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Report Date : |
17.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
GLOBALCOM LIMITED |
|
|
|
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Registered Office : |
Mike Adenuga Towers, 1 Mike Adenuga Close, Off Adeola Odeku, Victoria
Island, Lagos Victoria
Island, Lagos |
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|
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Country : |
Nigeria |
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Date of Incorporation : |
29.08.2003 |
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Com. Reg. No.: |
65819 |
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Legal Form : |
Limited Corporation |
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|
|
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Line of Business : |
Subject operate as providers
of mobile telecommunications services and solutions |
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|
|
|
No. of Employees |
2800 employees. |
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 |
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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, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 2007-13 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 |
|
Registered Name: |
GLOBALCOM
LIMITED |
|
Requested Name: |
GLOBALCOM LIMITED |
|
Trade Names: |
GLOMOBILE LIMITED |
|
Physical Address: |
Mike
Adenuga Towers, 1 Mike Adenuga Close, Off Adeola Odeku, Victoria Island,
Lagos |
|
|
Victoria
Island, Lagos |
|
Country: |
Nigeria |
|
Phone: |
234-8050020121/8050020200 |
|
Fax: |
234-8050020121 |
|
Email: |
customercare@gloworld.com/ corporatecare@gloworld.com |
|
Website: |
www.gloworld.com |
|
Legal Form: |
Limited Corporation |
|
|
Date Incorporated: |
29-Aug-2003 |
|
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Reg. Number: |
65819 |
|
|
Nominal Capital |
NGN.
1,000,000 |
|
|
Subscribed Capital |
NGN.
1,000,000 |
|
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Subscribed Capital is Subscribed in the following form: |
||
|
|
Position |
Shares |
|
Dr. Mike Adenuga Jnr.. |
Chairman |
|
|
Mr. Mohammed Jameel |
COO |
|
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Mrs. Paddy Adenuga |
Director |
|
|
Mrs. Bella Disu |
Director |
|
|
Mike Adenuga Group |
Holding
Co. |
100% |
|
Mike Adenuga Group |
Parent company. |
|
None |
Subsidiary company. |
|
In Republic of Benin,
Ghana and Côte d'Ivoire CONOIL PLC, CONOIL PRODUCING. |
Affiliated company. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
|
Registered to operate as
providers of mobile telecommunications services and solutions |
|
|
Imports: |
Asia, Europe, USA |
|
Exports: |
Africa |
|
Trademarks: |
Glo Mobile, Glo Broad Access, Glo Gateway, Glo Online, Glo Xpress |
|
Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
|
|
|
|
Main Customers: |
firms and organizations |
|
Employees: |
2800 employees. |
|
Vehicles: |
Several motor vehicles. |
|
Territory of sales: |
Nigeria |
|
Location: |
Owned premises, 10,000 square feet, |
|
Auditors: |
Information not
available. |
|
Insurance Brokers: |
Information not
available. |
|
Currency Reported: |
Nigerian Naira (NGN.) |
|
|
Approx. Ex. Rate: |
1 US Dollar = 161.01
Nigerian Naira |
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Fiscal Year End: |
December 31, 2013 |
|
|
Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2013 was of 13%. |
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|
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||
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Financial Information not
Submitted |
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|
|
|
|
|
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Profit and Loss
(expressed in NGN.) |
||
|
|
|
2013 |
|
Sales |
|
3,580,000,000 |
|
Bank Name: |
Sterling
bank |
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Branch: |
Nigeria |
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Comments: |
None |
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Experiences: |
Good |
|
|
|
|
NOTARIAL BONDS |
None |
|
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.60.23 |
|
UK Pound |
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.83.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SDA |
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 |
|
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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.