MIRA INFORM REPORT
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Report Date : |
21.11.2011 |
IDENTIFICATION DETAILS
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Name : |
PUISSANCE NIGERIA LIMITED |
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Registered Office : |
Road 21, F Close, House 2, Festac Town, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
29.06.2001 |
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Com. Reg. No.: |
RC: 416726 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in POP Specialists, Sales of Automobile and Spare
Parts, Building Materials |
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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
PUISSANCE NIGERIA
LIMITED
OPERATIONS
The company is engage in POP Specialists, Sales of
Automobile and Spare Parts, Building Materials.
COMPANY LOCATION
The company is located at God with Us Plaza, Oshodi Apapa Expressway,
Agunlejika Bus-Stop, Isolo, Lagos State, Nigeria
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: PUISSANCE NIGERIA LIMITED
REGISTERED NAME: PUISSANCE
NIGERIA LIMITED
SECTOR: CONTRUCTION/BUILDING
REGULATORY BODY: S.O.N.
REGISTERED ADDRESS: Road
21, F Close, House 2, Festac Town, Lagos State, Nigeria
HEAD OFFICE ADDRESS: God with us Plaza, Oshodi
Apapa Expressway, Agunlejika Bus
Stop, Isolo, Lagos State, Nigeria
PREVIOUS ADDRESS: Road
21, F Close, House 2, Festac Town, Lagos State, Nigeria
POSTAL ADDRESS: P.O. Box,
70588, Victoria Island, Lagos State, Nigeria
TELEPHONE: 234-1-2150340
MOBILE: 234-803-307-8292, 809-963-7552
FAX: 234-1-2902819
EMAIL: ozuby@yahoo.com
WEBSITE: www.puissancelimited.fr
PRIMARY CONTACT: Mr.
Innocent Azubuike Okafor (Managing Director/CEO)
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 500 square metres.
DATE INCORPORATED: 29th
June, 2001
YEAR BEGAN OPERATION: 2001
LEGAL FORM: Limited
Liability Company
REGISTRATION NO: RC:
416726
SHARE CAPITAL: 100,000.00
ALLOTTED SHARE CAPITAL: 100,000.00
PAID-UP CAPITAL 100,000.00
STAFF
STRENGHT: Twelve
(12)
SOLICITORS: Chinwoke
D.M. & Associates
Zone C, Block 4,
Suite 67 & 68, Aspamda Trade Fair
Complex, Lagos
State, Nigeria
234-803-346-1512
AUDITORS: Emeka
Mbegbu & Co. (Chartered Accountants)
Unity House, (8th Floor), 37, Marina, Lagos
State, Nigeria
234-803-331-5735
FORECAST FOR 2010
- TURNOVER: N150,000,000.00
NETWORTH: N30,000,000.00
OWNERSHIP/SHAREHOLDING STRUCTURE
Names %Held
1.
Okafor Innocent
Azubuike 80%
Road 21, F Close, House 2, Festac Town,
Lagos State, Nigeria
2.
Okafor N.
Katherine 10%
Road 21, F Close, House 2, Festac Town,
Lagos State, Nigeria
3.
Emesih J. Ijeoma 10%
Road 21, F Close, House 2, Festac Town,
Lagos State, Nigeria
DIRECTORS
1. Okafor
Innocent Azubuike
2. Okafor
N. Katherine
3. Emesih
J. Ijeoma
BACKGROUND
Puissance Nigeria Limited was incorporated on the
29th June, 2001 with registration number (RC: 416726).
The registered office is located at Road 21, F Close, House 2, Festac T own,
Lagos State, Nigeria while the corporate/head office is located at God with Us
Plaza, Oshodi Apapa Expressway, Agunlejika Bus-Stop, Isolo, Lagos State,
Nigeria
The company is engaged in
sales of P.O.P Building Materials,
Automobile/Spare Parts, Baby Diapers and general contracting. It is a
company with primary focus on customers’ satisfaction and its vision is to
achieve a long term success built on exceptional service to their valued and esteemed clients in partnership with their
international partners. The fast growth of Puissance
Nigeria Limited is primarily from businesses and referrals from local and
foreign clients to a foremost position in the industry. The company aspires to
attain international standards in all aspects of its operations and eventually
develop into a truly international integrated procurement company in the
industry whose sphere of business, social influences and responsibilities
extends beyond the borders.
