MIRA
INFORM REPORT
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Report Date : |
08.05.2007 |
IDENTIFICATION DETAILS
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Name : |
S.G.S. INSPECTION SERVICES
NIGERIA LIMITED |
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Registered Office : |
5, |
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Country : |
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Date of Incorporation : |
5th July 1956 |
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Com. Reg. No.: |
RC: 1532 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Inspection, testing & verification services, industrial & NDT,
oil, gas & chemical, meeting, instrumentation and calibration,
laboratory, product consultancy, process assessment and statistical product
verification, fumigation, agricultural, environmental, trade assurance, recruitment
& supply of contract staff to industry |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION
COMPANY NAME: SGS
INSPECTION SERVICES NIGERIA LIMITED
REGISTERED NAME:
S.G.S. INSPECTION SERVICES
NIGERIA LIMITED
REGISTERED ADDRESS: 5,
HEAD OFFICE ADDRESS: 7B,
TELEPHONE(S): 234-1-2625347-50,
2620735, 2620739
FAX: 234-1-2622976
E-MAIL: sgs.nigeria@sgs.com
WEBSITE:
www.sgs.com
POSTAL ADDRESS:
Subject is into inspection, testing & verification services,
industrial & NDT, oil, gas & chemical, meeting, instrumentation and
calibration, laboratory, product consultancy, process assessment and
statistical product verification, fumigation, agricultural, environmental,
trade assurance, recruitment & supply of contract staff to industry.
In
Currency: All monetary values in this report are in Nigerian Naira, the
local currency, except otherwise stated. The exchange rate is N130 to 1
SUMMARY
NATURE OF PREMISES: Leased, office space at head office
occupying approximately 250 square metres.
DATE INCORPORATED: 5th July 1956
YEAR BEGAN OPERATION: 1956
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC: 1532
SHARE CAPITAL: N200,
000.00
ALLOTTED SHARE CAPITAL: N200,
000.00
PAID-UP CAPITAL N200,
000.00
AUDITORS:
Nil
SOLICITORS: Nil
COMPANY SECRETARY: Mr. Ayodele Balogun
STAFF STRENGHT: 60
DIRECTORS
Sergio Marchionne
Chris Kirk
MANAGEMENT PROFILE
Sergio Marchionne
Chairman
Chris Kirk
Chief Executive Officer
Mr. Ayodele Balogun Secretary
PARENT COMPANY
SGS GROUP
BRANCHES
Bungalow D, Oghenovo Estate,
206/208,
P.M.B 80048 Delta State-Nigeria
Tel: 234-1-53257086, 257091, 256067
Fax: 234-1-53257086
1,
Tel: 234-1-84238349, 232961,
2344181,234783,233558
Fax: 234-1-84238349
West African Container Terminal (WACT),
Terminal, Onne
BANKER
Nigeria International Bank
1,
AC/NO. 1715011
TRADE REFERENCES
Nil
PAYMENT REFERENCE
Nil
PRODUCT DESCRIPTION
*Agriculture *Consumer Testing *Government and institutions *Industrial
*Minerals *Oil, Gas & Chemicals
*System & Services Certification *Technical Staffing
PERFORMANCE RANKING
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure:
GOOD
OPERATIONS
Subject is into inspection, testing & verification services,
industrial & NDT, oil, gas & chemical, meeting, instrumentation and
calibration, laboratory, product consultancy, process assessment and
statistical product verification, fumigation, agricultural, environmental,
trade assurance, recruitment & supply of contract staff to industry
Subject is located in a central business area at 7B,
BACKGROUND
SGS is the world’s leading inspection, verification, testing and Certification Company. SGS is recognized as the global benchmark for quality and integrity. With more than 48'000 employees, SGS operates a network of over 1’000 offices and laboratories around the world.
Originally founded in 1878 in
The company was incorporated in
The core services offered by SGS can be divided into four categories:
Inspection Services. SGS inspects and verifies the quantity, weight and quality of traded goods. Inspection typically takes place at the manufacturer’s/supplier’s premises or at time of loading or at destination during discharge/off-loading.
Testing Services. SGS tests product quality and performance against various health, safety and regulatory standards. SGS operates state of the art laboratories on or close to customers' premises.
Certification Services. SGS certifies that products, systems or services meet the requirements of standards set by governments (e.g. GOST R), standardisation bodies (e.g.ISO 9000) or by SGS customers. SGS also develops and certifies its own standards.
Verification Services:
SGS verification services ensure that products and services comply with global standards and local regulations. Combining global coverage with local knowledge, unrivalled experience and expertise in virtually every industry, SGS covers the entire supply chain from raw materials to final consumption.
EXPANSION PLAN
The company is planning to diversify into other areas.
PRINCIPAL ANTECEDENT
1. NAME: Sergio
Marchionne
POSITION: Chairman
PROFESSION: Lawyer
DATE OF BIRTH: 1952
NATIONALITY: Italian/Canadian
EDUCATION & QUALIFICATION :
Bachelor of Laws from the
WORK HISTORY:
He was appointed as a Chief Executive Officer of Alusuisse Lonza Group
Limited (algroup),
2. NAME: Chris
Kirk
POSITION: Chief
Executive Officer
PROFESSION: Zoology
DATE OF BIRTH: 1956
NATIONALITY: British
EDUCATION & QUALIFICATION:
He received a post graduate certificate in education and 1978 he was
awarded a bachelor degree in zoology.
WORK HISTORY:
He is currently the Chief Executive Officer of the company; a role he
has filled since late 2006. Previously he was executive vice president for
minerals and environmental services, a role he took on for 3 years having been
appointed prior to this, chief operating officer of the south east Asia/Pacific
region in 2002. Between 1987 and 1999, he held a number of senior positions in
PHYSICAL VISIT
Visits were made to the followings:
COMPANY PREMISES
CORPORATE AFFAIRS COMMISSION.
Bank
FINANCES
Subject audited accounts were not available as at the time of compiling this
report. Therefore, its present financial position could not be ascertained.
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CREDIT LINE AMOUNT: |
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0CREDIT LINE OPINION: |
Transaction with subject is considered to normal trade risk |
DIRECT INTERVIEW
NAME:
Mr. Ayodele Balogun
POSITION:
Company Secretary
According to Mr. Balogun, the Managing Director is currently out of the
office. He therefore promised to pass our questionnaire to the MD and get back
to us later.
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
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 7B,
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/normal. |
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%)