MIRA INFORM REPORT

 

 

Report Date :

21.09.2012

 

IDENTIFICATION DETAILS

 

Name :

DAEWOO NIGERIA LIMITED

 

 

 

Registered Office :

14A, Alhaji Alade Odunewu Street, Park View Estate, Ikoyi, Lagos State

 

 

Country :

Nigeria

 

 

Date of Incorporation :

18.08.1978

 

 

Com. Reg. No.:

RC: 25840

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Engages in Oil Explorations, Drilling & Well Maintenance, Oil & Gas Exportation Monitoring and Regulations, Oil Wells & Flow Station Inspection, Geosciences, Geological Operations, Recycling of Raw Materials,  Logistics Services etc.

 

 

No. of Employees :

Over 50

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 – March 31st, 2012

 

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

 

 

NIGERIA - ECONOMIC OVERVIEW

 

Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms. Nigeria pulled out of its IMF program in April 2002, after failing to meet spending and exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club. In November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt. Since 2008 the government has begun to show the political will to implement the market-oriented reforms urged by the IMF, such as modernizing the banking system, removing subsidies, and resolving regional disputes over the distribution of earnings from the oil industry. GDP rose strongly in 2007-11 because of growth in non-oil sectors and robust global crude oil prices. President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, diversify economic growth, and improve fiscal management. Lack of infrastructure and slow implementation of reforms are key impediments to growth. The government is working toward developing stronger public-private partnerships for roads, agriculture, and power. Nigeria's financial sector was hurt by the global financial and economic crises, but the Central Bank governor has taken measures to restructure and strengthen the sector to include imposing mandatory higher minimum capital requirements.

Source : CIA

Company name

 

DAEWOO NIGERIA LIMITED

 

 

OPERATIONS

 

The company is engages in Oil Explorations, Drilling & Well Maintenance, Oil & Gas Exportation Monitoring and Regulations, Oil Wells & Flow Station Inspection, Geosciences, Geological Operations, Recycling of Raw Materials,  Logistics Services etc.

 

 

COMPANY LOCATION

 

Subject is located at Plot 10B, Lagoon Avenue, Osborne Estate, Ikoyi, Lagos. Nigeria.

 

 

IDENTIFICATION

 

COMPANY NAME:                                 DAEWOO NIGERIA LIMITED

REGISTERED NAME:                            DAEWOO NIGERIA LIMITED

REGISTERED ADDRESS                       14A, Alhaji Alade Odunewu Street, Park View Estate, Ikoyi,                                                                                  Lagos State, Nigeria.

 

CORPORATE OFFICE ADDRESS:          Plot 10B, Lagoon Avenue, Osborne Estate, Ikoyi, Lagos. Nigeria.

 

TELEPHONE:                                        234-1-2617108-9, 2610518 (Inactive)

FAX:                                                     234-1-2622110 (Inactive)

POSTAL ADDRESS:                             G.P.O. 8686, Lagos. Nigeria.

E-MAIL:                                                hspark@mail.dwconst.co.kr

WEBSITE:                                            www. daewooenc.com

Currency: All monetary quoted in this report are in Nigerian Naira, the local currency or unless otherwise stated. The exchange rate is N150 to 1 US $.

 

 

SUMMARY

 

NATURE OF PREMISES:                       Leased space as head office occupying approximately 1,000 square meters

DATE INCORPORATED                         18th August, 1978

LEGAL FORM:                                      Private Limited Company

REGISTRATION NO:                             RC: 25840  

SHARE CAPITAL:                                 600,000.00

ISSUED CAPITAL:                                600,000.00

PAID-UP CAPITAL:                               600,000.00                      

STAFF STRENGHT:                                          Over 50

 

 

OWNERSHIP/SHAREHOLDING STRUCTURE

 

  1. Mamadu O. Idirisu                                                                                                         

82, Awolowo Road, Ikoyi, Lagos State, Nigeria.   

 

  1. Shaibu A. Olumoko                                                                                                                               

82, Awolowo Road, Ikoyi, Lagos State, Nigeria

 

  1. Adegboyega O. Fammdu                                                                                               

22, Simpson Street, Lagos Island, Lagos State, Nigeria.  

 

  1. Oluseyi Oduyoye                                                                                                                                  

22, Simpson Street, Lagos Island, Lagos State, Nigeria.

 

  1. Mamudu Oji Idirisu         (Alh)                                                                                       

17, Marine Street, Lagos Island, Lagos State, Nigeria.     

 

  1. Shaibu Aliyu                                                                                                                                         

A4-1, Oniwaya Road, Agege, Lagos State, Nigeria

 

  1. M. S. Suh                                                                                                                    

Plot 1608, Adeola Hopewell Street, Victoria Island, Lagos State, Nigeria.   

