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Report Date : |
04.05.2012 |
IDENTIFICATION DETAILS
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Name : |
ELEME PETROCHEMICALS COMPANY LIMITED |
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Registered Office : |
Eleme Petrochemicals Complex, |
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Country : |
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Date of Incorporation : |
30.11.1988 |
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Com. Reg. No.: |
RC: 121777 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacture and marketing of a range of Petrochemical and Oil-Based
Raw Materials Products |
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No. of Employees : |
Over 300 |
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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
ELEME
PETROCHEMICALS COMPANY LIMITED
Subject is into Manufacture and marketing of
a range of Petrochemical and Oil-Based Raw Materials Products locally and
abroad.
The company is located in a commercial area at Waterline House, 5151,
Aba Road, Port Harcourt, River State, Nigeria.
COMPANY NAME: ELEME PETROCHEMICALS COMPANY LIMITED
REGISTERED NAME: ELEME
PETROCHEMICALS COMPANY LIMITED
REGISTERED ADDRESS: Eleme
Petrochemicals Complex, Port Harcourt, River
State-Nigeria
HEAD OFFICE
ADDRESS: Waterline House,
Aba Road, Port Harcourt, River State,
Nigeria
POSTAL ADDRESS: P.M.B
5151, Port Harcourt, River State, Nigeria
TELEPHONE: 234-84-
239321, 231916, 239317, 230337
FAX: 234-84
– 235749, 238321
MOBILE: 234-803-315-7531
E-MAIL: infoepcl@indorama.com.ng , corporate@indorama.com.ng,
customercare@indorama.com.ng
WEBSITE: www.indorama.com
Currency:
All monetary quoted in this report are in Nigerian Naira, the local currency or
unless otherwise stated. The exchange rate is N150 to 1 US $.
NATURE OF PREMISES: Owned office/factory
space as head office occupying 8,500 metres square
DATE INCORPORATED: 30th
November, 1988
START OF OPERATIONS: 1988
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC:
121777
SHARE CAPITAL: 5,000,000.00
ISSUED CAPITAL: 5,000,000.00
PAID UP CAPITAL: 5,000,000.00
STAFF STRENGTH: Over
300
1. Godwin
Adams
12,
Miliation Road, Ikoyi, Lagos State, Nigeria
2. Clement
Okoko
1,
Imiyu Savage, Victoria Island, Lagos State, Nigeria
3. Sanni
Bello
8,
Warri Road, Ikoyi, Lagos State, Nigeria
4. Jackson
E. Obaseki
NNPC
Towers, Central District, Maitama, Abuja, FCT, Nigeria
5. Mansur
Ahmed
Plot
731, Lake Crescent, Maitama, Abuja, FCT, Nigeria
6. Joseph
T. Danwa
18C,
Elelenwo Road, GRA, 1, Port Harcourt, Rivers State, Nigeria
7. Ahmed
B. Abdullah
10,
Orogbum Crescent, GRA, 11, Port Harcourt, Rivers State, Nigeria
8. Mfon
E. Ubom
35,
King Perekule Road, GRA, 11, Port Harcourt, Rivers State, Nigeria
9. Odenigbo
Paul
13,
Okigbo Crescent, Independence Layout, Enugu State, Nigeria
10. Ezenwa
A. Dennar
10,
Praise Drive, Effurun, Warri, Delta State, Nigeria
11. Alhaji
Akinsanya Shams A.
26,
Unity Street, A. Alimosho LGA, Lagos State, Nigeria
12. Chief
Ken Nnamani
2,
Tade Close, Maryland, Ikeja, Lagos State, Nigeria
13. Dr.
David A. Adeola
1B,
Africa Lane, Lekki, Lagos Island, Lagos State, Nigeria
14. Frank
Amiekumo
N.E.
Izontimi Estate, Elelenwo, Port Harcourt, Rivers State, Nigeria
15. Alhaji
Gwadabe Satatima
31,
Satatima, Kano City, Kano State, Nigeria
16. Hajiya
Zainab Tukur
15/16,
Lamido Road, Yola, Maiduguri, Borno State, Nigeria
17. Mr.
Deepak Bang
10,
Samuel Building, 156, Muuwa Close, Victoria Island, Lagos State, Nigeria
18. Munish
Jindal
Far
Eastern Building, 156, Cecil Street, Singapore, Indonesia
19. Manish
Mudra
Far
Eastern Building, 156, Cecil Street, Singapore, Indonesia
1. Godwin
Adams
2. Clement
Okoko
3. Sanni
Bello
4. Jackson
Obaseki
5. Mansur
Ahmed
6. Joseph
T. Dawha
7. Ahmed
B. Abdullahi
8. Mfon
E. Ubom
9. Odenigbo
Paul
10. Dr.
Ezenwa A. Dennar
11. Alhaji
Akinsanya Shams A.
