|
Report Date : |
16.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
AGRO HYBRID POWER TECHNIQUE LIMITED |
|
|
|
|
Registered Office : |
13A, Club Road, Kano, Kano State, Nigeria |
|
|
|
|
Country : |
Nigeria |
|
|
|
|
Date of Incorporation : |
19.11.2009 |
|
|
|
|
Com. Reg. No.: |
RC: 855803 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engages in import and sales of Grounding Machines |
|
|
|
|
No. of Employees : |
20 |
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 – 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 |
AGRO HYBRID POWER
TECHNIQUE LIMITED
The
company engages in import and sales of Grounding Machines
The company is located
at 16, Kolawole Shonibare Street, Ajao Estate, Oshodi Isolo, Lagos State, Nigeria.
COMPANY NAME: AGRO HYBRID POWER TECHNIQUE LIMITED
REGISTERED NAME: AGRO
HYBRID POWER TECHNIQUE LIMITED
REGISTERED
ADDRESS: 13A, Club Road, Kano, Kano State, Nigeria
HEAD OFFICE
ADDRESS: 16,
Kolawole Shonibare Street, Ajao Estate, Oshodi Isolo,
Lagos
State, Nigeria.
Currency:
All monetary quoted in this report are in Nigerian Naira, the local currency or
unless otherwise stated. The exchange rate is N155 to 1 US $.
NATURE OF
PREMISES:
Leased office
space approximately 500 square meters
DATE
INCORPORATED: 19th November, 2009
YEAR BEGAN OPERATIONS: 2009
LEGAL FORM: Private Limited
Company
REGISTRATION NO: RC: 855803
SHARE CAPITAL: 2,000,000.00
ISSUED CAPITAL: 2,000,000.00
PAID-UP CAPITAL: 2,000,000.00
STAFF STRENGHT: About
20
Names %Held
9,
Ajoke Akinbami Street, off Unity Road, Ikeja, Lagos State, Nigeria
13,
Ajoke Salako Street, Ifako Gbagada, Lagos State, Nigeria
Agro Hybrid Power Technique Limited was incorporated on 19th
November, 2009 with Registration Number (RC: 855803) with N2,000,000.00 Share
Capital. The company’s address is located at 16, Kolawole Shonibare Street,
Ajao Estate, Oshodi Isolo, Lagos State, Nigeria. The company occupies a
premises comprising of three (3) warehouses, fenced with red gate and security
post at the gate entrance.
During our visit on 10th
April, 2013, we spoke with Mr. Robert a staff (234-703-856-5639) of the company
who confirmed the company’s name but refused to acknowledge or receive our
document as he has been instructed not to receive any document from anyone.
According to him, the person who is in charge of the warehouse and in best
person to give us detailed information about the company was not available. All
efforts to persuade him proved abortive.
Conclusion: Based on our visit and brief discussion held with
Mr. Robert and we sighted some trucks loaded with goods moving out of the
premises, we are of the opinion that the company exists and engages in business. As such, any business relationship with the company
should be mutually beneficial.
·
General Public
·
Group of Companies
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
Subject Audited Accounts was not available as at the time of compiling
this report. However, we are of the opinion that estimated turnover of the
company could be put at $50 Million (Fifty Million Dollars).
|
FGSL
RISK RATING ASSESSMENT: |
B
(40-49) 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 |
Subject is operating in an industry with very great potentials. This
sector in Nigeria has a lot to explore when it comes to the need for expansion,
improvement of product quality, work force development and general technical
expertise. Mainly, private individuals dominate this sector. Despite the huge
capital required for setting up this investment, it has grown in its leaps and
bounds over the decades in the nation, although, the efforts of the Federal
Government cannot be ruled out. The government has put in place different
policies that support private individuals to secure loans/ mortgages from banks
and other financial institutions. However, to record a groundbreaking in this
sector, foreign investors are inevitable.
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.
FGSL’s OFFICIAL REMARKS
Having carried
out all necessary verifications on the company, our investigations revealed
that Agro Hybrid Power Technique
Limited is duly registered in Nigeria with a registered
address located at 13A, Club Road, Kano,
Kano State, Nigeria, while its operational
address is located at 16, Kolawole Shonibare Street, Ajao Estate, Oshodi
Isolo, Lagos.
All information contained
in the report is mostly from secondary sources only.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.62 |
|
|
1 |
Rs.83.69 |
|
Euro |
1 |
Rs.71.41 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.