 

  1. Y.W. Park                                                                                                                                            

Plot 1608, Adeola Hopewell Street, Victoria Island, Lagos State, Nigeria

 

  1. H. C. Chung                                                                                                                 

Plot 1608, Adeola Hopewell Street, Victoria Island, Lagos State, Nigeria.   

 

  1. Mohammed L. I.                                                                                                                        

7, Bishop Crowther Street, Surulere, Lagos State, Nigeria

 

  1. El Youn Tak                                                                                                                 

Plot 1608, Adeola Hopewell Street, Victoria Island, Lagos State, Nigeria    

 

  1. Suh Hyung Suk                                                                                                                        

Plot 1608, Adeola Hopewell Street, Victoria Island, Lagos State, Nigeria

 

 

  1. Kim Woo Chong                                                                                                           

Plot 1608, Adeola Hopewell Street, Victoria Island, Lagos State, Nigeria    

 

  1. Mamudu Oji Idirisu (Alh)                                                                                                            

17, Marine Street, Lagos Island, Lagos State, Nigeria

 

  1. Daewoo Engineering                                                                                          

Plot 202, Etim Iyang Crescent, Victoria Island, Lagos State, Nigeria          

 

  1. Staff Trust Fund                                                                                                                        

Plot 202, Etim Iyang Crescent, Victoria Island, Lagos State, Nigeria

 

  1. Gabriel A. Legunsen                                                                                                      

20, Maitama Sule Street, Ikoyi, Lagos State, Nigeria.       

 

  1. Kuen Tak Choi                                                                                                                          

Plot 202, Etim Iyang Crescent, Victoria Island, Lagos State, Nigeria

 

  1. Jeong Eui Choon                                                                                                           

Plot 202, Etim Iyang Crescent, Victoria Island, Lagos State, Nigeria          

 

  1. Suh Jae Won                                                                                                                                        

Plot 202, Etim Iyang Crescent, Victoria Island, Lagos State, Nigeria

 

  1. Cautious Services Limited                                                                                                                      

1/3, Mile 2, Mazamaza, Lagos State, Nigeria

 

 

DIRECTORS

 

  1. Mamadu O. Idirisu                                                                                                         
  2. Shaibu A. Olumoko                                                                                                                               
  3. Adegboyega O. Fammdu                                                                                               
  4. Oluseyi Oduyoye                                                                                                                                  
  5. Mamudu Oji Idirisu         (Alh)                                                                                       
  6. Shaibu Aliyu                                                                                                                                         
  7. M. S. Suh                                                                                                                    
  8. Y.W. Park                                                                                                                                            
  9. H. C. Chung                                                                                                                 
  10. Mohammed L. I.                                                                                                                        
  11. El Youn Tak                                                                                                                 
  12. Suh Hyung Suk                                                                                                                        
  13. Kim Woo Chong                                                                                                           
  14. Mamudu Oji Idirisu (Alh)                                                                                                            
  15. Gabriel A. Legunsen                                                                                                      
  16. Kuen Tak Choi                                                                                                                          
  17. Jeong Eui Choon                                                                                                           
  18. Suh Jae Won                                                                                                                                        

                                                                                                                       

 

BACKGROUND

 

Daewoo Nigeria Limited was incorporated on 18th August, 1978 as a Private Limited Liability company under the Companies & Allied Matters Decree of 1990 (RC: 25840).  The corporate office is located at Plot 10B, Lagoon Avenue, Osborne Estate, Ikoyi, Lagos. Nigeria. The company occupies a storey building painted cream with black gate and has security personnel, it is the second building by the right on Lagoon Avenue.

 

The company is engages in Oil Explorations, Drilling & Well Maintenance, Oil & Gas Exportation Monitoring and Regulations, Oil Wells & Flow Station Inspection, Geosciences, Geological Operations, Recycling of Raw Materials,  Logistics Services etc.

 

Daewoo Nigeria Limited has other offices in Lagos, Portharcourt and other states all over the country.

 

During our visit on 18th September, 2012, we spoke with Head of Security who confirmed the company’s line of business and took the document to the Admin Manager Bibian who promised to forward our document to the appropriate authority who will get back to us in due course.

 

Conclusion: Based on our visit, brief discussion held with one of the security men at the gate and the Admin Manager, we are of the opinion that the company exists at the address and engages in legitimate business. As such, any business relationship or transactions with the company should be mutually beneficial.

