MIRA
INFORM REPORT
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Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
BACK-UP SYSTEMS LIMITED |
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Registered Office : |
8/10, Broad Street, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
30.09.1987 |
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Com. Reg. No.: |
RC: 99825 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
IT Solution Company. |
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
BACK-UP SYSTEMS LIMITED
OPERATIONS
Subject
is an IT Solution company.
Subject is located
in a commercial area at ALIBAN House, 348, Ikorodu Road, Maryland, Ikeja, 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
IDENTIFICATION
COMPANY NAME: BACK-UP
SYSTEMS LIMITED
REGISTERED
NAME: BACK-UP SYSTEMS LIMITED
REGISTERED
ADDRESS: 8/10,
Broad Street, Lagos State-Nigeria.
HEAD OFFICE
ADDRESS: ALIBAN
House, 348, Ikorodu Road, Maryland, Ikeja, Lagos.
TELEPHONE(S): +234-01-496-6257
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 3Oth September, 1987
YEAR BEGAN OPERATION: 1987
LEGAL FORM:
Private Limited
Company
REGISTRATION NO: RC: 99825
SHARE CAPITAL:
200,000.00
STAFF STRENGHT: about
12
SHAREHOLDERS
Alban Okonkwo Nigerian
19, Olutoye Crescent, Off Adeniyi Jones, Ikeja, Lagos, Nigeria.
Benjamin Ademola Nigerian
4, Akerele Street, Surulere, Lagos, Nigeria.
DIRECTORS
Alban Okonkwo
Benjamin Ademola
COMPANY LOCATION
The company is located at ALIBAN House, 348,
Ikorodu Road, Maryland, Ikeja, Lagos.
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
PRODUCT DESCRIPTION
Computer Systems and Accessories
PHYSICAL VISIT
- Company
Premises
- Corporate
Affairs Commission
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, Back-Up
Systems Limited is duly registered in Nigeria with a registered address at
8/10,
Broad Street,
Lagos while the head office address is located at ALIBAN House, 348, Ikorodu
Road,
Maryland, Ikeja,
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.48.79 |
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UK Pound |
1 |
Rs.75.41 |
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Euro |
1 |
Rs.61.48 |
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%)