MIRA
INFORM REPORT
|
Report Date : |
20.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SIMBANET NIGERIA LIMITED |
|
|
|
|
Registered Office : |
20, Adele Road, Apapa, Lagos State |
|
|
|
|
Country : |
Nigeria |
|
|
|
|
Date of Incorporation : |
08.03.2001 |
|
|
|
|
Com. Reg. No.: |
RC: 404921 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Sales of VSAT (C-Band Equipments and Services), Rbgan mobile satellite
modern user terminal and Sim cards, internet bandwidth, building of internet
backbone IP, infrastructure & integration for CDMA net work, internet
security appliances/firewall, virtual private network, VoIP, telemedicine and
rural telephony and IT consultancy |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
name of the company
SIMBANET NIGERIA
LIMITED
OPERATIONS
Subject is into sales of VSAT (C-Band Equipments and Services), Rbgan mobile
satellite modern user terminal and Sim cards, internet bandwidth, building of
internet backbone IP, infrastructure & integration for CDMA net work,
internet security appliances/firewall, virtual private network, VoIP,
telemedicine and rural telephony and IT consultancy
Subject is located
in a commercial area at 77/79, Eric Moore Road, Surulere, Lagos State
RISK FACTORS
Credit Risk
RISK RATING ASSESSMENT: GOOD 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: SIMBANET NIGERIA LIMITED
REGISTERED NAME: SIMBANET NIGERIA LIMITED
REGISTERED ADDRESS: 20,
Adele Road, Apapa, Lagos State
HEAD OFFICE ADDRESS: 77/79,
Eric Moore Road, Surulere, Lagos State
TELEPHONE(S): 234-1-7730260,
7740120
FAX: 234-1-5851016
E-MAIL: sales@simbaonline.net
WEBSITE: www.simbaonline.net
POSTAL ADDRESS: P. O. Box 10744, Marina Lagos
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 8th
March, 2001
YEAR BEGAN OPERATION:
LEGAL FORM:
Private Limited Company
REGISTRATION NO:
RC: 404921
SHARE CAPITAL: 10,000,000
SHAREHOLDERS
Sanjeen Jatania
Spring Villa Park, Spring Villa Road, Edgware R MIDOX HA 87EB, United
Kingdom
Ajit Jatania
Spring Villa Park, Spring Villa Road, Edgware R MIDOX HA 87EB, United
Kingdom
Penthurst holding inc.
3/5, Ikoyi Crescent, Ikoyi, Lagos
Vinay Grover
3/5, Ikoyi Crescent, Ikoyi, Lagos
DIRECTORS
Sanjeen Jatania
Ajit Jatania
Vinay Grover
BOARD CHAIRMAN/MANAGEMENT
Mr. Vinay Grover – Managing Director/CEO
ADMIN./CORPORATE ENQUIRIES (contact)
Mr. O. S. Ajibola –Group Personnel Manager
BACK GROUND
SimbaNET was founded to prove sophisticated IP Infrastructure and IT
based business solutions to corporate users, ISPs and Telecommunication
outfits.
Today the company is recognized in Nigeria as a leader in the provision
of IP’s backbone infrastructure for Private Telephone Operators with core
competence in CDMA-IP Integration. The company is a dedicated technology
specialist providing, innovative, enterprise scale solution that exploits the
capabilities of VSAT, Satellite technologies, internet ISP Infrastructure
-Virtual Private network - Security - Internet - Remote Backup and many
more....of its kind.
SimbaNET also specializes in the deployment of Rural Telephony
Infrastructure and the possibilities for SimbaNET are endless by a strong
alliance from an array of leading International partners.
