MIRA INFORM REPORT

 

 

Report Date :

11.05.2012

 

IDENTIFICATION DETAILS

 

Name :

FIRST ALUMINIUM NIGERIA PLC

 

 

Registered Office :

2, Akilo Street, Ogba, Ikeja, Lagos, Nigeria

 

 

Country :

Nigeria

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

20.08.1960

 

 

Legal Form :

Public Subsidiary

 

 

Line of Business :

Engaged in the manufacturing of plastic and aluminium tubes

 

 

No. of Employees :

659

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No complaints

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 30, 2011

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 and address

 

First Aluminium Nigeria Plc

 

 

 

2, Akilo Street, Ogba, Ikeja

 

 

Lagos,

Nigeria

 

Tel:

234-1-4922202

Fax:

234-01-4922206

 

www.firstaluminium.net

 

 

Employees:

659

Company Type:

Public Subsidiary

Corporate Family:

2 Companies

Ultimate Parent:

Alucon Holdings SA

Traded:

Nigerian Stock Exchange:

FIRSTALUM

Incorporation Date:

20-Aug-1960

Auditor:

PricewaterhouseCoopers LLP

 

 

 

 

 

 

 

 

 

Fiscal Year End:

31-Dec-2011

Reporting Currency:

Nigerian Naira

Annual Sales:

55.8  1

Net Income:

0.0

Total Assets:

45.0  2

Market Value:

6.7

 

(25-Apr-2012)

 

 

 

 

 

 

 

 

 

Business Description

 

 

First Aluminium Nigeria Plc is a Nigeria-based company, engaged in the manufacturing of plastic and aluminium tubes. The Company’s portfolio of products includes seamless plastic tubes, collapsible aluminium tubes and plastic laminate tubes. First Aluminium Nigeria Plc's products are targeted at customers active in the food, cosmetic and chemical industry, among others. The Company is a subsidiary of Alucon Holdings SA, a wholly owned subsidiary of Inlaks Group. For the six months ended 30 June 2011, First Aluminium Nigeria Plc.'s revenues decreased 11% NGN4.05B. Net loss increased 89% to NGN134M. Revenues reflect an increase in sales volume. Net loss was offset by increased loss before tax. First Aluminium Nigeria Plc is a Nigeria-based company, engaged in the manufacturing of plastic and aluminium tubes. The Company's portfolio of products includes seamless plastic tubes.

 

Industry

 

 

Industry

Miscellaneous Fabricated Products

ANZSIC 2006:

2142 - Aluminium Rolling, Drawing, Extruding

NACE 2002:

2742 - Aluminium production

NAICS 2002:

331315 - Aluminum Sheet, Plate, and Foil Manufacturing

UK SIC 2003:

2742 - Aluminium production

US SIC 1987:

3353 - Aluminum Sheet, Plate, and Foil

 

Key Executives

 

 

 

Name

Title

 

Gavin Peter Molloy

Chief Executive Officer, Managing Director, Director

 

Sulaiman S. Baffa

Chairman of the Board

 

John Nwabueze Ajene

Director

 

Joseph Oyeyani Makoju

Director

 

Eniye Ambakederemo

Non-Executive Director

 

 

 

Stock Snapshot

 

 

Traded: Nigerian Stock Exchange: FIRSTALUM

 

As of 25-Apr-2012

   Financials in: NGN

Recent Price

0.50

 

EPS

0.0043

52 Week High

0.60

 

Price/Sales

0.12

52 Week Low

0.50

 

Price/Book

0.42

Avg. Volume (mil)

0.0050

 

Beta

0.13

Market Value (mil)

1,055.33

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

0.0000%

-6.31%

13 Week

0.0000%

-5.35%

52 Week

-18.03%

-5.87%

Year to Date

0.0000%

-6.29%

 

Profit & Loss Item Exchange Rate: USD 1 = NGN 155.8382

Balance Sheet Item Exchange Rate: USD 1 = NGN 162.3

 

 

Corporate Overview

 

 

Location
2, Akilo Street, Ogba, Ikeja
Lagos, Nigeria

 

Tel:

234-1-4922202

Fax:

234-01-4922206

 

www.firstaluminium.net

Quote Symbol - Exchange

FIRSTALUM - Nigerian Stock Exchange

Sales NGN(mil):

8,695.4

Assets NGN(mil):

7,303.1

Employees:

659

Fiscal Year End:

31-Dec-2011

 

 

 

Industry:

Miscellaneous Fabricated Products

Incorporation Date:

20-Aug-1960

Company Type:

Public Subsidiary

Quoted Status:

Quoted

 

Chief Executive Officer, Managing Director, Director:

Gavin Peter Molloy

 

 

Industry Codes

 

 

 

ANZSIC 2006 Codes:

2142

-

Aluminium Rolling, Drawing, Extruding

 

NACE 2002 Codes:

2742

-

Aluminium production

 

NAICS 2002 Codes:

331315

-

Aluminum Sheet, Plate, and Foil Manufacturing

 

US SIC 1987:

3353

-

Aluminum Sheet, Plate, and Foil

 

UK SIC 2003:

2742

-

Aluminium production

 

 

Business Description

 

 

First Aluminium Nigeria Plc is a Nigeria-based company, engaged in the manufacturing of plastic and aluminium tubes. The Company’s portfolio of products includes seamless plastic tubes, collapsible aluminium tubes and plastic laminate tubes. First Aluminium Nigeria Plc's products are targeted at customers active in the food, cosmetic and chemical industry, among others. The Company is a subsidiary of Alucon Holdings SA, a wholly owned subsidiary of Inlaks Group. For the six months ended 30 June 2011, First Aluminium Nigeria Plc.'s revenues decreased 11% NGN4.05B. Net loss increased 89% to NGN134M. Revenues reflect an increase in sales volume. Net loss was offset by increased loss before tax. First Aluminium Nigeria Plc is a Nigeria-based company, engaged in the manufacturing of plastic and aluminium tubes. The Company's portfolio of products includes seamless plastic tubes.

 

 

 

 

 

 

More Business Descriptions

 

 

Manufacture of aluminium coils, sheets, circles, tubes and laminate tubes

 

 

Financial Data

 

 

Financials in:

NGN(mil)

 

Revenue:

8,695.4

Net Income:

5.5

Assets:

7,303.1

Long Term Debt:

460.7

 

Total Liabilities:

5,829.9

 

Working Capital:

-0.2

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

NA

NA

NA

 

 

Market Data

 

 

Quote Symbol:

FIRSTALUM

Exchange:

Nigerian Stock Exchange

Currency:

NGN

Stock Price:

0.5

Stock Price Date:

04-25-2012

52 Week Price Change %:

-18.0

Market Value (mil):

1,055,333.0

 

 

SEDOL:

6226747

ISIN:

NGFIRSTALUM7

 

 

 

Shareholders

 

 

 

 

Major Shareholders

Inlaks Group, Monte Carlo via Alucon Holdings SA (64%)

 

 

 

 

 

 

Key Corporate Relationships

 

 

Auditor:

PricewaterhouseCoopers LLP

 

Auditor:

PricewaterhouseCoopers, PricewaterhouseCoopers LLP

 

 

 

 

 

Corporate Structure News:

 

First Aluminium Nigeria Plc

First Aluminium Nigeria Plc
Total Corporate Family Members: 2

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Source

Alucon Holdings SA

Parent

 

 

 

 

 

 

First Aluminium Nigeria Plc

Subsidiary

Lagos

Nigeria

Miscellaneous Fabricated Products

55.8

659

RT

 


 

 

 

 

Executives Report



 

Board of Directors

 

Name

Title

Function

 

