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MIRA INFORM REPORT
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Report No. : |
503699 |
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Report Date : |
19.04.2018 |
IDENTIFICATION DETAILS
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Name : |
PRIMA CORPORATION LTD |
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Registered Office : |
12 Akinwande
St. Opp. Strabag Construct Off, Badagry Expressway Alaba-Coker, Lagos |
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Country : |
Nigeria |
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Financials (as on) : |
2017 [Summarized] |
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Date of Incorporation : |
05.01.1965 |
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Com. Reg. No.: |
RC.12766-C |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Registered to operate
manufacture and distribution of preforms and caps |
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No. of Employees : |
30 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Nigeria |
B2 |
B2 |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
NIGERIA - ECONOMIC OVERVIEW
Nigeria is one of Sub Saharan Africa’s largest economies and relies
heavily on oil as its main source of foreign exchange earnings and government revenues.
Following the 2008-09 global financial crises, the banking sector was
effectively recapitalized and regulation enhanced. Since then, Nigeria’s
economic growth has been driven by growth in agriculture, telecommunications,
and services. Economic diversification and strong growth have not translated
into a significant decline in poverty levels; however, over 62% of Nigeria's
170 million people still live in extreme poverty.
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. Regulatory constraints and security risks have limited
new investment in oil and natural gas, and Nigeria's oil production had been
contracting every year since 2012 until a slight rebound in 2017.
President BUHARI, elected in March 2015, has established a cabinet of
economic ministers that includes several technocrats, and he has announced
plans to increase transparency, diversify the economy away from oil, and
improve fiscal management, but his reliance on the Central Bank governor has
led to overwhelmingly protectionist policies aimed at defending the naira from
further devaluation. President BUHARI ran on an anti-corruption platform, and
has made some headway in alleviating corruption, such as an implementation of a
Treasury Single Account that allows the government to better manage its
resources. The government also is working to develop stronger public-private
partnerships for roads, agriculture, and power.
Partly because of lower oil prices, Nigeria entered a recession in 2016.
However, GDP growth turned positive, with oil prices recovering and output
stabilizing in 2017.
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Source
: CIA |
Company
name
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Registered Name: |
PRIMA
CORPORATION LTD |
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Requested Name: |
PRIMA CORPORATION LTD |
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Other Names: |
None |
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ADDRESS
AND TELECOMMUNICATION
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Physical Address: |
12
Akinwande St. Opp. Strabag Construct Off, Badagry Expressway Alaba-Coker, |
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Lagos |
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Country: |
Nigeria |
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Phone: |
234-1-7742662/7740338/7740477/7751643/7752332/
7752699/9033905/-8033879927 |
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Fax: |
234-1-4615102/7730288 |
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Email: |
feedback.pcl@jotna.com |
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Website: |
www.primacorpltd.com |
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CREDIT
OPINION
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Financial Index as of December
2017 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: |
05-Jan-1965 |
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Reg. Number: |
RC.12766-C |
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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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N. Vaswani |
Chairman/CEO |
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M.S. Batheja |
GM |
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Augustine Ifeanyi Nwa |
Manager |
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RELATED
COMPANIES
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None |
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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None |
Branches of the firm |
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OPERATIONS
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Registered to operate manufacture
and distribution of preforms and caps |
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Imports: |
Asia |
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Exports: |
Neighbouring countries |
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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: |
Distributors, firms and organizations |
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Employees: |
30 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Nigeria |
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Location: |
Rented premises, 10,000 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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Fiscal Year End: |
December 31, 2017 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2017 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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2017 |
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Sales |
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850,000,000 |
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BANK
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Bank Name: |
Société
Générale Bank of Nigeria (SGBN) |
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Branch: |
Nigeria |
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Comments: |
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 |
INR 65.68 |
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1 |
INR 93.98 |
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Euro |
1 |
INR 81.30 |
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NGN |
1 |
INR 0.18 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.