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Report No. : |
335164 |
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Report Date : |
04.08.2015 |
IDENTIFICATION DETAILS
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Name : |
GIGASEC SERVICES LIMITED |
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Registered Office : |
14/15 Bishop Cale Close, Off Kasumu Ekemode Street, Victoria Island, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
13.12.2013 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operates as
providers of IP technology solutions and services. |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 30,000 |
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Status : |
Moderate |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Nigeria |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
NIGERIA - ECONOMIC OVERVIEW
Following an April 2014 statistical "rebasing" exercise,
Nigeria has emerged as Africa's largest economy, with 2014 GDP estimated at
US$479 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 2011-13, significantly reducing the budget deficit.
Monetary policy has also been contractionary. 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 |
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Registered Name: |
GIGASEC SERVICES
LIMITED |
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Requested Name: |
GIGASEC SERVICES LIMITED |
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Other Names: |
None |
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Physical Address: |
14/15
Bishop Cale Close, Off Kasumu Ekemode Street, Victoria Island |
|
|
Lagos
State |
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Country: |
Nigeria |
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Phone: |
234-7064183475/+1-8322959089 |
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Fax: |
234-7064183475 |
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Email: |
admin@hobarkintl.com/ babajide_odulaja@hobarkintl.com |
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Website: |
www.gigasecintl.com |
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Financial Index as of
December 2014 shows subject firm with a medium risk of credit. We recommend
Credit of USD 30,000 on 90 days. |
|
Legal Form: |
Limited Corporation |
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Date Incorporated: |
13-Dec-2013 |
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Reg. Number: |
Nigeria |
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VAT Number: |
17814905/0001 |
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Nominal Capital |
NGN.
1,000,000 |
|
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Subscribed Capital |
NGN.
1,000,000 |
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Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Mr. Ahmed Babajide Odulaja |
GM/Director |
|
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Ms. Emma Jumbo |
Manager |
|
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Ms. Chidinma Onuorah |
HR |
|
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Hobark International Limited |
Holding
Co. |
100% |
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Hobark International
Limited |
Parent company. |
|
None |
Subsidiary company. |
|
None |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
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Registered to operate as
providers of IP technology solutions and services |
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Imports: |
UK, Asia |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (30%) and 25-90 days (70%), invoices. |
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|
|
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Main Customers: |
firms and organizations |
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Employees: |
10 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Nigeria |
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Location: |
Leased premises, 5,000 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 Naira (NGN.) |
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Approx. Ex. Rate: |
1 US Dollar = 199.28
Nigerian Naira |
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Fiscal Year End: |
December 31, 2014 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2014 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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2014 |
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Sales |
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20,000,000 |
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Bank Name: |
Savannah
Bank |
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Branch: |
Nigeria |
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Comments: |
None |
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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.63.96 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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|
|
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Report Prepared
by : |
NIT |
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 |
|
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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 |
|
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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|
-- |
NB |
New Business |
-- |
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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.