MIRA INFORM REPORT

 

 

Report Date :

28.09.2012

 

 

IDENTIFICATION DETAILS

 

Name :

AGRO POWER CONCEPTS 

 

 

Registered Office :

13, Ajoke Salako Street, Ifako, Gbagada, Lagos State

 

 

Country :

Nigeria

 

 

Date of Incorporation :

Not Available 

 

 

Com. Reg. No.:

BN: 992629

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Not Available 

 

 

No. of Employees :

Not Available 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Unknown

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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

 

AGRO POWER CONCEPTS

 

 

OPERATIONS

 

The company’s line of business could not be UNDETERMINED

 

 

COMPANY LOCATION

 

The company address located at 16, Kolawole Shonibare Street, Ajao Estate, Oshodi-Isolo, Lagos State, Nigeria.

 

 

IDENTIFICATION

 

COMPANY NAME:                                 AGRO POWER CONCEPTSs

REGISTERED NAME:                            AGRO POWER CONCEPTS

REGISTERED ADDRESS:                      13, Ajoke Salako Street, Ifako, Gbagada, Lagos State, Nigeria

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

TELEPHONE:                                        234-702-800-1528 (Not reachable)

 

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 office space approximately 300 square meters

LEGAL FORM:                          Sole Proprietorship

REGISTRATION NO:                 BN: 992629

STAFF STRENGHT:                  UNDETERMINED

 

 

BACKGROUND

 

Agro Power Concepts was registered with registration number (BN: 992629). The corporate head office is located at 16, Kolawole Shonibare Street, Ajao Estate, Oshodi Isolo, Lagos State, Nigeria. The company occupies a large warehouse fenced with red gate beside 17/19 house along Kolawole Shonibare Street, Ajao Estate, Lagos.

 

During our visit on the 25th September, 2012, we spoke with the security man at the gate who disclosed that their Managing Director has travelled out of the country and the person in charge was not available. He refused to acknowledge our document on the ground that he received one enquiry from a company last month but it is yet to be attended to. He advised us to come back later maybe his boss would be around by end of September, 2012.

 

Meanwhile, our secondary sources information revealed that the company’s registration Number is BN: 992629 and other information from CBN such as MF: 0650840 form M/A, Bid Rate: 132.87 but the security man claimed that he does not know anything about the company’s details. In addition, the phone number (234-702-8001528) we obtained from secondary sources could not be reached.

 

Conclusion:  Based on our visit, brief discussion with the security man and insufficient information about the company, we advise that any business relationship with the company should be done on cash and carry basis.

 

 

PERFORMANCE RANKING

 

* Quality of Management:          UNDETERMINED

* Ethics & Integrity:                    UNDETERMINED

* Ownership Structure:               UNDETERMINED

 

FINANCES

 

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

 

MEANWHILE, DETAILS OF A SIMILAR NAME OBTAINED AT CAC IS STATED BELOW:

Company name:                        AGRO-POWER NIGERIA LTD

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

Share Capital:                            100,000.00

Registration Number:                  121723

Allotted share capital:                 100,000.00

Date registered:                         30th November, 1988

 

OWNERS/SHAREHOLDERS

 

1.       Adamu Audu Maikori

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

 

2.       John Maikori

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

 

 

INDUSTRIAL OVERVIEW/ OPERATING ENVIRONMENT

 

UNDETERMINED DUE TO INSUFFICIENT INFORMATION

 

CMT REPORT

(Corruption, Money Laundering & Terrorism)

 

UNDETERMINED DUE TO INSUFFICIENT INFORMATION

 

OFFICIAL REMARKS

 

Having carried out all necessary verifications on the company, our investigations revealed that Agro Power Concepts is duly registered in Nigeria with a registered address located at 13, Ajoke Salako Street, Ifako, Gbagada, Lagos State, Nigeria, Lagos State, Nigeria, while its operational address is located at 16, Kolawole Shonibare Str, Ajao Estate, Oshodi Isolo, Lagos State, Nigeria

 

Information contained in the report is mostly from secondary sources.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.26

UK Pound

1

Rs.86.23

Euro

1

Rs.68.64

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.