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Report Date : |
30.01.2013 |
IDENTIFICATION DETAILS
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Name : |
AIRTEL NIGERIA LIMITED |
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Formerly Known As : |
VEE NETWORKS NIGERIA LIMITED |
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Registered Office : |
90, Niger Road, Sabongari, Kano, Kano State |
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Country : |
Nigeria |
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Date of Incorporation : |
15.06.2009 |
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Com. Reg. No.: |
RC: 824122 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is one of the leading operators of GSM
Telecommunication Services Provider |
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No. of Employees : |
Over 5,000 (nationwide) |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th,
2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Nigeria |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 2007-11 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 |
AIRTEL NIGERIA LIMITED
The company is one of the
leading operators of GSM Telecommunication Services Provider in Nigeria.
The company is located
at Plot L2, Banana Island Foreshore Estate, Ikoyi, Lagos State, Nigeria.
COMPANY NAME: AIRTEL NIGERIA LIMITED
REGISTERED NAME: AIRTEL NIGERIA
LIMITED
PREVIOUS
NAMES: 1. ECONET WIRELESS NIGERIA LIMITED (Till 2004)
2. VODACOM NIGERIA LIMITED (Till June 2004)
3. VEE
NETWORKS NIGERIA LIMITED (Till 2006)
4. CELTEL
NIGERIA
5. ZAIN
NIGERIA LIMITED
REGISTERED
ADDRESS: 90,
Niger Road, Sabongari, Kano, Kano State, Nigeria
HEAD OFFICE ADDRESS: Plot
L2, Banana Island Foreshore Estate, Ikoyi, 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 N150 to
1 US $.
NATURE OF PREMISES: Owned
office space approximately 2000 square meters.
DATE INCORPORATED: 15th
June, 2009
YEAR BEGAN OPERATIONS: 2009
LEGAL FORM: Limited
Liability Company
REGISTRATION NO: RC:
824122
SHARE CAPITAL: 1,000,000.00
PAID-UP CAPITAL: 1,000,000.00
STAFF STRENGHT: Over
5,000 (nationwide)
Names %
Held
1.
Ifeanyi K. Anyaelchi 50%
6, New Road, Sabongari, Kano, Kano State, Nigeria
2.
Ifeanyi S. Ibekwe 50%
21, Ibadan Road, Sabongari, Kano, Kano State, Nigeria
1.
Ifeanyi K. Anyaelechi
2.
Ifeanyi S. Ibekwe
1.
Dr. Oba Otudeko - Chairman
2.
Mr. Segun Ogunsanya - Managing Director/CEO
Airtel Nigeria Limited was duly incorporated in Nigeria on 15th
June, 2009 with Registration Number (RC:
824122). The corporate office is located at Plot L2, Banana Island Foreshore
Estate, Ikoyi, Lagos State, Nigeria. The company occupies a sky scrapper
building painted grey and white with black gate and heavy security personnel.
Airtel
Nigeria (Airtel Networks Limited), one of the a leading mobile
telecommunication services provider in Nigeria and a member of Airtel Africa
Group, is committed to providing innovative, exciting, affordable and quality mobile
services to Nigerians, giving them to freedom to communicate, rise above their
daily challenges and drive economic and social development. The company made
history on 5th August, 2011 by becoming the first telecoms operator to launch
commercial GSM services in Nigeria and has scored a series of many “first” in
the highly competitive Nigerian telecommunications market including the first
to launch service in all the six geo-political zones in the country; first to
introduce affordable recharge denominations; first to introduce monthly free
SMS and first to introduce monthly airtime bonus.
A
truly innovative company, Airtel has showed resilience, charting new paths in
meeting the demands and needs of its esteemed stakeholders and enhancing distribution
as well as providing affordable services to empower more Nigerians.
In
Nigeria, Airtel is working tirelessly to live up to an ambitious vision being
the most loved brand in the daily lives of Nigerians as it offers a superior
brand experience and portfolio of innovative products and services ranging from
exciting voice solutions to inventive data packages and mobile broadband.