Puissance Nigeria Limited
understands
the industry, the challenges ahead and the technical issues that drive each
project they undertake. The Company has the tools in place and the manpower to
effectively streamline the process in executing any Procurement project and
maintenance services. The company also provides the business culture and
commission to deliver the best safe, economic and the best cost effective
services.
According to the Managing
Director/CEO, Mr. Okafor Innocent
Azubuike, the company has executed many projects in Nigeria. He added that
the company only handles projects for corporate organizations and individuals.
In addition, some of the company’s products are imported from India, Tunisia
and France. The company parades a cream of professionals who are capable of
piloting the affairs of the company to the next level even in this period of
global economic recession.
Conclusion: Based on our visit, available information and
discussion held with Mr. Okafor
Innocent Azubuike, Managing Director/CEO of the company on 18th November, 2011, we are
of the opinion that the company is engaged in business. As such, any business relationship with the company should be mutually
beneficial.
MANAGEMENT PROFILE
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S/NO |
Names |
Position |
Qualification |
Years of Experience |
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1. |
Azubuike Innocent |
Managing Director |
B.sc (Accounting) |
19 years |
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2. |
Akachi Emesih |
Head (Logistics) |
B.sc (Project Mgt. Tech) |
2 years |
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3. |
okafor Ngozi |
Head (Admin /Sec.) |
HND (Sec. Admin.) |
8 years |
PARENT COMPANY
Name of Company: Puissance Limited Imp &
Exp
Address: 13, Rue Louis Christiaens,
No. 333, 59000, Lilie-Fives, France
Telephone: + 33670051956, 33 3 28 37 02
01 Fax : +33 3 62 02 25 83
E-mail: webmaster@puissancelimited.fr
INSURANCE
Name of Company: PHB Insurance
Address: Victoria Island, Lagos
State, Nigeria
Telephone: 234-702-907-7436,
805-522-5405
Type of Policy: Comprehensive
PRODUCT DESCRIPTION
·
P.O.P Moulding Plaster
TYPES OF CUSTOMERS
Group
of Companies
BANKER
The
Company operates Current Account with the under listed banks.
|
Bank
Name |
Address/
Tel |
Type
of Account |
Account
Name/ Number |
Account
Officer’s Remarks |
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Oceanic Bank Plc. |
Ulta Modern Plaza Branch, Lagos State |
Current Account |
Puissance Nigeria Limited 3081101005050 |
Onyinye Michael (234-803-354-0405) and other bank officials confirmed that the
company’s account exists and active. |
Mainstreet Bank (Formerly Afribank)
Remarks
on Banks: The Company’s Bank Account is active and satisfactory.
PRINCIPAL ANTECEDENTS
Name: Azuibuike Innocent Okafor
Position: Manager
Profession: Accountant
Date of birth: Adult
Place of Birth: Enugu
State of Origin: Abia
State
Nationality: Nigerian
Education & Qualification: B.sc
(Accountancy) University of Port Harcourt 1987-1991
Work History: Auditor, Company
Accountant, Private Practise
BRANCH OFFICE
Okota Road, Atinuke Shopping Complex, Trade Fair Complex,
Nigeria
EXPLANSION PLANS
To increase turnover and add more products to its line of
business
PAYMENT REFERENCE
Name of Company: Societe
Du Commerce International De Tunisie
Address: Rue 800, Immeuble Luxor 11, Montplaisir 1002,
Tunis, Tunisia
Telephone: + 21620454009
Fax: +21620454005
Volume of Credit Collected: $50,000
Payment Term: Telegraphic
Transfer
PERFORMANCE RANKING
* Quality of Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership Structure: GOOD
FINANCES
The company’s Audited Account was not available during our visit; therefore, as such, its present financial state could not be ascertained. However, The Company’s estimated turnover could be put at $150 Million (One Hundred & Fifty Million Dollars).
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 Puissance Nigeria Limited is
duly registered in Nigeria with a registered address is located at
Road 21, F Close, House 2, Festac Town, Lagos State, Nigeria, while its operational address is located at God with Us
Plaza, Oshodi Apapa Expressway, Agunkejika Bus Stop, Agunlekija, Isolo, Lagos
State, Nigeria.
The company is into genuine business
transactions. It is an on-going
concern.
Information contained in the
report are both from primary and 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.51.35 |
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UK Pound |
1 |
Rs.80.97 |
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Euro |
1 |
Rs.68.26 |
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.