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Report Date : |
28.05.2013 |
IDENTIFICATION DETAILS
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Name : |
POWER CONTROL AND APPLIANCES LIMITED |
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Registered Office : |
29B, Abayomi Street, Victoria Island, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
17.09.2008 |
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Com. Reg. No.: |
RC : 773855 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject supply
Power to Nigeria Government |
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No. of Employees : |
About 30 |
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) |
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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 |
POWER
CONTROL AND APPLIANCES LIMITED
The company supply Power to Nigeria Government
The company is located at Plot 306/307, 2nd Floor, Jide Oke Street, off Ligali Ayorinde Street, Victoria Island, Lagos State, Nigeria.
COMPANY NAME: POWER
CONTROL AND APPLIANCES LIMITED
REGISTERED NAME: POWER
CONTROL AND APPLIANCES LIMITED
REGISTERED
ADDRESS: 29B, Abayomi Street, Victoria Island, Lagos State, Nigeria
HEAD OFFICE
ADDRESS: Plot
306/307, 2nd Floor, Jide Oke Street, off Ligali Ayorinde
Street,
Victoria Island, Lagos State, Nigeria
TELEPHONE: 234-1-4628186, 7730529
MOBILE: 234-705-579-2770-4, 705-599-0290-9
EMAIL: info@powercontrolafrica.com
,
powercontrolappliances@yahoo.com
WEBSITE: www.powercontrolafrica.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: 17th September, 2008
YEAR BEGAN OPERATIONS: 2008
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC: 773855
SHARE CAPITAL: 20,000,000.00
ISSUED CAPITAL: 5,001,000.00
PAID-UP CAPITAL: 5,001,000.00
STAFF STRENGHT: About
30
Names %Held
1,
Godwin Oadebe Street, Akiti Avenue, Okota, Isolo, Lagos State, Nigeria
29C,
Kofo Abayomi Street, Victoria Island, Lagos State, Nigeria
Power Control and Appliances Limited was incorporated on 17th September, 2008 with Registration Number (RC: 773855). The corporate head office occupies the 2nd Floor of a three (3) storey building painted ox-blood and cream with a black painted security gate located at Plot 306/307, 2nd Floor, Jide Oke Street, off Ligali Ayorinde Street, Victoria Island, Lagos State.
Power Control and Appliances Limited (PCA) is a division of AGRO ALLIED DEVELOPMENT ENTERPRISES LIMITED (AADEL) which is a Limited Liability Company duly registered in Nigeria with registration number (RC. 94859) on the 6th of May, 1987. Keeping in pace with its diversified activities.
Presently, and as a group, ADDEL has risen from a turnover of N90million to N4.5Billion. The company with a vision to serve in the power sector formed "POWER CONTROL & APPLIANCES". Thriving success by executing several contracts for organizations like National Electric Power Authority (NEPA), now PHCN, Ministry of Power & Steel (FMP+S), Nigeria Port Authority (NPA), Federal Capital Development Authority (FCDA) by supplying Power and Distribution Transformers.
Power Control and Appliances Limited (PCA) has been firmly established as a leading provider of power services in emerging markets, group's continued high growth performance is largely due to the acquisition of new avenues to serve the clients better, by further extending its reach to the segments like telecommunications-towers, P.I.S, Shelters and Generators. Power Control and Appliances (PCA) has its head office in Lagos and Branch offices in Port Harcourt, Abuja, Maiduguri, and Kano. Power Control and Appliances Limited (PCA) Corporate Mission is to exceed customer expectations of quality and value in all offered services. They have embarked on a standardization initiative that ensures processes and operating platforms are streamlined across the group to enhance efficiencies and extract regional synergies. During this mechanism, a number of procedures were standardized across the regions, including: Capital projects management, churn management, network operations, site build criteria and a customer experience blueprint.
During our visit on 23rd May, 2013, Mr. Arun Ghaf the Admin Manager (234-705-599-0290, 1-7759322) stated that the company is a division of Agro Allied Development Enterprises Limited (AADEL) which is a limited liability company duly registered in Nigeria with incorporation number RC:94859 on 6th May, 1987. He added that they supply Power to Nigeria Government. According to him, they are currently executing a power project and it worth millions of Naira. Having said that he advised us to visit their website on www.powercontrolafrica.com for further information. It may be interesting to know that more than seven (7) Indian Citizen (staff) were sighted on their duty post at the time of our visit.
Conclusion: Based
on our visit, numbers of personnel and facilities sighted, we are of the
opinion that the company is reputable.
As such, any business relationship with the company should be mutually
beneficial.
·
Installation
and Commissioning
·
Spare
Parts
·
Field
Service
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Complete
workshop repairs/overhauls or retrofit and testing
·
We
undertake turnkey projects – Private sectors
Agro Allied Development Enterprises Limited
·
Cables
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Refurbishment of transformer
·
P.I.S.(Power-Integrated System)
·
MTN Nigeria
·
Alan Dick Engineering
·
First City Group
·
Oceanic Bank Ltd
·
Union Bank of Nigeria
·
Zenith Bank
·
Zain
·
Starcomms
·
Power Holding Company of Nigeria
·
Westcom Wireless Limited
·
Transmission Company of Nigeria (TCN)
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Intercal
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Nigeria Integrated Power Projects (NIPP)
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Policies
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Quality
·
Sustainability
Head Office:
25,
Musa Yar'adua crescent, Victoria Island, Lagos State, Nigeria
Work/Warehouse:
4/6,
Happy Home Industrial Avenue Opp., Sun Newspapers Kirikiri Industrial Estate,
Apapa, Lagos State, Nigeria
Abuja:
Plot2, Mary Slessor Street, Asokoro District,
Abuja, FCT, Nigeria
(234-807-598-6085, 702-785-6752)
Kano:
49,
Tafawa Balewa Road, Kano State, Nigeria (234-807-392-3957)
Port Harcourt:
7C,
Azikiwe Road, P.M.B. 5157, Port Harcourt, Rivers State, Nigeria
(234-803-339-0517)
Maiduguri:
18,
Bolori Stores, Opp., Monguno Motors, Wulari, Maiduguri, Borno State, Nigeria
(234-76-236350)
To exceed customer expectations of quality and value in all offered
services.
To serve in the power sector formed "POWER CONTROL &
APPLIANCES"
·
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. This opinion is as a result of the company’s performance in the Power Generation Industry in Nigeria and also, it is among the top major fast growing companies in Africa.
/ 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 Power Control and Appliances Limited is duly registered in Nigeria with a registered address located at 29B, Kofo Abayomi Street, Victoria Island, Lagos State, Nigeria, while its operational address is located at Plot 306/307, 2nd Floor, Jide Oke Street, off Ligali Ayorinde Street, Victoria Island, Lagos State, Nigeria.
Information contained in the report is mostly from secondary sources only.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.62 |
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UK Pound |
1 |
Rs.84.18 |
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Euro |
1 |
Rs.71.96 |
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.