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Report Date : |
09.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
DANGOTE INDUSTRIES LIMITED |
|
|
|
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Registered Office : |
Marble House, 1 Alfred Rewane Road PHO 40032 Falomo 1 Ikoyi Lagos |
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|
|
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Country : |
Nigeria |
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|
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Date of Incorporation : |
19.02.1981 |
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Com. Reg. No.: |
71242 |
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|
|
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Legal Form : |
Limited
Corporation |
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|
|
|
Line of Business : |
Subject operate manufacturing
and distribution of FMCG products such as food products and beverages |
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|
|
|
No. of Employees : |
22,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Nigeria |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 2007-13
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 |
|
Registered Name: |
DANGOTE
INDUSTRIES LIMITED |
|
Requested Name: |
DANGOTE INDUSTRIES LIMITED |
|
Other Names: |
None |
|
Physical Address: |
Marble
House, 1 Alfred Rewane Road PHO 40032 Falomo 1 Ikoyi Lagos |
|
Postal Address: |
PMB 40032, |
|
|
Falomo Ikoyi, Lagos |
|
Country: |
Nigeria |
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Phone: |
234-1-4702240/2695108/2695109/4480815/2695009/ 2695108/2695110 |
|
Fax: |
234-1-2695009/269531/681472/2695316 |
|
Email: |
knutu@dagonte-group.com/dangote@dangote-group.com |
|
Website: |
www.dangote-group.com |
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
19-Feb-1981 |
|
|
Reg. Number: |
71242 |
|
|
Nominal Capital |
NGN. 4,000,000,000 |
|
|
Subscribed Capital |
NGN. 4,000,000,000 |
|
|
Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Alhaji Aliko Dangote |
President/CEO |
|
|
Mr. Sani Dangote |
Vice
President |
|
|
Mr. Alhaji Tajudeen Sijuade |
Group
Finance Director |
|
|
Mr. Abdu Dantata |
Director |
|
|
Mr. Olakunle Alake |
Director |
|
|
Mr. Knut Ulvmoen |
Director |
|
|
Mr. M. Sada Ladan Baki |
Director |
|
|
Mr. Devakumar V. G. Edwin |
Director |
|
|
Dangote Group |
Holding
Co. |
100% |
|
Dangote Group |
Parent company. |
|
None |
Subsidiary company. |
|
Given Below |
Affiliated companies. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
|
Registered to operate manufacturing
and distribution of FMCG products such as food products and beverages |
|
|
Imports: |
Asia, Middle East |
|
Exports: |
None |
|
Trademarks: |
None |
|
Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|
|
|
|
Main Customers: |
Local agencies, stores,firms and organizations |
|
Employees: |
22,000 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
Nigeria |
|
Location: |
Owned premises, 10,000 square feet, |
|
Auditors: |
KPMG |
|
Insurance Brokers: |
Information not
available. |
|
Currency Reported: |
Nigerian Naira (NGN.) |
|
|
Approx. Ex. Rate: |
1 US Dollar = 164.05
Nigerian Naira |
|
|
Fiscal Year End: |
December 31, 2013 |
|
|
Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2013 was of 13%. |
|
|
|
||
|
Financial Information not
Submitted |
|
|
|
|
|
|
|
|
|
|
|
Profit and Loss
(expressed in NGN.) |
||
|
|
|
2013 |
|
Sales |
|
20,650,000,000 |
|
Bank Name: |
Fidelity
Bank Plc |
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Branch: |
Nigeria |
|
Comments: |
None |
|
Experiences: |
Good |
None
|
This information was obtained
from outside sources other than the subject company itself and confirmed the
above subject. |
|
ALCO INTERNATIONAL LIMITED |
|
DANGOTE NIGERIA LIMITED |
|
DANGOTE TRANSPORT LIMITED |
|
DANGOTE CEMENT PLC. |
|
NATIONAL SALT COMPANY OF NIGERIA PLC. |
|
DANGOTE FLOUR MILLS PLC. |
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DANGOTE SUGAR REFINERY PLC. |
|
DANGOTE OIL & GAS INDUSTRIES INTERNATIONAL |
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DANGOTE TEXTILES LIMITED |
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DANGOTE HOLDINGS LIMITED |
|
BLUE STAR LIMITED |
|
DANSA FOODS LIMITED |
|
DANSA FOOD PROCESSING LIMITED |
|
DANCOM TECHNOLOGIES |
|
GREENVIEW INTERNATIONAL COMPANY LIMITED |
|
SEPHAKU CEMENT LIMITED |
|
ALHERI ENGINEERING LIMITED |
|
KURA HOLDINGS LIMITED |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NNA |
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 |
|
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 |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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.