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Report Date : |
06.02.2014 |
IDENTIFICATION DETAILS
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Name : |
SYSTEMTECH SERVICES LIMITED |
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Registered Office : |
126, Ogunlana Drive Surulere, |
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Country : |
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Date of Incorporation : |
1990 |
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Com. Reg. No.: |
116460 |
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Legal Form : |
Limited
Corporation |
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Line of Business : |
Subject
operate as providers of sales and maintenance of computers, hardware and
peripherals, software development, networking, consultancy services and
training, website design and hosting |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
300,000 |
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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 – 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 |
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Moderate |
B1 |
|
High |
B2 |
|
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 |
|
Registered Name: |
SYSTEMTECH SERVICES LIMITED |
|
Requested Name: |
SYSTEMTECH SERVICES LIMITED |
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Other Names: |
None |
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Physical Address: |
126, Ogunlana Drive Surulere, Lagos |
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Postal Address: |
P. o. Box 101014 |
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|
Lagos, |
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Country: |
Nigeria |
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Phone: |
234-1-2805118-9/4708511/4713740/4713893/ 5853338-9/08034708511/08034437424/08034719768 |
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Fax: |
234-1-5454157 |
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Email: |
info@systemtech-ng.com |
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Website: |
www.systemtech-ng.com |
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_______________________________________________________________________ |
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Financial
Index as of December 2013 shows subject firm with a medium risk of credit. However,
credit information obtained reveal a history of prompt payments. We recommend
Credit of USD 300,000 on 90 days. |
|
Legal Form: |
Limited Corporation |
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Date Incorporated: |
10-June-1988 |
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Started: |
1990 |
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Reg. Number: |
116460 |
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Trade
License: |
INST/363/03 |
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Nominal Capital |
NGN. 10,000,000 |
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Subscribed Capital |
NGN. 10,000,000 |
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Subscribed Capital is Subscribed in the following form: |
||
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|
Position |
Shares |
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Mr. Emeka Madubuike |
MD |
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Mr. Oladimeji Suberu |
Director |
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Mr. Carlos J. Cardona |
CTO |
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Mrs.. L. O. Madubuike |
Director |
|
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Mr. Pritesh Zaveri |
Manager |
|
|
Mr. George Nwachukwu |
Finance |
|
|
Systemati group |
Holding
Co. |
|
|
Systemati group |
Parent company. |
|
None |
Subsidiary company. |
|
Systemtech
engineering services, Systemtech Software ventures, |
Affiliated company. |
|
None |
Shareholder of subject firm. |
|
Various in Nigeria, 1 in USA and Dubai |
Branches of the firm |
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Registered to operate as providers of sales and maintenance of computers, hardware and peripherals, software development, networking, consultancy services and training, website design and hosting |
|
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Imports: |
USA, Middle East, Asia |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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Main Customers: |
firms and organizations |
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Employees: |
30 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Nigeria |
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Location: |
Owned premises, 20,000 square feet, |
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Auditors: |
Information not available. |
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Insurance Brokers: |
Information not available. |
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Currency Reported: |
Nigerian Birr (NGN.) |
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Approx. Ex. Rate: |
1 US Dollar = 162.97 Nigerian Birr |
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Fiscal Year End: |
December 31, 2013 |
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Inflation: |
According to information given by independent sources, the inflation at December 31st, 2013 was of 13%. |
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Financial Information not Submitted |
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Profit and Loss (expressed in NGN.) |
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|
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2013 |
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Sales |
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650,000,000 |
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Bank Name: |
First Bank of Nigeria |
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Branch: |
Nigeria |
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Comments: |
None |
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Experiences: |
Good |
None
|
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.62.45 |
|
|
1 |
Rs.102.01 |
|
Euro |
1 |
Rs.84.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
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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 |
|
<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.