MIRA INFORM REPORT

 

 

Report Date :            

16.04.2011

 

IDENTIFICATION DETAILS

 

Name :

AUTORUBE INTERNATIONAL LIMITED

 

 

Registered Office :

Zone A, Block 3, Shop 54, ASPAMDA, Lagos/Badagry, Expressway, Lagos.

 

 

Country :

Nigeria

 

 

Date of Incorporation :

30.12.2008

 

 

Com. Reg. No.:

RC: 793752

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

importation, Sales and Distribution of Lubricant

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Nigeria

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company NAME

 

AUTORUBE INTERNATIONAL LIMITED

 

 

OPERATIONS

 

The company is engaged in importation, Sales and Distribution of Lubricant such as Autorube brake and clutch fluid, Autorube Automatic transmission and fuel injector cleaners.

 

 

COMPANY LOCATION

 

The company is located at Zone A, Block 3, Shop 63, ASPAMDA, Lagos/Badagry Expressway, Lagos.

 

 

IDENTIFICATION

 

COMPANY NAME:                                AUTORUBE INTERNATIONAL LIMITED

HEAD OFFICE ADDRESS:                    Zone A, Block 3, Shop 54, ASPAMDA, Lagos/Badagry

Expressway, Lagos.

 

REGISTRATION ADDRESS:                  Zone A, Block 3, Shop 63, ASPAMDA, Lagos/Badagry Expressway, Lagos.

 

MOBILE/TEL:                                       234-803-5818814

EMAIL:                                                 umunnaus@yahoo.com

PRIMARY CONTACT:                            Mr. Chukwudi Oramadike (Managing Director/CEO)

 

Currency: All monetary quoted in this report are in Nigerian Naira, the local currency or unless otherwise stated. The exchange rate is N148 to 1 US $.

 

 

SUMMARY

 

NATURE OF PREMISES:                        Leased office space occupying approximately 500 square metres.

DATE INCORPORATED:                       30th December, 2008

YEAR BEGAN OPERATIONS:   2010

LEGAL FORM:                                       Private Limited Company

REGISTRATION NO:                              RC: 793752

SHARE CAPITAL:                                 1,000, 000. 00

ISSUED CAPITAL:                                1,000, 000. 00

PAID-UP CAPITAL:                               1,000, 000. 00

STAFF STRENGHT:                                          5 (five)

 

OWNERSHIP

 

1.     Chukwudi Oramadike                                               70%

3, God’s Street, Ketu, Lagos. Nigeria.

2.     Adejoke Leah Oramadike                                         20%

3, God’s Street, Ketu, Lagos. Nigeria.

3.     Chinemerem Rejoke Leah Oramadike                        10%

3, God’s Street, Ketu, Lagos. Nigeria.

 

           

BOARD OF DIRECTORS

 

  1. Chukwudi Oramadike                            
  2. Adejoke Leah Oramadike                                  
  3. Chinemerem Rejoke Leah Oramadike     

 

 

MANAGEMENT

 

  1. Mr. Chukwudi Oramadike                        -           Managing Director/CEO                        

 

 

BACKGROUND

 

Autorube International Company Limited was incorporated as a private limited liability company on 30th December, 2008 with registration number: (RC: 793752). It is located at Zone A, Block 3, Shop 63, ASPAMDA, Lagos/Badagry Expressway, Lagos.

The company is engaged in importation, Sales and Distribution of Lubricant such as Autorube brake and clutch fluid, Autorube Automatic transmission and fuel injector cleaners.

 

Autorube International Company Limited is a subsidiary of Umunna Resources Limited also engaged in same line of business.

During our visit to the company, Mr. Chukwudi Oramadike (Managing Director/CEO) stated that  Autorube International Company Limited shares the same shop with the parent company Umunna Resources Limited.  According to him, the company maintains good business relationship with some Indian companies. He later refused to disclose further information about his company to us on security reasons.               

Some of the company’s products were sighted on display during our visit.         

 

Conclusion: Based on our visit to the company and available information, we are of the view that the company runs a legitimate business with verifiable. As such, any business relationship with the company should be mutually beneficial.

 

 

PRODUCT DESCRIPTION

 

  • Autorube brake and clutch fluid,
  • Autorube Automatic transmission
  • Autorube fuel injector cleaners.

 

 

TYPES OF CUSTOMERS

 

·         General Public

·         Private Individuals etc

 

 

PERFORMANCE RANKING

 

* Quality of Management:          GOOD

* Ethics & Integrity:                   GOOD

* Ownership Structure:               GOOD

 

 

PHYSICAL VISIT

 

  1. Company Premises 
  2. Corporate Affairs Commission

 

 

FINANCES

 

Subject’s Audited Accounts was not available as the time of compiling this report. However, based on the industry the subject belongs to and services rendered, the estimated turnover could be put at $5 Million (Five Million Dollars).

 

 

Rating assessment

Apparently healthy, with adequate working

capital to meet normal Commitments

CREDIT LINE AMOUNT

Normal

CREDIT LINE OPINION

Subject appears to be  a credit worthy organization

 

 

INDUSTRIAL OVERVIEW/ OPERATING ENVIRONMENT

 

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.

 

 

CMT REPORT

(Corruption, Money Laundering & Terrorism)

 

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 as at the time of compiling this report.

 

OFFICIAL REMARKS

 

Having carried out all necessary verifications on the subject, our investigations revealed that Autorube International Limited is duly registered in Nigeria, with a registered address at Zone A, Block 3, Shop 54, ASPAMDA, Lagos/Badagry Expressway, Lagos while its corporate office address is located at Zone A, Block 3, Shop 63, ASPAMDA, Lagos/Badagry Expressway, Lagos  Nigeria.

 

Subject is into genuine business transactions.  Subject is an on-going concern. 

All information contained in the report is mostly from secondary sources only.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.52

UK Pound

1

Rs.72.72

Euro

1

Rs.64.41

 

 

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

 

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.