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Report Date : |
04.06.2013 |
IDENTIFICATION DETAILS
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Name : |
EASTERN METALS LIMITED |
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Registered Office : |
10, Oba-Adetona, Off Sura Mogaji Street, Ilupeju, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
20.08.2008 |
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Com. Reg. No.: |
RC: 767001 |
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Legal Form : |
Private Limited Liability |
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Line of Business : |
Subject is engaged in the recycling scrap metals and producing construction
grade steel Sales and Distribution of Aluminium Products. |
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No. of Employees : |
Not Available |
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 |
According to our secondary sources information, the company is engaged
in the recycling scrap metals and producing construction grade steel Sales and
Distribution of Aluminium Products.
Subject is COULD NOT BE
located at Plot 4, Block D, Badejo
Kalesanwo Street, Mattori Industrial Area , Mushin, Lagos ,Nigeria
ENQUIRY NAME: METAFRIQUE GROUP
COMPANY NAME: EASTERN METALS LIMITED
REGISTERED NAME: EASTERN METALS LIMITED
REGISTERED
ADDRESS: 10, Oba-Adetona,
Off Sura Mogaji Street, Ilupeju, Lagos. Nigeria
HEAD OFFICE
ADDRESS: Plot 4, Block D, Badejo Kalesanwo Street,
Matori Industrial Area , Mushin, Lagos ,Nigeria
MOBILE: 234-8057291589
EMAIL: eml@metafrique.net
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: UNDETERMINED
DATE INCORPORATED 20th August, 2008
LEGAL FORM: Private
Limited Liability
REGISTRATION NO: RC:
767001
SHARE CAPITAL: 10,000,000.00
ISSUED CAPITAL: 10,000,000.00
PAID-UP CAPITAL: 10,000,000.00
STAFF STRENGTH: UNDETERMINED
Name % Held
Shalani Bhat Goswami 0.5%
6208-Hamiltn Court, DLF IV Guragon-Haryana, India
Metafrique Limited 99.5
Level 2, Max City Building, Port-Louis, India
Arun Goswami 0%
Level 2, Max City Building, Port-Louis, India
Shalani Bhat Goswami
Arun Goswami
Metafrique Group
could not be located at the address provided. Meanwhile, during our
visit to the address no commercial
activity is ongoing in the premises. The security personnel in the premises
confirmed that Eastern Metals Limited was the only known principal company in
the address before they relocated to an undisclosed address. They added that
Metafrique Group and its personnel are not known in the address supplied. All
efforts to reach the company through the contact phone number provided (234
805-729-1589) proved abortive even up till the time of compiling this report as
it was switched off.
The address provided Plot number 4, Block D, Badejo Kalesanwo Street,
Matori Industrial Area, Mushin, Lagos State Nigeria is a spacious premises. It
consists an unpainted one storey building, well fenced and its security gate is
painted with ash colour.
Meanwhile, our secondary sources revealed that Eastern Metals Limited
(EML) is a private limited company in Nigeria; it is one of the new
venture of the group company to scale up the capacity. It owns steel
furnace, steel rolling mills and lead Smelting plant. Metafrique Group is using
Eastern Metals Limited’s address and the company is headed by Pankaj Gupta
(an Indian) Country Head
– Nigeria while Segun Ishola
is the Country Sales Head – Nigeria. The sources further revealed that the
company is in business of recycling scrap metals and producing construction
grade steel from it. It also recycles other non ferrous metals to produce
alloys which are used for battery, autoparts and cable manufacturing (i.e.
collection, logistics, processing, melting, export of steel scrap, steel
billets and Re-bars). It manufactures Hot Rolled Construction grade steel
re-bars in its three plants in Nigeria and Cameroon.
