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Report Date : |
20.07.2013 |
IDENTIFICATION DETAILS
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Name : |
BRIGHTLINE TRADING NIGERIA LIMITED |
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Registered Office : |
13, Toyan Street, Obalende, Lagos State, |
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Country : |
Nigeria |
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Date of Incorporation : |
18.03.2011 |
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Com. Reg. No.: |
RC: 942693 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The company engages in Exportation of Agricultural Products and Importation of Consumable Goods. |
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No. of Employees : |
About 5 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 2007-12 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
BRIGHTLINE TRADING
NIGERIA LIMITED
The company engages in Exportation of Agricultural Products and
Importation of Consumable Goods.
The company address located at 1673, Oyin Jolayemi Street, Victoria Island,
Lagos State, Nigeria.
COMPANY NAME: BRIGHTLINE TRADING NIGERIA LIMITED
REGISTERED NAME: BRIGHTLINE TRADING
NIGERIA LIMITED
REGISTERED ADDRESS: 13,
Toyan Street, Obalende, Lagos State, Nigeria
HEAD OFFICE ADDRESS: 1673,
Oyin Jolayemi Street, Victoria Island, Lagos State, Nigeria
PREVIOUS ADDRESS: 13,
Toyan Street, Obalende, Lagos State, Nigeria
MOBILE: 234-703-250-6776
CONTACT PERSON: Mr.
Anil Jhurani
Currency:
All monetary quoted in this report are in Nigerian Naira, the local currency or
unless otherwise stated. The exchange rate is N155 to 1 US $.
NATURE OF PREMISES: Leased
office space approximately 300 square meters
DATE INCORPORATED: 18th
March, 2011
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC:
942693
SHARE CAPITAL: 15,000,000
ALLOTTED CAPITAL: 1,000,000
PAID-UP CAPITAL: 1,000,000
STAFF STRENGHT: About
5
Names %Held
22/3
JK Store Balk Street, Samatharmapuram Theni Theni, India
1,
Industrial Layout, Tortola Bristih Virgin, India
Brightline Trading Nigeria Limited was incorporated on 18th
March, 2011 with Registration Number (RC: 942693). The company’s
corporate head office occupies first floor back wing of a three (3) storey
building painted pink with black gate opposite UBA Bank Plc and the building is
beside Tasty Fried Chicken and it is located at 1673, Oyin Jolayemi Street,
Victoria Island, Lagos State, Nigeria.
During
our visit on 15th July, 2013, we met Mr. Rahidy an India man who confirmed the
company’s line of business but refused to disclose his position. He also
refused to acknowledge our document and some questions when asked but he stated
that Mr. Anil Jhurani who is in best position to provide the required
information is currently in India. He
later promised to forward our document to the appropriate authority who may get
back to us in due course.
Conclusion: Based
on our visit and brief discussion held with Mr. Rahidy who confirmed that the
company operates at the address, we are of the opinion that the company engages
in a legitimate business. As such, any business relationship with the company
should be mutually beneficial.
The Company
operates Account with the under listed bank.
|
Bank Name |
Address/ Tel |
Account Name/ Number |
Account Officer’s Remarks |
|
Diamond Bank Plc |
Plot 1261, Adeola Hopewell Street, Victoria Island, Lagos State,
Nigeria |
Brightline Trading Nigeria Limited 0005772761 |
Other bank
officials confirmed that the company’s account exists and active |
Remarks on Bank: The Company’s
Bank Account is active and satisfactory
Name of Company: Rashika Enterprises
Address: 122A/6, Rajiv Nagar, 2nd Street Kovilpatti
628501 Tuticorin Dt. Tamilnadu, India
·
Granite
·
Welding Electrodes
·
Incense Sticks
·
Agricultural Products
·
General Public
·
Individuals etc.
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership Structure: GOOD
The company’s Audited Account was not available during our visit. However, based on the services rendered by
the company, a credit limit of $1,000 (One Million Dollars) could be extended
to the company.
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.
OFFICIAL REMARKS
Having carried out all
necessary verifications on the company, our investigations revealed that Brightline Trading Nigeria Limited is
duly registered in Nigeria with a registered address located at 13, Toyan
Street, Obalende, Lagos State, Nigeria, while its operational address is
located at 1673, Oyin Jolayemi Street, Victoria Island, Lagos State, Nigeria.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
|
1 |
Rs.91.03 |
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Euro |
1 |
Rs.78.52 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
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.