MIRA INFORM REPORT

 

 

Report Date :

06.11.2013

 

IDENTIFICATION DETAILS

 

Name :

WHIZ OIL LIMITED

 

 

Registered Office :

4, Pokobros Industrial Avenue (Off Atani Road) Onitsha, Anambra Sate

 

 

Country :

Nigeria

 

 

Year of Establishment :

1985

 

 

Legal Form :

Limited Corporation 

 

 

Line of Business :

Dealers in Oil and Petroleum Products.

 

 

No. of Employees :

50

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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

 

Risk Category

ECGC Classification

 

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

SUBJECT'S NAME

 

Registered Name:

WHIZ OIL LIMITED

Requested Name:

WHIZ OIL LIMITED

Other Names:

None

 

 

ADDRESS AND TELECOMMUNICATION

 

Physical Address:

4, Pokobros Industrial Avenue (Off Atani Road) Onitsha, Anambra Sate

Postal Address:

P. o. Box 10001

 

Onitsha, Anambra Sate

Country:

Nigeria

Phone:

234-8033230192/46-217425/210800/216002/ 8033201963

Fax:

234-90212973/217425

Email:

info@pokobrosgroup.com/ pa.chairman@pokobrosgroup.com

Website:

www.pokobrosgroup.com

 

 

LEGAL

 

Legal Form:

Limited Corporation 

Date Incorporated:

1985

Reg. Number:

Nigeria

Nominal Capital

NGN. 1,000,000

Subscribed Capital

NGN. 1,000,000

Subscribed Capital is Subscribed in the following form:

 

Position

Shares

Chief (Dr.)  Paul Amanchukwu Okonkwor

Chairman/CEO

 

Mrs. F.N Okonkwor

Director

 

Mrs. E.O Okonkwor

Director

 

Mrs. A.M Okonkwor

Director

 

Mr. Okey Nweke

PA to Chairman

 

Barr. Okaa Okaa

Legal Secretary

 

Mr. Okey Nweke

Manager

 

Mr. Jack Ogbue

Manager

 

Mr. Emma Anagbado

Manager

 

Mr. Chuks Ezegelue

Manager

 

Pokobros Group

Holding Co.

100%

 

 

RELATED COMPANIES

 

Pokobros Group

Parent company.

None

Subsidiary company.

Listed Below

Affiliated companies.

None

Shareholder of subject firm.

None

Branches of the firm

 

 

OPERATIONS

 

Registered to operate dealers in oil and petroleum products

Imports:

Asia

Exports:

worldwide

Trademarks:

None

Terms of sale:

Cash (40%) and 25-90 days (60%), invoices.

 

 

Main Customers:

Industries, firms and organizations  

Employees:

50 employees.

Vehicles:

Several motor vehicles.

Territory of sales:

Nigeria

Location:

Owned premises, 50,000 square feet,

 

 

AUDITORS AND INSURANCE

 

Auditors:

Information not available.

Insurance Brokers:

Information not available.

 

 

FINANCE

 

Currency Reported:

Nigeria Naira (NGN.)

Approx. Ex. Rate:

1 US Dollar = 158.75 Nigeria Naira

Fiscal Year End:

December 31, 2012

Inflation:

According to information given by independent sources, the inflation at December 31st, 2012 was of 13%.

 

Financial Information not Submitted

 

 

 

 

 

Profit and Loss (expressed in NGN.)

 

 

2012

Sales

 

725,000,000

 

 

BANK

 

Bank Name:

Stanbic IBTC Bank Nigeria Limited

Branch:

Nigeria

Comments:

None

 

 

TRADE REFERENCES

 

Experiences:

Good

 

 

NOTARIAL BONDS

 

None

 

 

COMMENTS / ADDITIONAL INFORMATION

 

This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.79

UK Pound

1

Rs.98.66

Euro

1

Rs.83.42

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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

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

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.