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Report Date : |
09.04.2014 |
IDENTIFICATION DETAILS
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Name : |
ALH BELLO ALMUSTAPHA |
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Registered Office : |
Shop
No. D-237, Sokoto Central Market |
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Country : |
Nigeria |
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Date of Incorporation : |
03.06.2010 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject operates as a consultancy firm |
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No. of Employees |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Slow but Correct |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Nigeria |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
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 2007-13
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 |
Registered Name: ALH BELLO ALMUSTAPHA
Requested Name: ALH
BELLO ALMUSTAPHA
Other Names: None
Physical Address: Shop No. D-237, Sokoto Central
Market
Postal Address: P. o. Box 25641
Lagos
Country: Nigeria
Phone: 234-096720561
Fax: 234-096720561
Email: None
Website: None
Financial Index as of December 2013 shows subject firm with a medium risk of credit.
Legal Form: Sole Proprietorship
Date Incorporated: 03-June-2010
Reg. Number: Nigeria
Nominal Capital NGN. 1,000,000
Subscribed Capital NGN. 1,000,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr. Alh Bello
Almustapha Director
None Parent company.
None Subsidiary company.
None Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as a consultancy firm
Imports: Asia,
Africa
Exports: None
Trademarks: None
Terms of sale: Cash
(60%) and 25-90 days (40%), invoices.
Main Customers: firms
and organizations
Employees: 10
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Nigeria
Location: Rented
premises, 1,500 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: NIgerian Naira (NGN.)
Approx. Ex. Rate: 1 US Dollar = 164.05 NIgerian Naira
Fiscal
Year End: December 31, 2013
Inflation: According
to information given by independent sources, the
inflation
at December 31st, 2013 was of 13%.
Financial
Information not Submitted
Profit and Loss (expressed in NGN.)
2013
Sales 80,000,000
Bank Name: Afribank
Branch: Nigeria
Comments: None
Experiences: Good
None
This
information was obtained from outside sources other than the subject concern
itself and confirmed the above subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
UK Pound |
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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|
|
|
Report Prepared
by : |
MNL |
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 |
|
|
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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.