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Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
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Name : |
HIBAND WIRELESS LIMITED |
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Registered Office : |
10, Sadiku Street, Agidingbi, Ikeja, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
29.09.2009 |
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Com. Reg. No.: |
RC: 847249 |
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Legal Form : |
Private Limited Liability |
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Line of Business : |
The Company provides its Clients Current and Future IT
Based Solutions in Digital Television, Video Conferencing, IP-based
Surveillance Services, Internet Related and Private Network Services |
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No. of Employees : |
About 10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Nigeria |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 2007-12 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
HIBAND WIRELESS LIMITED
The Company provides its
Clients Current and Future IT Based Solutions in Digital Television, Video
Conferencing, IP-based Surveillance Services, Internet Related and Private
Network Services
Subject is located at 10,
Sadiku Street, off Amaraolu Street, off Agidingbi
Road, Ikeja, Lagos State,
Nigeria.
COMPANY NAME: HIBAND WIRELESS LIMITED
REGISTERED
NAME: HIBAND
WIRELESS LIMITED
REGISTERED
ADDRESS: 10,
Sadiku Street, Agidingbi, Ikeja, Lagos State, Nigeria
HEAD OFFICE ADDRESS: 10, Sadiku Street, off Amaraolu Street, off Agidingbi Road, Ikeja,
Lagos State, Nigeria
TELEPHONE: 234-
709-812-3116, (709-811-8593 – inactive)
EMAIL: info@hibandwireless.net
WEBSITE: www.hibandwireless.net
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 29th
September, 2009
YEAR BEGAN OPERATION: 2009
LEGAL FORM: Private Limited
Liability
REGISTRATION NO: RC: 847249
SHARE CAPITAL: 4,000,000.00
ISSUED CAPITAL: 1,000,000.00
PAID-UP CAPITAL: 1,000,000.00
UNALLOTTED SHARE CAPITAL: 3,000,000.00
STAFF STRENGHT: About 10
Name %Held
1. Titi
Odeyemi 40%
6,
Gospel Crusader Road, Abanikanda, Ifako-Agege, Lagos State, Nigeria
2. Oluyinka
Akerele 25%
6,
Jasper Osagie Street, Oko-Oba, Lagos State, Nigeria
3. Express
House Limited 25%
Xpress
House, Gas Plant Road, Ijobi-Fele Way, CBD, Alausa, Lagos State, Nigeria
4. Akinyele
Babatope
Xpress
House, Gas Plant Road, Ijobi-Fele Way, CBD, Alausa, Lagos State, Nigeria
5. Ishola
Akingbade 10%
93,
Bode Thomas Street, Surulere, Lagos State, Nigeria
1. Titi
Odeyemi
2. Oluyinka
Akerele
3. Akinyele
Babatope
4. Ishola
Akingbade
Hiband Wireless Limited was incorporated with Corporate
Affairs Commission on 29th September, 2009 with Registration Number (RC:
847249). The company’s corporate head
office occupies an edify one storey building tastefully furnished with modern
office facilities. The building is painted with cream/ox-blood colour and it
has a good security unit. The facility is located in a strategic corporate
business area at 10, Sadiku Street, off Amaraolu
Street, off Agidingbi Road, Ikeja,
Lagos State, Nigeria.
HiBand Wireless Limited is a 21st century company, driven
to provide its valued customers with current and future IT based solutions in
Digital Television, Video Conferencing, IP-based Surveillance Services, Internet
Related and Private Network needs, these services extend to all Government
Departmental offices, medium and large enterprises and private
individuals. The company
delivers a wide range of scalable and flexible services and solutions to
all its clients.
During our visit to the address, Mr. Oluyemi Godson,
one of the officers of the company with his team interrogated us beyond
expectation. Having successfully convinced them in one accord they stated that
the company has good international relationship but it is unethical to provide
us information of their company without knowing the detail source of enquiry.
While on this discussion, we sighted some of the company’s information on the
wall such as their line of business and website address. In addition, almost
ten employees of the company were sighted performing their respective duties on
their systems.
Conclusion: Based
on our visit, facilities
sighted and brief discussion held with their
personnel, we are of the opinion that
the company is among the market leaders in the sector they belong. As such, any business relationship with the company
should be mutually beneficial.
·
CCTV
·
Digital Cameras
·
Radio & Server
·
Internet Protocol (IP) pay TV (IPTV)
·
HiBand Wireless LiveConnect
·
HiBand wireless GAZE IP-Based
Surveillance Services
·
HiBand Wireless Internet Services
·
Digital Television
·
Video Conferencing
·
Internet Related Services
·
Private Networks etc
·
Security Equipments Services and
Installation
·
Systems
Integration and Operating Systems/Servers
·
Wireless
and IP-based CCTV Solutions and Services
·
Multimedia
Services
·
ICT
Procurement/Supplies
·
ICT Consultancy Services
·
Government Departmental Offices
·
Medium and Large Enterprises
·
Private Individuals
To be the foremost and
innovative wireless media solution provider out of Africa.
·
General Public
·
Group of Companies
·
Corporate Organisations
* 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, based
on the services the company renders and the sector it belongs to, the Company’s
estimated turnover could be put at $80 Million (Eighty Million Dollars).
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 as at the time of compiling this
report.
Having carried out all necessary verifications on subject, our investigations revealed that HiBand Wireless Limited is duly registered in Nigeria, with a Registered Address located at 10, Sadiku Street, off Amaraolu Street, off Agidingbi Road, Ikeja, Lagos State, Nigeria which also serves as the corporate office address.
Subject is into genuine business transactions. Subject is an on-going concern.
All information contained
in the report is from both primary and secondary sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
|
1 |
Rs.84.23 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
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.