MIRA INFORM REPORT
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Report Date : |
22.05.2013 |
IDENTIFICATION DETAILS
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Name : |
GTA ENGINEERING NIGERIA LIMITED |
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Registered Office : |
13, Park Lane Apapa, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
04.04.2002 |
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Com. Reg. No.: |
RC:447019 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The company is a One-Stop Solution Provider in Power
Transformer Repairs Electrical/Electronic Manufacturing. |
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No. of Employees : |
About 20 |
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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
GTA ENGINEERING
NIGERIA LIMITED
The company is a One-Stop Solution Provider in Power
Transformer Repairs Electrical/Electronic Manufacturing
The company is
located at Ebute Igbogbo Road, Abel Abu Point, Ikorodu, Lagos State, Nigeria.
COMPANY NAME: GTA
ENGINEERING NIGERIA LIMITED
REGISTERED NAME: GTA
ENGINEERING NIGERIA LIMITED
REGISTERED ADDRESS: 13,
Park Lane Apapa, Lagos State, Nigeria
HEAD OFFICE ADDRESS: Ebute
Igbogbo Road, Abel Abu Point, Ikorodu, Lagos State,
Nigeria
MOBILE: 234-702-098-8420,
810-071-8558, 813-195-2801
EMAIL: info@gta.uk.com
WEBSITE: www.gta.uk.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: Owned
office space approximately 1,000 square meters
DATE INCORPORATED: 4th
April, 2002
YEAR BEGAN OPERATIONS: 2002
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC:
447019
SHARE CAPITAL: 1,000,000.00
ISSUED CAPITAL: 1,000,000.00
PAID-UP CAPITAL: 1,000,000.00
STAFF STRENGHT: About
20
Names
1/3, Child Close, Flat C-5, Apapa, Lagos
State, Nigeria
Goomeej House, Isheri Road, Ojudu, Lagos
State, Nigeria
1/3, Child Close, Flat A-4, Apapa, Lagos
State, Nigeria
GTA Engineering Nigeria Limited was incorporated on 4th
April, 2002 with Registration Number (RC: 447019) with N1,000,000.00 Share Capital.
The company’s address is located at Ebute Igbogbo Road, Abel Abu Point,
opposite Ikorodu WAEC Office, Ikorodu, Lagos State, Nigeria. It is a bungalow
building in a big compound, there is a warehouse inside the compound painted
cream.
GTA Engineering Nigeria Limited commenced its operations
in West Africa by setting up its base in Nigeria in 2002. An ISO
9001:2008 certified organization with unwavering focus on customer’s needs and
providing the best-suited solutions to its valued clientele through deep
insights is its hallmark. GTA
Engineering Nigeria Limited is a fast growing Multinational Company with
interest in the Power Sector AND GTA is a One-Stop Solution
Provider in Power Transformer Repairs Electrical/Electronic
Manufacturing
GTA Engineering Nigeria Limited is today one of the
leading consulting engineering organizations for Power Plants of various sizes
and fuels, Mining, Agriculture and Water infrastructure. In fact, it is amongst
the few engineering organizations providing total engineering solutions in all
disciplines for complete project implementation under one roof. The
organization is led by professional consulting engineers having rich experience
in the fields of engineering and project implementation of various projects in
West Africa and across the globe. Young leaders well versed with the latest
technologies and trends complement experience of senior management.
GTA Engineering Nigeria Limited's success is attributed to
its sheer focus on business intelligence and understanding of the businesses to
provide the latest engineering solutions through established systems of design
and engineering fueled by its rich human assets. The religious conformity to
globally accepted process and design standards has helped us provide efficient
and quality solutions to its esteemed clients. The entire bouquet of Concept to
Commissioning services for developmental projects across the globe has made GTA
a preferred solution provider for delivering value proposition. Moreover,
GTA remains committed to provide state-of-the-art technology, cost effective
solutions and on-time implementation and delivery of projects to its clients
across the world.
GTA Engineering Nigeria Limited has successfully
completed/on-going consultancy assignments in several states of Nigeria, Ghana,
Burkina Faso, Niger etc. and is expanding its reach to other African countries
as well. With a well-qualified team in the basic disciplines of Power
Engineering, Process, Civil, Mechanical, Electrical, Controls / Instrumentation,
Agricultural and Horticultural experts GTA’s consultancy arm.
During our visit on 16th
May, 2013, we spoke with the security man on duty who took our document to the
Purchasing Manager; the Purchasing Manager upon acknowledgment confirmed the company’s
line of business but promised to get back to us in due course but we are yet to
receive any response at the time of compiling this report. While at the
premises, we sighted some Transformers at the front of the warehouse and some
other equipment.
Conclusion: Based on our
visit and brief discussion held with the Purchasing Manager and some
Transformers sighted in the compound, we are of the opinion that the company is
a legal entity. As such, any business relationship with the company
should be mutually beneficial.
·
Polymeric Insulators
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Fiber Glass Cross Arms
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Fiber Glass Safety
Ladders
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MV And LV Metering Units
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Distribution Transformers
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Commissioning of 15 MVA Injection
Substation, Nigeria - 20 November, 2012
GTA has successfully
commissioned another 15 MVA Injection substation in Nigeria. MD – NDPHC
dedicated the 15 MVA substations to the people of Owutu and Imota. In addition,
240 nos. CSP transformers were handed over for service connections in the areas
of Ipakodo, Agbowa, Ijede and Imota. The substation will solve the power woes
for the people of Owutu and Imota.
Among those present at the
ceremony were CEO - Ikeja Distribution Co., Field coordinator Engr. Oni, PC
Engr. Ajayai, COO – GTA (EPC Contractor) Mr. Praveen Gupta and Business Manager
of the area.
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Formal commencement of GTA Power
Transformer Repair facility - 06 June, 2012
In GTA, 7th June 2012 will
be a remembered as a day, which has marked its golden footprints into the Power
sector of West Africa. This day saw GTA formally inagurate the state-of-the-art
Power Transformer Repair facility in the heart of the financial capital of
Nigeria i.e. Ikorodu, Lagos. The facility is one of its kinds in the entire
continent of Africa with repair and refurbishment capabilities of handing EHV
Power Transformers of upto 150 MVA, 330 kV. The said facility is an
extension to the existing manufacturing of Polymeric Insulators, Fiber Glass
Cross Arms and Metering Panels.
Skippers
Electricals (Nigeria) Limited
Ebute Igbogbo Road, Abel Abu Point, Ikorodu, Lagos State, Nigeria
GTA Engineering
FZE
Address: P.O.
Box 358616 Marina, Dubai
Telephone: +971 4 4219610, Fax: +971 4 4219344
Email: me@gta.uk.com
· General Public
Group
of Companies
* 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 200million US dollars ($200m USD). This opinion is as a result of the
company’s performance in the industry it belongs to in Nigeria.
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.
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 GTA Engineering Nigeria Limited is duly
registered in Nigeria with a registered address located at 13, Park Lane,
Apapa, Lagos State, Nigeria, while its operational address is located at Ebute
Igbogbo Road, Abel Abu Point, Ikorodu, Lagos State, Nigeria.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.04 |
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1 |
Rs.83.95 |
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Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
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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 |
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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 |
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NB |
New Business |
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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.