Sulaiman S. Baffa

 

Chairman of the Board

Chairman

 

John Nwabueze Ajene

 

Director

Director/Board Member

 

Eniye Ambakederemo

 

Non-Executive Director

Director/Board Member

 

Joseph Oyeyani Makoju

 

Director

Director/Board Member

 

Gavin Peter Molloy

 

Chief Executive Officer, Managing Director, Director

Director/Board Member

 

Rabin Neville

 

Director

Director/Board Member

 

Henry Chukwuma Okolo

 

Director

Director/Board Member

 


Education:

JL Kellogg Graduate School of Management
Lagos Business School

 

 

Executives

 

Name

Title

Function

 

Gavin Peter Molloy

 

Chief Executive Officer, Managing Director, Director

Chief Executive Officer

 


Financial

 

 

 

Annual Income Statement

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2006

31-Dec-2005

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2006

Updated Normal
31-Dec-2005

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

155.838183

151.065642

149.730247

128.523538

132.837159

Auditor

 

 

 

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

 

 

 

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

-

-

-

67.7

61.0

Revenue

-

-

-

67.7

61.0

Total Revenue

-

-

-

67.7

61.0

 

 

 

 

 

 

    Cost of Revenue

-

-

-

59.9

52.8

Cost of Revenue, Total

-

-

-

59.9

52.8

Gross Profit

-

-

-

7.7

8.2

 

 

 

 

 

 

    Other Operating Expense

-

-

-

3.9

3.6

Other Operating Expenses, Total

-

-

-

3.9

3.6

Total Operating Expense

-

-

-

63.8

56.4

 

 

 

 

 

 

Operating Income

-

-

-

3.8

4.6

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-

-

-4.0

-3.4

    Interest Expense, Net Non-Operating

-

-

-

-4.0

-3.4

        Interest Income - Non-Operating

-

-

-

0.0

0.0

    Interest/Investment Income - Non-Operating

-

-

-

0.0

0.0

Interest Income (Expense) - Net Non-Operating Total

-

-

-

-3.9

-3.4

Gain (Loss) on Sale of Assets

-

-

-

0.0

0.0

    Other Non-Operating Income (Expense)

-

-

-

0.3

0.2

Other, Net

-

-

-

0.3

0.2

Income Before Tax

-

-

-

0.2

1.5

 

 

 

 

 

 

Total Income Tax

-

-

-

0.2

0.3

Income After Tax

-

-

-

0.0

1.2

 

 

 

 

 

 

Net Income Before Extraord Items

-

-

-

0.0

1.2

Net Income

-

-

-

0.0

1.2

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-

-

-

0.0

1.2

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-

-

-

0.0

1.2

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

-

-

-

1,242.2

1,242.2

Basic EPS Excl Extraord Items

-

-

-

-

0.00

Basic/Primary EPS Incl Extraord Items

-

-

-

-

0.00

Diluted Net Income

-

-

-

0.0

1.2

Diluted Weighted Average Shares

-

-

-

1,242.2

1,242.2

Diluted EPS Excl Extraord Items

-

-

-

-

0.00

Diluted EPS Incl Extraord Items

-

-

-

-

0.00

Dividends per Share - Common Stock Primary Issue

-

-

-

0.00

0.00

Gross Dividends - Common Stock

-

-

-

0.0

0.5

Interest Expense, Supplemental

-

-

-

4.0

3.4

Depreciation, Supplemental

-

-

-

2.1

1.9

Total Special Items

-

-

-

0.0

0.0

Normalized Income Before Tax

-

-

-

0.2

1.5

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-

-

-

0.0

0.0

Inc Tax Ex Impact of Sp Items

-

-

-

0.2

0.3

Normalized Income After Tax

-

-

-

0.0

1.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-

-

-

0.0

1.2

 

 

 

 

 

 

Basic Normalized EPS

-

-

-

-

0.00

Diluted Normalized EPS

-

-

-

-

0.00

Normalized EBIT

-

-

-

3.8

4.6

Normalized EBITDA

-

-

-

5.9

6.5

    Current Tax - Total

-

-

-

0.1

0.2

Current Tax - Total

-

-

-

0.1

0.2

    Deferred Tax - Total

-

-

-

0.0

0.0

Deferred Tax - Total

-

-

-

0.0

0.0

    Other Tax

-

-

-

0.1

0.1

Income Tax - Total

-

-

-

0.2

0.3

Other Pension, Net - Domestic

-

-

-

0.5

0.4

Domestic Pension Plan Expense

-

-

-

0.5

0.4

Total Pension Expense

-

-

-

0.5

0.4

Total Plan Other Expense

-

-

-

0.5

0.4

 

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Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2006

31-Dec-2005

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2006

Reclassified Normal
31-Dec-2006

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate

162.3

152

149.5

128.8

130.375

Auditor

 

 

 

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

 

 

 

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

-

-

-

0.6

0.4

Cash and Short Term Investments

-

-

-

0.6

0.4

    Trade Accounts Receivable - Net

-

-

-

5.2

4.8

    Other Receivables

-

-

-

1.1

0.8

Total Receivables, Net

-

-

-

6.4

5.6

    Inventories - Finished Goods

-

-

-

10.7

5.5

    Inventories - Work In Progress

-

-

-

5.6

1.9

    Inventories - Raw Materials

-

-

-

6.4

2.2

    Inventories - Other

-

-

-

3.6

3.5

Total Inventory

-

-

-

26.4

13.1

Prepaid Expenses

-

-

-

1.4

1.0

    Other Current Assets

-

-

-

2.1

2.2

Other Current Assets, Total

-

-

-

2.1

2.2

Total Current Assets

-

-

-

36.9

22.3

 

 

 

 

 

 

        Land/Improvements

-

-

-

3.0

2.9

        Machinery/Equipment

-

-

-

22.2

21.0

        Construction in Progress

-

-

-

5.3

0.3

    Property/Plant/Equipment - Gross

-

-

-

30.5

24.3

    Accumulated Depreciation

-

-

-

-12.0

-9.9

Property/Plant/Equipment - Net

-

-

-

18.5

14.4

    LT Investments - Other

-

-

-

0.0

0.0

Long Term Investments

-

-

-

0.0

0.0

    Pension Benefits - Overfunded

-

-

-

0.0

0.0

    Deferred Income Tax - Long Term Asset

-

-

-

0.3

0.2

    Other Long Term Assets

-

-

-

0.9

0.9

Other Long Term Assets, Total

-

-

-

1.3

1.2

Total Assets

-

-

-

56.7

37.9

 

 

 

 

 

 

Accounts Payable

-

-

-

7.7

2.8

Payable/Accrued

-

-

-

3.4

2.5

Notes Payable/Short Term Debt

-

-

-

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

-

-

-

26.3

15.3

    Customer Advances

-

-

-

2.2

2.3

    Income Taxes Payable

-

-

-

0.4

0.5

Other Current liabilities, Total

-

-

-

2.6

2.8

Total Current Liabilities

-

-

-

40.0

23.5

 

 

 

 

 

 

    Long Term Debt

-

-

-

3.2

1.4

    Capital Lease Obligations

-

-

-

0.4

0.1

Total Long Term Debt

-

-

-

3.6

1.5

Total Debt

-

-

-

29.9

16.8

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

-

-

-

0.1

0.1

Deferred Income Tax

-

-

-

0.1

0.1

    Pension Benefits - Underfunded

-

-

-

1.5

1.1

Other Liabilities, Total

-

-

-

1.5

1.1

Total Liabilities

-

-

-

45.3

26.1

 

 

 

 

 

 

