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Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
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Name : |
ALBARKA ENTERPRISES NIGERIA LIMITED |
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Registered Office : |
25, Ilofa Road, Ilorin, Kwara State |
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Country : |
Nigeria |
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Date of Incorporation : |
23.09.1980 |
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Com. Reg. No.: |
RC: 35216 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Not Available |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Unknown |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 2007-11 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
ALBARKA
ENTERPRISES
The company’s line of business could not be determined
COMPANY NAME: ALBARKA ENTERPRISES
REGISTERED NAME: ALBARKA ENTERPRISES
NIGERIA LIMITED
REGISTERED ADDRESS: 25,
Ilofa Road, Ilorin, Kwara State, Nigeria
HEAD OFFICE ADDRESS: Navy
Gate Warehouse, Okokomaiko, Badagry Expressway,
Lagos
State, Nigeria (Does not exist 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: Leased
office space approximately 500 square meters
DATE INCORPORATED: 23rd
September 1980
YEAR BEGAN OPERATIONS: 1980
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC:
35216
SHARE CAPITAL: 20,000.00
ISSUED CAPITAL: 20,000.00
PAID-UP CAPITAL: 20,000.00
STAFF STRENGHT: Undetermined
25,
Ilofa Road, Ilorin, Kwara State, Nigeria
25,
Ilofa Road, Ilorin, Kwara State, Nigeria
Albarka Enterprises Nigeria Limited was incorporated on 23rd September,
1980 with Registration Number (RC: 35216) with 20,000.00 share capital.
We visited Km. 22, Navy
Gate Warehouse, Okokomaiko, Badagry Expressway, Lagos State, Nigeria. The
premises consist of a three (3) storey building known as NOWA Shopping Complex.
It is well fenced and the buildings are painted cream. The complex is numbered
from A to D and the major business in the premises is Sales of building
materials imported from Asian countries.
Having
gone round the premises, the occupants confirmed that the company is not known
to them. Mr. Uzoigwe Chuka C. the CEO of Mac-Zek Nigeria Limited, a dealer in
building materials such as PVC ceiling panels and steel doors
(234-803-307-8604, 808-227-4368, Email: uprightmerchant@yahoo.com,
maczek71@yahoo.com) stated that the company is not known. Though, he added that
it would have been easy to identify the company through their shop number like
shop D1 or C5 etc. All efforts to locate or contact the company
proved abortive as there was no contact phone number(s) to reach them and no
available information on the company could be obtained through our secondary
sources.
Conclusion: Based on our visit, inability to
locate the company at the supplied address, we are of the opinion that the
company does not exist in that address. As such, we advise that any business
relationship with the company should be done with extreme caution until the
company provides the correct/current address and verified.
* 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. Therefore, we could not speak on the financial status of
the company.
UNDETERMINED DUE
TO INSUFFICIENT INFORMATION
CMT REPORT (Corruption, Money Laundering
& Terrorism)
UNDETERMINED DUE
TO INSUFFICIENT INFORMATION
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.54.16 |
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|
1 |
Rs.81.74 |
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Euro |
1 |
Rs.70.50 |
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.