MIRA INFORM REPORT

 

 

Report Date :           

20.07.2011

 

IDENTIFICATION DETAILS

 

Name :

AGRO POWER CONCEPTS LIMITED 

 

 

Registered Office :

16, Kolawole Shonibare Street, Ajao Estate, Lagos State

 

 

Country :

Nigeria

 

 

Date of Incorporation :

----

 

 

Com. Reg. No.:

----

 

 

Legal Form :

----

 

 

Line of Business :

Warehousing Services

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Undetermined

 

 

Payment Behaviour :

----

 

 

Litigation :

----

 

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

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Nigeria

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

AGRO POWER CONCEPTS LIMITED

 

 

OPERATIONS

 

The company engages in Warehousing Services.

 

 

COMPANY LOCATION

 

The company is located at 16, Kolawole Shonibare Street, Ajao Estate, Lagos State, Nigeria.

 

 

IDENTIFICATION

 

COMPANY NAME:                                 AGRO POWER CONCEPTS LIMITED

HEAD OFFICE ADDRESS:                     16, Kolawole Shonibare Street, Ajao Estate, Lagos State, Nigeria.

 

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:                                   Leased office space occupying approximately 300 square

STAFF STRENGHT:                                          About twenty

DURING OUR VISIT TO CORPORATE AFFAIRS COMMISSION (CAC), THE COMPANY’S NAME (AGRO-POWER CONCEPTS) COULD NOT BE LOCATED. MEANWHILE, THE SIMILAR NAME FOUND IS AS STATED BELOW:

 

Company name:                      AGRO-POWER NIGERIA LTD

Registered Address:                 11, WESTERN HOUSE 8/10 BROAD STREET, LAGOS

Share Capital:                         100,000.00

Registration Number:               121723

Allotted share capital:             100,000.00

Date registered:                       30th November, 1988

 

OWNERS/SHAREHOLDERS

 

1.       Adamu Audu Maikori

11, Floor Western House 8/10, Broad Street, Lagos Island, Lagos State, Nigeria

 

2.       John Maikori

11, Floor Western House 8/10, Broad Street, Lagos Island, Lagos State, Nigeria

 

 

           

BACKGROUND

 

Agro Power Concepts Limited is located at 16, Kolawole Shonibare Street, Ajao Estate, Lagos State, Nigeria. The company occupies a specious premises comprises of three edify warehouse and some bungalow well fenced and its security post is by the entrance gate.

 

During our visit, Mr. Robert one of the admin officer (234-703-856-5638) confirmed that the company maintained good relationship with some international communities. He added that they provide good warehousing services. He however declined to supply further information as he was not in best position to disclose any information, we sighted some IMEX generator in wooden packs, despite that he resisted us from reaching the admin and the warehouses which were sighted in a distance from the gate. Though, our secondary source around the company premises confirmed that subject is reputable.

 

Conclusion: Based on our physical visit, number of generators sighted and brief discussion with the admin personnel of the company; we are of the opinion that subject engage on legitimate business.

 

 

AREA OF VISIT

 

·         Company Premises

·         Corporate Affairs Commission

 

 

TYPES OF CUSTOMERS

 

·         General Public,

·         Group of Companies

 

 

PERFORMANCE RANKING

 

* Quality of Management:          UNDETERMINED

* Ethics & Integrity:                     GOOD

* Ownership Structure:               UNDETERMINED

 

 

FINANCES

 

The company’s Audited Account was not available during our visit; therefore, its present financial state could not be ascertained.

 

INDUSTRIAL OVERVIEW/ OPERATING ENVIRONMENT

 

There are many opportunities in this sector of the economy. This 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.

 

 

OFFICIAL REMARKS

 

Having carried out all necessary verifications on the company, our investigations revealed that Agro Power Concepts Limited is located 16, Kolawole Shonibare Street, Ajao Estate, Lagos State, Nigeria.

 

Information contained in the report is mostly from secondary sources.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.59

UK Pound

1

Rs.71.62

Euro

1

Rs.62.78

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.