|
Report Date : |
07.10.2013 |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
No Trace |
|
|
|
|
Payment Behaviour : |
-- |
|
|
|
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Nigeria |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
AVA CHEMICALS
LIMITED
The company’s line of business could not be determined
The company COULD NOT BE LOCATED at 32, Abiola Crescent, off Line 2, Toyin Street, Ikeja,
Lagos State, Nigeria
COMPANY NAME: AVA
CHEMICALS LIMITED
REGISTERED NAME: AVA CHEMICALS
LIMITED
REGISTERED
ADDRESS: 32,
Abiola Crescent, off Line 2, Toyin Street, Ikeja, Lagos State,
Nigeria
HEAD
OFFICE ADDRESS: 32,
Abiola Crescent, off Line 2, Toyin Street, Ikeja, Lagos State,
Nigeria (Does not exist at the address)
TELEPHONE: 234-1-7616464
(Not
reachable)
Currency:
All monetary quoted in this report are in Nigerian Naira, the local currency or
unless otherwise stated. The exchange rate is N160 to 1 US $.
NATURE OF PREMISES: UNDETERMINED
DATE INCORPORATED 23rd May, 2011
YEAR BEGAN OPERATION: 2011
LEGAL FORM: Private Limited
Liability
REGISTRATION NO: RC: 955638
SHARE CAPITAL: 1,000,000.00
ISSUED CAPITAL: 1,000,000.00
PAID-UP CAPITAL: 1,000,000.00
STAFF STRENGHT: UNDETERMINED
1.
Nayak Sachirani
32 Moshood Abiola Crescent, Off Line 2 Toyin
Street, Ikeja, Lagos
2.
Nayak Ashok Kumar
32 Moshood Abiola Crescent, Off Line 2 Toyin
Street, Ikeja, Lagos
1. Nayak
Sachirani
2. Nayak
Ashok Kumar
Ava Chemicals Limited was incorporated with (RC:
955638) on 23rd May, 2011. We visited the address provided at 32, Abiola
Crescent, off Line 2, Toyin Street, Ikeja, Lagos State, Nigeria on 12th August,
2011. The building is a two (2) storey building painted red (red bricks) well
fenced with a black gate beside a storey building painted ash and blue with
blue roof and a black gate.
During our visit, we spoke
with Mr. John, a Security man at the building who disclosed that there is no
company in the building. According to him, the building is only used as
residential and that there is no one around at the moment to ask from. All
efforts to reach the company through the telephone number provided on the work
order (234-1-7616464) for proper description proved abortive as the number is
unreachable. In addition, no information about the company could be obtained
from our secondary sources.
Conclusion: Based
on our visit and discussion held with Mr. John, the Security Officer who
confirmed that the company does not exist at the address, we are of the opinion
that the company deos not exist or might have relocated to another area. We hereby advised any business relationship
with the company should be put on hold until they provide the current/correct
address and verified. The company’s registration details NOTWITHSTANDING.
·
UNDETERMINED
* Quality of
Management: UNDETERMINED
* Ethics &
Integrity:
UNDETERMINED
* Ownership Structure: GOOD
The company’s Audited Account was not available during our visit. However, based on the inexistence of the
company at the address and inadequate information on the company, we could not
speak on its financial status/position.
INDUSTRIAL
OVERVIEW/ OPERATING ENVIRONMENT
UNDETERMINED DUE TO INSUFFICIENT INFORMATION
CMT REPORT (Corruption, Money Laundering
& Terrorism)
UNDETERMINED DUE TO INSUFFICIENT INFORMATION
Important Note:
Kindly provide us with additional information such as Correct Name, Address, Contact Details, Name of Contact Person or a copy of the Upper Part of Letterhead within 15 days of receiving this report, a would be sent without any additional cost.
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.