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Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
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Name : |
KOTCO ENERGY LIMITED |
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Registered Office : |
21, Ogunnoiki Street, Oworonsoki, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
24.02.1981 |
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Com. Reg. No.: |
RC. 37733 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The company engages is Industrial Engineering Consultancy, Manufacturing and Refurbishment of Power and Distribution of Transformers |
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No. of Employees : |
Over 20 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 |
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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 2007-12 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
KOTCO ENERGY
LIMITED
The company engages is Industrial Engineering Consultancy,
Manufacturing and Refurbishment of Power and Distribution of Transformers
The company address located at Plot No, 102, Isheri Road, Ojodu, Lagos
State, Nigeria.
COMPANY NAME: KOTCO
ENERGY LIMITED
REGISTERED NAME: KOTCO LIMITED
REGISTERED ADDRESS: 21,
Ogunnoiki Street, Oworonsoki, Lagos State, Nigeria
HEAD OFFICE ADDRESS: Plot
No, 102, Isheri Road, Ojodu, Lagos State, Nigeria
POSTAL ADDRESS: P.O.
Box, 4846, Shomolu, Lagos State, Nigeria
TELEPHONE: 234-7749681,
345313, 2300035, 7900881, 7949118
MOBILE: 234-803-320-6295,
802-364-7658, 802-930-2427,
802-321-2188
FAX: 234-2300035
EMAIL: kotpower@yahoo.com,
kotpower@hotmail.com,
WEBSITE: www.kotcotransformers.com
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 1,500 square meters
DATE INCORPORATED: 24th
February, 1981
YEAR BEGAN OPERATIONS: 1981
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC. 37733
SHARE CAPITAL: 100,000.00
ISSUED CAPITAL: 100,000.00
PAID-UP CAPITAL: 100,000.00
STAFF STRENGHT: Over 20
1.
Kolawole Oyefeso
21, Shonoiki
Street, Oworonsoki, Lagos State, Nigeria
2. Edward O. Ogunbanjo
21, Shonoiki Street, Oworonsoki, Lagos State,
Nigeria
3. Oyefeso Aare Kola
Plot 102, Isheri
Road, Ikeja Lagos State,Nigeria
4. Oyefeso Adetutu (Mrs.)
Plot 102, Isheri
Road, Ikeja Lagos State, Nigeria
5. Oyefeso Omolara
Plot 102, Isheri
Road, Ikeja Lagos State, Nigeria
6. Oyefeso Adebola
Plot 102, Isheri
Road, Ikeja Lagos State, Nigeria
7. Oyefeso Olalekan
Plot 102, Isheri
Road, Ikeja Lagos State, Nigeria
8. Oyefeso Seun
Plot 102, Isheri
Road, Ikeja Lagos State, Nigeria
9. Oyefeso Olaolu
Plot 102, Isheri
Road, Ikeja Lagos State, Nigeria
1. Kolawole
Oyefeso
2. Edward O. Ogunbanjo
3. Oyefeso Aare Kola
4. Oyefeso Adetutu (Mrs.)
5. Oyefeso Omolara
6. Oyefeso Adebola
7. Oyefeso Olalekan
8. Oyefeso Seun
9. Oyefeso Olaolu
|
S/N |
Name |
Position |
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1. |
Chief Sanusi |
Chairman |
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2. |
Aare Dr. Kolawole Oyefeso |
Managing Director/CEO |
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3. |
Mr. Olanrewaju Abimbola |
General Manager |
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4. |
Assistant General Manager of Commercial |
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5. |
Consultant |
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6. |
Consultant |
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7. |
Mr. Funso Adeniran |
Executive Director, Operations |
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8. |
Mr. Shola Anjorin |
Head of Sales |
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9. |
Mr. Omileke Ademola |
Head, Finance/Admin |
Aare Dr. Kolawole
Oyefeso - Managing Director/CEO
Kolawole Oyefeso serves as
Managing Director and Chairman of Kotco Energy Limited. Dr. Oyefeso is a
successful businessman. He serves as the Chairman of Kotco Power Group, a
conglomerate of business outfits that are into Industrial Engineering
Electrical/Mechanical Engineering Services, Food Processing, Bottled Water,
Petroleum products marketing, Estate Development/Management, and Global Imports
etc. He has bias in Engineering and Philosophy.
