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Report No. : |
338585 |
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Report Date : |
03.09.2015 |
IDENTIFICATION DETAILS
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Name : |
ORIENT REFINING AND PETROCHEMICALS COMPANY LTD |
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Registered Office : |
Plot 174, Ikenegbu Layout, Imo State |
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Country : |
Nigeria |
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Date of Incorporation : |
12.04.2001 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Subject operate oil and
petroleum production and refining |
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No. of Employees : |
2000 Employees. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Nigeria |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
Following an April 2014 statistical "rebasing"
exercise, Nigeria has emerged as Africa's largest economy, with 2014 GDP estimated
at US$479 billion. Oil has been a dominant source of government revenues since
the 1970s. Regulatory constraints and security risks have limited new
investment in oil and natural gas, and Nigeria's oil production contracted in
2012 and 2013. Nevertheless, the Nigerian economy has continued to grow at a
rapid 6%-8% per annum (pre-rebasing), driven by growth in agriculture,
telecommunications, and services, and the medium-term outlook for Nigeria is
good, assuming oil output stabilizes and oil prices remain strong. Fiscal
authorities pursued countercyclical policies in 2011-13, significantly reducing
the budget deficit. Monetary policy has also been contractionary. Following the
2008-9 global financial crises, the banking sector was effectively recapitalized
and regulation enhanced. Despite its strong fundamentals, oil-rich Nigeria has
been hobbled by inadequate power supply, lack of infrastructure, delays in the
passage of legislative reforms, an inefficient property registration system,
restrictive trade policies, an inconsistent regulatory environment, a slow and
ineffective judicial system, unreliable dispute resolution mechanisms,
insecurity, and pervasive corruption. Economic diversification and strong
growth have not translated into a significant decline in poverty levels - over
62% of Nigeria's 170 million people live in extreme poverty. President JONATHAN
has established an economic team that includes experienced and reputable
members and has announced plans to increase transparency, continue to diversify
production, and further improve fiscal management. The government is working to
develop stronger public-private partnerships for roads, agriculture, and power.
|
Source
: CIA |
|
Registered Name: |
ORIENT REFINING AND
PETROCHEMICALS COMPANY LTD |
|
Requested Name: |
ORIENT REFINERY AND PETROCHEMICAL COMPANY LTD |
|
Other Names: |
ORIENT REFINING
COMPANY NIGERIA LIMITED |
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Physical Address: |
Plot
174, Ikenegbu Layout |
|
|
Imo
State |
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Country: |
Nigeria |
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Phone: |
234-8037113496 |
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Fax: |
234-8037113496 |
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Email: |
None |
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Website: |
None |
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
12-April-2001 |
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Reg. Number: |
Nigeria |
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Nominal Capital |
NGN.
10,000,000 |
|
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Subscribed Capital |
NGN.
10,000,000 |
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Subscribed Capital is Subscribed in the following form: |
||
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Position |
Shares |
|
Chief Emeka Anyaoku |
Chairman |
|
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Dr. Alex Ekwueme |
Vice
Chairman |
|
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Eng. Nnaemeka Nwawka |
MD/CEO |
|
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Eng. Ikemefuna E. Akuezumba |
Director |
|
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Eng. Sunny E. Okoye |
Director |
|
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Chief Cletus M. Ibeto |
Director |
|
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None |
Parent company. |
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None |
Subsidiary company. |
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None |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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None |
Branches of the firm |
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Registered to operate oil
and petroleum production and refining |
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Imports: |
Asia, Middle East |
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Exports: |
Worldwide |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices & tenders |
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Main Customers: |
firms and organizations |
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Employees: |
2000 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Nigeria |
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Location: |
Leased premises, 100,000 square feet, |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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Currency Reported: |
Nigerian Naira (NGN.) |
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Approx. Ex. Rate: |
1 US Dollar = 199.07
Nigerian Naira |
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Fiscal Year End: |
December 31, 2014 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2014 was of 13%. |
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Financial Information not
Submitted |
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Profit and Loss
(expressed in NGN.) |
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2014 |
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Sales |
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67,176,480,000 |
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Profit After Tax |
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2,883,440,000 |
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Bank Name: |
First
Bank of Nigeria |
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Branch: |
Nigeria |
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Comments: |
None |
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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.66.16 |
|
|
1 |
Rs.101.22 |
|
Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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Report Prepared
by : |
NIT |
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 |
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-- |
NB |
New Business |
-- |
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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.