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Report Date : |
23.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SEACOF ENGINEERING SERVICES LTD |
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Registered Office : |
Plot
21 F Road Federal Housing Authority Offer Airport Road Lugbe Abuja |
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Country : |
Nigeria |
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Date of Incorporation : |
10.03.2004 |
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Legal Form : |
Limited Corporation |
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|
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Line of Business : |
Subject is operate in the
electrical and power engineering industry |
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|
No. of Employees |
25 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 |
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|
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Payment Behaviour : |
No Compliments |
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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 31st, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
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: |
SEACOF
ENGINEERING SERVICES LTD |
|
Requested Name: |
SEACOF ENGINEERING SERVICES LTD |
|
Other Names: |
SESL |
|
Physical Address: |
Plot
21 F Road Federal Housing Authority Offer Airport Road Lugbe Abuja |
|
Country: |
Nigeria |
|
Phone: |
234-1-7943816 |
|
Fax: |
234-1-7943816 |
|
Email: |
None |
|
Website: |
None |
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
10-March-2004 |
|
|
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. Charles Fashola |
MD |
|
|
Mr. Ojo Edith |
Engineer |
|
|
Ms. Joy Idara |
Secretary |
|
|
None |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
2 Muyiwa Close, Off Ajayi Road, Ogba,, Lagos State, Nigeria Ibadan and Port-Harcourt |
Branches of the firm |
|
Registered to operate in
the electrical and power engineering industry |
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|
Imports: |
Asia, Africa |
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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. |
|
|
|
|
Main Customers: |
firms and organizations |
|
Employees: |
25 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 =
163.27NIgerian Naira |
|
|
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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||
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Financial Information not
Submitted |
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|
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Profit and Loss
(expressed in NGN.) |
||
|
|
|
2013 |
|
Sales |
|
65,000,000 |
|
Bank Name: |
Standard
Chartered Bank |
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Branch: |
NIgeria |
|
Comments: |
None |
|
Experiences: |
Good |
|
|
|
|
NOTARIAL BONDS |
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.58.57 |
|
UK Pound |
1 |
Rs.98.88 |
|
Euro |
1 |
Rs.80.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SDA |
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.