    Common Stock

-

-

-

4.8

4.8

Common Stock

-

-

-

4.8

4.8

Additional Paid-In Capital

-

-

-

5.3

5.3

Retained Earnings (Accumulated Deficit)

-

-

-

1.3

1.2

    Other Equity

-

-

-

0.0

0.5

Other Equity, Total

-

-

-

0.0

0.5

Total Equity

-

-

-

11.4

11.7

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

-

-

-

56.7

37.9

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

-

-

-

1,242.2

1,242.2

Total Common Shares Outstanding

-

-

-

1,242.2

1,242.2

Employees

-

-

-

659

647

Number of Common Shareholders

-

-

-

5,698

5,196

Deferred Revenue - Current

-

-

-

2.2

2.3

Total Long Term Debt, Supplemental

-

-

-

3.5

2.1

Long Term Debt Maturing within 1 Year

-

-

-

0.3

0.7

Long Term Debt Matur. in Year 6 & Beyond

-

-

-

3.2

1.4

Total Capital Leases, Supplemental

-

-

-

0.7

0.3

Capital Lease Payments Due in Year 1

-

-

-

0.3

0.2

Cap. Lease Pymts. Due in Year 6 & Beyond

-

-

-

0.4

0.1

 


 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2006

31-Dec-2005

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2006

Updated Normal
31-Dec-2005

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

155.838183

151.065642

149.730247

128.523538

132.837159

Auditor

 

 

 

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

 

 

 

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-

-

-

3.8

4.6

    Depreciation

-

-

-

2.1

1.9

Depreciation/Depletion

-

-

-

2.1

1.9

    Other Non-Cash Items

-

-

-

0.3

0.2

Non-Cash Items

-

-

-

0.3

0.2

    Accounts Receivable

-

-

-

-1.0

-1.8

    Inventories

-

-

-

-13.2

-2.3

    Other Assets

-

-

-

-0.1

0.1

    Accounts Payable

-

-

-

0.6

0.1

    Payable/Accrued

-

-

-

5.4

1.2

    Other Assets & Liabilities, Net

-

-

-

-0.1

-0.2

    Other Operating Cash Flow

-

-

-

-0.2

-0.2

Changes in Working Capital

-

-

-

-8.5

-3.1

Cash from Operating Activities

-

-

-

-2.3

3.6

 

 

 

 

 

 

    Purchase of Fixed Assets

-

-

-

-6.1

-2.3

Capital Expenditures

-

-

-

-6.1

-2.3

    Sale of Fixed Assets

-

-

-

0.1

0.0

    Purchase of Investments

-

-

-

-

0.0

    Other Investing Cash Flow

-

-

-

0.0

0.0

Other Investing Cash Flow Items, Total

-

-

-

0.1

0.0

Cash from Investing Activities

-

-

-

-5.9

-2.2

 

 

 

 

 

 

    Other Financing Cash Flow

-

-

-

-4.0

-3.4

Financing Cash Flow Items

-

-

-

-4.0

-3.4

    Cash Dividends Paid - Common

-

-

-

-0.5

-0.5

Total Cash Dividends Paid

-

-

-

-0.5

-0.5

    Long Term Debt, Net

-

-

-

1.6

-0.7

Issuance (Retirement) of Debt, Net

-

-

-

1.6

-0.7

Cash from Financing Activities

-

-

-

-2.8

-4.5

 

 

 

 

 

 

Net Change in Cash

-

-

-

-11.0

-3.1

 

 

 

 

 

 

Cash Interest Paid

-

-

-

4.0

3.4

Cash Taxes Paid

-

-

-

0.2

0.2

 

 

 

 

Annual Income Statement

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2006

31-Dec-2005

31-Dec-2004

31-Dec-2003

31-Dec-2002

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2006

Updated Normal
31-Dec-2005

Updated Normal
31-Dec-2004

Updated Normal
31-Dec-2003

Updated Normal
31-Dec-2003

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

128.523538

132.837159

134.43468

131.967199

122.44877

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Turnover

67.7

61.0

47.6

36.6

33.5

Total Revenue

67.7

61.0

47.6

36.6

33.5

 

 

 

 

 

 

    Cost of Sales

59.9

52.8

41.3

30.9

29.8

    Operating Expense

3.9

3.6

2.9

2.5

2.1

Total Operating Expense

63.8

56.4

44.2

33.4

31.9

 

 

 

 

 

 

    Profit on Fixed Assets Disposal

0.0

0.0

0.0

1.0

0.0

    Interest Income

0.0

0.0

0.0

0.0

0.0

    Other Income

0.3

0.2

0.3

0.2

0.3

    Interest Charges

-4.0

-3.4

-2.7

-2.8

-4.2

Net Income Before Taxes

0.2

1.5

1.0

1.8

-2.2

 

 

 

 

 

 

Provision for Income Taxes

0.2

0.3

0.3

0.3

-0.5

Net Income After Taxes

0.0

1.2

0.7

1.4

-1.8

 

 

 

 

 

 

Net Income Before Extra. Items

0.0

1.2

0.7

1.4

-1.8

Net Income

0.0

1.2

0.7

1.4

-1.8

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

0.0

1.2

0.7

1.4

-1.8

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

0.0

1.2

0.7

1.4

-1.8

 

 

 

 

 

 

Basic Weighted Average Shares

1,242.2

1,242.2

1,242.2

1,242.2

317.1

Basic EPS Excluding ExtraOrdinary Items

-

0.00

0.00

0.00

-0.01

Basic EPS Including ExtraOrdinary Items

-

0.00

0.00

0.00

-0.01

Dilution Adjustment

-

-

-

-

0.0

Diluted Net Income

0.0

1.2

0.7

1.4

-1.8

Diluted Weighted Average Shares

1,242.2

1,242.2

1,242.2

1,242.2

317.1

Diluted EPS Excluding ExtraOrd Items

-

0.00

0.00

0.00

-0.01

Diluted EPS Including ExtraOrd Items

-

0.00

0.00

0.00

-0.01

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.5

0.5

0.9

0.0

Normalized Income Before Taxes

0.2

1.5

1.0

0.8

-2.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.2

0.3

0.3

0.1

-0.5

Normalized Income After Taxes

0.0

1.2

0.7

0.6

-1.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.0

1.2

0.7

0.6

-1.8

 

 

 

 

 

 

Basic Normalized EPS

-

0.00

0.00

0.00

-0.01

Diluted Normalized EPS

-

0.00

0.00

0.00

-0.01

Interest Charges

4.0

3.4

2.7

2.8

4.2

Depreciation Expenses

2.1

1.9

1.6

1.4

1.6

    Tax on Profit for the Period

0.1

0.2

0.3

0.4

0.1

Current Tax - Total

0.1

0.2

0.3

0.4

0.1

    Deferred Tax

0.0

0.0

0.0

-0.2

-0.5

Deferred Tax - Total

0.0

0.0

0.0

-0.2

-0.5

    Education Tax

0.1

0.1

0.1

0.0

0.0

    Capital Gains Tax

-

-

0.0

0.1

0.0

Income Tax - Total

0.2

0.3

0.3

0.3

-0.5

Other Pension Costs

0.5

0.4

0.3

0.3

0.1

Domestic Pension Plan Expense

0.5

0.4

0.3

0.3

0.1

Total Pension Expense

0.5

0.4

0.3

0.3

0.1

 


