MIRA
INFORM REPORT
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Report Date : |
05.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SATEK NIGERIA LIMITED |
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Registered Office : |
15, Ilupeju Road, Ilupeju, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
14th September 1989 |
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Com. Reg. No.: |
RC: 137280 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Mechanical and electrical engineers & consultants |
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 |
IDENTIFICATION
COMPANY
NAME: SATEK NIGERIA LIMITED
REGISTERED
NAME: SATEK NIGERIA LIMITED
REGISTERED ADDRESS: 15, Ilupeju Road, Ilupeju, Lagos
HEAD OFFICE ADDRESS: 8/10, Ilupeju Bye-Pass, Ilupeju, Lagos
TELEPHONE(S): 234-1-4522246, 7221986
FAX: 234-1-452246
MOBILE: 234-805-534-7714, 803-301-8177, 803-513-6899
E-MAIL: info@satekng.com, satekng@yahoo.com, toyese27@yahoo.co.uk
WEBSITE: www.satekng.com
POSTAL ADDRESS: Nil
Subject is into mechanical and
electrical engineers & consultants
In Nigeria subject is considered to be a medium scale
concern in this sector.
Currency:
All monetary values in this report are in Nigerian Naira, the local currency, except
otherwise stated. The exchange rate is N128 to 1 US $.
SUMMARY
NATURE OF PREMISES: Leased,
office space at head office occupying approximately 1120 square metres.
DATE
INCORPORATED: 14th September 1989
YEAR
BEGAN OPERATION: 1989
LEGAL
FORM:
Private Limited
Company
REGISTRATION
NO: RC: 137280
SHARE
CAPITAL: N10, 000.00
ALLOTTED
SHARE CAPITAL: N10,
000.00
PAID-UP
CAPITAL N10,
000.00
AUDITORS: Nil
SOLICITORS: Nil
COMPANY
SECRETARY: Nil
STAFF
STRENGHT: about 55
OWNERSHIP/SHAREHOLDING
STRUCTURE
Name %Held
Samson Babajide
15, Ilupeju Road, Ilupeju,
Lagos
Oluwadamilola Babajide
15, Ilupeju Road, Ilupeju,
Lagos
Oladele Babajide
7, Ilupeju Road, Palm Grove,
Lagos
Akinola Babajide
U29, Iloro Street, Ijebu Jesha
Osun State
SHARE HOLDERS (PREVIOUS)
Nil
DIRECTORS
1. Samson Babajide
2. Oluwadamilola Babajide
3. Oladele Babajide
4. Akinola Babajide
MANAGEMENT PROFILE
Jonathan Toyese Manager
Samson Babajide Director
Oluwadamilola Babajide Director
Oladele Babajide Director
Akinola Babajide Director
ASSOCIATE COMPANY
Nil
BRANCH
Nil
BANKER
Nil
TRADE REFERENCES
Nil
PAYMENT REFERENCES
Nil
PRODUCT DESCRIPTION
Air-conditioning and Refrigeration, Electrical and
Mechanical Engineers
PERFORMANCE RANKING
* Quality of Management: AVERAGE
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
OPERATIONS
Subject is into mechanical and electrical engineers &
consultants
Subject is located in a central business area
at 8/10, Ilupeju Bye-Pass, Lagos
OUR PARTNERS
Nil
TYPES OF CUSTOMERS
*General Public
BACKGROUND
Satek Nigeria Limited in an engineering company,
Incorporated in Nigeria on 14th September, 1989 by some professionals
(Air-conditioning and Refrigeration, Electrical and Mechanical Engineers).
Their services include Design, Supply, Installation and
Maintenance of all types of Electrical and Mechanical Equipment for Industrial,
Corporate and Domestic Requirements.
EXPANSION PLAN
Nil
PRINCIPAL ANTECEDENT
NAME: Mr. Jonathan Toyese
POSITION: Manager
NATIONALITY: Nigerian
PHYSICAL VISIT
Visits were made
to the followings:
1.
COMPANY PREMISES
2.
CORPORATE AFFAIRS
COMMISSION.
FINANCES
Subject Audited Account was not available as at the time of compiling this report.
However, Subject’s estimated turnover could be put at N100, 000, 000. 00
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RISK
RATING ASSESSMENT: |
Apparently healthy,
with adequate working capital to meet normal commitments. |
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CREDIT
LINE AMOUNT: |
FAIR |
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0CREDIT
LINE OPINION: |
Transaction with subject is
considered to be fair trade risk |
DIRECT INTERVIEW
1. Mr. Jonathan Toyese Manager
He declined further information.
Subject has qualified, efficient, and dedicated staff that
are all times on the alert to respond to client needs.
INDUSTRIAL OVERVIEW/ OPERATING
ENVIRONMENT
Subject is operating in an industry with very great potentials. With the
Local Content Initiative of the supervising agency, Nigerian
indigenous companies now have exclusive rights to up-to 30% of all contracts
awarded within the oil & gas industry.
In cases where local expertise is lacking indigenous companies are
encouraged to enter into technical partnership with foreign firms. With this innovation, local indigenous
companies now have regular access to bids and can also benefit from the
transfer of technology and expertise from their foreign technical partners. The
Gas sector according to the recent World Bank estimate, it is worth $ 284
million and it has the capacity for a 10% growth in the next three years. The
current low supply of LPG of about 0.5kg/h/yr from Nigeria to West African Sub-
Region as against the West African Average of 3.7kg/h/yr, leaves room for more
investors and expertise.
CMT REPORT (Corruption, Money
Laundering & Terrorism)
Public Notice from various sources including but not limited
to: The Courts, Nigerian Prison Service, Economic & Financial Crimes
Commission (EFCC), National Drug Law Enforcement Agency (NDLEA), National
Agency for Food & Drugs administration and Control (NAFDAC), Independent
Corrupt Practices and Other Related Offences Commission (ICPC) Etc.
No negative information on subject from the above agencies
as at the time of compiling this report.
COMPANY LOCATION
The company is located at 8/10, Ilupeju Bye-Pass, off Association Avenue, Ilupeju, Lagos-Nigeria.
OFFICIAL REMARKS
Having carried out all necessary research on subjects, our
investigations revealed that, the company, Satek Nigeria Limited is
duly registered in Nigeria, with a registered address, 15,
Ilupeju Road, Ilupeju, Lagos. While the operational office address is 8/10,
Ilupeju Bye-Pass, Lagos
All information contained in this reports are from both primary and secondary sources.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)