MIRA INFORM REPORT
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Report Date : |
29.06.2013 |
IDENTIFICATION DETAILS
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Name : |
DIONYX INTERNATIONAL LIMITED |
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Registered Office : |
25, Adeniran Ajao Crescent, Ajao Estate, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
27.07.2011 |
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Com. Reg. No.: |
RC: 968369 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Subject engaged in I.T services |
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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
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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.
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Source : CIA |
DIONYX INTERNATIONAL LIMITED
The company’s line of
business could not be determined
The company COULD NOT BE LOCATED at 5, Gbajumo Crescent,
off Adeniran Ogunsanya Street, Surulere, Lagos State, Nigeria.
COMPANY NAME: DIONYX
INTERNATIONAL LIMITED
REGISTERED
NAME: DIONYX
INTERNATIONAL LIMITED
REGISTERED
ADDRESS: 25, Adeniran Ajao Crescent, Ajao Estate, Lagos State, Nigeria
HEAD OFFICE
ADDRESS: 5,
Gbajumo Crescent, off Adeniran Ogunsanya Street, Surulere,
Lagos
State, Nigeria
(Could not be located at the address)
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: 27th July, 2011
YEAR BEGAN OPERATIONS: 2011
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC: 968369
SHARE CAPITAL: 1,000,000.00
ISSUED CAPITAL: 1,000,000.00
PAID-UP CAPITAL: 1,000,000.00
STAFF STRENGHT: Undetermined
Names %Held
27, Sacramento, Valley View Estate,
Kosmosdal, Pretoria, South Africa
1202, Villa Quattro Poplar Avenue,
Jahannesburg, South Africa
25, Adeniran Ajao Crescent, Ajao Estate, Lagos
State, Nigeria
Dionyx International Limited was incorporated with
Corporate Affairs Commission on 27th July, 2011 with Registration Number (RC:
968369) with N1,000,000.00 Share Capital. It COULD NOT BE LOCATED at 5, Gbajumo
Crescent, off Adeniran Ogunsanya Street, Surulere, Lagos State, Nigeria.
We visited the address
given on 25th June, 2013. The premise is a bungalow building painted white and
construction of road was going on during our visit. The receptionist stated
that his company is the only occupant of the premises but he refused to
disclose the name of the company when asked. According to him, the company just
moved into the premises and engages in I.T services. He disclosed that Dionyx
International may be the old tenant but he cannot really confirm. Other
residents and occupants of the building in the area also claimed that such name
is unknown to them. All efforts to contact the company or any of its management
proved futile as there is no telephone contact to call the company and no
secondary sources information on the company was available.
Conclusion: Based on our visit to the address
given, inexistence of the company at the address. We therefore, implore you to exercise
caution in dealing with the company until they provide current/correct address
and verified. IT’S REGISTRATION DETAILS
NOTWITHSTANDING.
·
UNDETERMINDED
* Quality of
Management: GOOD
* Ethics & Integrity: UNDETERMINED
* Ownership
Structure: GOOD
The company’s Audited Accounts was not available as at the time of
compiling this report. We therefore could not speak on its financial status.
UNDETERMINED DUE TO INSUFFICIENT INFORMATION
UNDETERMINED DUE TO INSUFFICIENT INFORMATION
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian
Rupees |
|
US Dollar |
1 |
Rs.59.69 |
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UK Pound |
1 |
Rs.91.14 |
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Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.