MIRA INFORM REPORT
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Report Date : |
22.05.2013 |
IDENTIFICATION DETAILS
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Name : |
SKIPPER ELECTRICALS (NIGERIA) LIMITED |
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Formerly Known as: |
SKIPPER ELECTRICALS LIMITED |
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Registered Office : |
7, Randle Crescent, Apapa, Lagos State |
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Country : |
Nigeria |
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Year of Establishments: |
1986 |
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Com. Reg. No.: |
RC: 525986 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject has ventured into the field of Power Generation and is working on Thermal, Hydro and Gas power generation plants |
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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 : |
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 – 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.
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Source : CIA |
SKIPPER ELECTRICALS (NIGERIA) LIMITED
The company has ventured into the field of Power Generation and is working on Thermal, Hydro and Gas power generation plants
The company is
located at Ebute Igbogbo Road, Abel Abu Point, Ikorodu, Lagos State, Nigeria.
COMPANY NAME: SKIPPER
ELECTRICALS (NIGERIA) LIMITED
REGISTERED NAME: SKIPPER
(NIGERIA) LIMITED
PREVIOUS NAME: SKIPPER
ELECTRICALS LIMITED
REGISTERED
ADDRESS: 7, Randle Crescent, 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@skipperseil.com , sales_ng@skippersseil.com
WEBSITE: www.skipperseil.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 1,000 square meters
DATE
INCORPORATED: 4th March, 2004
YEAR BEGAN OPERATIONS: 1986
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC: 525986
SHARE CAPITAL: 10,000,000.00
ISSUED CAPITAL: 100,000.00
PAID-UP CAPITAL: 100,000.00
UNALLOTTED SHARE CAPITAL: 900,000.00
STAFF STRENGHT: About
20
Names %Held
C.20D,
Gangotri Enclave, Alaknanda, New Delhi, 19, Delhi, India
7,
Randle Crescent, Apapa, Lagos State, Nigeria
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S/N |
Name |
Position |
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1. |
Mr. Rajesh Banerjee
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Vice President (Nigeria) |
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2. |
Mr. J S Krishnan
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DGM Finance &
Accounts (Nigeria) |
MANAGEMENT PROFILE
MR. RAJESH BANERJEE - VICE PRESIDENT (NIGERIA)
A Professional with over nineteen
years of domain experience in power transmission, distribution &
automation, he has been involved in General Management with extensive focus on
marketing, sales, key accounts & customer relationship management.
Furthermore, he has hands-on-experience in Project monitoring &
deliverables including profit & control of receivables.
A Bachelor of Engineering
from University of Calcutta & a post graduate in Business Management from
Indian Institute of Management, Calcutta, has worked for various Global MNCs in
the Indian subcontinent.
Currently based at Abuja,
Nigeria, he has worked as VP with Skipper Group (Nigeria Operation) &
registered with COREN, Nigerian Association of Technologist in Engineering.
MR. J.S. KRISHNAN - DGM FINANCE & ACCOUNTS (NIGERIA)
A professional with over
twelve years of Hard core experience in Accounts, Finance, Costing and Treasury
operations, predominantly in Manufacturing sector and also in Trading sector.
He has been involved with extensive focus on setting up of Internal Controls in
Accounting, Management, Reporting and Treasury operations.
A Chartered Accountant and
Cost Accountant from India, has worked for various Global MNCs in Indian
Subcontinent.
Currently based at Abuja,
Nigeria, works as DGM-Finance & Accountant with Skipper Group, Nigeria.
Skipper Electricals (Nigeria) Limited was incorporated on 4th March, 2004 with Registration Number (RC: 505986) with N100,000.00 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.
Skipper Nigeria Limited has successfully executed EPC
projects in the field of Transmission lines and Substation erection up to 132
KV for power utilities such as Power Holding Company of Nigeria (PHCN),
Transmission Company of Nigeria (TCN), National Integrated Power Projects
(NIPP) and Private Industrial sector.
Skipper Nigeria Limited has ventured into the field of
Power Generation and is working on Thermal, Hydro and Gas power generation
plants. With more than 10 years of on-ground presence in Nigeria, Skipper
Nigeria Ltd is well versed with local operating conditions and is ideally suited
to execute high value projects and manage Distribution Company.
Skipper Nigeria Limited is managed by professionals,
advised by renowned Consultants, driven by skilled work-force and run under
state-of-the-art manufacturing and testing facilities, the company is today
known for its excellent quality and service support. A strategic combination of
design, innovation, quality and dedicated customer service has made Skipper a
reliable and established name in the Nigerian Power Sector.
Skipper Nigeria Limited has, since its inception,
contributed positively and immensely to the Power sector as seen below:
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.
Note: The Company increased its share capital from
100,000.00 to 9,900,000.00 and later to 10,000,000.00 in 2005. It also changed
its name from SKIPPER ELECTRICALS LIMITED TO SKIPPER NIGERIA LIMITED in 2011
and has also paid its Statutory Annual Returns till 2010.
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.
