MIRA INFORM REPORT

Report No. :	497863
Report Date :	14.03.2018

IDENTIFICATION DETAILS

Name :	DCS INDO SYNERGY LIMITED
Registered Office :	8 Obalodu Street, Ilupeju, Lagos
Country :	Nigeria
Date of Incorporation :	10.05.2015
Legal Form :	Limited Corporation
Line of Business :	Registered to operate import and export of all kinds of agricultural product, chemicals, oil & gas
No. of Employees :	15

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow but Correct
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Nigeria	B2	B2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

NIGERIA - ECONOMIC OVERVIEW

Nigeria is one of Sub Saharan Africa’s largest economies and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria’s economic growth has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels; however, over 62% of Nigeria's 170 million people still live in extreme poverty.

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. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production has contracted every year since 2012.

President BUHARI, elected in March 2015, has established a cabinet of economic ministers that includes several technocrats, and he has announced plans to increase transparency, diversify the economy away from oil, and improve fiscal management, but his reliance on the Central Bank governor has led to overwhelmingly protectionist policies aimed at defending the naira from further devaluation. President BUHARI ran on an anti-corruption platform, and has made some headway in alleviating corruption, such as an implementation of a Treasury Single Account that allows the government to better manage its resources. The government also is working to develop stronger public-private partnerships for roads, agriculture, and power.

Partly because of lower oil prices, Nigeria entered a recession in 2016. However, the medium-term outlook for Nigeria is positive, assuming oil output stabilizes and oil prices recover.

Source : CIA

Company Name

Registered Name:	DCS INDO SYNERGY LIMITED
Requested Name:	DCS INDO SYNERGY LIMITED
Other Names:	None
ADDRESS AND TELECOMMUNICATION
Physical Address:	8 Obalodu Street, Ilupeju,
	Lagos
Country:	Nigeria
Phone:	+234-8183345766/8063244600
Fax:	+234-8063244600
Email:	joselabi@yahoo.com
Website:	None
CREDIT OPINION
Financial Index as of December 2016 shows subject firm with a medium risk of credit. We recommend Secured Credit.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		10-May-2015
Nominal Capital		NGN. 1,000,000
Subscribed Capital		NGN. 1,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. Thahakoya Sajimon		MD
Mr. Bello Hamza		Manager
Mr. Joseph Olumide		Manager
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
None		Branches of the firm
OPERATIONS
Registered to operate import and export of all kinds of agricultural product, chemicals, oil & gas
Imports:		Asia
Exports:		Asia, Europe
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Local agencies, firms and organizations
Employees:		15 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Nigeria
Location:		Rented premises, 5,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Nigerian Naira (NGN.)
Projected Fiscal Year End:		December 31, 2016
Projected Inflation:		According to information given by independent sources, the inflation at December 31st, 2016 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in NGN.)
			2016
Projected Sales			45,000,000
BANK
Bank Name:		DIAMOND BANK PLC
Branch:		Nigeria
Comments:		None
COMMENTS / ADDITIONAL INFORMATION
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	INR 64.95
UK Pound	1	INR 90.23
Euro	1	INR 80.09
NGN	1	INR 0.18

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.