Formerly
known as Celtel Nigeria, the company was established in 2000, by a group of
institutional and private investors as well as three state governments. It made
history on August 5, 2001 by becoming the first telecoms operator to launch
commercial GSM services in Nigeria. In 2006, following Celtel International’s
acquisition of majority stake in the company, it was re-branded Celtel and
became an important part of Celtel’s pan-African operations spanning 14
countries. On August 1, 2008 Celtel Nigeria was rebranded Airtel Nigeria
following the global acquisition of Celtel International by Airtel Group.
Airtel
Nigeria, which currently covers over 1500 towns and 14,000 communities across
the six geopolitical zones of the country, scored a series of many other
"firsts" in the highly competitive Nigerian telecommunications market
including the first to introduce toll-free 24-hour customer care line-111;
first to launch service in all the six geo-political zones in the country;
first to introduce N500 recharge card; first to commence emergency service
(Celtel 199); first to introduce monthly free SMS and first to introduce monthly
airtime bonus.
Our
investigation revealed that the current Chief Executive Officer of Airtel
Nigeria was appointed on November 26, 2012. He took over from Rajan Swaroop,
who has successfully led operations at Airtel Nigeria for the past two years.
During
our visit on 23rd January, 2013, we spoke with one of the security men who took
us to their head of security; he acknowledged our document but declined to
provide necessary information. He disclosed that visitors without prior
official appointment are not allowed to see their top management personnel. He
stated that as a security officer, he cannot divulge any information to us but
promised to forward our document to the appropriate authority who will get back
to us in due course.
Conclusion: Based on our visit and brief discussion with the
head of security, people moving in and out also confirmed that Airtel occupies
the building; we are of the opinion that the company is a legal entity which
operates a legitimate business. As such,
any business relationship with the company should be mutually beneficial.
·
International Roaming
·
Personalized account management
·
Access to view bills online (eBills)
·
International Direct Dialing (IDD)
access
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Fully itemized bills
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Free voicemail
·
SMS with the lowest rates
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Payment in arrears
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Flexible credit limit options
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Real time usage checking
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Up-to-date free SMS balance checker
·
Access to the Airtel Crisis Centre
(199)
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Conference Calling: Subscription-Free
·
Call Holding, Call Waiting, Call
Forwarding and Call Barring
·
Easy to use services that ensure the
best use of your time and enhance your businessConnection to Nigeria's
clearest, most reliable and fastest growing mobile phone network.
·
Payment of bills easily and
conveniently with Airtel Nigeria's Direct Debit product, or at any Airtel Centre
or designated Bank.
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Tariffs
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Padis
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Radiance
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Heart
·
Belonging
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Brand promise
·
Logo
The company has both local and international references
The company has both local and international references
To combine value creation and internal growth from existing operations with
aggressive expansion into new geographies
To be the leading mobile telecoms operator that provides world class
services to its customers wherever they are.
·
Corporate organizations
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Governments Agencies
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Educational Institutions
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Financial Institutions
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IT Companies
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Individuals
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General Public etc.
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
The company’s Audited
Accounts was not available as at the time of compiling this report. However, we
advise that the maximum credit limit to be accorded to the company could be put
at 5.000,000million US dollars ($5m USD). This opinion is as a result of the
company’s performance in the telecommunication industry in Nigeria and also, it
is among the top major fast growing companies in Africa.
The company is operating in an industry with very great potentials. The
telecommunication Services sector of the Nigeria economy 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 bound 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 record in this sector, foreign investors
are inevitable. They facilitate the importation of high-tech equipment, which
will boost quality production and efficient communication.
This sector of the economy has great potentials for intending investors.
(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.
Having carried
out all necessary verifications on the company, our investigations revealed
that Airtel Nigeria is duly registered in Nigeria with a registered address located at
90, Niger Road, Sabongari, Kano, Kano State, Nigeria,
while its operational address is located at Plot L2, Banana Island
Foreshore Estate, Ikoyi, Lagos State, Nigeria and several offices nationwide.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.70 |
|
UK Pound |
1 |
Rs.84.35 |
|
Euro |
1 |
Rs.72.21 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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 |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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.