 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2006

31-Dec-2005

31-Dec-2004

31-Dec-2003

31-Dec-2002

UpdateType/Date

Updated Normal
31-Dec-2006

Reclassified Normal
31-Dec-2006

Reclassified Normal
31-Dec-2005

Reclassified Normal
31-Dec-2004

Updated Normal
31-Dec-2003

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate

128.8

130.375

133.15

139.55

130.45

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Raw Materials

6.4

2.2

2.6

0.7

1.3

    Work in Progress

5.6

1.9

1.7

1.4

0.8

    Finished Goods

4.6

2.9

0.9

1.2

1.7

    Contract Materials

1.3

1.5

1.4

1.4

1.3

    Goods in Transit

6.1

2.6

2.5

2.9

2.9

    Stores Materials

2.3

2.0

1.4

1.7

1.1

    Trade Debtors

4.8

4.3

3.3

3.5

3.6

    Amt. Owned by Related Companies

0.5

0.5

0.2

0.1

0.1

    Deposits for Imports

0.1

0.1

0.1

0.6

0.6

    Contract Work in Progress

2.0

2.1

1.2

1.7

1.1

    Other Debtors

1.1

0.8

1.0

0.7

0.9

    Prepayments

1.4

1.0

1.3

0.7

0.7

    Cash

0.6

0.4

0.4

0.2

0.3

Total Current Assets

36.9

22.3

18.1

16.8

16.2

 

 

 

 

 

 

    Leasehold Land & Building

3.0

2.9

2.6

2.5

2.7

    Plant & Machinery

19.3

18.5

16.1

12.2

12.6

    Furniture & Equipment

1.9

1.8

1.5

1.3

1.1

    Motor Vehicles

0.9

0.7

0.7

0.5

0.5

    Construction in Progress

5.3

0.3

0.6

0.2

0.0

    Accumulated Depreciation

-12.0

-9.9

-7.9

-6.1

-5.2

    Investment on Shares

0.0

0.0

0.0

0.0

-

    Employee Trust Scheme

0.0

0.0

0.0

0.0

0.0

    Deferred Taxation

0.3

0.2

0.2

0.1

0.0

    Long Term Assets

0.9

0.9

0.6

0.4

-

Total Assets

56.7

37.9

32.6

27.8

28.0

 

 

 

 

 

 

    Trade Creditors

2.1

1.6

0.7

0.8

0.4

    Bank Loan & Overdrafts

25.7

14.4

11.1

9.8

12.9

    Customer Deposits

2.2

2.3

1.6

1.8

2.0

    Finance Leases

0.3

0.2

0.2

0.2

0.3

    Term Loans

0.3

0.7

0.5

0.8

1.1

    Amt. Owned to Related Companies

1.9

1.3

1.1

0.6

1.2

    Dividend Payable

-

-

0.5

0.9

0.0

    Taxes Payable

0.4

0.5

0.7

0.7

0.3

    Deferred Income

-

-

-

-

1.1

    Bills for Collection

3.7

0.0

-

-

0.6

    Other Creditors & Accruals

3.4

2.5

2.8

1.9

1.9

Total Current Liabilities

40.0

23.5

19.2

17.4

21.8

 

 

 

 

 

 

    Finance Leases

0.4

0.1

0.3

0.0

0.2

    Commercial Paper

0.9

0.7

0.5

0.0

-

    Term Loans

2.3

0.7

1.4

0.0

0.8

Total Long Term Debt

3.6

1.5

2.2

0.0

1.0

 

 

 

 

 

 

    Deferred Taxation

0.1

0.1

0.0

-

0.1

    Accrued End of Service Benefit

1.5

1.1

1.0

0.8

0.6

Total Liabilities

45.3

26.1

22.3

18.2

23.6

 

 

 

 

 

 

    Share Capital

4.8

4.8

4.7

4.5

1.2

    Share Premium

3.8

3.7

3.7

3.5

1.9

    Capital Reserve

1.6

1.5

1.5

1.4

-

    Reserves

1.3

1.2

0.5

0.2

1.3

    Proposed Dividends

0.0

0.5

-

-

-

Total Equity

11.4

11.7

10.3

9.6

4.5

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

56.7

37.9

32.6

27.8

28.0

 

 

 

 

 

 

    S/O-Common Stock

1,242.2

1,242.2

1,242.2

1,242.2

317.1

Total Common Shares Outstanding

1,242.2

1,242.2

1,242.2

1,242.2

317.1

Deferred Revenue - Current

2.2

2.3

1.6

1.8

3.1

Full-Time Employees

659

647

634

580

539

Number of Common Shareholders

5,698

5,196

5,128

4,869

-

Long Term Debt Maturing within 1 Year

0.3

0.7

0.5

0.0

-

Long Term Debt - Remaining Maturities

3.2

1.4

1.9

0.0

-

Total Long Term Debt, Supplemental

3.5

2.1

2.5

0.0

-

Capital Lease Payments Due within 1 Year

0.3

0.2

0.2

0.2

0.3

Capital Leases - Remaining Maturities

0.4

0.1

0.3

0.0

0.2

Total Capital Leases, Supplemental

0.7

0.3

0.4

0.2

0.5

 


 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2006

31-Dec-2005

31-Dec-2004

31-Dec-2003

31-Dec-2002

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2006

Updated Normal
31-Dec-2005

Restated Normal
31-Dec-2005

Updated Normal
31-Dec-2003

Updated Normal
31-Dec-2003

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

128.523538

132.837159

134.43468

131.967199

122.44877

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

3.8

4.6

3.4

3.2

1.6

    Depreciation

2.1

1.9

1.6

1.4

1.6

    Other Income30

0.3

0.2

0.3

-

-

    Stock

-13.2

-2.3

-0.9

-0.8

-0.8

    Debtors

-1.0

-1.5

0.5

-1.3

-2.0

    Long Term Receivables

0.0

0.0

0.0

-

-

    Long Term Assets

-0.1

0.1

-0.2

-

-

    Withholding Balances

-0.1

-0.2

0.0

-

-

    Tax Paid

-0.2

-0.2

-0.4

0.0

0.0

    Amt. Owned by Related Company

0.0

-0.3

0.0

-0.1

0.0

    Payable & Accruals

5.4

1.2

0.6

-1.1

3.1

    Amt. Owned to Related Company

0.6

0.1

0.5

-0.5

0.1

Cash from Operating Activities

-2.3

3.6

5.4

0.8

3.8

 

 

 

 

 

 

    Capital Expenditures

-6.1

-2.3

-4.3

-0.9

-0.8

    Investment in Shares

-

0.0

0.0

0.0

-

    Interest Received

0.0

0.0

0.0

0.0

0.0

    Sale of Fixed Assets

0.1

0.0

0.0

1.1

0.0

    Other Income

-

-

-

0.2

0.3

Cash from Investing Activities

-5.9

-2.2

-4.3

0.4

-0.4

 

 

 

 

 

 

    Proceeds from Public Offer

-

-

-

6.0

0.0

    Proceeds Offer Expenses

-

-

-

-0.7

0.0

    Interest Paid

-4.0

-3.4

-2.7

-2.8

-4.2

    Dividend Paid

-0.5

-0.5

-0.9

0.0

-

    Net Movement in Loans

1.2

-0.5

1.9

-

-

    Net Movement in Leases

0.4

-0.2

0.2

-

-

    Lease Rentals

-

-

-

-0.3

-0.3

Cash from Financing Activities

-2.8

-4.5

-1.6

2.2

-4.6

 

 

 

 

 

 

Net Change in Cash

-11.0

-3.1

-0.5

3.4

-1.2

 

 

 

 

 

 

    Cash Interest Paid

4.0

3.4

2.7

2.8

4.2

    Cash Taxes Paid

0.2

0.2

0.4

0.0

0.0

 

 

 

 

 

Financial Health

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

Key Indicators USD (mil)

 

Quarter
Ending
31-Dec-2011

Quarter
Ending
Yr Ago

Annual
Year End

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

0.0

-

-

-

-

-

1-ExchangeRate: NGN to USD Average for Period

160.228978

 

 

 

 

 

Key Ratios

 

31-Dec-2006

31-Dec-2005

Profitability

Gross Margin

11.43%

13.47%

Operating Margin

5.69%

7.53%

Pretax Margin

0.36%

2.42%

Net Profit Margin

0.06%

1.96%

Financial Strength

Current Ratio

0.92

0.95

Long Term Debt/Equity

0.31

0.12

Total Debt/Equity

2.62

1.43

Management Effectiveness

Return on Assets

0.09%

3.43%

Return on Equity

0.36%

10.97%

Efficiency

Receivables Turnover

11.22

12.20

Inventory Turnover

3.02

4.51

Asset Turnover

1.42

1.75

Market Valuation USD (mil)

Enterprise Value2

9.0

.

