MIRA INFORM REPORT

Report Date :

05.08.2014

IDENTIFICATION DETAILS

Name :	JOCLEMNS TECHNOLOGIES LIMITED
Registered Office :	6 Ladipo Kuku Street, Off Allen Avenue, Ikeja, Lagos
Country :	Nigeria
Date of Incorporation :	16.10.2001
Com. Reg. No.:	RC433328
Legal Form :	Limited Corporation
Line of Business :	Distributors of information communication technology services and solutions
No of Employees :	30 employees

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 – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Nigeria	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

NIGERIA ECONOMIC OVERVIEW

Following an April 2014 statistical "rebasing" exercise, Nigeria has emerged as Africa's largest economy, with 2013 GDP estimated at US$ 502 billion. Oil has been a dominant source of government revenues since the 1970s. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production contracted in 2012 and 2013. Nevertheless, the Nigerian economy has continued to grow at a rapid 6-8% per annum (pre-rebasing), driven by growth in agriculture, telecommunications, and services, and the medium-term outlook for Nigeria is good, assuming oil output stabilizes and oil prices remain strong. Fiscal authorities pursued countercyclical policies in 2011-2013, significantly reducing the budget deficit. Monetary policy has also been responsive and effective. Following the 2008-9 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Despite its strong fundamentals, oil-rich Nigeria has been hobbled by inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption. Economic diversification and strong growth have not translated into a significant decline in poverty levels - over 62% of Nigeria's 170 million people live in extreme poverty. President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, continue to diversify production, and further improve fiscal management. The government is working to develop stronger public-private partnerships for roads, agriculture, and power

Source : CIA
	SUBJECT'S NAME
	Registered Name:	JOCLEMNS TECHNOLOGIES LIMITED
	Requested Name:	JOCLEMNS TECHNOLOGIES LIMITED
	Other Names:	None
	ADDRESS AND TELECOMMUNICATION
	Physical Address:	6 Ladipo Kuku Street, Off Allen Avenue, Ikeja,
		Lagos
	Country:	Nigeria
	Phone:	234-1-7459324/7425353
	Cell:	234-8023535638/8035528175/8033067386
	Fax:	234-1-7425353
	Email:	clement@joclemns.net
	Website:	None
	CREDIT OPINION
	Financial Index as of December 2013 shows subject firm with a medium risk of credit. However, bank and credit information obtained reveal a history of prompt payments.
	LEGAL
	Legal Form:		Limited Corporation
	Date Incorporated:		16-Oct-2001
	Reg. Number:		RC433328
	Nominal Capital		NGN. 1,000,000
	Subscribed Capital		NGN. 1,000,000
	Subscribed Capital is Subscribed in the following form:
			Position		Shares
	Mr. Anthony Nwosu		Chairman
	Mr. Clement Nnedu		CEO/MD
	RELATED COMPANIES
	None		Parent company.
	None		Subsidiary company.
	None		Affiliated company.
	None		Shareholder of subject firm.
	Frankgerts Plaza, suite 29, 3B Pepple Street, off Awolowo Way, Computer Village, Ikeja, Lagos		Branches of the firm
	OPERATIONS
	Registered to operate as distributors of information communication technology services and solutions
	Imports:		Europe, Asia
	Exports:		West Africa
	Trademarks:		None
	Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
	Main Customers:		firms and organizations
	Employees:		30 employees.
	Vehicles:		Several motor vehicles.
	Territory of sales:		Nigeria
	Location:		Leased premises, 10,000 square feet,
	AUDITORS AND INSURANCE
	Auditors:		Information not available.
	Insurance Brokers:		Information not available.
	FINANCE
	Currency Reported:		Nigerian Naira (NGN.)
	Approx. Ex. Rate:		1 US Dollar = 161.40 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			750,210,000
	BANK
	Bank Name:		Fidelity Bank
	Branch:		Nigeria
	Comments:		None
	TRADE REFERENCES
	Experiences:		Good
	NOTARIAL BONDS		None
	COMMENTS / ADDITIONAL INFORMATION
	This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.01
UK Pound	1	Rs. 102.69
Euro	1	Rs. 81.90

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	DPT

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.