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Report Date : |
12.01.2013 |
IDENTIFICATION DETAILS
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Name : |
AL-RAHIM TUNJI TRADING COMPANY LIMITED |
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Registered Office : |
39, Bridge Street, Idumota, Lagos Island, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
RC: 956573 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in Importation and Sales of Textiles and Industrial
Chemicals. |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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.
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Source : CIA |
The company is engaged in Importation and Sales of Textiles and
Industrial Chemicals. It also engages in exportation and general merchandize.
The Company is located in at 17A, Pedro Street, Oko-Awo, Lagos Island,
Lagos State, Nigeria.
ENQIRY NAME: AL RAHIM TUNJI
TRADING COMPANY LIMITED
COMPANY NAME: AL-RAHIM TUNJI
TRADING COMPANY LIMITED
REGISTERED
NAME: AL-RAHIM
TUNJI TRADING COMPANY LIMITED
REGULATORY BODY: CLOTHES AND
CHEMICALS
REGISTERED
ADDRESS: 39, Bridge Street, Idumota, Lagos Island, Lagos
State, Nigeria
HEAD OFFICE
ADDRESS: 17A, Pedro Street, Oko-Awo, Lagos Island, Lagos
State, Nigeria.
PREVIOUS
ADDRESSES: 1. No. 39, Bridge Street Idumota, Lagos
State, Nigeria.
2. No. 25, Church Street, Idumota, Lagos State,
Nigeria.
TELEPHONE: 234-1-8502171,
8506784
MOBILE: 234-803-224-4888,
802-926-0520
E-MAIL:
altracompany@yahoo.com,
prince_rahim2003@yahoo.com
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: Leased office space occupying approximately 500 square
metres
DATE INCORPORATED: 27th May, 2011
YEAR BEGAN
OPERATIONS: 1992
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC: 956573
SHARE CAPITAL: 1,000,000.00
ISSUED CAPITAL: 1,000,000.00
PAID-UP CAPITAL: 1,000,000.00
FINANCIAL YEAR
END: 31st December
TURNOVER: 780,000.00 USD
NETWORTH: N45,000,000.00
STAFF
STRENGHT: Eight (8)
Name %Held
Alh. Rahim Tunji Oyedokun 60%
39, Bridge Street, Idumota, Lagos Island, Lagos State, Nigeria
Oyedokun Kalid 20%
39, Bridge Street, Idumota, Lagos Island, Lagos State, Nigeria
Oyedokun Faruk 20%
39, Bridge Street, Idumota, Lagos Island, Lagos State, Nigeria
Alh. Rahim Tunji Oyedokun
Oyedokun Kalid
Oyedokun Faruk
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S/N |
Name |
Position |
Years of
Experience |
|
1. |
Rahim Oyedokun |
Managing Director/CEO |
15 years |
Al-Rahim Tunji
Trading Company Limited was incorporated with Registration Number (RC:
956573) with 1,000,000.00 Share Capital on 27th May, 2011. Prior to this, the
company was formerly registered and trading under a business name “Al-Rahim
Tunji Trading Company Limited” with registration number BN 002566 on 14th July,
2004 with it registered address located at 39, Bridge Street, Idumota, Lagos
Island, Lagos State, Nigeria. The company’s corporate head office occupies a 2
rooms office apartment on the 3rd floor of the leased three (3) storey building
located at 17A, directly opposite its showroom on number 8 (2nd floor), both
are in Pedro Street, Oko-Awo, Lagos Island, Lagos State, Nigeria.
The company is engaged in Importation and Sales of Textiles such as
Laces Embroidery, ladies garment, panties, string panties, cotton panties and
brassiere, Children wears, LCD watches. It also engages in Industrial
Chemicals.
