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Report Date : |
10.06.2013 |
IDENTIFICATION DETAILS
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Name : |
AGRO ALLIED DEVELOPMENT ENTERPRISES LIMITED |
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Registered Office : |
29B, Abayomi Street, Victoria Island, Lagos State, |
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Country : |
Nigeria |
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Date of Incorporation : |
17.09. 2008 |
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Com. Reg. No.: |
RC: 773855 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The company is working in Farming, Agriculture Business
Activities |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Undetermined |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 2007-12 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
AGRO ALLIED
DEVELOPMENT ENTERPRISES LIMITED
The company is working in Farming,
Agriculture Business Activities
The company COULD NOT BE located at 33, Adetokunbo
Ademola Street, Victoria Island, Lagos State, Nigeria.
COMPANY NAME: AGRO
ALLIED DEVELOPMENT ENTERPRISES LIMITED
HEAD OFFICE ADDRESS: 33,
Adetokunbo Ademola Street, Victoria Island, Lagos State,
Nigeria (HAS RELOCATED TO UNKNOWN DESTINATION)
ENQUIRY ADDRESS: 12B,
Akin Olugbade Street, off Idowu Martins, Victoria Island,
Lagos
State, Nigeria
POSTAL ADDRESS: P.O.
Box 73041, Victoria Island, Lagos State, Nigeria
TELEPHONE: 234-1-2161719
MOBILE: 234-805-259-6300,
806-436-4892, 802-322-2789
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 $.
As at the time of
our visit to the CORPORATE AFFAIRS COMMISSION (CAC), we discovered that the
company is not registered. Thus, we were able to obtain the registration
details of the sister company (POWER CONTROL AND APPLIANCE LIMITED A DIVISION
OF AGRO ALLIED DEVELOPMENT ENTERPRISES LIMITED)
REGISTERED NAME: POWER
CONTROL AND APPLIANCES LIMITED
REGISTERED ADDRESS: 29B,
Abayomi Street, Victoria Island, Lagos State, Nigeria
NATURE OF PREMISES: Leased
office space approximately 1,000 square meters
DATE INCORPORATED: 17th
September, 2008
YEAR BEGAN OPERATIONS: 2008
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC:
773855
SHARE CAPITAL: 20,000,000.00
ISSUED CAPITAL: 5,001,000.00
PAID-UP CAPITAL: 5,001,000.00
Names %Held
1, Godwin Oadebe Street, Akiti Avenue,
Okota, Isolo, Lagos State, Nigeria
29C, Kofo Abayomi Street, Victoria Island,
Lagos State, Nigeria
We visited Agro Allied Development Enterprises Limited
located at no 12B. Akin olugbade Street, off Idowu Martins Street, Victoria
Island, Lagos State, Nigeria on the 3rd June, 2013. The Company is working in
Farming, Agriculture business activities.
During our visit we spoke
with Mr. Ayo one of the worker of construction company, working on the
construction site disclosed that there was no occupant at the start of their
work and the name of their own company is Monterosa Construction Company
therefore the company is not known and the building is under reconstruction
presently and there is no company or occupant in it while he advised us to
contact the company on phone but we were unable to reach and locate the
company’s where-about as all Phone numbers obtained from secondary sources
proved abortive.
Conclusion: Based on our visit, findings,
discussion with Mr. Ayo at the address given and reconstruction going on, we
are of the believe that the company does not exist at the address provided. As such, we advise that any business relationship with the company should done
on cash and carry basis until the company provides the correct/current address
and verified.
OTHER
ADDRESSES OF POWER CONTROL AND APPLIANCES LIMITED (SISTER COMPANY)
Head Office:
25,
Musa Yar'adua crescent, Victoria Island, Lagos State, Nigeria
Warehouse:
4/6,
Happy Home Industrial Avenue Opp., Sun Newspapers Kirikiri Industrial Estate,
Apapa, Lagos State, Nigeria
Abuja:
Plot2,
Mary Slessor Street, Asokoro District, Abuja, FCT, Nigeria (234-807-598-6085,
702-785-6752)
Kano:
49,
Tafawa Balewa Road, Kano State, Nigeria (234-807-392-3957)
Port Harcourt:
7C,
Azikiwe Road, P.M.B. 5157, Port Harcourt, Rivers State, Nigeria
(234-803-339-0517)
Maiduguri:
18,
Bolori Stores, Opp., Monguno Motors, Wulari, Maiduguri, Borno State, Nigeria
(234-76-236350)
·
General Public
·
Group of Companies
* Quality of
Management: UNDETERMINED
* Ethics &
Integrity: GOOD
* Ownership Structure: GOOD
The company’s Audited Accounts was not available as at the time of
compiling this report. Therefore we could not speak on its financial status.
INDUSTRIAL
OVERVIEW/ OPERATING ENVIRONMENT
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.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
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.