|
Report Date : |
29.01.2014 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
|
Registered Name: |
WHIZ OIL LIMITED |
|
Requested Name: |
WHIZ OIL LIMITED |
|
Other Names: |
None |
|
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 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% |
|
Pokobros Group |
Parent company. |
|
None |
Subsidiary company. |
|
Listed Below |
Affiliated companies. |
|
None |
Shareholder of subject
firm. |
|
None |
Branches of the firm |
|
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: |
Information not
available. |
|
Insurance Brokers: |
Information not
available. |
|
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 Name: |
Stanbic
IBTC Bank Nigeria Limited |
|
Branch: |
Nigeria |
|
Comments: |
None |
|
Experiences: |
Good |
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.62.98 |
|
|
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
Report
Prepared by : |
DPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.