SimbaNET was awarded the “Most Innovative ISP in Nigeria in 2003”
SimbaNET is the winner of the “UK-Africa Business Award” for the
year 2002
SimbaNET was among the finalist for the “World Technology Network
Award”, held in the United Nations Headquarters in New York. This is a rare
honor for an African company. The other finalists were Lucent Technologies, NTT
Japan, Qualcomm, Nokia and Hewlett
The company has the ability in connecting the client’s branches using
dedicated satellite links to and from remote branches to corporate office and
anywhere in the world. SimbaNET is a partner to Newskies Satellite in Africa
for satellite connectivity requirement. The major advantage of Newskies
Satellite for Africa is its coverage (foot print) over whole Africa and also
its power. The Newskies satellite which uses (NSS7) is having its centre of
beam over Africa. This brings advantage to users as better connectivity,
reliability and better upgrade in near future using smaller antennas.
SimbaNET’s has forged alliance with Midas Communications, India for
providing Rural Telephony and Tele-medicine solutions. corDECT technology
from Midas Communications for rural telephony is one of the most cost
effective and simpler solution available in the world. corDECT technology is
the most suitable rural telephony solution for developing countries. The
solutions are developed keeping in mind the operational difficulties and
environment in developing countries in Africa and Asia. SimbaNET with this
corDECT technology is able to provide the rural community with simultaneous
voice communications and Internet facility.
They have been able to provide a full turnkey solution including all
hardware and future consultancy.
SimbaNET handles projects and allocates appropriate resources for the
same. In any project they allocate dedicated resources and also make sure that
the client receives proper management reports to take the right decisions.
SimbaNET is a Data and voice Service Provider. They hold the appropriate
experience and can offer a complete connectivity solution for a client and its
different branches.
They provide full redundant system, which will offer great uptime to a
client. They are also able to propose different plans a way ahead for the
client to see its services having uptime higher than 99.9%.
SimbaNET along with its Technological and Project Partners has proven
strength in satellite communication. Some of their technology partners are
technology and solutions leaders in the supply, support and marketing of
diverse Telecommunications, Satellite and IT solutions, to selected local and
export markets. SimbaNET has a technological partnership with leaders in the
industry in the field of IT and Telecommunications technology in the world.
SimbaNET’s presence in a number of African countries is an added feature
to its profile. SimbaNET currently has direct presence in Kenya, Tanzania,
Uganda, Nigeria, United Kingdom, UAE and India.
SimbaNET has started its operation in each region by direct presence or
by our Franchisee Partners. This will give an added advantage to clients to
access support from local offices in all cities. They have more than 12 regions
with local support for clients. This support will be an added advantage to have
better uptime for a client’s connectivity.
SimbaNET‘s rollout plan is to have presence in all prime regions in Africa.
This will give her clients access to her entire infrastructure and also to get
the total solution under the same roof.
SimbaNET and its group of companies have its proven of many projects of
implementation with great success.
COMPANY LOCATION
The company is located at 77/79, Eric Moore Road, Surulere, Lagos State
PARENT COMPANY
Simba Group
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
PHYSICAL VISIT
Company Premises
Corporate Affairs Commission
FINANCES
Subject Audited Accounts
was not available as the time of compiling this report.
|
Simba Group of Companies and
their branches |
|
Tanzania |
SimbaNET (T)
Ltd. |
|
||||||||||
|
Kenya |
Simba Technology
Ltd., |
Tel: +254 2 532349, 544670 |
||||||||||
|
|
SimbaNET Com
Ltd., |
Tel: +254 2 532349, 350495 |
||||||||||
|
Nigeria |
Simba Technology
Ltd., |
|
||||||||||
|
|
SimbaNET Nigeria
Ltd., |
|
||||||||||
|
India |
Simba Soft
Technology Private Ltd., |
Tel: +91 40 66224506/7 |
||||||||||
|
UK |
Comet Technology
Ltd., |
Tel : +44 20 8951 5678 |
||||||||||
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, Simbanet Nigeria Limited is duly registered in Nigeria with a
registered address at 20,
Adele Road, Apapa, Lagos State while the head office address is located
at 77/79, Eric Moore Road,
Surulere, Lagos State
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.08 |
|
UK Pound |
1 |
Rs.71.17 |
|
Euro |
1 |
Rs.66.98 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)