Our secondary sources information further revealed that Metafrique Group
is a USD 120 million, first generation young and dynamic multinational
corporate organization having its branches in India, Nigeria, Cameroon, Congo,
Chad, Gabon and UAE with a goal to
become the leader in trading and recycling of ferrous and non ferrous scrap in
African continent. Metafrique
also manufactures ERW pipes, nails, Binding wires. It also recycles auto
batteries in to Lead Alloys, and Aluminum scrap in to ADC12 grade Aluminium
Alloy. On the trading side, company sources scrap from various countries and
supplies to steel mills in India, Thailand, Taiwan and Vietnam. Finished and
Semi finished steel products like wire rods, Hot rolled and Cold rolled coils,
wire rods are sourced from Ukraine, China, Russia, Turkey and India are
distributed through its subsidiaries in West Africa. In its 14 years of
existence, the company has attained a turnover of approx 120 mill Dollars and
employs more than 600 people.
Conclusion: Based on our visit, intensive discussion held
with the security personnel in the supplied and visited address, available
information and premises sighted, we are of the opinion that METAFRIQUE GROUP
is a first generation young and dynamic multinational corporate organization
who owns EASTERN METALS LIMITED in Nigeria and has relocated to an unknown
address due to an ongoing reconstruction in the premises. As such, any business
relationship with the company should be mutually beneficial but we advise that
it should be done on cash and carry basis until the company provides its
current address for verification and confirmation.
Steel Bars—TMT
Steel Ingots
Lead Ingots
Heavy Melting Steel Scrap
Low Melting Steel
Scrap
Battery Scrap
OTHER PRODUCTS
Steel Billets,
Bars,
Angles,
Channels,
Pipes,
Wires and Nails.
Aluminium,
Lead and Copper
Alloys
|
Metafrique PTE LTD 09-03 High Street Center, 1, North Bridge
Road Singapore +65-97119508 sin@metafrique.net |
Metafrique Cameroon SARL B. P. 15509, Zone Industrial Magzi Bassa, Douala, Cameroon +237-79535121 cam@metafrique.net |
|
Eastern Metals Limited K.M-16 Asaba-Benin Expressway,
Issele-Azagba Delta State ,Nigeria +234-8057291250 eml@metafrique.net |
Eastern Metals Limited Plot 4, Block D, Badejo Kalesanwo Street,
Matori Industrial Area, Mushin, Lagos ,Nigeria +234-8057291589 eml@metafrique.net |
|
Metafrique Gabon B. P. 13519, Bas De Gue Gue/Owendo,
Librevile, Gabon +241-04173614 gabon@metafrique.net |
Metafrique Ghana Limited P.O. Box PMB 79, Community 1, Tema, Ghana +233-3548193453 ghana@metafrique.net |
|
Metafrique PNR 85, Avenue Constant, Zakari, PB-137 Point-e-Noirre, Republic of Congo +242-066744581 pnr@metafrique.net |
BON SPEC SARL Tevragh – Zeina C 334A, Nouakchott, B.P.
2363 Nouakchott, Mauritania, +222-7191159 mrt@metafrique.net |
|
Metafrique DMCC P.O. Box 476203-Dubai, Unit No. 1408, 1
Lake PlazaJumeirah Lake Towers, Dubai, UAE +97-1552201143, dubai@metafrique.net |
Metafrique Benin SARL Adeola Yard, Near CAP FM, Akpapa Cotonou, Benin +229-97769212
benin@metafrique.net |
General Public,
Private Organisations
Corporate Organisations etc
Company Premises
Corporate Affairs Commission
|
RATING
ASSESSMENT: |
GOOD Apparently healthy,
with adequate working capital to meet normal Commitments |
Subject Audited
Accounts was not available as at the time of compiling this report. However,
The Company’s estimated turnover could be put at $50 Million (Fifty Million
Dollars). This opinion is as a result of
the company’s information obtained from our secondary sources
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 subject, our
investigations revealed that, the Company, METAFRIQUE
GROUP uses EASTERN METALS LIMITED with
registered at 10, Oba-Adetona, Off Sura-Mogaji Street, Ilupeju, Lagos but its current address could not be determined
as it has relocated to an unknown destination.
Subject is into genuine business transactions. Subject is an on-going concern.
All information contained in the report is from secondary sources only.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.57 |
|
|
1 |
Rs.86.15 |
|
Euro |
1 |
Rs.73.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
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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 |
|
<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.