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Report Date : |
24.03.2012 |
IDENTIFICATION DETAILS
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Name : |
G.M.O. AND COMPANY LIMITED |
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Registered Office : |
34, |
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Country : |
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Date of Incorporation : |
11.05.1967 |
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Com. Reg. No.: |
RC: 5328 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The company is a conglomerate, it engages in Manufacturing of plastics, Trading, Import & Export |
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No. of Employees : |
Over 2,500 |
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 |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Nigeria |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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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 |
The company is a conglomerate, it engages in Manufacturing of
plastics, Trading, Import & Export
The company address located at 1, Abimbola Shodipe Street, off Western
Avenue, Surulere, Lagos State, Nigeria.
COMPANY NAME: G.M.O. AND COMPANY LIMITED
REGISTERED NAME: G.M.O. AND COMPANY
LIMITED
REGISTERED ADDRESS: 34,
Iduluwo Street, Lagos Island, Lagos State, Nigeria.
HEAD OFFICE ADDRESS: 1,
Abimbola Shodipe Street, by Western Avenue, (Opposite Police Barracks),
Surulere, Lagos State, Nigeria.
POSTAL ADDRESS: P.O.
BOX 4146, Marina, Lagos.
TELEPHONE: 234-1-583-7774,
583-6695, 584-0791
FAX: 234-1-5836498,
269-3173
E-MAIL: gmocoltd@yahoo.com
Currency:
All monetary quoted in this report are in Nigerian Naira, the local currency or
unless otherwise stated. The exchange rate is N148 to 1 US $.
NATURE OF PREMISES: Leased
office space approximately 3,000 square meters
DATE INCORPORATED: 11th
May, 1967
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC:
5328
SHARE CAPITAL: 3,000,000
ISSUED CAPITAL: 3,000,000
PAID-UP CAPITAL: 3,000,000
STAFF STRENGHT: Over
2,500
Plot
C 17, Off Otigba Crescent, GRA, Onitsha, Anambra State, Nigeria
Plot
C 17, Off Otigba Crescent, GRA, Onitsha, Anambra State, Nigeria
6,
Akambi Crescent, Surulere, Lagos State, Nigeria
34,
Idoluwo Street, Lagos Island, Lagos State, Nigeria
1. Chief
(Sir) Johnson Okoye Igwe - Group Executive Chairman
2. Collins
Chike Chikeluba - Group Managing Director
3. Chief
(Sir) M. O. Arinze - Group Executive Director
4. Engr.
G. C. Chikeluba - Managing Director (G.M.O. Steel
Industries Ltd)
5. Barr.
M. I. Arinze - Managing Director (G.M.O. Polythene)
6. Mr.
J.I. Igwe - Managing Director (G.E.I. Industries
Ltd.)
7. Mr.
B.I. Igwe - Managing Director (United Biochemical
Ind.)
8. Mr.
Munshi Jabbar (Indian) - Managing Director (Tapaza Nigeria
Ltd.)
9. Mr.
Martin Arinze - Managing Director (G.M.O. Rubber
Products Ltd.)
1. Mr.
Sam E. Igwe - Managing Director (I.I.C.
Construction Ltd.)
G.M.O and Company Limited was incorporated on 11th
May, 1967 with Registration Number (RC: 5328). The company’s address is
located at 1, Abimbola Shodipe Street, off Western Avenue, Surulere, Lagos
State, Nigeria. The company occupies the first floor of a storey building
painted cream and brown, the premises comprises a multiple office apartment and
it appears conducive for business activities.
The company is a conglomerate, it engages in Manufacturing of
plastics, Trading, Import & Export
However, we had a brief
discussion with Pankaj the General Manager (Indian) who confirmed that the
company is a trading house, though having revealed our mission; he stated that
the company is well known in India, China and some other parts of Europe. He
refused to disclose any information about the company and insisted on knowing
the source of enquiry before he could divulge any information about the
company.
Meanwhile, business
activities was ongoing during our visit as some of the customer besieged the
premises to purchase its products, some personnel were also on their respective
duties and some of the company’s products were sighted in the premises.
Conclusion: Based
on our visit, available facilities sighted coupled with broef discussion held
with the General Manager, we are of the opinion that the company appears to be
credit worthy
·
G.M.O. Galvanizing Industries Limited
·
G.M.O. Rubber Products Limited
·
Niger-Sino Rubber Industries Limited
·
GODM Shoes Industry Limited
·
G.E.I Industries Limited (Paper Division)
·
I.I.c. Industries Limited
·
G.M.O. Foam
·
Tapaza (Nigeria) Limited
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G.M.O. General Merchandise
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G.M.O. Bicycle & Motorcycle
·
G.M.O. Steel Industries
·
G.M.O. Applicances
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G.M.O. Water
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Plastic Products such as
Buckets, Bowls, Coolers, Cups, Trays among others
·
38/46, East Niger Industrial
Layout, Off Atani Road, P.O. Box 2574, Onitsha, Anambra State
Tel:
234-46-212141, 213962, 211566, 212888, 215789, 212957, 218163, 212703, 214000,
212951, 212646
·
General Public
·
Group of Companies
·
Wholesalers among others
* Quality of
Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
Subject’s Audited
Accounts was not available as at the time of compiling this report. However, based
on the services rendered and the sector it belongs to, the company’s estimated
turnover could be put at N3million (Three Million Naira).
Subject is operating in an industry with very great potentials. This
sector in Nigeria has a lot to explore when it comes to the need for expansion,
improvement of product quality, work force development and general technical
expertise. Mainly, private individuals dominate this sector. Despite the huge
capital required for setting up this investment, it has grown in its leaps and
bounds over the decades in the nation, although, the efforts of the Federal
Government cannot be ruled out. The government has put in place different
policies that support private individuals to secure loans/ mortgages from banks
and other financial institutions. However, to record a groundbreaking in this
sector, foreign investors are inevitable.
This sector of the economy has great potentials for intending investors.
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.
Having carried out all
necessary verifications on the company, our investigations revealed that G.M.O and Company Limited is duly
registered in Nigeria with a registered address located at 34, Iduluwo Street,
Lagos Island, Lagos State, Nigeria, while its operational address is located at
1, Abimbola Shodipe Street, off Western Avenue, Surulere, Lagos State, Nigeria.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.90 |
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|
1 |
Rs.80.77 |
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Euro |
1 |
Rs.67.40 |
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 |
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 |
-- |
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.