MIRA
INFORM REPORT
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Report Date : |
22.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
POLEMA INDUSTRIES LIMITED |
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Registered Office : |
31, Okigwe Road, Aba, Abia State |
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Country : |
Nigeria |
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Date of Incorporation : |
19th May 1989 |
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Com. Reg. No.: |
RC: 131127 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Extraction of Palm Kernel and industrial services |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
IDENTIFICATION
COMPANY NAME: POLEMA INDUSTRIES LIMITED
REGISTERED
NAME: POLEMA INDUSTRIES LIMITED
REGISTERED
ADDRESS: 31, Okigwe Road, Aba, Abia State-Nigeria
HEAD OFFICE
ADDRESS: Maobison Corporate Tower
32/34, Faulks Road, Aba, Abia, State
TELEPHONE(S): 234-82-227081, 352064
FAX: 234-82-442940
MOBILE: 234-82-227081,
352064
E-MAIL: Nil
WEBSITE: Nil
POSTAL ADDRESS: P. O. Box 2582, Aba, Abia
State
Subject is into extraction of Palm Kernel and industrial services
In Nigeria subject is considered to be a
medium scale concern in this sector.
Currency: All
monetary values in this report are in Nigerian Naira, the local currency,
except otherwise stated. The exchange rate is N122 to 1 US $.
SUMMARY
NATURE OF PREMISES: Leased,
office space at head office occupying approximately 1,200 square
metres.
DATE INCORPORATED: 19th
May 1989
YEAR BEGAN
OPERATION: 1989
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC:
131127
SHARE CAPITAL: N1,
000, 000.00
ALLOTTED SHARE
CAPITAL: N1, 000, 000.00
PAID-UP CAPITAL N1, 000, 000.00
AUDITORS: Nil
SOLICITORS: Nil
COMPANY SECRETARY: Nil
STAFF
STRENGHT: 40
OWNERSHIP/SHAREHOLDING
STRUCTURE
Name
Emmanuel C. Obi
31, Okigwe Road,
Aba, Abia State
Polycarp O. Obi
31, Okigwe Road,
Aba, Abia State
SHARE HOLDERS (PREVIOUS)
Nil
DIRECTORS
Emmanuel C. Obi
Polycarp O. Obi
MANAGEMENT PROFILE
Mr. Emmanuel C. Obi Managing
Director/CEO
Polycarp O. Obi Executive
Director
ASSOCIATE COMPANIES
Nil
PARENT COMPANY
Nil
BRANCH
*31, Okigwe Road, Aba, Abia State
BANKER
Nil
TRADE REFERENCES
Local and International
PAYMENT REFERENCES
Local and International
PRODUCT DESCRIPTION
*Palm Kernel Oil
PERFORMANCE RANKING
* Quality of Management:
GOOD
* Ethics & Integrity: GOOD
* Ownership Structure:
GOOD
OPERATIONS
Subject is into extraction of Palm Kernel and industrial services
Subject is located in a central business area at Maobison Corporate
Tower 32/34, Faulks Road, Aba, Abia, State
TYPES OF CUSTOMERS: General Public, Group of Companies and Government
Agencies etc.
BACKGROUND
Polema Industries Limited is located in Aba, Abia State, Nigeria. The
company is involved in the production of Palm kernel oil which is used by
various sources for lauric acid content and inhibitory effect against
staphylococcus aureus, Streptococcus sp. and Candida albicans. The different
palm kernel oil samples showed noticeable inhibitory effect on S. aureus and
Streptococcus sp. while no significant inhibitory effect was observed on C.
albicans. The highest zone of inhibition was observed with the commercial palm
kernel oil (PKO) followed by the mechanically extracted PKO. Similarly, lauric
acid content was highest in the commercially obtained PKO followed by that
mechanically extracted and least in the laboratory prepared by Polema
Industries Limited.
EXPANSION PLAN
Subject is working on how to secure Foreign Partnership for effective production
increase.
PRINCIPAL ANTECEDENT
1. Name: Mr. Emmanuel C.
Obi
Position: Managing
Director/CEO
Profession: Businessman
Date of Birth: Nil
Place of Birth: Nil
State of Origin: Nil
Nationality: Nigerian
Education and Qualification: Nil
Work History: Nil
PHYSICAL VISIT
Visits were made
to the followings:
COMPANY PREMISES
CORPORATE AFFAIRS COMMISSION
FINANCES
Subject Audited Account was not available as
at the time of our investigation.
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ASSESSMENT: |
Apparently healthy, with adequate working capital to meet normal
commitments. |
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CREDIT LINE
AMOUNT: |
FAIR |
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CREDIT LINE
OPINION: |
Transaction with subject is considered to be fair trade risk |
DIRECT INTERVIEW
All effort to contact Mr. Emmanuel C. Obi proved abortive. Though our
questionnaire has been sent to him.
INDUSTRIAL OVERVIEW/ OPERATING
ENVIRONMENT
Subject is operating in an environment with great potentials.
CMT REPORT (Corruption, Money
Laundering & Terrorism)
Public Notice from various sources including but not limited to: The
Courts, Nigerian Prison Service, Economic & Financial Crimes Commission
(EFCC), National Drug Law Enforcement Agency (NDLEA), National Agency for Food
& Drugs administration and Control (NAFDAC), Independent Corrupt Practices
and Other Related Offences Commission (ICPC) Etc.
No negative information on subject from the above agencies as at the
time of compiling this report.
COMPANY LOCATION
The company is located at Maobison Corporate Tower 32/34, Faulks Road,
Aba, Abia, State
OFFICIAL REMARKS
Having carried out all necessary research on subjects, our
investigations revealed that, the company, Polema Industries Limited is duly registered in Nigeria, with a
registered address, 31, Okigwe Road, Aba, Abia State. While the operational
office address is Maobison Corporate Tower 32/34, Faulks Road, Aba, Abia, State
All information contained in this reports are from secondary sources
only.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)