During our visit to the company on 8th January, 2013, we met the
Managing Director/CEO, Alh. Rahim
Oyedokun (Tel: 234-1-8502171, 802-926-0520, Email: prince_rahim2003@yahoo.com,
altracompany@yahoo.com) who stated that the company is into Importation and
Sales of Textiles and Industrial Chemicals from China, U.K and Hong Kong.
According to him, the company is trying to import dye chemicals from India for
the first time. He added that he approached his suppliers in India for credit
facilities and he is expecting a container of the chemical from India before
the end of February, 2013. At the time of our intensive discussion with his
bankers: Diamond Bank Plc. Oke-Arin Branch, Lagos and Sterling Bank Plc, Docemo
Branch, Lagos State, Nigeria, the management of the two (2) banks confirmed
that the company is credit worthy. They added that they have been granting
credit facilities to the company without any litigation.
At the time of inspecting the company facilities in
their leased warehouse, stocked of textiles materials worth millions of Naira
were sighted. The Managing Director stated that he owned some landed
properties. He added that he was born and brought up within the area, it was
also confirmed that he is a man of high repute.
Conclusion, Based on our
visit, facilities sighted and random discussion held with other businessmen
within the area of the company’s operation, we are of the view that the company
is reputable and above all, they appear to be credit worthy. As such, any
business relationship with the company should be mutually beneficial.
Name: Rahim Oyedokun
Position: Managing
Director/CEO
Profession: Trading
Date of birth: 12th July, 1972
Place of Birth: Lagos Island
State of Origin: Kwara State
Nationality: Nigerian
Work History: 15 years working
experience
Subject operates
current account with the under listed banks.
|
Bank Name |
Address/ Tel |
Type of Account |
Account Name/
Number |
Account
Officer’s comment |
|
Sterling Bank Plc. |
Docemo Branch, Victoria Island, Lagos State |
Current Account |
Al-Rahim Tunji Trading Company Limited 2506899367110 |
Bank officials confirmed that the company’s Account exists and active. |
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Diamond Bank Plc. |
Oke-Awo Branch, Lagos State. |
Current Account |
Al-Rahim Tunji Trading Company Limited 0021714123 |
Bank officials confirmed that the company’s account exists and active. |
Remarks on Banks: The Company’s
accounts are active and satisfactory.
Laces Embroidery
Dye Chemicals
8, Pedro Street, Oko-Awo, Lagos Island, Lagos State, Nigeria
12/13, Pedro Street, Oko-Awo, Lagos State, Nigeria
Name of Company: CJB
International Company Limited
Address: 91, Reniam Road,
Dahia 116001, China
Telephone: 86-13940977423, 1-4159942507
Line of Business: Aaro Products
Contact Person: Wesley Fong
China, Hong Kong and India
General Public
Chemists
Pharmaceutical companies
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
Company Premises
Corporate Affairs Commission
Company’s Bankers
1. CERTIFICATE OF INCORPORATION- Verified
2. CERTIFICATE OF REGISTRATION “
The company’s
Audited Account was not available during our visit. Meanwhile, based on the services rendered by
the company, a credit limit of $,1,000 (One thousand US Dollars) could be
extended to the company.
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FGSL RISK RATING
ASSESSMENT: |
B (40-49) GOOD Apparently
healthy, with adequate working capital to meet normal commitments |
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CREDIT LINE
AMOUNT: |
Normal |
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CREDIT LINE
OPINION: |
Subject appears to be a credit worthy organization |
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.
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.
Having carried out all necessary verifications on the company, our
investigations revealed that,
Al-Rahim Tunji
Trading Company Limited is duly registered in Nigeria, with a registered
address at 39, Bridge Street, Idumota, Lagos Island, Lagos State, Nigeria,
while its operational address is located at 17A, Pedro Street, Oko-Awo, Lagos
Island, Lagos State, Nigeria
The company is into genuine business transactions. It is an on-going concern.
All information contained in this reports are from both primary and
secondary sources.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.54 |
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UK Pound |
1 |
Rs.88.05 |
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Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.