MIRA
INFORM REPORT
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Report Date : |
31.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
WEST COM WIRELESS LIMITED |
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Registered Office : |
42, Bishop Oluwole Street, Victoria Island, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
RC: 501974 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Wireless Telecoms Operations |
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 : |
No Complaints |
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Litigation : |
Clear |
name of the company
WEST COM WIRELESS LIMITED
OPERATIONS
Subject is into wireless telecoms operations.
In Nigeria, subject is a medium concern in this sector
Subject is located
in a business/commercial area at Plot No 4 Foreshore Street Osborne Estate
Ikoyi Lagos.
RISK FACTORS
Credit Risk
RISK RATING
ASSESSMENT: Apparently
healthy, with adequate working capital
to meet normal commitments
CREDIT LINE
AMOUNT: Normal
CREDIT LINE
OPINION: Subject appears to be a credit worthy organization
External
Constraints:
Subject operates in an environment highly technologically driven with
cyber fraudsters posing the greatest threat to the business. Coupled with this,
the loose information technology system security in the country is also highly
discouraging.
Internal Constraints:
Subject is not under any constraints, either management or office space
Currency:
All monetary quoted in this report are in Nigerian Naira, the local currency or
unless otherwise stated. The exchange rate is N118 to 1 US $.
IDENTIFICATION
COMPANY NAME: WEST COM WIRELESS LIMITED
REGISTERED NAME: WEST
COM WIRELESS LIMITED
REGISTERED ADDRESS: 42, Bishop Oluwole
Street, Victoria Island, Lagos.
HEAD OFFICE ADDRESS: 4, Foreshore Street Osborne Estate Ikoyi Lagos.
TEL:
234-1-2690610
MOBILE: 234
(0) 8034885530
WEBSITE:
www.westcomwireless.com
SUMMARY
NATURE OF PREMISES: Leased,
office space at head office occupying approximately 120 square meters
DATE INCORPORATED 7th January, 2004
YEAR BEGAN
OPERATION: 2001
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC:
501974
SHARE CAPITAL:
1, 000, 000. 00
ISSUED CAPITAL: 1, 000, 000. 00
PAID-UP CAPITAL: 1,
000, 000. 00
STAFF
STRENGHT: about
10
OWNERSHIP/SHAREHOLDING STRUCTURE
Name %Held
- Oyedele Niyi
90%
8, Alake Onileere Street, Gbagada Lagos
- Oyedele Folayemi 10%
8, Alake Onileere Street, Gbagada Lagos
DIRECTORS
- Oyedele Niyi
- Oyedele Folayemi
BACKGROUND
Westcom Wireless Limited is a fully owned Nigerian company incorporated
in 2001 but started operations in May 2002 as telecoms service provider,
consulting and Integration Company with a crop of experienced and professional
key staff dedicated to excellence.
WESTCOM WIRELESS was created to provide Nigerian wireless telecoms
operators with a convenient, top quality and economically superior alternative
to building and running cell sites themselves.
Vision :“Year after year,
Westcom Wireless and its people will be regarded as the best and most sought
after Telecomms Service Provider Group in Nigeria”
Mission :To exceed the
expectations of her customers, whom we define as partners and fellow employees.
Westcom Technology
& Energy Services (WTES)
A locally registered and fully Nigerian owned Company with head office
located at Plot 4b, 2nd Street, Osborne Estate, Ikoyi, Lagos.
Westcom Wireless Limited has a working relationship with Alvarion
Communications of Israel, who are world leaders in providing wireless
broadband, providing systems to carriers, ISP’s and private network operators
and in extending coverage of GSM and CDMA networks to developing countries and
hard to service areas.
COMMENT
The above
mentioned company is in existence and its business activities are ongoing in
that particular address.
DIRECT INTERVIEW
1. Mrs. Mary Jein
(Manager)
2. Festus
(Receptionist)
COMPANY LOCATION
The company is located at Plot 4, Foreshore Street, Osborne Estate Ikoyi
Lagos
The building is duplex, painted light brown,
fenced with black gate.
TRADE REFERENCE
Subject has both local and international trade references
PAYMENT REFERENCES
Subject has both local and international Payment references
PERFORMANCE RANKING
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
FINANCES
Subject Audited
Accounts was not available as at the time of compiling this report
TYPES OF CUSTOMERS
*Group of Companies * General
Public*
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RISK
RATING ASSESSMENT: |
Apparently healthy, with adequate working capital to meet normal Commitments |
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CREDIT
LINE AMOUNT: |
Normal |
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CREDIT
LINE OPINION: |
Subject appears to be a credit worthy organization |
PHYSICAL VISIT
- Company
Premises
- Corporate
Affairs Commission
INDUSTRIAL OVERVIEW/ OPERATING
ENVIRONMENT
The recently
completed consolidation process in the banking sector, alongside other ongoing economic
reforms have created a platform upon which service providers can leverage even
greater benefits for the Nigerian economy in making it convenience for electronic
Payments available
to as many Nigerians as possible.”
The development of
a world class electronic payment and card system in Nigeria will have numerous
benefits for the Government, business and the people of the country. There is a
dramatic improvement in financial transparency, savings and investment,
economic growth and government efficiency.
Numerous studies
have shown that card and electronic payments help merchants
and financial
institutions process and settle transactions more efficiently, reliably, and
Securely thanks to
lower payment system costs and greater economies of scale.
Other
international studies have shown that electronic payment systems, which are
generally from a
third to a half as expensive as paper-based transactions, also carry
fewer risks than
holding cash.
ATMs currently
generate more than $4 trillion in sales volume worldwide and also acceptance at
more than 24 million locations worldwide.
There are many
opportunities in this sector of the economy. But could only be achieved through
Foreign Companies joint ventures with Nigerian companies, with adequate
Training/Technical Assistance - Provision of training facilities for a large
work force indirectly engaged in the Sub-Sector of the economy. This sector of
the economy has great potentials for intending investors.
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.
OFFICIAL REMARKS
Having carried out all necessary verifications on subject, our investigations revealed that, the company, West Com Wireless Limited is duly registered in Nigeria, with a registered address at 42, Bishop Oluwole Street, Victoria Island, Lagos. While the head office address is 4, Foreshore Street Osborne Estate Ikoyi Lagos. Subject is into genuine business transactions. All information contained in the report are mostly from secondary sources.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.37 |
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UK Pound |
1 |
Rs.84.00 |
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Euro |
1 |
Rs.65.96 |
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%)