders around the area, we are of
the opinion that any business relationship with the company should be done with
extra security measure.
·
UNDETERMINED
* Quality of
Management: UNDETERMINED
* Ethics &
Integrity:
UNDETERMINED
* Ownership Structure: GOOD
The company’s Audited Account was not available during our visit;
therefore, as such, its present financial state could not be ascertained.
UNDETERMINED DUE
TO INSUFFICIENT INFORMATION
CMT REPORT (Corruption, Money Laundering
& Terrorism)
UNDETERMINED DUE
TO INSUFFICIENT INFORMATION
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.85 |
|
|
1 |
Rs.84.42 |
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Euro |
1 |
Rs.72.40 |
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 |
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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 |
|
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 |
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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 |
|
<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.