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Report Date : |
07.05.2013 |
IDENTIFICATION DETAILS
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Name : |
WOOLLEN & SYNTHETIC TEXTILE MANUFACTURING LIMITED |
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Registered Office : |
97/105, Broad Street, Lagos Island, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
08.06.1970 |
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Com. Reg. No.: |
RC: 5633 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The Subject engages in Manufacturing and Weaving of Textile Piece
Goods |
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No. of Employees : |
361 |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 2007-11 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 |
WOOLLEN &
SYNTHETIC TEXTILE MANUFACTURING LIMITED
The company engages in Manufacturing and Weaving of Textile Piece Goods
The company is located at 88, Oba Akran Avenue, Ikeja Industrial Estate,
Ikeja, Lagos State, Nigeria.
COMPANY NAME: WOOLLEN & SYNTHETIC TEXTILE MFG LIMITED
REGISTERED NAME: WOOLLEN & SYNTHETIC TEXTILE
MFG LIMITED
REGISTERED
ADDRESS: 97/105, Broad
Street, Lagos Island, Lagos State, Nigeria
HEAD OFFICE
ADDRESS: 88, Oba Akran
Avenue, Ikeja Industrial Estate, Ikeja, Lagos State,
Nigeria
POSTAL ADDRESS: P.O. Box 507,
Ikeja, Lagos State, Nigeria
TELEPHONE: 234-1-7645623,
2120099, 7736187, 4963128, 4964804, 4964398, 4962243
FAX: 234-1-4964398
EMAIL: wstmng@yahoo.com,
wstm@infoweb.abs.net
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: 30th October, 1982
YEAR BEGAN
OPERATIONS: 8th June, 1970
LEGAL FORM: Private Limited
Company
REGISTRATION NO: RC: 5633
SHARE CAPITAL: 200,000,000.00
STAFF STRENGHT: Three Hundred and
Sixty One (361)
Names
Harkinshin Bhojraj Chanri
37/43, Enu-Owa Street, Lagos State, Nigeria
Radhika Harson Chanria Mrs.
37/43, Enu-Owa Street, Lagos State, Nigeria
Mr. Raghu Gopalan
88, Oba-Akran Avenue, Ikeja, Lagos State, Nigeria
Chief Olagbaiye Abel Abiodun
C/O 88, Oba-Akran Avenue, Ikeja, Lagos State, Nigeria
Harkinshin Bhojraj Chanri
Radhika Harson Chanria Mrs.
Mr. Raghu Gopalan
Chief Olagbaiye Abel Abiodun
|
S/N |
Name |
Position |
|
1. |
Chief H. B. Chanrai |
Chairman |
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2. |
Mr. A. Ghosh |
General Manager |
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3. |
Chief A. A. Ugwoeruchukwu |
Head (Administration/Personnel) |
|
4. |
Mr. P.K. Pal |
Processing Manager |
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5. |
Mr. A.D Konapore |
Marketing Manager |
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6. |
Mr. A. Odesanya |
Weaving Manager |
Woollen & Synthetic
Textile Manufacturing Limited was incorporated on 30th October, 1982 with
Registration Number (RC: 5633) with 200,000,000.00 Share Capital. The company
corporate head office is located at 88, Oba Akran Avenue, Ikeja Industrial
Estate, Ikeja, Lagos State, Nigeria. It occupies a
storey building painted skye blue and used as Admin Block while the factory is
at the back, the building is close to Sapara Street.
During our visit on 26th April, 2013, we spoke with the security man who
and led us to the receptionist, Miss Love who acknowledged our document. She
disclosed that they engages in production of Textiles and that she is not
authorized to give details about the company but promised that the management
will get back to us.
Meanwhile, our secondary sources information revealed that the company
engages in Manufacturer of Textile Piece Goods such as lace, ankara, pillow
case, bedsheet, Guinea, towels, school uniforms etc. They have quality products
and their products are highly demanded in the market.
Conclusion: Based
on our visit and brief discussion held with Miss Love the Receptionist with
level of staff working and machine are in operation, we are of the opinion that
the company is a legal entity. As such,
any business relationship with the company should be mutually beneficial.
TYPES OF CUSTOMERS
General Public
Group of Companies
PERFORMANCE
RANKING
* Quality of Management:
GOOD
* Ethics & Integrity: GOOD
* Ownership Structure:
GOOD
The company’s
Audited Accounts was not available as at the time of compiling this report.
However, we advise that the maximum credit limit to be accorded to the company
could be put at 500million US dollars ($500m USD). This opinion is as a result
of the company’s performance in the telecommunication industry in Nigeria and
also, it is among the top major fast growing companies in Africa.
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.
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.
Having carried out all necessary verifications on the company, our
investigations revealed that Woollen
& Synthetic Textile Manufacturing Limited is duly registered in Nigeria
with a registered address located at 97/105, Broad Street, Lagos Island, Lagos
State, Nigeria, while its operational address is located at 88, Oba Akran
Avenue, Ikeja Industrial Estate, Ikeja, Lagos
State, Nigeria.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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.