Enterprise Value/Revenue (TTM)

0.56

Enterprise Value/EBITDA (TTM)

6.36

.

Market Cap1

6.7

1-ExchangeRate: NGN to USD on 25-Apr-2012

157.250000

 

 

 

2-ExchangeRate: NGN to USD on 30-Jun-2008

117.815000

 

 

 

 

 

 First Aluminium Nigeria Plc

 

Lagos, Nigeria, Tel: 234-1-4922202, URL: http://www.firstaluminium.net

 

Annual Ratios

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

31-Dec-2006

31-Dec-2005

Financial Strength

Current Ratio

0.92

0.95

Quick/Acid Test Ratio

0.17

0.25

Working Capital1

-3.1

-1.2

Long Term Debt/Equity

0.31

0.12

Total Debt/Equity

2.62

1.43

Long Term Debt/Total Capital

0.09

0.05

Total Debt/Total Capital

0.72

0.59

Payout Ratio

0.00%

39.03%

Effective Tax Rate

82.32%

18.76%

Total Capital1

41.4

28.5

 

 

 

Efficiency

Asset Turnover

1.42

1.75

Inventory Turnover

3.02

4.51

Days In Inventory

121.01

80.99

Receivables Turnover

11.22

12.20

Days Receivables Outstanding

32.52

29.92

Revenue/Employee2

102,444

96,052

Operating Income/Employee2

5,824

7,233

EBITDA/Employee2

8,952

10,189

 

 

 

Profitability

Gross Margin

11.43%

13.47%

Operating Margin

5.69%

7.53%

EBITDA Margin

8.74%

10.61%

EBIT Margin

5.69%

7.53%

Pretax Margin

0.36%

2.42%

Net Profit Margin

0.06%

1.96%

COGS/Revenue

88.57%

86.53%

 

 

 

Management Effectiveness

Return on Assets

0.09%

3.43%

Return on Equity

0.36%

10.97%

 

 

 

Valuation

Free Cash Flow/Share2

-0.01

0.00

Operating Cash Flow/Share 2

0.00

0.00

1-ExchangeRate: NGN to USD Period End Date

128.8

130.375

2-ExchangeRate: NGN to USD Average for Period

128.8

130.375

 

 

 

 

 

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2006

31-Dec-2005

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2006

Updated Normal
31-Dec-2005

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

155.838183

151.065642

149.730247

128.523538

132.837159

Auditor

 

 

 

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

 

 

 

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

-

-

-

67.7

61.0

Revenue

-

-

-

67.7

61.0

Total Revenue

-

-

-

67.7

61.0

 

 

 

 

 

 

    Cost of Revenue

-

-

-

59.9

52.8

Cost of Revenue, Total

-

-

-

59.9

52.8

Gross Profit

-

-

-

7.7

8.2

 

 

 

 

 

 

    Other Operating Expense

-

-

-

3.9

3.6

Other Operating Expenses, Total

-

-

-

3.9

3.6

Total Operating Expense

-

-

-

63.8

56.4

 

 

 

 

 

 

Operating Income

-

-

-

3.8

4.6

 

 

 

 

 

 

        Interest Expense - Non-Operating

-

-

-

-4.0

-3.4

    Interest Expense, Net Non-Operating

-

-

-

-4.0

-3.4

        Interest Income - Non-Operating

-

-

-

0.0

0.0

    Interest/Investment Income - Non-Operating

-

-

-

0.0

0.0

Interest Income (Expense) - Net Non-Operating Total

-

-

-

-3.9

-3.4

Gain (Loss) on Sale of Assets

-

-

-

0.0

0.0

    Other Non-Operating Income (Expense)

-

-

-

0.3

0.2

Other, Net

-

-

-

0.3

0.2

Income Before Tax

-

-

-

0.2

1.5

 

 

 

 

 

 

Total Income Tax

-

-

-

0.2

0.3

Income After Tax

-

-

-

0.0

1.2

 

 

 

 

 

 

Net Income Before Extraord Items

-

-

-

0.0

1.2

Net Income

-

-

-

0.0

1.2

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-

-

-

0.0

1.2

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-

-

-

0.0

1.2

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

-

-

-

1,242.2

1,242.2

Basic EPS Excl Extraord Items

-

-

-

-

0.00

Basic/Primary EPS Incl Extraord Items

-

-

-

-

0.00

Diluted Net Income

-

-

-

0.0

1.2

Diluted Weighted Average Shares

-

-

-

1,242.2

1,242.2

Diluted EPS Excl Extraord Items

-

-

-

-

0.00

Diluted EPS Incl Extraord Items

-

-

-

-

0.00

Dividends per Share - Common Stock Primary Issue

-

-

-

0.00

0.00

Gross Dividends - Common Stock

-

-

-

0.0

0.5

Interest Expense, Supplemental

-

-

-

4.0

3.4

Depreciation, Supplemental

-

-

-

2.1

1.9

Total Special Items

-

-

-

0.0

0.0

Normalized Income Before Tax

-

-

-

0.2

1.5

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-

-

-

0.0

0.0

Inc Tax Ex Impact of Sp Items

-

-

-

0.2

0.3

Normalized Income After Tax

-

-

-

0.0

1.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-

-

-

0.0

1.2

 

 

 

 

 

 

Basic Normalized EPS

-

-

-

-

0.00

Diluted Normalized EPS

-

-

-

-

0.00

Normalized EBIT

-

-

-

3.8

4.6

Normalized EBITDA

-

-

-

5.9

6.5

    Current Tax - Total

-

-

-

0.1

0.2

Current Tax - Total

-

-

-

0.1

0.2

    Deferred Tax - Total

-

-

-

0.0

0.0

Deferred Tax - Total

-

-

-

0.0

0.0

    Other Tax

-

-

-

0.1

0.1

Income Tax - Total

-

-

-

0.2

0.3

Other Pension, Net - Domestic

-

-

-

0.5

0.4

Domestic Pension Plan Expense

-

-

-

0.5

0.4

Total Pension Expense

-

-

-

0.5

0.4

Total Plan Other Expense

-

-

-

0.5

0.4

 

© 1983-2012 Reuters Research Inc. All Rights Reserved.

 

Published by OneSource Information Services, Inc., May, 2012.