Mr. Olanrewaju Abimbola - General Manager
Olanrewaju Abimbola serves
as General Manager of Kotco Energy Limited. Mr. Abimbola is a Fellow member of
the Institute of Chartered Accountant of Nigeria with about 15 years post
qualification experience spanning audit, taxation and management consultancy
services. He has served as a consultant to many financial institutions before
joined Kotco Energy in March 2004. He is a Chartered Tax Practitioner and
Associate member of Society of Company and Commercial Accountants Bristol. He
rose to become Finance Controller of Sun Insurance Nigeria Plc. in 1993 and
also General Manager of A.T. Plastic Limited in 2001. He holds a 2nd Class
Upper Degree from Ogun State University and Diploma in Computer &
Management from University of Lagos.
Engr. Rotimi Ikugbaigbe - Assistant General Manager of
Commercial
Rotimi Ikugbaigbe serves as
Assistant General Manager of Commercial at Kotco Energy Limited. Engr.
Ikugbaigbe is a chartered Engineer and has worked at various organizations as
Consultant, Installer of Transformers, Generators, Switchgear and Controls over
the past two decades. He is a corporate member of the Nigerian Society of
Engineers, Nigerian Institute of Management and COREN. He is a graduate of
university of Ilorin with B.Eng. (Hons) Electrical Engineering.
Engr. R.A. Mustapha
R. A. Mustapha serves as a
Consultant of Kotco Energy Limited. Engr. Mustapha worked with National
Electric Power Authority and retired as the General Manager (Distribution &
Marketing) in the year 2000. He has brought into kotco power industries limited
his wealth of experience acquired over more than three decades in maintenance
and installation of Transformers. He has bias in mechanical engineering.
Mr. G.I. Oragunye
G. I. Oragunye serves as
Consultant of Kotco Energy Limited. Engr. Oragunye served for National
Electricity Authority for more than three decades before his glorious
retirement as the Executive Director (Generation). He is a respected authority
on matters concerning Electricity in Nigeria. He has wealth of experience. He
has bias in Mechanical Engineering.
Kotco Energy Limited was incorporated on 24th February,
1981 with Registration Number (RC: 37733) as Kotco Limited. Its corporate head office is located at Plot No,
102, Isheri Road, Ojodu, Lagos State, Nigeria. It occupies a storey building
painted black and white with chocolate gate. IBTC Bank occupies the ground
floor while the company occupies the top floor.
The company engages is Industrial Engineering
Consultancy, Manufacturing and Refurbishment of Power and Distribution of
Transformers. The company offers corrugated wall panel, distribution, self
protected, distribution transformer with conservation drums, and hermetically
sealed type without gas cushioned transformers. Kotco Energy Limited was
formerly known as Kotco Power Industries Limited.
During our visit to the
address on 7th June, 2013, we spoke with the Front Desk Officer who refused to
disclose her name and also refused to collect our documents but disclosed that
the company engages in Refurbishment of Power and Transformer Distribution
across the country as well as Manufacturing and Industrial Engineering
Consultancy Services. She reiterated further that the company’s factory is
located at Kilometer 54, Lagos-Ibadan Expressway, Ode Remo, Ogun State,
Nigeria.
Moreover,
we discovered that the premises is used purely for Administrative duties and it
serves as a control centre for the total operation within and outside the
state. All efforts to obtain necessary information from other personnel of the
company proved abortive as they all refused to disclose any information.
Conclusion: Based
on our visit and response from the receptionist, we are of the view that the
company runs legitimate business. As such, any business relationship with the
company should be mutually beneficial.
Wema Bank Plc (54, Marina, Lagos Island, Lagos State, Nigeria)
Km. 54, Lagos-Ibadan Expressway, Ode-Remo, Ogun State, Nigeria
(234-1-610091, 430651)
55, Kumasi Crescent, Off Aminu Kano Crescent, Wuse II, Abuja, FCT,
Nigeria
Tel: (234-9-4139453,
803-314-5249, Fax: 234-9-4139448)
·
General Public
·
Group of Companies
·
Private Companies
·
Corporate Organizations etc.
* 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 industry the company belongs to and services rendered, the
company’s estimated turnover could be put at $1 Million (One Million Dollars).
INDUSTRIAL
OVERVIEW/ OPERATING ENVIRONMENT
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.78 |
|
|
1 |
Rs.89.71 |
|
Euro |
1 |
Rs.76.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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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 |
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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 |
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<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.