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Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
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Name : |
JORKEM ALL CHEMICALS LIMITED |
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Registered Office : |
10, Ola Ayeni Street, Ikeja, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
28.03.2000 |
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Com. Reg. No.: |
RC: 377448 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The Company engages in Sales and Distribution of Chemical Products |
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No. of Employees : |
Between 3 - 5 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Nigeria |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
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 |
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 2007-12
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
JORKEM ALL
CHEMICALS LIMITED
The Company engages in Sales and Distribution of Chemical Products
The company address located at 52, Raymond Njoku Street, Off Awolowo
Road, Ikoyi, Lagos State, Nigeria.
COMPANY NAME: JORKEM ALL CHEMICALS LIMITED
REGISTERED NAME: JORKEM ALL CHEMICALS
LIMITED
REGISTERED ADDRESS: 10,
Ola Ayeni Street, Ikeja, Lagos State, Nigeria.
HEAD OFFICE ADDRESS: 52,
Raymond Njoku Street, Off Awolowo Road, Ikoyi, Lagos State, Nigeria.
MOBILE: 234-80-3375670
(incomplete)
Currency:
All monetary quoted in this report are in Nigerian Naira, the local currency or
unless otherwise stated. The exchange rate is N160 to 1 US $.
NATURE OF PREMISES: Leased
office space approximately 500 square meters
DATE INCORPORATED: 28th
March, 2000
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC:
377448
SHARE CAPITAL: 500,000.00
ALLOTTED CAPITAL: 500,000.00
PAID-UP CAPITAL: 500,000.00
STAFF STRENGHT: Between 3 - 5
Names %Held
10, Ola Ayeni, Street, Ikeja, Lagos State,
Nigeria
10, Ola Ayeni, Street, Ikeja, Lagos State,
Nigeria
10, Ola Ayeni, Street, Ikeja, Lagos State,
Nigeria
10, Ola Ayeni, Street, Ikeja, Lagos State,
Nigeria
10, Ola Ayeni, Street, Ikeja, Lagos State,
Nigeria
Jorkem All Chemicals Limited was incorporated on 28th
March, 2000 with Registration Number (RC: 377448). The company’s address is
located at 52, Raymond Njoku, Of Awolowo Road, Ikoyi, Lagos. The company
occupies back wing, ground floor of the storey building painted ash with Red
gate opposite an unoccupied storey building painted white at the time of our
visit.
Jorkem
All Chemicals limited is a chemical sales and
distribution company in Nigeria. In the fast changing environment the
chemical industry provides, their ability to locate and deliver hard to find
items makes them an asset for small, medium and large chemical buyers from all
over Nigeria. The company work with
producers, manufacturers, and local distributors in order to
provide unsurpassed value for its customers and to
efficiently furnish its customers with affordable chemical raw materials.
The company does marketing
of by-products, surplus, secondary raw materials and marketing
of adhesives and laundry chemicals.
During
our visit to the company, we met Toun, the receptionist of ARCADIA LIMITED, a
neigbour company which occupies ground floor front wing of the same building
with Jorkem All Chemicals Limited. According to her, the company is well known
in the premises but none of their staff was available during our visit. She
acknowledged our document and promised to deliver it to the company’s personnel
on their return.
Conclusion: Based
on our visit, available information and comment from Miss Toun, we are of the
opinion that the company runs a legitimate business and as such any business
relationship with the company should be mutually beneficial.
·
General Public
·
Wholesalers
·
Retailers
·
Organisations
* 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 $1 Million (One Million Dollars).
INDUSTRIAL
OVERVIEW/ OPERATING ENVIRONMENT
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.42 |
|
|
1 |
Rs.102.09 |
|
Euro |
1 |
Rs.87.32 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
-- |
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.