MIRA INFORM
REPORT
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Report Date : |
21.01.2011 |
IDENTIFICATION DETAILS
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Name : |
ALTARGATE ASSOCIATES LIMITED |
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Registered Office : |
Abuja Suites, 13-14, Ploti, Mngal Plaza, Garoua Street, off Noukchoutt Street, Wuse Zone, Abuja, FCT |
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Country : |
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Date of Incorporation : |
Not Available |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Not Available |
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Line of Business : |
Sales, Distribution and Installation of Transformers |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
ALTARGATE ASSOCIATES
LIMITED
OPERATIONS
The company is engaged in the Sales,
Distribution and Installation of Transformers.
COMPANY LOCATION
The company is located at
Abuja Suites, 13-14, Ploti,
IDENTIFICATION
COMPANY NAME: ALTARGATE ASSOCIATES LIMITED
HEAD OFFICE
ADDRESS:
FAX: 234-1-5233255
EMAIL: altargate@altargate.net
, altargate@yahoo.com
WEBSITE: www.altargate.net
PRIMARY CONTACT: Mr. Chigozie Obi (Managing
Director/CEO), 234-803-311-8992
Currency: All monetary quoted in this report are in Nigerian
Naira, the local currency or unless otherwise stated. The exchange rate is N148
to 1
SUMMARY
NATURE OF PREMISES: Leased
office space occupying approximately 500 square metres.
STAFF STRENGHT: Undetermined
MANAGEMENT PROFILE
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S/NO |
Names |
Position |
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1. |
Mr. Chigozie Obi |
Managing Director/CEO |
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2. |
Barr. Ezinwa Ukoha |
Company Secretary/Legal Adviser |
BACKGROUND
Altargate Associates Limited is a multi-disciplinary group of power engineers and other seasoned
professionals with provable track of successful electrical projects to its
credit through the instrumentality of its invaluable products, service and
coterie experts with over 20 years of practical experience and immense
contribution to the Power Sector of both local and international organizations.
It is engaged in Transformers Sales, Distribution and Installation.
Altargate Associates Limited has gained local international recognition as result oriented
contractors over the years. Its inward passion for excellence and
professionalism has given unequal edge over its competitors in the industry.
The company began its services in procurement and supply of heavy engineering
equipments such as, distribution and power transformers, high- tension control
panels, generating sets, overhead materials etc.
Altargate Associates Limited has over the years, added engineering research and design
electric engineering construction, management and consultancy to her
activities. Altargate Associates Limited
has been involved in the execution of both State and Federal Government
Projects. Procurement and supply of engineering equipments to government
agencies, parastatals and private individuals, construction of high-tension
33Kv & 11Kv transmission lines, construction of injection and distribution
Substation, rehabilitation works, importation and sales of electrical power
fittings and cabling accessories such as connecting terminal seal, wire
pressing cap, cable suspension fittings, etc.
Due to
dedication and commitment of the company’s highly experienced professionals, it
has been able to execute quite good number of projects within the country. As a
specialized electrical construction company, engineering problems are viewed
from the management perspective accordingly; special attention is paid to
planning, design, work procedure, quality and cost control. Its client’s
interest is of paramount importance to them with so many years of experience in
electrical construction industry. Altargate
Associates Limited has acquired vast experience in the design and
construction of sub-stations, transmission lines, construction and management. The Company works in close collaboration with the
24
partners from
During our visit to the company, we were denied
access into the premises by security men on duty. We later spoke with Mr.
Chigozie Obi (Managing Director/CEO) on 234-803-311-8992 who informed us that
he is currently not in
Conclusion: in
view of the above, we therefore advised that Extreme caution should be
exercised in dealing with the company.
PRODUCT DESCRIPTION
·
Phase shift
transformers 2500 KVA, 11/13
KV Distribution Transformer
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Split-phase
Autotransformers
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Winding
hot-spot temperature protection
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33KV Outdoor
Metering unit
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Oil Filled
Power Transformer
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5 Amps Cast
Current and Voltage Transformer
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DTL - 2
Bimetallic Plug
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Quadruple
Suspension Fittings
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CGU
Suspension Clamp
·
Transformer
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Transmission Lines
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Cables
·
Metering Units
·
Electrical Accessories
BRANCH
CA 12, Alaba
International Market, Ojo,
TYPES OF CUSTOMERS
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General Public
·
Group of Companies
PERFORMANCE RANKING
* Quality of
Management: Undetermined
* Ethics &
Integrity:
Undetermined
* Ownership
Structure: Undetermined
FINANCES
The company’s Audited Account was not available during our visit; therefore, as such, its present financial state could not be
ascertained.
OFFICIAL REMARKS
Having carried out
all necessary verifications on the company, our investigations revealed that Altargate Associates Limited is located
at Abuja Suites, 13-14, Ploti,
Information contained in
the report is from secondary sources only.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.58 |
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|
1 |
Rs.72.73 |
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Euro |
1 |
Rs.61.45 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.