 

spacebar

 

 

 

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Dec-2010

30-Sep-2010

Period Length

3 Months

3 Months

6 Months

12 Months

9 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Special
30-Jun-2011

Updated Special
31-Dec-2010

Updated Special
30-Sep-2010

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

160.228978

154.147742

154.455956

151.065642

150.825327

 

 

 

 

 

 

    Net Sales

0.0

0.0

0.0

0.1

0.0

Revenue

0.0

0.0

0.0

0.1

0.0

Total Revenue

0.0

0.0

0.0

0.1

0.0

 

 

 

 

 

 

    Cost of Revenue

0.0

0.0

0.0

0.1

-

Cost of Revenue, Total

0.0

0.0

0.0

0.1

-

Income Before Tax

0.0

0.0

0.0

0.0

0.0

 

 

 

 

 

 

Total Income Tax

0.0

0.0

0.0

0.0

0.0

Income After Tax

0.0

0.0

0.0

0.0

0.0

 

 

 

 

 

 

Net Income Before Extraord Items

-

-

-

-

0.0

Net Income

-

-

-

-

0.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-

-

-

-

0.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-

-

-

-

0.0

 

 

 

 

 

 

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

 

 

 

 

 

Annual Balance Sheet

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2006

31-Dec-2005

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2006

Reclassified Normal
31-Dec-2006

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate

162.3

152

149.5

128.8

130.375

Auditor

 

 

 

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

 

 

 

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

-

-

-

0.6

0.4

Cash and Short Term Investments

-

-

-

0.6

0.4

    Trade Accounts Receivable - Net

-

-

-

5.2

4.8

    Other Receivables

-

-

-

1.1

0.8

Total Receivables, Net

-

-

-

6.4

5.6

    Inventories - Finished Goods

-

-

-

10.7

5.5

    Inventories - Work In Progress

-

-

-

5.6

1.9

    Inventories - Raw Materials

-

-

-

6.4

2.2

    Inventories - Other

-

-

-

3.6

3.5

Total Inventory

-

-

-

26.4

13.1

Prepaid Expenses

-

-

-

1.4

1.0

    Other Current Assets

-

-

-

2.1

2.2

Other Current Assets, Total

-

-

-

2.1

2.2

Total Current Assets

-

-

-

36.9

22.3

 

 

 

 

 

 

        Land/Improvements

-

-

-

3.0

2.9

        Machinery/Equipment

-

-

-

22.2

21.0

        Construction in Progress

-

-

-

5.3

0.3

    Property/Plant/Equipment - Gross

-

-

-

30.5

24.3

    Accumulated Depreciation

-

-

-

-12.0

-9.9

Property/Plant/Equipment - Net

-

-

-

18.5

14.4

    LT Investments - Other

-

-

-

0.0

0.0

Long Term Investments

-

-

-

0.0

0.0

    Pension Benefits - Overfunded

-

-

-

0.0

0.0

    Deferred Income Tax - Long Term Asset

-

-

-

0.3

0.2

    Other Long Term Assets

-

-

-

0.9

0.9

Other Long Term Assets, Total

-

-

-

1.3

1.2

Total Assets

-

-

-

56.7

37.9

 

 

 

 

 

 

Accounts Payable

-

-

-

7.7

2.8

Payable/Accrued

-

-

-

3.4

2.5

Notes Payable/Short Term Debt

-

-

-

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

-

-

-

26.3

15.3

    Customer Advances

-

-

-

2.2

2.3

    Income Taxes Payable

-

-

-

0.4

0.5

Other Current liabilities, Total

-

-

-

2.6

2.8

Total Current Liabilities

-

-

-

40.0

23.5

 

 

 

 

 

 

    Long Term Debt

-

-

-

3.2

1.4

    Capital Lease Obligations

-

-

-

0.4

0.1

Total Long Term Debt

-

-

-

3.6

1.5

Total Debt

-

-

-

29.9

16.8

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

-

-

-

0.1

0.1

Deferred Income Tax

-

-

-

0.1

0.1

    Pension Benefits - Underfunded

-

-

-

1.5

1.1

Other Liabilities, Total

-

-

-

1.5

1.1

Total Liabilities

-

-

-

45.3

26.1

 

 

 

 

 

 

    Common Stock

-

-

-

4.8

4.8

Common Stock

-

-

-

4.8

4.8

Additional Paid-In Capital

-

-

-

5.3

5.3

Retained Earnings (Accumulated Deficit)

-

-

-

1.3

1.2

    Other Equity

-

-

-

0.0

0.5

Other Equity, Total

-

-

-

0.0

0.5

Total Equity

-

-

-

11.4

11.7

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

-

-

-

56.7

37.9

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

-

-

-

1,242.2

1,242.2

Total Common Shares Outstanding

-

-

-

1,242.2

1,242.2

Employees

-

-

-

659

647

Number of Common Shareholders

-

-

-

5,698

5,196

Deferred Revenue - Current

-

-

-

2.2

2.3

Total Long Term Debt, Supplemental

-

-

-

3.5

2.1

Long Term Debt Maturing within 1 Year

-

-

-

0.3

0.7

Long Term Debt Matur. in Year 6 & Beyond

-

-

-

3.2

1.4

Total Capital Leases, Supplemental

-

-

-

0.7

0.3

Capital Lease Payments Due in Year 1

-

-

-

0.3

0.2

Cap. Lease Pymts. Due in Year 6 & Beyond

-

-

-

0.4

0.1

 

 

 

 

Interim Balance Sheet

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Dec-2010

30-Sep-2010

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate

162.3

159.65

152.5

152

154.54

 

 

 

 

 

 

    Cash

0.0

0.0

0.0

0.0

0.0

Cash and Short Term Investments

0.0

0.0

0.0

0.0

0.0

    Trade Accounts Receivable - Net

0.0

0.0

0.0

0.0

0.0

Total Receivables, Net

0.0

0.0

0.0

0.0

0.0

Total Inventory

0.0

0.0

0.0

0.0

0.0

    Other Current Assets

0.0

0.0

-

-

-

Other Current Assets, Total

0.0

0.0

-

-

-

Total Current Assets

0.0

-

-

-

-

 

 

 

 

 

 

Property/Plant/Equipment - Net

0.0

0.0

0.0

0.0

0.0

    LT Investments - Other

0.0

0.0

0.0

0.0

-

Long Term Investments

0.0

0.0

0.0

0.0

-

Accounts Payable

0.0

0.0

-

0.0

0.0

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

    Other Current Liabilities

0.0

0.0

-

-

-

Other Current liabilities, Total

0.0

0.0

-

-

-

Total Debt

0.0

0.0

0.0

0.0

0.0

 

 

 

 

 

 

 

 

 

 

Annual Cash Flows

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2006

31-Dec-2005

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2011

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2006

Updated Normal
31-Dec-2005

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

155.838183

151.065642

149.730247

128.523538

132.837159

Auditor

 

 

 

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

 

 

 

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-

-

-

3.8

4.6

    Depreciation

-

-

-

2.1

1.9

Depreciation/Depletion

-

-

-

2.1

1.9

    Other Non-Cash Items

-

-

-

0.3

0.2

Non-Cash Items

-

-

-

0.3

0.2

    Accounts Receivable

-

-

-

-1.0

-1.8

    Inventories

-

-

-

-13.2

-2.3

    Other Assets

-

-

-

-0.1

0.1

    Accounts Payable

-

-

-

0.6

0.1

    Payable/Accrued

-

-

-

5.4

1.2

    Other Assets & Liabilities, Net

-

-

-

-0.1

-0.2

    Other Operating Cash Flow

-

-

-

-0.2

-0.2

Changes in Working Capital

-

-

-

-8.5

-3.1

Cash from Operating Activities

-

-

-

-2.3

3.6

 

 

 

 

 

 

    Purchase of Fixed Assets

-

-

-

-6.1

-2.3

Capital Expenditures

-

-

-

-6.1

-2.3

    Sale of Fixed Assets

-

-

-

0.1

0.0

    Purchase of Investments

-

-

-

-

0.0

    Other Investing Cash Flow

-

-

-

0.0

0.0

Other Investing Cash Flow Items, Total

-

-

-

0.1

0.0

Cash from Investing Activities

-

-

-

-5.9

-2.2

 

