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Report Date : |
27.11.2012 |
IDENTIFICATION DETAILS
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Name : |
BENOZ INTERCONTINENTAL COMPANY LIMITED |
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Registered Office : |
132A, |
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Country : |
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Date of Incorporation : |
23.03.1985 |
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Com. Reg. No.: |
RC: 69873 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Import and supply of Fiat & Mercedes Truck, Fiat Cars & Lada
Spare Parts, Vehicle parts and Silencers. |
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No. of Employees : |
15 Employees
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RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th,
2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Nigeria |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
Oil-rich Nigeria has been hobbled by political instability,
corruption, inadequate infrastructure, and poor macroeconomic management, but in
2008 began pursuing economic reforms. Nigeria's former military rulers failed
to diversify the economy away from its overdependence on the capital-intensive
oil sector, which provides 95% of foreign exchange earnings and about 80% of
budgetary revenues. Following the signing of an IMF stand-by agreement in
August 2000, Nigeria received a debt-restructuring deal from the Paris Club and
a $1 billion credit from the IMF, both contingent on economic reforms. Nigeria
pulled out of its IMF program in April 2002, after failing to meet spending and
exchange rate targets, making it ineligible for additional debt forgiveness
from the Paris Club. In November 2005, Abuja won Paris Club approval for a
debt-relief deal that eliminated $18 billion of debt in exchange for $12
billion in payments - a total package worth $30 billion of Nigeria's total $37
billion external debt. Since 2008 the government has begun to show the
political will to implement the market-oriented reforms urged by the IMF, such
as modernizing the banking system, removing subsidies, and resolving regional
disputes over the distribution of earnings from the oil industry. GDP rose
strongly in 2007-11 because of growth in non-oil sectors and robust global
crude oil prices. President JONATHAN has established an economic team that
includes experienced and reputable members and has announced plans to increase
transparency, diversify economic growth, and improve fiscal management. Lack of
infrastructure and slow implementation of reforms are key impediments to
growth. The government is working toward developing stronger public-private
partnerships for roads, agriculture, and power. Nigeria's financial sector was
hurt by the global financial and economic crises, but the Central Bank governor
has taken measures to restructure and strengthen the sector to include imposing
mandatory higher minimum capital requirements.
Source : CIA
BENOZ INTERCONTINENTAL COMPANY LIMITED
The company is engaged in import and supply of Fiat
& Mercedes Truck, Fiat Cars & Lada Spare Parts, Vehicle parts and
Silencers. Car parts and Accessories, business activities such as Injector Elements, Nozzles And Valves etc.
The company is located in a commercial area at 226,
Kirikiri Road, Olodi-Apapa, Lagos.
COMPANY
NAME: BENOZ INTERCONTINENTAL COMPANY LIMITED
REGISTERED
NAME: BENOZ INTERCONTINENTAL COMPANY
LIMITED
REGISTERED ADDRESS: 132A, Adeniji Adele Road, Lagos Island, Lagos.
HEAD OFFICE ADDRESS: 226, KiriKiri Road, Olodi, Apapa, Lagos-Nigeria.
TELEPHONE(S): 234-1-5450632, 5873753
E-MAIL: frank_benozinterco@yahoo.com
POSTAL ADDRESS:
PRIMARY CONTACT: Mrs Adisi Patience
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: Rented
office space as corporate/head office occupying approximately 250 square
metres.
DATE INCORPORATED: 23rd March 1985
YEAR BEGAN OPERATION: 1985
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC:
69873
SHARE CAPITAL: N100,
000.00
ALLOTTED SHARE CAPITAL: N100, 000.00
PAID-UP CAPITAL N100,
000.00
STAFF STRENGHT: Over 15
1. Benjamin Ozoadibe
132A, Adeniji Adele
Road, Lagos-Nigeria.
2. Katerine Ozoadibe
132A, Adeniji
Adele Road, Lagos-Nigeria.
1. Benjamin Ozoadibe
2. Katerine Ozoadibe
|
S/N |
Name |
Position |
|
1. |
Mr. Benjamin Ozoadibe |
MD/CEO |
|
2. |
Katerine Ozoadibe |
Executive Director |
|
3. |
Mr. Okechuchwu |
Manager |
|
4. |
Mrs. Adisi Patience |
Marketing Executive |
Benoz Intercontinental Company Limited was
incorporated on 23rd March, 1985 with registration number RC: 69873. It occupies office space comprises 3 rooms on
ground floor of a storey building located at 226, Kirikiri Road, Olodi-Apapa,
Lagos. The company has over 15 members of staff. The building is painted brown, fenced and has
a gate painted ash.
The company is engaged in import and supply of Fiat
& Mercedes Truck, Fiat Cars & Lada Spare Parts, Vehicle parts and
Silencers. Car parts and Accessories, business activities such as Injector
Elements, Nozzles And Valves etc.
We spoke with the Marketing Executive, Mrs.
Patience Adisi, (234-8050529512) who confirmed the company’s line of business
and stated that she could not disclose any information without due approval
from the management and that the Managing Director/CEO, Mr. Benjamin Ozoadibe
who is in best position to disclose information about the company was not
available at that time. Meanwhile, her
correct name is ADISI PATIENCE and not ADASI PATIENCE as stated in our previous
report. The company address provided is the registered address.
Conclusion: Based on our visit, available information and
brief discussion with Mrs. Adisi Patience, we are of the opinion that the
company engages in legitimate business. As such, any business relationship will
likely be beneficial.
1. Zone
A, Block 17, Shop 75, Aspamda, Trade Fair, Complex, Badagry express Way, Lagos.
2.
Zone B, Block 14, Shop 99/100, Aspamda, Trade Fair,
Complex, Badagry Express Way,
Lagos. Telephone No. 234-1-3208764,
07072212241
·
United States of America
·
United Kingdom
·
South Africa
General Public,
Group of Companies, Local Authorities
The company operates current account with the Guaranty Trust
Bank, further details on this were not provided at the time of our visit.
General Public,
Group of Companies, Local Authorities
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
Subject Audited Accounts was not available as at the time of compiling
this report. However, based on the industry the company belongs to and services
rendered, the company’s estimated turnover could be put at $2 Million (Two
Million Dollars).
There are many
opportunities in this sector of the economy. This could be largely achieved
through Foreign Companies joint ventures with Nigerian companies, with adequate
Training/Technical Assistance - Provision of training facilities for a large
work force indirectly engaged in the Sub-Sector of the economy. This sector of
the economy has great potentials for intending investors.
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 Benoz Intercontinental Company Limited is duly registered in Nigeria with
a registered address at 132A, Adeniji Adele Road, Lagos Island, Lagos while its
operational address is at 226, Kirikiri Road, Olodi, Apapa, Lagos-Nigeria.
The company is into genuine
business transactions. It is an on-going
concern.
Information contained in
the report is mostly from secondary sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
UK Pound |
1 |
Rs.89.34 |
|
Euro |
1 |
Rs.72.35 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit
not recommended |
|
-- |
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.