MIRA INFORM REPORT
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Report Date : |
16.04.2011 |
IDENTIFICATION DETAILS
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Name : |
LAMACO INTERNATIONAL LIMITED |
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Registered Office : |
Zone A, Block 3, Suite 63/64, Aspamda, Lagos/Badagry
Expressway, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
10.03.2000 |
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Com. Reg. No.: |
RC: 376835 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importation, Sales and Distribution of Auto
Spare parts |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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Nigeria |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
Company name
LAMACO
INTERNATIONAL LIMITED
OPERATIONS
The company is engaged in importation, Sales
and Distribution of Auto Spare parts.
COMPANY LOCATION
The company is located at
Zone A, Block 3, Suite 63/64, ASPAMDA, Lagos/Badagry Expressway, Lagos.
IDENTIFICATION
COMPANY NAME: LAMACO INTERBIZ LIMITED
REGISTERED NAME: LAMACO INTERNATIONAL LIMITED
HEAD OFFICE ADDRESS: No.8,
Uga Street, Uruagu, Nnewi, Anambra State. Nigeria
REGISTRATION
ADDRESS: Zone
A, Block 3, Suite 63/64, ASPAMDA, Lagos/Badagry Expressway, Lagos. Nigeria.
MOBILE/TEL: 234-803-3234767
PRIMARY CONTACT: Mr. Emeka (Manager)
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: 10th March, 2000
YEAR BEGAN OPERATIONS: 2010
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC: 376835
SHARE CAPITAL: 300, 000.
00
ISSUED CAPITAL: 300,
000. 00
PAID-UP CAPITAL:
300, 000. 00
STAFF STRENGHT: 6
(Six)
OWNERSHIP
1.
Linus E. Okoli
8, Uga Street, Uruagu Street, Nnewi, Anambra State.
2.
Paulinus E. Okoli
8, Uga Street, Uruagu Street, Nnewi, Anambra State.
DIRECTORS
1.
Linus E. Okoli
2.
Paulinus E. Okoli
BACKGROUND
Lamaco Interbiz Limited was
incorporated as a private limited liability company on 10th March, 2000 with Registration Number: (RC:
376835). It is located at Zone A, Block 3,
Suite 63/64, ASPAMDA, Lagos/Badagry Expressway, Lagos. The company is engaged in importation, Sales and Distribution of Auto Spare parts.
During our visit to the company on 15th April, 2011,
Mr. Emeka (Manager) declined to provide any
information about the company and stated that the Managing
Director who is in best position to divulge any information about the company
is not available.
Some of the company’s
products such as Piston rings, Spray paint and belt dressing spray 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.
TYPES OF CUSTOMERS
General Public, Private
Individuals etc
PERFORMANCE RANKING
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
PHYSICAL VISIT
- Company Premises
- 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 $4 Million (Four Million Dollars).
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RATING ASSESSMENT |
Apparently
healthy, with adequate working capital to
meet normal Commitments |
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CREDIT LINE AMOUNT: |
Normal |
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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 No.8,
Uga Street, Uruagu, Nnewi, Anambra State. Nigeria
while its corporate office address is located at REGISTRATION ADDRESS: Zone
A, Block 3, Suite 63/64, 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.52 |
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UK Pound |
1 |
Rs.72.72 |
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Euro |
1 |
Rs.64.41 |
RATING EXPLANATIONS
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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 |
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.