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Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
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Name : |
CHEMSTAR PAINTS INDUSTRY (NIG) LIMITED |
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Registered Office : |
KM 32, Lagos-Abeokuta Expressway Fine Coat Bus Stop |
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Country : |
Nigeria |
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Date of Incorporation : |
23.05.1995 |
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Com. Reg. No.: |
RC 272314 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Manufacture and supply of
paint and allied products |
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No. of Employees : |
210 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Nigeria |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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
|
Source
: CIA |
|
Registered Name: |
CHEMSTAR PAINTS
INDUSTRY (NIG) LIMITED |
|
Requested Name: |
CHEMSTAR PAINTS INDUSTRY (NIG) LIMITED |
|
Other Names: |
None |
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Physical Address: |
KM
32, Lagos-Abeokuta Expressway Fine Coat Bus Stop |
|
|
Lagos |
|
Country: |
Nigeria |
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Phone: |
234-8050399007/17744066 |
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Fax: |
234-17744066 |
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Email: |
Finecontpaints@yahoo.com/ info@chemstargroup.com |
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Website: |
www.chemstargroup.com |
|
Legal Form: |
Limited Corporation |
|
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Date Incorporated: |
23-May-1995 |
|
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Reg. Number: |
RC 272314 |
|
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Nominal Capital |
NGN.
1,000,000 |
|
|
Subscribed Capital |
NGN.
1,000,000 |
|
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Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Emmanuel Aderemi
Awode |
MD/CEO |
|
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Mr. Adedayo Olusesan Paseda |
Deputy MD |
|
|
Mr. Adetunji Adesope |
Finance Director |
|
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Mr. Olufola Laguda |
Manager |
|
|
Mr. Lateef Taiwo Olawale |
Manager |
|
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CHEMSTAR GROUP |
Holding Co. |
100% |
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CHEMSTAR GROUP |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
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None |
Shareholder of subject
firm. |
|
Various in Nigeria |
Branches of the firm |
|
Registered to operate
manufacture and supply of paint and allied products |
|
|
Imports: |
Asia, Africa |
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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: |
firms and organizations |
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Employees: |
210 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Nigeria |
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Location: |
Owned premises, 10,000 square feet, |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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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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||
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Financial Information not
Submitted |
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Profit and Loss
(expressed in NGN.) |
||
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|
2012 |
2013 |
|
Sales |
895,000,000 |
1,200,000,000 |
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Bank Name: |
BARCLAYS
BANK |
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Branch: |
Nigeria |
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Comments: |
None |
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Experiences: |
Good |
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NOTARIAL BONDS |
None |
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_______________________________________________________________________ |
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This information was
obtained from outside sources other than the subject company itself and
confirmed the above subject. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.84 |
|
|
1 |
Rs.98.40 |
|
Euro |
1 |
Rs.80.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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.