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Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
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Name : |
LIONSEAL INDUSTRIES LIMITED |
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Registered Office : |
138-140, Maganda Road, By Mission Road, Bompai, Kano, |
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Country : |
Nigeria |
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Date of Incorporation : |
16.07.2007 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Manufacturer and supplier of FMCG products mainly consumer personal care products such as soaps, detergents |
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No of Employees : |
150 employees |
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 – September 30, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Nigeria |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
NIGERIA - ECONOMIC OVERVIEW
Following an April 2014 statistical "rebasing" exercise, Nigeria has emerged as Africa's largest economy, with 2013 GDP estimated at US$ 502 billion. Oil has been a dominant source of government revenues since the 1970s. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production contracted in 2012 and 2013. Nevertheless, the Nigerian economy has continued to grow at a rapid 6-8% per annum (pre-rebasing), driven by growth in agriculture, telecommunications, and services, and the medium-term outlook for Nigeria is good, assuming oil output stabilizes and oil prices remain strong. Fiscal authorities pursued countercyclical policies in 2011-2013, significantly reducing the budget deficit. Monetary policy has also been responsive and effective. Following the 2008-9 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Despite its strong fundamentals, oil-rich Nigeria has been hobbled by inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption. Economic diversification and strong growth have not translated into a significant decline in poverty levels - over 62% of Nigeria's 170 million people live in extreme poverty. President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, continue to diversify production, and further improve fiscal management. The government is working to develop stronger public-private partnerships for roads, agriculture, and power.
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Source
: CIA |
SUBJECT'S NAME |
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Registered Name: |
LIONSEAL
INDUSTRIES LIMITED |
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Requested Name: |
LIONSEAL INDUSTRIES LIMITED |
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Former Names: |
SHAMANTAKA INDUSTRIES |
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ADDRESS AND
TELECOMMUNICATION
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Physical Address: |
138-140,
Maganda Road, By Mission Road, Bompai, |
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Kano, |
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Country: |
Nigeria |
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Phone: |
234-64634344 |
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Fax: |
234-64642818 |
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Email: |
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Website: |
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CREDIT OPINION |
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Financial Index as of
December 2013 shows subject firm with a medium risk of credit. |
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LEGAL |
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
16-July-2007 |
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Started: |
2009 |
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Reg. Number: |
Nigeria |
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Nominal Capital |
NGN.
1,000,000 |
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Subscribed Capital |
NGN.
1,000,000 |
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Subscribed Capital is Subscribed in the following form: |
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Position |
Shares |
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Mr. R. Shekhar |
Director |
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Mr. Magnus Obasi |
Manager |
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Mr. Malik Abu Aminu |
Manager |
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LionSeal Group |
Holding
Co. |
100% |
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RELATED COMPANIES |
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LionSeal Group |
Parent company. |
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None |
Subsidiary company. |
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None |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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Various in Nigeria |
Branches of the firm |
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OPERATIONS |
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Registered to operate
manufacture and supply of FMCG products mainly consumer personal care
products such as soaps, detergents etc |
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Imports: |
Asia |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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Main Customers: |
Local agencies, stores, outlets |
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Employees: |
150 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Nigeria |
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Location: |
Owned premises, 100,000 square feet, |
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AUDITORS AND INSURANCE |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not available. |
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FINANCE |
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Currency Reported: |
Nigerian Naira (NGN.) |
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Approx. Ex. Rate: |
1 US Dollar = 162.38
Nigerian Naira |
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Fiscal Year End: |
December 31, 2013 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2013 was of 13%. |
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Financial Information not
Submitted |
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Profit and Loss
(expressed in NGN.) |
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2013 |
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Sales |
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200,000,000 |
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BANK |
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Bank Name: |
Equitorial
Trust Bank |
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Branch: |
Nigeria |
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Comments: |
None |
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TRADE
REFERENCES
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Experiences: |
Good |
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NOTARIAL BONDS |
None |
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COMMENTS / ADDITIONAL INFORMATION |
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This information was
obtained from outside sources other than the subject company itself and
confirmed the above subject. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 59.07 |
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1 |
Rs. 99.20 |
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Euro |
1 |
Rs. 80.53 |
INFORMATION DETAILS
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Analysis Done by
: |
KRN |
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Report Prepared
by : |
DPT |
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 |
-- |
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.