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Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
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Name : |
SANKIL NIGERIA LIMITED |
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Registered Office : |
6 & 8, Comfort Olayinka Close, Oluti, off Old Ojo Road, Agboju, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
15.11.1989 |
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Com. Reg. No.: |
RC: 140521 |
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Legal Form : |
Private Limited Liability |
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Line of Business : |
Subject was formerly engages in production of Consumed Processed Foods |
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No. of Employees : |
About 10 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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) |
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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 2007-12
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 |
SANKIL
NIGERIA LIMITED
The company was formerly engages in production of Consumed Processed Foods
The company address located at 6 & 8, Comfort Olayinka
Close, Oluti, off Old Ojo Road, Agboju, Lagos State, Nigeria.
COMPANY NAME: SANKIL NIGERIA LIMITED
REGISTERED
NAME: SANKIL
NIGERIA LIMITED
REGISTERED
ADDRESS: 6
& 8, Comfort Olayinka Close, Oluti, off Old Ojo Road, Agboju,
Lagos
State, Nigeria
HEAD
OFFICE ADDRESS: 35,
Agoro Street, Lagos Island, Lagos State, Nigeria
TELEPHONE: 234-1-7760806,
4359921
MOBILE: 234-702-796-4749,
805-475-8383, 805-077-7800,
803-674-9543,
806-236-2317
FAX: 234-1-2619282
E-MAIL: info@sankilnig.com
WEBSITE: www.sankilnig.com
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 1,000 square meters
DATE INCORPORATED 15th
November, 1989
YEAR BEGAN OPERATION: 1989
LEGAL FORM: Private Limited
Liability
REGISTRATION NO: RC: 140521
SHARE CAPITAL: 15,000,000.00
ISSUED CAPITAL: 500,000.00
PAID-UP CAPITAL: 500,000.00
STAFF STRENGHT: About 10
Name
1. David
O. Adewara
5,
Moshalashi Street, Lagos Island, Lagos State, Nigeria
2. David
A. Bolaji
10,
Kunle Otukoya Crescent, Ifako Gbagada, Lagos State, Nigeria
3. Bhojwani
Jadgish
32,
Olatilewa Street, Surulere, Lagos State, Nigeria
1. David
O. Adewara
2. David
A. Bolaji
3. Bhojawani
Jadgish
Sankil Nigeria
Limited was incorporated with Corporate Affairs Commission on 3rd March,
2009 with Registration Number (RC: 804781). The corporate office is located at
6 & 8, Comfort Olayinka Close, Oluti, off Old Ojo Road, Agboju, Lagos
State, Nigeria. It occupies an edify two
storey building with a factory on the ground floor, the leased facility is
painted white, its security gate is painted brown, the close is off Daramijo
Street adjacent to ECWA Church.
Sankil Nigeria Limited
was a young, progressive food company headed by professionals with over 15
years experience of business in Nigeria.
During our visit on 12th June, 2013, the company was formerly into Consumable Processed Foods such as Roasted Peanuts but at the time of our visit P. T. Bhojwani, the Managing Director (234-1-4359921, 7760806, Email:goldennut@hyperia.com, info@sankilnig.com) who provided information stated that the company is currently using the address as its administrative office as it has withheld its business activities as a result of some constraints such as unfavourable government policy and pricing. He added that the force of competitors is also a great challenge to their operations. He confirmed that Mr. Bhalle (234-803-572-9818) the factory manager is still working with him. He added that the company is in process of re-strategizing. Having said that, he referred us to their website (www.sankiling.com) for more information.
Note: The company
increased its Share Capital from N5,000,000.00 to N15,000,000.00 on 3rd April,
2007.
Conclusion: Based
on our visit discussion held with the Managing Director of the company and
facility sighted we are of the opinion that for now the company is not active. As such, any relationship with the
company should be done with carefulness.
PRODUCT
DESCRIPTION
·
Cripsy Golden Nuts
·
Potato Chips in Classic Salted and
Chicken Flavor
·
Plantain and Banana Chips Classic
Salted Flavor
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Finger-licking Golden Krisps
RELATED COMPANY
·
Sankil Pharmaceuticals Limited
TYPES OF CUSTOMERS
·
General Public
·
Group of Companies
·
Chemists among others
PERFORMANCE RANKING
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
Subject Audited Accounts was not available as at the time of compiling this report. However, based on the services the company renders and the sector it belongs to, the Company’s estimated turnover could be put at $5 Million (Five Million Dollars).
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.
(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 as at the time of compiling this report.
Having carried out all necessary verifications on the company, our investigations revealed that Sankil Nigeria Limited is duly registered in Nigeria with a registered address is located at 35, Agoro Street, Lagos Island, Lagos State, Nigeria, which its corporate head office is located at 6 & 8, Comfort Olayinka Close, Oluti, off Old Ojo Road, Agboju, Lagos State, Nigeria
Information contained in the report is mostly from secondary sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.74 |
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UK Pound |
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.