MIRA INFORM
REPORT
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Report Date : |
12.07.2011 |
IDENTIFICATION DETAILS
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Name : |
DASCO ENGINEERING INDUSTRIES NIGERIA LIMITED |
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Registered Office : |
3, Okoya Street, Lagos Island, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
25.06.1985 |
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Com. Reg. No.: |
RC: 85644 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engineering Work |
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 |
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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Nigeria |
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
DASCO
ENGINEERING INDUSTRIES NIGERIA LIMITED
OPERATIONS
The company is engaged in engineering work such as Metal Fabrication, Metal and Brass Planting, Zinc Metallization and Electrolyses Metal Planting and others.
COMPANY LOCATION
The company is located at
3, Akanni Doherty Street, behind Dunlop/Guinness, off Oba-Akran Avenue, Ikeja,
Lagos State, Nigeria
RISK FACTORS
Credit Risk
RISK RATING
ASSESSMENT: Apparently
healthy, with adequate working capital to meet normal Commitments
IDENTIFICATION
COMPANY NAME: DASCO ENGINEERING INDUSTRIES NIG. LIMITED
REGISTERED NAME: DASCO ENGINEERING INDUSTRIES NIG.
LIMITED
REGISTERED
ADDRESS: 3,
Okoya Street, Lagos Island, Lagos State, Nigeria
HEAD OFFICE ADDRESS: 3,
Akanni Doherty Street, behind Dunlop/Guinness, off Oba
Akran
Avenue, Ikeja, Lagos State, Nigeria
TELEPHONE: 234-1-7748686, 7765464, 7753343
E-MAIL: disco@dascochrome.com
WEBSITE: www.daxcochrome.com
PRIMARY CONTACT: Miss Favour (Receptionist)
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 US $.
SUMMARY
NATURE OF PREMISES: Owned
office space occupying approximately 1,300 square metres.
DATE INCORPORATED: 25th June, 1986
YEAR BEGAN OPERATION: 1986
LEGAL FORM: Limited
Liability Company
REGISTRATION NO: RC: 85644
SHARE CAPITAL: 25,000,000.00
ALLOTTED SHARE CAPITAL: 500,000.00
PAID-UP CAPITAL 500,000.00
STAFF STRENGHT: Over 20
OWNERSHIP/SHAREHOLDING STRUCTURE
1.
John
Olatunji
3, Okoya Street, Lagos Island, Lagos State,
Nigeria
2.
Daswani Jaikishin
Plot 2, Block D, Isolo Expressway, Isolo,
Lagos State, Nigeria
3.
Lakhani Kishin
Plot 2, Block D, Isolo Expressway, Isolo,
Lagos State, Nigeria
4.
Chandru Daswani
Plot 2, Block D, Isolo Expressway, Isolo,
Lagos State, Nigeria
5.
Ram Hathiranmani
Plot 2, Block D, Isolo Expressway, Isolo,
Lagos State, Nigeria
DIRECTORS
1. John
Olatunji
2. Daswani
Jaikishin
3. Lakhani
Kishin
4. Chandru
Daswani
5. Ram
Hathiranmani
BACKGROUND
Dasco Engineering Industries Nigeria Limited (DEINL) was
incorporated on 25th June, 1986 with Registration Number (RC. 85644). The corporate head office is located at 3,
Akanni Doherty Street, behind Dunlop/Guinness, off Oba-Akran Avenue, Ikeja,
Lagos State, Nigeria. The Company occupies a large premises which comprises
administrative block and factory for production of their products also several
motor cars were parked in the premises, the company administrative block is
painted white, the whole firm is fenced with a big gate painted green, the firm
is at the left side of Akanni Doherty Street opposite Guinness warehouse while
Dasco is boldly written on the wall.
The company is engaged in
engineering work such as Metal Fabrication, Metal and Brass Planting, Zinc
Metallization and Electrolyses Metal Planting and others.
DEINL’s aim is highly committed to executing Nigerian
engineering projects with high efficiency and recognizes that majority of all
such work must be executed in Nigeria.
The company’s existing facilities and technical capability will be enhanced
with the incorporation of a comprehensive technical library, specifications and
standards, policies and procedures, all of which will be required to address
the particular requirements of the new Nigerian company.
Most of the equipment
supplied and maintained by the company is protective and preventive in nature,
as the company believes in transparency, total commitment, integrity and
solidity. The company and its partners are composed of
highly experienced and skilled personnels with a wide range of
experience in engineering sector. With a
sound resources base at its disposal, it has acquired the necessary technical
capability, which has enabled it to undertake major installation within the
country.
The Company consists of well-informed management and
staff who are dedicated in providing its
customers with high quality products and services that are both efficient and
cost effective. It also has highly motivated group of factory trained engineers
who are ready to answer any questions, offer advice and give quotes.
During our visit on the 7th
July, 2011, we spoke with Miss Favour, the receptionist (234-1-7748686). She
acknowledged our documents but declined to provide any information without
prior authorization by the management. According to her, she is not in the best
position to provide any information on the company but promised to forward our
documents to the appropriate quarters but we are yet to get any response from
them as at the time of compiling this report.
All efforts to speak with principal officers of the company proved
abortive as we were not allowed to enter their offices nor speak with them
personally on phone.
Conclusion: Based
on our physical visit and available information, we are of the opinion that the
company is into legitimate business. As
such, any business relationship with the company should be mutually beneficial.
BANKER
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Zenith Bank Plc
TYPES OF CUSTOMERS
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General Public,
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Group of Companies
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Government Agencies
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Foreign Companies etc.
PERFORMANCE RANKING
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
FINANCES
Subject’s Audited Accounts was not available as at the time of compiling this report. However, the Company’s estimated turnover could be put at $50 Million (Sixty Million Dollars). This figure is given in our own opinion because of the volume of services they render and the industry they belong.
INDUSTRIAL OVERVIEW/ OPERATING ENVIRONMENT
Subject is operating in an industry with very great potentials. The
engineering sector in Nigeria has a lot to explore when it comes to the need
for expansion, improvement of product quality, work force development and
general technical expertise. Mainly, private individuals dominate this sector.
Despite the huge capital requirement for setting up this investment, it has
grown in its leaps and bounds over the decades in the nation, although, the
efforts of the Federal Government cannot be ruled out. The government has put
in place different policies that support private individuals to secure loans/
mortgages from banks and other financial institutions. However, to record a
groundbreaking record in this sector, foreign investors are inevitable. They
facilitate the importation of high-tech equipment, which will boost quality
services.
There are many opportunities in this sector of the economy.
These could be largely 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 the company, our investigations revealed
that Dasco Engineering Industries
Nigeria Limited is duly registered in Nigeria with a registered address is
located at 3, Okoya Street, Lagos Island, Lagos State,
Nigeria, while its operational address is located at 3,
Akanni Doherty Street, behind Dunlop/Guinness, off Oba-Akran Avenue, Ikeja,
Lagos State, Nigeria
The company is into genuine business
transactions. It is an on-going concern.
Information contained in
the report is mostly from secondary sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.37 |
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UK Pound |
1 |
Rs.70.84 |
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Euro |
1 |
Rs.62.96 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.