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Report Date : |
25.03.2013 |
IDENTIFICATION DETAILS
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Name : |
NEW WORLD POWER COOL SYSTEM |
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Registered Office : |
63, Jagunmolu Street, Bariga, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
15.06.2007 |
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Com. Reg. No.: |
2032231 |
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Legal Form : |
Sole Proprietorship |
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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 : |
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 : |
--- |
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Litigation : |
--- |
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
NEW
WORLD POWER COOL SYSTEM
Based on our
secondary sources, the company engages in Sales of Refrigerators, Ice Blocks
Making Machines, General Merchandize and Supplies
The company COULD NOT BE located at 16, Kolawole
Shonibare Street, Ajao Estate, Lagos State, Nigeria.
COMPANY NAME: NEW WORLD POWER COOL SYSTEM
REGISTERED NAME: NEW WORLD POWER COOL
SYSTEM
REGISTERED
ADDRESS: 63, Jagunmolu Street, Bariga, Lagos, Nigeria
HEAD OFFICE
ADDRESS: 16,
Kolawole Shonibare Street, Ajao Estate, Lagos State, Nigeria (Does not exist)
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: 15th June, 2007
YEAR BEGAN OPERATIONS: 2007
LEGAL FORM: Sole Proprietorship
REGISTRATION NO: 2032231
STAFF STRENGHT: UNDETERMINED
Davies Sanni
63,
Jagunmolu Street, Bariga, Lagos State, Nigeria
Based on our secondary sources, New World Power Cool System was registered on 15th June, 2007 with Registration Number (2032231). The premises consists more than four (4) edify warehouses and it is located at 16, Kolawole Shonibare Street, Ajao Estate, Lagos State, Nigeria.
During our visit on 19th March, 2013, the occupants confirmed that it is only Imex Generators that is known within. They also advised that any relationship with any company other than Imex using the address might not be legitimate. All efforts to obtain further information about the company for possible contact through our secondary sources proved abortive.
Conclusion: Based on our visit, Imex products sighted and discussion held with the management of the warehouse, we are of the opinion that the company New World Power Cool System does not exist at the address supplied. As such, we advise that any business relationship with the company should be done with great caution until the current/correct address is provided by the company and verified.
UNDERTERMINED
* Quality of
Management: UNDETERMINED
* Ethics &
Integrity:
UNDETERMINED
* Ownership
Structure: GOOD
The company could not be located during our visit. Therefore, we could not speak on its Audited Accounts or financial status.
UNDETERMINED DUE TO INSUFFICIENT INFORMATION
(Corruption, Money Laundering & Terrorism)
UNDETERMINED DUE TO INSUFFICIENT INFORMATION
Having carried out all necessary verifications on the company, our investigations revealed that New World Power Cool System is duly registered in Nigeria with a registered address located at 63, Jagunmolu Street, Bariga, Lagos, Nigeria, but could not be located at its operational address supplied as 16, Kolawole Shonibare Street, Ajao Estate, Lagos State, Nigeria.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
UK Pound |
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.