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Report Date : |
30.01.2013 |
IDENTIFICATION DETAILS
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Name : |
KAFIN KAFI NIGERIA LIMITED |
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Registered Office : |
32, Fagge Takudu Street, Kano State |
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Country : |
Nigeria |
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Date of Incorporation : |
25.07.1978 |
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Com. Reg. No.: |
RC: 25595 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Import & Exports of Textiles Leather and General Merchandising. |
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No. of Employees : |
Over 10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Nigeria |
B1 |
B1 |
|
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
KAFIN KAFI NIGERIA
LIMITED
The company is engages in Import & Exports of Textiles Leather and General
Merchandising.
The company is
located at Import & Exports of Textiles Leather and General Merchandising
COMPANY NAME: KAFIN KAFI NIGERIA LIMITED
REGISTERED NAME: KAFIN KAFI NIGERIA
LIMITED
REGISTERED ADDRESS: 32,
Fagge Takudu Street, Kano State, Nigeria
HEAD OFFICE ADDRESS: 69E,
Bello Road, Ajingi, Kano State, Nigeria
POSTAL ADDRESS: P.O.
Box 2235, Kano State, Nigeria
TELEPHONE: 234-64-647715,
632392-3 (2 Lines), 640465, 641715
FAX: 234-64-643678
MOBILE: 234-803-788-1660
E-MAIL: bmanwani@aol.com
CONTACT PERSON: Harish S. Manwani
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 approximately 500 square meters
DATE INCORPORATED: 25th
July, 1978
YEAR BEGAN OPERATIONS: 1978
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC:
25595
SHARE CAPITAL: 50,000
ISSUED CAPITAL: 50,000
PAID-UP CAPITAL: 50,000
STAFF STRENGHT: Over
10
24, Iwaya Road, Onike, Yaba, Lagos State,
Nigeria
32, Fagge Takudu Street, Kano State, Nigeria
69E, Bello Road, Kano State, Nigeria
69E, Bello Road, Kano State, Nigeria
69E, Bello Road, Kano State, Nigeria
|
S/N |
Name |
Position |
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1. |
Mr.
S.U. Manwani |
Chairman |
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2. |
Chief Shewak Manwani |
Chief Executive Officer |
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3. |
Mr.
Harish Manwani |
Executive Director |
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4. |
Mr.
Bharat Manwani |
Executive Director |
Kafin Kafi Nigeria Limited was incorporated on 25th
July, 1978 with Registration Number (RC: 25592). The corporate head office
located at 69E, Bello Road, Ajingi, Kano State, Nigeria.
During our visit to the
company, we were denied access into the premises by the security officers at
the entrance gate. According to them, the current security situation in the
state prompted them to give order that no visitor without prior appointment and
due clearance from the management should be allowed into the premises.
We later spoke with Harish
S. Manwani (234-803-788-1660) who confirmed the company’s line of business but
refused to disclose further information afterwards. All efforts to persuade him
proved abortive as he insisted on knowing the source of enquiry, he later
promised to get back to us but we are yet to receive any response from him at
the time of compiling this report.
Meanwhile, our secondary
sources information revealed that the company engages in Import & Export of
Textiles Leather and General Merchandising.
Conclusion: Based
on the registration details of the company obtained from the Corporate Affairs
Commission (CAC) and the secondary sources information we obtained on the
company, we are of the opinion that the company is a legal entity and operate a
legitimate business. As such, any business relationship with the company should
be mutually beneficial.
(From Secondary
Sources)
·
Fiber
·
General Public
·
Group of Companies
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership Structure: GOOD
The company’s Audited Accounts was not available as at the time of
compiling this report. However, we advise that the maximum credit limit to be
accorded to the company could be put at 100million US dollars ($100m USD).
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.53.70 |
|
|
1 |
Rs.84.35 |
|
Euro |
1 |
Rs.72.21 |
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 |
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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.