MIRA
INFORM REPORT
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Report Date : |
06.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHANNEL IT NIGERIA LIMITED |
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Registered Office : |
30, Town Planning Way, Ilupeju, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
14.07.2003 |
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Com. Reg. No.: |
RC: 484928 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Information Technology, Marketing and Distribution of Dell Computers |
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 |
name of the company
CHANNEL IT NIGERIA LIMITED
OPERATIONS
Subject is into information technology,
marketing & distribution of dell computers.
Subject is located in a commercial area at Plot 1434, Amadu Tijani Street,
off Sanusi Fafunwa Street, Victorial Island, Lagos.
RISK FACTORS
Credit Risk
FRISK 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
IDENTIFICATION
COMPANY NAME: CHANNEL IT NIGERIA LIMITED
REGISTERED
NAME: CHANNEL INFORMATION TECHNOLOGY
LIMITED
REGISTERED
ADDRESS: 30,
Town Planning Way, Ilupeju, Lagos State
HEAD OFFICE
ADDRESS: 1434,
Amadu Tijani Street, off Sanusi Fafunwa Street, Victorial Island, Lagos.
TELEPHONE(S): 234-01-4616716-20
(5 lines)
FAX: 234-1-4616719
E-MAIL: info@channelit.net
PRIMARY CONTACT: Mr.
Bassim Haider (CEO)
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 $.
SUMMARY
NATURE OF
PREMISES: Leased, office space at head office occupying
approximately 175 square meters
DATE INCORPORATED 14th July, 2003
YEAR BEGAN OPERATION: 2003
LEGAL FORM:
Private Limited
Company
REGISTRATION NO: RC: 484928
SHARE CAPITAL: 1,000,000.00
STAFF STRENGHT: about 12
DIRECTORS
Mr. Bassim Haider Chief
Executive Officer
Mr. Dennis Oudejans Executive
Director- Business Strategy and Development
Mr. Shiv Falod Director,
Finance & Operations
Mr. Richard Swierts Head,
Delarue/ATM Africa Division
Mr. Inderjeet Singh Head,
Channel IT Andrew Division
Chief Mazen Boumatter Head,
WND Division
Mrs. Marcelle Riz Imoisili
Head, Dell Division
Mr. Samuel Pawar General
Manager, Technical
Marcelle
Rizkallah Sales
Director
Daniel
Oko-Oboh Human
Resources
COMPANY LOCATION
The company is
located at Plot 1434, Amadu Tijani Street, off Sanusi Fafunwa Street, Victorial
Island, Lagos.
BACKGROUND
Channel IT is a key
distributor of technology products in the Nigerian market. Established four
Years ago. They
are a member of the GMT Group leading integrated procurement, finance &
Logistics
provider.
Channel IT
distributed technology products nationwide through a network of resellers. They also
provide end user
support and maintenance (on request).
The company’s
brand and reseller partners get marketing initiatives, warehousing and
logistics as
well as sales and technical support.
Channel IT is run
by a multi national and multi ethnic team of dedicated professionals who have
many years of
sales and technical experience between them.
TRADE REFERENCES
Subject: have both local and international references
PAYMENT REFERENCES
Subject: have both local and international references
PERFORMANCE RANKING
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
CLIENTS
1. Andrew Office: 234-1-7612924, Cell: 234-1-7601919
2. ATM Africa Office: Cell:
234-1-7658495
3. Delarue Office; Cell: 234-1-7658495
4. Dell Office; Cell: 234-1-7658495
5. WND Telecom Office: 234-1-4616716/7/8, Fax: 234-1-4616719
PRODUCT DESCRIPTION
Computer Systems and Accessories
- Satellite & broadband communications equipment
- Towers
- Antennas
- ATM’s
- Kiosks
- Point of sale terminals
- Teller automation systems
- Money counting machines
- Cash dispensers
- WND dual sim phones
- Notebooks
- Workstations
- Desktops
- Servers
- Storage
- Networking
- Printers
- Monitors
PHYSICAL VISIT
- Company
Premises
- Corporate
Affairs Commission
FIELD OFFICERS COMMENT
On getting to Channel IT Nigeria Limited, we met with the
company receptionist called Herrietta. She colleted our questionnaire which she
promised to pass on to the Managing Director as the MD was very busy as at the
time of our visit. Also there was no previous appointment before the visit.
To get to Channel IT Nigeria Limited, you need to board a
bus from Ikeja to Obalende and board another bus going to Adeola Odeku from
Obalende then alight at Eko Hotel round about by Sanusi Fafunwa street then ask
of 1434, Amodu Tijani Street, Victoria Island, Lagos.
The building is painted White and Blue Colour and is
directly opposite UBA Bank Plc, Victoria Island, Lagos.
FINANCES
Subject Audited Accounts was not available as the time of compiling this
report.
INDUSTRIAL OVERVIEW/ OPERATING
ENVIRONMENT
Subject is operating in an industry with very great potentials. The IT
industry in Nigeria is a fast growing one in terms of size and complexity. The
industry has become more sophisticated technically, financially and in terms of
the required skills and expertise; the use of modern technologies in Nigeria
has giving rise to world class IT solution companies. The coming of mega
communication companies, like MTN Nigeria, Celtel Nigeria and Globalcom Nigeria
has further placed a premium on the IT industry.
The use of electronics payment solutions is also a boost to the IT
industry.
There
are many opportunities in this sector of the economy. This 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,
Channel IT Nigeria Limited is duly registered in Nigeria with a registered
address at
30, Town Planning
Way, Ilupeju, Lagos State, while the head office
address is located at Plot 1434,
Amadu Tijani
Street, off Sanusi Fafunwa Street, Victoria Island, Lagos.
Subject is into genuine business
transactions. Subject is a going
concern.
NOTE: all efforts to get more information
from any of the principals proved abortive.
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.49.22 |
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UK Pound |
1 |
Rs.75.03 |
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Euro |
1 |
Rs.63.14 |
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%)