PROJECT DIVISION
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Substation Projects
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Transmission Lines
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Rural Electrification
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Solar Power & Water Projects
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BOP of Power Plants
SUBSIDIARY
GTA Engineering
Nigeria Limited
Ebute Igbogbo Road, Abel Abu Point, Ikorodu, Lagos State, Nigeria
PRODUCTS
DESCRIPTION
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Special
Application Transformers
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12kV Indoor
Vacuum Circuit Breaker
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LV
MCC, PCC Capacitor Panels
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Draw Out Motor Control Centre
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Feeder Pillar
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Automatic Power Factor Correction Panels
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Sub Main Distribution Switchboards
PRODUCTS
MANUFACTURED
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Power Transformer up to 100MCA 161
KV
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Distribution Transformer up to
4MVA 33 KV
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Induction/Arc Furnace Rectifier
Transformers
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Current & Voltage Transformer
up to 220 KV
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SCADA, Automation &
Instrumentation Panels
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Vacuum Circuit Breakers up to
36VKV
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Compact Package Substation 11VKV
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Indoor & Outdoor Metering
Units up to 36VKV
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Off Load Isolators up to 400VKV
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Drop Out Fuses and Element up to
36 KV
CLIENTS
·
ABB India Ltd.
·
Bharat Heavy Electricals Ltd.
·
BSES Rajdhani
·
BSES Yamuna
·
Crompton Greaves Ltd.
·
Ceylon Electricity Board
·
Delhi Transco Ltd.
·
Dakshin Haryana Bijli Vitran Nigam Ltd.
·
Electrotherm India Ltd.
·
Gail India Limited
·
Hero Moto Corp.
·
Inductotherm Group
·
Jindal Stainless
·
Steel Authority of India Limited
·
Mohan Steel Limited
·
Engineers India Ltd.
·
Bhabha Atomic Research Centre
·
Plot Enterprises, Ghana
·
Global Health
·
National Thermal Power Corporation
·
Monnet Group
·
Nepal Electricity Authority
·
National Hydroelectric Power Corporation Ltd.
·
Punjab State Electricity Board
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Nepal Hydro & Electric Limited
·
North Delhi Power Ltd.
·
Power Grid Corporation Ltd.
·
Saftronics
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Ranbaxy
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WPIL Limited
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GRD Minproc
·
Voltas Limited
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Transmission company of Nigeria
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SONABEL- Ministry of Energy, Burkina Faso
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Power Holding company of Nigeria
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Renacs Engineering
·
Jharkhand State Electricity Board
·
Electricity Company of Ghana Ltd.
·
Uttar Haryana Bijli Vitran Nigam
·
Greaves Cotton
·
Nigelec
AFFILIATE ADDRESSES
Skipper
Electricals (India) Limited
Works
F-667 / 668, RIICO Industrial Area,
Phase - II, Bhiwadi-301019,
Distt. Alwar (Raj.) India.
E-mail: info@skipperseil.com
Tel: +91-1493-641184, 641185, 641191
Fax: +91-1493-220296
Sales
Gurgaon (Haryana), India.
Tel: +91-124-4399999, 4375241, 42, 43
Fax : +91-124-4375240
Email: sales_ggn@skipperseil.com
Branch
Office
Mumbai (Maharashtra), India.
Tel: +91-22-65250173, 32684547
Fax : +91-22-28786505
Email: sales_mum@skipperseil.com
Skipper
Electricals (Middle East) FZE
Office & Works P.O Box: 9205, B-3/ 14
& 16 Saif Zone, Sharjah , U.A.E
E-mail: sales_me@skipperseil.com
UAE
Branch
Tel: +971-6-5574340
Fax : +971-6-5574341
Skipper
Nigeria Limited
Works
4th Floor, Plot 388, Coscharis,
Constitution, Road, CBD, Abuja
E-mail: sales_ng@skipperseil.com
Abuja
Branch
Tel: +234 1 2126084,
Fax: +234 1 4600371
Lagos
Branch
Tel : +234-1-4600372/7623988
Fax : +234-1-4600371
Skipper
Ghana Limited
A514/4 Blorgodo Road, Nyaneba Estate, OSU
Accra-Ghana
E-mail: ghana@skipperseil.com
Ghana
Branch
Tel: +233-21787288/541898441
Fax: +233-21-7872
MISSION
To
deliver high quality energy efficient products and world class services to
satisfy all its stakeholders through its diverse work force.
VISION
To
be an international power and infrastructure enterprise most admired for its
people performance and partnership
TYPES OF CUSTOMERS
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General Public
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Group of Companies
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Corporate Organisations
PERFORMANCE
RANKING
* 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 350million US dollars ($350m USD). This opinion is as a result of the company’s performance in the industry it belongs to in Nigeria.
/ 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.
(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 Skipper
Electricals (Nigeria) Limited is duly registered in Nigeria with a
registered address located at 7, Randle Crescent, Apapa, Lagos State, Nigeria, while its operational address is located at Ebute
Igbogbo Road, Abel Abu Point, Ikorodu, Lagos State, Nigeria.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.04 |
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UK Pound |
1 |
Rs.83.95 |
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Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.