 

DETAILS OF WORK DONE

 

1.       Abam Base Jetty, Okrika Fabrication & Installation of 2 Nos. Block Valve Station & Tie-in of 6” River Crossing Line at Offoboko Shell P. D. C AGG Project
Contract No. E-04386 (N30 million) 2000 – 2001 Y. H. Lim (Project Control Manager)

 

2.       Abam Base Jetty, Okrika Piling, Fabrication and Installation of 6” Riser at Sego Creek Manifold and Belema Flow station. Shell P. D. C. AGG Project No. E-4386
(N8 million) 2000 – 2001 Y. H. Lim (Project Control Manager)

 

3.       Abam Base Jetty, Okrika Fabrication and Installation of Manifold Platform and Block Valve Station at Nembe Shell P. D. C. (N20 million) 2000 – 2001 Y. H. Lim (Project Control Manager)

 

4.       Abam Base Jetty, Okrika Fabrication, Blasting, Painting and Installation of 24 Nos. River Markers Shell P. D. C. AGG Project No. E-04386 (N6 million) 2000 – 2001
Y. H. Lim (Project Control Manager)

 

5.       Abam Base Jetty, Okrika Fabrication/installation of HoistStructure/Pig Launcher & Receiver for Belema Flowstation & Sego Manifold. Shell P. D. C. AGG Project No. E-04386 (N4.9 million) 2000 – 2001 Y. H. Lim (Project Control Manager)

6.       Abam Base Jetty, Okrika Dredging for River Crossings at Belema, Offoboko and Sego for 6” Pipeline. Shell P. D. C. AGG Project No. E-04386
(N110 million) 2000 – 2001 Y. H. Lim (Project Control Manager)

 

7.       Abam Base Jetty, Okrika Fabrication/installation of 12” Pig Receiver at Nembe Manifold. Shell P. D. C. (A.G.G.) Project No. E-04386
(N4.9 million) 2000 – 2001 Y. H. Lim (Project Control Manager)

 

8.       Abam Base Jetty, Okrika Tie-in of 12” Pipeline from Nembe Flowstation to Nembe Manifold
(N15 million) 2000 – 2001 Y. H. Lim (Project Control Manager)

 

9.       Abam Base Jetty, Okrika Manpower supply for 6” Line Pipe Welding from Belema to Sego Creek Manifold – Shell P. D. C. AGG Project No. E-04386
(N1 million) 2000 – 2001 Y. H. Lim (Project Control Manager)

 

 

PAYMENT REFERENCE

 

JAHCON INTERNATIONAL LIMITED

#15 Iriebe Street, D/Line, G.P.O. Box 10708, Port Harcourt, Rivers State, Nigeria.

Tel: 234-84-572142; GSM: 08033121524
Fax: 234-84-462565

Website: www.jahconintltd.net
E-mail: info@jahconintltd.net

 

 

TRADE REFERENCE

 

Federation Of Construction Company

 

 

OTHER OFFICES

 

·         Plot 202, Etim Inyang Crescent, Off Muri Okunola Street, Victoria Island, Lagos.

·         Plot 1608, Adeola Hopewell Street, Victoria Island, Lagos, Nigeria

·         Onne/Bori Road Junction, Along East West Road, Ebubu Eleme, Trans Amadi Industrial Layout, Port Harcourt, Rivers State, Nigeria.

 

TYPES OF CUSTOMERS

 

·         Group of Companies

·         General Public

·         Oil & Gas Majors

·         Corporate Organisations

 

 

PHYSICAL VISIT

 

  1. Company Premises 
  2. Corporate Affairs Commission

 

 

PERFORMANCE RANKING

 

* Quality of Management:          GOOD

* Ethics & Integrity:                   GOOD

* Ownership Structure:               GOOD

 

 

FINANCES

 

Subject Audited Accounts was not available as at the time of compiling this report. However, based on the industry the company belongs to and services rendered, the company’s estimated turnover could be put at $2 Million (Two Million Dollars).

 

 

INDUSTRIAL OVERVIEW/ OPERATING ENVIRONMENT

 

Subject is operating in an industry with very great potentials. With the Local Content Initiative of the supervising agency, Nigerian indigenous companies now have exclusive rights up-to 30% of all contracts awarded within the Oil & Gas industry.  In cases where local expertise is lacking indigenous companies are encouraged to enter into technical partnership with foreign firms.  With this innovation, local indigenous companies now have regular access to bids and can also benefit from the transfer of technology and expertise from their foreign technical partners. The Gas sector according to the recent World Bank estimate is worth $ 284 million and it has the capacity for a 10% growth in the next three years. The current low supply of LPG of about 0.5kg/h/yr from Nigeria to West African Sub- Region as against the West African Average of 3.7kg/h/yr, gives room for more investors and expertise.

 

 

There are many opportunities in this sector of the economy. This could be largely achieved through Foreign Companies joint ventures with Nigerian companies, as well as providing 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 subject, our investigations revealed that, the Company, Daewoo Nigeria Limited is duly registered in Nigeria, with a registered address at 14A, Alhaji Alade Odunewu Street, Park View Estate, Ikoyi,             Lagos State, Nigeria and while its corporate office is located at Plot 10B, Lagoon Avenue, Osborne Estate, Ikoyi, Lagos. Nigeria.

 

Subject is into genuine business transactions.  Subject is an ongoing concern. 

 

All information contained in the report is mostly from both primary and secondary sources.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.87.91

Euro

1

Rs.70.57

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.