 

 

 

 

 

    Other Financing Cash Flow

-

-

-

-4.0

-3.4

Financing Cash Flow Items

-

-

-

-4.0

-3.4

    Cash Dividends Paid - Common

-

-

-

-0.5

-0.5

Total Cash Dividends Paid

-

-

-

-0.5

-0.5

    Long Term Debt, Net

-

-

-

1.6

-0.7

Issuance (Retirement) of Debt, Net

-

-

-

1.6

-0.7

Cash from Financing Activities

-

-

-

-2.8

-4.5

 

 

 

 

 

 

Net Change in Cash

-

-

-

-11.0

-3.1

 

 

 

 

 

 

Cash Interest Paid

-

-

-

4.0

3.4

Cash Taxes Paid

-

-

-

0.2

0.2

 

 

 

Annual Income Statement

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2006

31-Dec-2005

31-Dec-2004

31-Dec-2003

31-Dec-2002

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2006

Updated Normal
31-Dec-2005

Updated Normal
31-Dec-2004

Updated Normal
31-Dec-2003

Updated Normal
31-Dec-2003

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

128.523538

132.837159

134.43468

131.967199

122.44877

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Turnover

67.7

61.0

47.6

36.6

33.5

Total Revenue

67.7

61.0

47.6

36.6

33.5

 

 

 

 

 

 

    Cost of Sales

59.9

52.8

41.3

30.9

29.8

    Operating Expense

3.9

3.6

2.9

2.5

2.1

Total Operating Expense

63.8

56.4

44.2

33.4

31.9

 

 

 

 

 

 

    Profit on Fixed Assets Disposal

0.0

0.0

0.0

1.0

0.0

    Interest Income

0.0

0.0

0.0

0.0

0.0

    Other Income

0.3

0.2

0.3

0.2

0.3

    Interest Charges

-4.0

-3.4

-2.7

-2.8

-4.2

Net Income Before Taxes

0.2

1.5

1.0

1.8

-2.2

 

 

 

 

 

 

Provision for Income Taxes

0.2

0.3

0.3

0.3

-0.5

Net Income After Taxes

0.0

1.2

0.7

1.4

-1.8

 

 

 

 

 

 

Net Income Before Extra. Items

0.0

1.2

0.7

1.4

-1.8

Net Income

0.0

1.2

0.7

1.4

-1.8

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

0.0

1.2

0.7

1.4

-1.8

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

0.0

1.2

0.7

1.4

-1.8

 

 

 

 

 

 

Basic Weighted Average Shares

1,242.2

1,242.2

1,242.2

1,242.2

317.1

Basic EPS Excluding ExtraOrdinary Items

-

0.00

0.00

0.00

-0.01

Basic EPS Including ExtraOrdinary Items

-

0.00

0.00

0.00

-0.01

Dilution Adjustment

-

-

-

-

0.0

Diluted Net Income

0.0

1.2

0.7

1.4

-1.8

Diluted Weighted Average Shares

1,242.2

1,242.2

1,242.2

1,242.2

317.1

Diluted EPS Excluding ExtraOrd Items

-

0.00

0.00

0.00

-0.01

Diluted EPS Including ExtraOrd Items

-

0.00

0.00

0.00

-0.01

DPS-Common Stock

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.5

0.5

0.9

0.0

Normalized Income Before Taxes

0.2

1.5

1.0

0.8

-2.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.2

0.3

0.3

0.1

-0.5

Normalized Income After Taxes

0.0

1.2

0.7

0.6

-1.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

0.0

1.2

0.7

0.6

-1.8

 

 

 

 

 

 

Basic Normalized EPS

-

0.00

0.00

0.00

-0.01

Diluted Normalized EPS

-

0.00

0.00

0.00

-0.01

Interest Charges

4.0

3.4

2.7

2.8

4.2

Depreciation Expenses

2.1

1.9

1.6

1.4

1.6

    Tax on Profit for the Period

0.1

0.2

0.3

0.4

0.1

Current Tax - Total

0.1

0.2

0.3

0.4

0.1

    Deferred Tax

0.0

0.0

0.0

-0.2

-0.5

Deferred Tax - Total

0.0

0.0

0.0

-0.2

-0.5

    Education Tax

0.1

0.1

0.1

0.0

0.0

    Capital Gains Tax

-

-

0.0

0.1

0.0

Income Tax - Total

0.2

0.3

0.3

0.3

-0.5

Other Pension Costs

0.5

0.4

0.3

0.3

0.1

Domestic Pension Plan Expense

0.5

0.4

0.3

0.3

0.1

Total Pension Expense

0.5

0.4

0.3

0.3

0.1

 

 

 

 

 

Interim Income Statement

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

30-Jun-2008

31-Mar-2008

30-Jun-2007

31-Mar-2007

Period Length

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
30-Jun-2008

Updated Calculated
30-Jun-2008

Updated Normal
30-Jun-2008

Updated Calculated
30-Jun-2008

Filed Currency

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

117.724624

117.376044

127.641183

128.170989

 

 

 

 

 

    Revenues

19.6

16.8

16.1

17.5

Total Revenue

19.6

16.8

16.1

17.5

 

 

 

 

 

    Expenses

19.3

17.3

17.7

17.9

Total Operating Expense

19.3

17.3

17.7

17.9

 

 

 

 

 

Net Income Before Taxes

0.3

-0.5

-1.6

-0.3

 

 

 

 

 

Provision for Income Taxes

0.1

-0.2

-0.5

-0.1

Net Income After Taxes

0.2

-0.3

-1.1

-0.2

 

 

 

 

 

Net Income Before Extra. Items

0.2

-0.3

-1.1

-0.2

Net Income

0.2

-0.3

-1.1

-0.2

 

 

 

 

 

Income Available to Com Excl ExtraOrd

0.2

-0.3

-1.1

-0.2

 

 

 

 

 

Income Available to Com Incl ExtraOrd

0.2

-0.3

-1.1

-0.2

 

 

 

 

 

Basic Weighted Average Shares

1,242.2

1,242.2

1,242.2

1,242.2

Basic EPS Excluding ExtraOrdinary Items

0.00

0.00

0.00

0.00

Basic EPS Including ExtraOrdinary Items

0.00

0.00

0.00

0.00

Dilution Adjustment

-

0.0

0.0

0.0

Diluted Net Income

0.2

-0.3

-1.1

-0.2

Diluted Weighted Average Shares

1,242.2

1,242.2

1,242.2

1,242.2

Diluted EPS Excluding ExtraOrd Items

0.00

0.00

0.00

0.00

Diluted EPS Including ExtraOrd Items

0.00

0.00

0.00

0.00

DPS-Common Stock

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

0.3

-0.5

-1.6

-0.3

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

0.1

-0.2

-0.5

-0.1

Normalized Income After Taxes

0.2

-0.3

-1.1

-0.2

 

 

 

 

 

Normalized Inc. Avail to Com.

