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Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
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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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Country : |
Nigeria |
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Date of Incorporation : |
19.02.1981 |
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Com. Reg. No.: |
71242 |
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Legal Form : |
Limited
Corporation |
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Line of Business : |
Engaged in manufacturing and distribution of FMCG products such as food products and beverages, and also power generation services and solutions |
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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 |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
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: 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
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
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 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, and also power generation services and
solutions
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
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.
· DANGOTE SUGAR REFINERY PLC.
· DANGOTE OIL & GAS INDUSTRIES INTERNATIONAL
· DANGOTE TEXTILES LIMITED
· 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.60.04 |
|
|
1 |
Rs.101.97 |
|
Euro |
1 |
Rs.83.58 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.