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Report Date : |
31.05.2013 |
IDENTIFICATION DETAILS
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Name : |
SARSOLI INDUSTRIAL COMPANY LIMITED |
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Registered Office : |
No. 24B, Tony Eromosele Street, Park View Estate, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
05.01.2005 |
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Com. Reg. No.: |
RC: 613807 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject engages in manufacturing and sales myriad colours in the
shape of granules for mixing with plastic raw material granules |
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No. of Employees : |
Over 30 |
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 2007-12 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 |
The company engages in manufacturing and sales myriad colours in the
shape of granules for mixing with plastic raw material granules
The company is located at Plot 2A, Block 5, Bola Odupitan Street, apple
junction, Amuwo Odofin, Lagos. Nigeria.
COMPANY NAME: SARSOLI
INDUSTRIAL COMPANY LIMITED
REGISTERED NAME: SARSOLI INDUSTRIAL
COMPANY LIMITED
REGISTERED
ADDRESS: No. 24B, Tony
Eromosele Street, Park View Estate, Lagos.
Nigeria.
HEAD OFFICE
ADDRESS: Plot 2A, Block 5,
Bola Odupitan Street, Apple Junction, Amuwo
Odofin, Lagos.
Nigeria
TELEPHONE: 234-1-7906290
MOBILE: 234-807-108-4605
E-MAIL: info@sarsoli.com
WEBSITE: www.sarsoli.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: Owned
office space approximately 5,000 square meters
DATE INCORPORATED: 5th January,
2005
YEAR BEGAN
OPERATIONS: 2005
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC: 613807
SHARE CAPITAL: 100,000,000.00
ISSUED CAPITAL: 25,000,000.00
PAID-UP CAPITAL: 25,000,000.00
STAFF STRENGHT: Over 30
Names Shares
Held%
Sobhraj Chandru Changrani 50%
No. 24B, Tony Eromosele Street, Park View Estate, Lagos. Nigeria.
Juoti Chandru Changrani 25%
No. 24B, Tony Eromosele Street, Park View Estate, Lagos. Nigeria.
Vivek Chandru Changrani 25%
No. 24B, Tony Eromosele Street, Park View Estate, Lagos. Nigeria.
Sobhraj Chandru Changrani
Juoti Chandru Changrani
Vivek Chandru Changrani
Sarsoli Industrial
Company Limited was incorporated on 5th January, 2005 with Registration Number (RC:
613807) with 100,000,000.00 Share Capital. The company occupies a large expanse
of land at Plot 2A, Block 5, Bola Odupitan Street, apple junction, Amuwo
Odofin, Lagos. Nigeria. The premises comprises the factory, administrative
blocks made up of storey building and a bungalow all painted army green.
Sarsoli Industrial
Company Limited engages in manufacturing and sales myriad colours in the shape of
granules for mixing with plastic raw material for plastic furniture and
household items such as plastic chair, a bucket, kitchen counter, a shopping
bag or bottles toys, centre table, garden furniture, packaging materials, sacks
and other plastic items in different colours.
The Company already has 7 twin-extruders, two kneader lines, and a
full-fledged lab with the latest required testing equipments.
Our secondary sources information revealed that they are one of the
first companies to open factory in Nigeria, they have a consistent record in
producing high quality products not only making Black, White and Colour master
batches, but also efficient in making fillers for flexible packaging. Also,
they have recently been instrumental in developing additives that are required
by the plastic factories around the world and are in high demand.
During our visit on 27th May, 2013, we met Mr. John (the Manager) who
acknowledged our document and stated that the Managing Director has travelled
to India for business purposes. He also disclosed that the company is into
production and Sales of master batches of myriad colours in the shape of
granule, kind of plastic raw materials and also it is a leading importer and
stocklist of all. According to him, these master batches are well accepted in
the market and used in the plastic industry to produce different coloured
finished products like chairs, table, household items, woven sacks and flexible
packaging. He later promised to submit our document to the Managing Director on
his return from his trip and get back to us in due course but we are yet to
receive any response from him at the time of compiling this report.
Meanwhile, we sighted some of the company’s staff in blue uniform
(overall) tagged Sarsoli Industrial Company Limited.
Conclusion: Based
on our visit, brief discussion held with the Manager of the company and some of
the staff seen, we are of the opinion that the company is a legal entity. As such, any business relationship with the
company should be mutually beneficial.
General Public
Corporate Organisations
Private organizations etc
* 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 $500 million US dollars ($500m USD). This opinion is as a
result of the sector the company belongs to in Nigeria and services rendered.
Subject is operating in an industry with very great potentials. With the
Local Content Initiative of the supervising agency, Nigerian
indigenous companies now have exclusive rights up-to 30% of all contracts
awarded within the manufacturing industry.
In cases where local expertise are lacking, indigenous companies are
encouraged to enter into technical partnership with foreign firms. With this innovation, local indigenous
companies now have regular access to bids and can also benefit from the
transfer of technology and expertise from their foreign technical partners.
There are many opportunities in this sector of the economy. These could
be largely achieved through foreign companies’ joint ventures with Nigerian
companies, as well as providing adequate Training/Technical Assistance -
Provision of training facilities for a large work force indirectly engaged in
the sub-sector of the economy. 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 Sarsoli
Industrial Company Limited is duly registered in Nigeria with its
registered address located No. 24B, Tony Eromosele Street, Park View Estate,
Lagos. Nigeria while its head office
address is located at Plot 2A, Block 5, Bola Odupitan Street, Apple Junction,
Amuwo Odofin, Lagos. Nigeria
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.10 |
|
|
1 |
Rs.85.13 |
|
Euro |
1 |
Rs.72.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.