0.2

-0.3

-1.1

-0.2

 

 

 

 

 

Basic Normalized EPS

0.00

0.00

0.00

0.00

Diluted Normalized EPS

0.00

0.00

0.00

0.00

 

 

 

 

 

Annual Balance Sheet

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2006

31-Dec-2005

31-Dec-2004

31-Dec-2003

31-Dec-2002

UpdateType/Date

Updated Normal
31-Dec-2006

Reclassified Normal
31-Dec-2006

Reclassified Normal
31-Dec-2005

Reclassified Normal
31-Dec-2004

Updated Normal
31-Dec-2003

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate

128.8

130.375

133.15

139.55

130.45

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Raw Materials

6.4

2.2

2.6

0.7

1.3

    Work in Progress

5.6

1.9

1.7

1.4

0.8

    Finished Goods

4.6

2.9

0.9

1.2

1.7

    Contract Materials

1.3

1.5

1.4

1.4

1.3

    Goods in Transit

6.1

2.6

2.5

2.9

2.9

    Stores Materials

2.3

2.0

1.4

1.7

1.1

    Trade Debtors

4.8

4.3

3.3

3.5

3.6

    Amt. Owned by Related Companies

0.5

0.5

0.2

0.1

0.1

    Deposits for Imports

0.1

0.1

0.1

0.6

0.6

    Contract Work in Progress

2.0

2.1

1.2

1.7

1.1

    Other Debtors

1.1

0.8

1.0

0.7

0.9

    Prepayments

1.4

1.0

1.3

0.7

0.7

    Cash

0.6

0.4

0.4

0.2

0.3

Total Current Assets

36.9

22.3

18.1

16.8

16.2

 

 

 

 

 

 

    Leasehold Land & Building

3.0

2.9

2.6

2.5

2.7

    Plant & Machinery

19.3

18.5

16.1

12.2

12.6

    Furniture & Equipment

1.9

1.8

1.5

1.3

1.1

    Motor Vehicles

0.9

0.7

0.7

0.5

0.5

    Construction in Progress

5.3

0.3

0.6

0.2

0.0

    Accumulated Depreciation

-12.0

-9.9

-7.9

-6.1

-5.2

    Investment on Shares

0.0

0.0

0.0

0.0

-

    Employee Trust Scheme

0.0

0.0

0.0

0.0

0.0

    Deferred Taxation

0.3

0.2

0.2

0.1

0.0

    Long Term Assets

0.9

0.9

0.6

0.4

-

Total Assets

56.7

37.9

32.6

27.8

28.0

 

 

 

 

 

 

    Trade Creditors

2.1

1.6

0.7

0.8

0.4

    Bank Loan & Overdrafts

25.7

14.4

11.1

9.8

12.9

    Customer Deposits

2.2

2.3

1.6

1.8

2.0

    Finance Leases

0.3

0.2

0.2

0.2

0.3

    Term Loans

0.3

0.7

0.5

0.8

1.1

    Amt. Owned to Related Companies

1.9

1.3

1.1

0.6

1.2

    Dividend Payable

-

-

0.5

0.9

0.0

    Taxes Payable

0.4

0.5

0.7

0.7

0.3

    Deferred Income

-

-

-

-

1.1

    Bills for Collection

3.7

0.0

-

-

0.6

    Other Creditors & Accruals

3.4

2.5

2.8

1.9

1.9

Total Current Liabilities

40.0

23.5

19.2

17.4

21.8

 

 

 

 

 

 

    Finance Leases

0.4

0.1

0.3

0.0

0.2

    Commercial Paper

0.9

0.7

0.5

0.0

-

    Term Loans

2.3

0.7

1.4

0.0

0.8

Total Long Term Debt

3.6

1.5

2.2

0.0

1.0

 

 

 

 

 

 

    Deferred Taxation

0.1

0.1

0.0

-

0.1

    Accrued End of Service Benefit

1.5

1.1

1.0

0.8

0.6

Total Liabilities

45.3

26.1

22.3

18.2

23.6

 

 

 

 

 

 

    Share Capital

4.8

4.8

4.7

4.5

1.2

    Share Premium

3.8

3.7

3.7

3.5

1.9

    Capital Reserve

1.6

1.5

1.5

1.4

-

    Reserves

1.3

1.2

0.5

0.2

1.3

    Proposed Dividends

0.0

0.5

-

-

-

Total Equity

11.4

11.7

10.3

9.6

4.5

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

56.7

37.9

32.6

27.8

28.0

 

 

 

 

 

 

    S/O-Common Stock

1,242.2

1,242.2

1,242.2

1,242.2

317.1

Total Common Shares Outstanding

1,242.2

1,242.2

1,242.2

1,242.2

317.1

Deferred Revenue - Current

2.2

2.3

1.6

1.8

3.1

Full-Time Employees

659

647

634

580

539

Number of Common Shareholders

5,698

5,196

5,128

4,869

-

Long Term Debt Maturing within 1 Year

0.3

0.7

0.5

0.0

-

Long Term Debt - Remaining Maturities

3.2

1.4

1.9

0.0

-

Total Long Term Debt, Supplemental

3.5

2.1

2.5

0.0

-

Capital Lease Payments Due within 1 Year

0.3

0.2

0.2

0.2

0.3

Capital Leases - Remaining Maturities

0.4

0.1

0.3

0.0

0.2

Total Capital Leases, Supplemental

0.7

0.3

0.4

0.2

0.5

 

 

 

 

Annual Cash Flows

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

31-Dec-2006

31-Dec-2005

31-Dec-2004

31-Dec-2003

31-Dec-2002

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2006

Updated Normal
31-Dec-2005

Restated Normal
31-Dec-2005

Updated Normal
31-Dec-2003

Updated Normal
31-Dec-2003

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

128.523538

132.837159

134.43468

131.967199

122.44877

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

3.8

4.6

3.4

3.2

1.6

    Depreciation

2.1

1.9

1.6

1.4

1.6

    Other Income30

0.3

0.2

0.3

-

-

    Stock

-13.2

-2.3

-0.9

-0.8

-0.8

    Debtors

-1.0

-1.5

0.5

-1.3

-2.0

    Long Term Receivables

0.0

0.0

0.0

-

-

    Long Term Assets

-0.1

0.1

-0.2

-

-

    Withholding Balances

-0.1

-0.2

0.0

-

-

    Tax Paid

-0.2

-0.2

-0.4

0.0

0.0

    Amt. Owned by Related Company

0.0

-0.3

0.0

-0.1

0.0

    Payable & Accruals

5.4

1.2

0.6

-1.1

3.1

    Amt. Owned to Related Company

0.6

0.1

0.5

-0.5

0.1

Cash from Operating Activities

-2.3

3.6

5.4

0.8

3.8

 

 

 

 

 

 

    Capital Expenditures

-6.1

-2.3

-4.3

-0.9

-0.8

    Investment in Shares

-

0.0

0.0

0.0

-

    Interest Received

0.0

0.0

0.0

0.0

0.0

    Sale of Fixed Assets

0.1

0.0

0.0

1.1

0.0

    Other Income

-

-

-

0.2

0.3

Cash from Investing Activities

-5.9

-2.2

-4.3

0.4

-0.4

 

 

 

 

 

 

    Proceeds from Public Offer

-

-

-

6.0

0.0

    Proceeds Offer Expenses

-

-

-

-0.7

0.0

    Interest Paid

-4.0

-3.4

-2.7

-2.8

-4.2

    Dividend Paid

-0.5

-0.5

-0.9

0.0

-

    Net Movement in Loans

1.2

-0.5

1.9

-

-

    Net Movement in Leases

0.4

-0.2

0.2

-

-

    Lease Rentals

-

-

-

-0.3

-0.3

Cash from Financing Activities

-2.8

-4.5

-1.6

2.2

-4.6

 

 

 

 

 

 

Net Change in Cash

-11.0

-3.1

-0.5

3.4

-1.2

 

 

 

 

 

 

    Cash Interest Paid

4.0

3.4

2.7

2.8

4.2

    Cash Taxes Paid

0.2

0.2

0.4

0.0

0.0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.33

UK Pound

1

Rs.86.10

Euro

1

Rs.69.06

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.