12. Chief
Ken Nnamani
13. Dr.
David A. Adeola
14. Frank
Amiekumo
15. Alhaji
Gwadabe Satatima
16. Hajiya
Zainab Tukur
17. Mr.
Deepak Bang
18. Munish
Jindal
19. Manish
Mudra
Eleme Petrochemicals Company Limited was incorporated on 30th
November, 1988 as a private Limited Liability Company with Registration Number
(RC: 121777). The corporate head office is located at Waterline House, 5151,
Aba Road, Port Harcourt, River State, Nigeria. It is a polyolefin
producer based in Port Harcourt, River State, Nigeria. Eleme was a 100 per cent
subsidiary of the Nigerian National Petroleum Corporation (NNPC). The Indorama
Group was declared core investor by the National Council of Privatization in
2005. The privatization process of EPCL
began in May 2005 and was completed in May 2006.
Eleme
Petrochemicals is poised to become one of the leading suppliers of polyolefins
in the African continent. The company strives to ensure total customer
satisfaction and consistently produce high quality products. The company
focuses on providing world-class products at competitive prices and customised
grades to suit the customers specific requirements.
The
Eleme Petrochemicals complex is located at Eleme town near the Nigerian city of
Port Harcourt in Rivers State. It was built in 1995 by a consortium, comprising
of Chiyoda, JGC, and Kobe Steel of Japan, Technimont of Italy, and Spie
Batignolles of France. The complex comprises of an olefins unit, a polyolefins
unit, a captive power plant and other supporting units. EPCL is strategically
positioned to feed the growing demand of plastics in Africa. With
state-of-the-art manufacturing facilities, the complex consists of a gas feed
cracker unit and two main downstream plants. The total production is over 550
KTA of world-class olefins and polyolefins.
The
Eleme Complex is designed to produce 240,000 metric tons of polyethylene per
year, and 95,000 metric tons per year of polypropylene. To produce these
resins, natural gas liquid is cracked in a M.W. Kellogg (USA) licensed olefins
plant. The polyethylene plant is a Sclairtech process licensed by Nova
Chemicals and the propylene plant is Spheripol process of Basell. Additionally
22,000 metric tons of Butene-1 can be produced in the complex. Butene-1 is used
as co-monomer in the production of linear Low-Density Polyethylene (LLDPE).
The
first TurnAround Maintenance (TAM) was performed from 17 May 2006 until the end
of September 2006. After the completion of all planned activities, the plants
were operational on 15 September 2006. The President of the Federal Republic of
Nigeria, in 2006, re-commissioned the new privatised and revitalised EPCL on 12
October 2006. The plant is situated on 400 hectares of land and potential
expansion capabilities are well catered to in the layout design. Indorama is
planning to make this complex the petrochemical hub of Africa by bringing it up
to its full design capacity, and then undertaking expansion plans.
The company deploys professionals to deliver excellent and cost
effective solutions to industry problems with a policy of involving the best
and tested hands and rigorous supervision which provides safe working
environment without compromising on quality.
Conclusion:
Based
on our physical visit to the company and available information, it is our
opinion that the company is engaged in legitimate business as such, any
relationship with the company will likely be mutually beneficial.
Subject has both local and international references
1.
Shell Petroleum Development Company
2.
Nigerian LNG Ltd
3.
Mobil Oil Producing Unlimited
4.
Nigerian Agip Oil Company (NAOC) etc.
* 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, The
Company’s estimated turnover could be put at $100 Million (One Hundred Million
Dollars).
Subject is operating in an industry with very great potentials. With the
Local Content Initiative of the supervising agency, Nigerian
indigenous companies now have exclusive rights up-to 30% of all contracts
awarded within the oil & gas industry.
In cases where local expertise is lacking indigenous companies are
encouraged to enter into technical partnership with foreign firms. With this innovation, local indigenous
companies now have regular access to bids and can also benefit from the
transfer of technology and expertise from their foreign technical partners. The
Gas sector according to the recent World Bank estimate is worth $ 284 million
and it has the capacity for a 10% growth in the next three years. The current
low supply of LPG of about 0.5kg/h/yr from Nigeria to West African Sub- Region
as against the West African Average of 3.7kg/h/yr, gives room for more
investors and expertise.
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 Eleme Petrochemicals Company Limited is
duly registered in Nigeria with a registered address is located at Eleme
Petrochemicals Complex, Port Harcourt, River State-Nigeria , while its operational address is located at Waterline House,
5151, Aba Road, Port Harcourt, River State, Nigeria.
Information contained in
the report is mostly from secondary sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.23 |
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|
1 |
Rs.86.14 |
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Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
|
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 |
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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.