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Report Date : |
14.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
PULKIT POWERS
LIMITED |
|
|
|
|
Registered Office : |
Plot No
90, Ikprodu Industrial Schem Odoguniyan Ikorodu, |
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|
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Country : |
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|
Year of Establishments : |
2009 |
|
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate as an Engineering Consultancy Firm |
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|
|
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No of Employees : |
35 |
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 |
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|
|
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 |
Registered Name: PULKIT POWERS LIMITED
Requested Name: PULKIT
POWERS LIMITED
Other Names: None
Physical
Address: Plot No 90, Ikprodu Industrial Schem Odoguniyan Ikorodu
Lagos
Country: Nigeria
Phone: 234-7069471601
Fax: 234-7069471601
Email: None
Website: None
Financial Index as of December 2013 shows subject firm with a medium
risk of credit.
Legal Form: Limited Corporation
Date Incorporated: 2009
Reg. Number: Nigeria
Nominal Capital NGN. 1,000,000
Subscribed Capital NGN. 1,000,000
Subscribed
Capital is Subscribed in the following form:
Position Shares
Mr. Vinod Kumar Director
None Parent company.
None Subsidiary company.
PULKIT ALLOY AND STEEL LIMITED Affiliated company.
None Shareholder of subject firm.
None Branches of the firm
Registered to operate as an engineering consultancy firm
Imports: Asia,
Africa
Exports: None
Trademarks: None
Terms of sale: Cash
(40%) and 25-90 days (60%), invoices.
Main Customers: firms
and organizations
Employees: 35
employees.
Vehicles: Several
motor vehicles.
Territory of
sales: Nigeria
Location: Leased
premises, 10,000 square feet,
Auditors: Information not available.
Insurance
Brokers: Information not available.
Currency Reported: Nigerian Naira (NGN.)
Approx. Ex. Rate: 1 US Dollar = 162.33 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 250,000,000
Bank Name: FinBank
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.19 |
|
UK Pound |
1 |
Rs.103.15 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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.