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Report Date : |
25.03.2013 |
IDENTIFICATION DETAILS
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Name : |
G.M.O. AND COMPANY LIMITED |
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Registered Office : |
34, Iduluwo Street, Lagos Island, Lagos State, Nigeria |
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Country : |
Nigeria |
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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 plastics Manufacturing,
Farming, Agriculture, Trading, Import & Export. |
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No. of Employees : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Nigeria |
B1 |
B1 |
|
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 |
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.
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Source : CIA |
G.M.O.
AND COMPANY LIMITED
The company is a conglomerate; it engages in plastics
Manufacturing, Farming, Agriculture, Trading, Import & Export.
The company is
located at 1, Abimbola Shodipe Street, off Western Avenue, By Funsho Williams
Avenue Opposite Nigerian Police Barracks, 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, off Western Avenue, By Funsho
Williams Avenue Opposite Nigerian Police Barracks, Surulere, Lagos
State, Nigeria.
POSTAL ADDRESS: P.O. Box 4146, Marina, Lagos State, Nigeria
TELEPHONE: 234-1-584-0791, 583-6695, 583-7774
FAX: 234-1-269-3173,
5836498
EMAIL: gmocoltd@yahoo.com
NATURE OF
PREMISES:
Leased office
space approximately 3,000 square meters
DATE
INCORPORATED: 11th May, 1967
YEAR BEGAN OPERATIONS: 1967
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC: 5328
SHARE CAPITAL: 3,000,000.00
ISSUED CAPITAL: 3,000,000.00
PAID-UP CAPITAL: 3,000,000.00
STAFF STRENGHT: Over
Two Thousand Five Hundred (2,500)
Names
Plot
C 17, Off Otigba Crescent, GRA, Onitsha, Anambra State, Nigeria
8,
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.)
10. 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) with N3,000,000.00. 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 for
its business activities.
The company engages in plastics Manufacturing, Farming,
Agriculture, Trading, Import & Export.
However, we had
a brief discussion with one of the executive officer who refused to disclose
his name but confirmed that the company is a conglomerate and 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 later refused to disclose further information about the company and
insisted on knowing the source of enquiry before he could divulge any
information about the company.
Meanwhile,
business activities were 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 brief discussion held with the General Manager, we are of the
opinion that the company appears to be credit worthy. As such, any business relationship with the company
should be mutually beneficial.
PRODUCTS
DESCRIPTION
·
Plastic Products such as
Buckets, Bowls, Coolers, Cups, Trays among others
SUBSIDIARIES
Address: 38/46,
East Niger Industrial Layout, Off Atani Road, P.O. Box 2574, Onitsha,
Anambra
State, Nigeria
Telephone: 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
The company’s Audited Accounts was not available as at the time of
compiling this report. However, we advise that the maximum credit limit to be
accorded to the company could be put at 450million US dollars ($450m USD). This
opinion is as a result of the company’s performance in the sector it belongs to
in Nigeria and also, it is among the top major fast growing companies in
Africa.
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.
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.54.33 |
|
|
1 |
Rs.82.55 |
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Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.