MIRA INFORM REPORT
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Report Date : |
20.08.2011 |
IDENTIFICATION DETAILS
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Name : |
AURUS PACKAGING LIMITED |
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Registered Office : |
C-12, Niger Towers 51-55, Glover Road, Ikoyi, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
27.09.2010 |
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Com. Reg. No.: |
RC: 913564 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Warehousing
and Packaging Services |
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 : |
Usually Correct |
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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 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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
AURUS PACKAGING
LIMITED
OPERATIONS
The company
engages in Warehousing and Packaging Services.
COMPANY LOCATION
The company is located at East
West Express Way, Eleme, Port Harcourt, Rivers State, Nigeria.
RISK FACTORS
Credit Risk
CREDIT LINE
AMOUNT: Normal
CREDIT LINE
OPINION: Subject appears to be a credit worthy organization
IDENTIFICATION
ENQUIRY NAME: AURUS
PACKING LIMITED
COMPANY NAME: AURUS PACKAGING LIMITED
REGISTERED NAME: AURUS
PACKAGING LIMITED
HEAD
OFFICE ADDRESS: East West Express
Way, Eleme, Port Harcourt, Rivers State, Nigeria.
REGISTED
ADDRESS: C-12,
Niger Towers 51-55, Glover Road, Ikoyi, Lagos State, Nigeria.
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 450 square
DATE INCORPORATED: 27th
September, 2010
LEGAL FORM: Private Limited Liability Company
REGISTRATION NO: RC:
913564
SHARE CAPITAL: 150,000,000.00
ALLOTTED SHARE CAPITAL: 10,000,000.00
STAFF STRENGHT:
Over
20
OWNERSHIP/SHAREHOLDING STRUCTURE
1.
Jain Praveen Kumar Kailashchandra
Flat
1-B Kishi's House Plot 11 Laiyi Ajayi, Ikoyi
Lagos Nigeria
2.
Toral Business S.A
Pasea Estate Road
Town, Tortola, Bv/Island
3.
Bang Deepak Kumar
C-12, Niger Towers 51-55 Glover Road Ikoyi Lagos.
Nigeria
BACKGROUND
Aurus Packaging Limited was incorporated on 27th
September, 2010 with Registration Number (RC. 913564). The corporate head
office is located at East West Express Way, Eleme, Port Harcourt, Rivers State,
Nigeria and registered address at C-12, Niger Towers 51-55, Glover Road, Ikoyi, Lagos State,
Nigeria.
During our
visit to the company, the security guard confirmed the company’s line of business
but refused to give any other details about the company on hearing our mission
and stated that he could not give any information without the consent of the
management. All efforts to speak with other members of staff proved abortive as
we were denied access into the premises and there was no phone number on the
enquiry to speak with them on phone.
However we
sighted some products neatly packed in their respective cartons in the premises
in a distance from the gate. Though primary source close to the company
premises confirmed that subject started business late last year but they are
reputable in the business.
Note: Aurus Packaging Limited increased its share capital
from 10,000,000.00 to
140,000,000.00 and later to 150,000,000.00 23rd March, 2011
Conclusion: Based on our physical visit, available information and products
sighted in their cartons; we are of the opinion that subject engage on
legitimate business. As such, any business relationship with the company should
be mutually beneficial.
TYPES OF CUSTOMERS
·
General Public,
·
Group of Companies
AREA OF VISIT
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Company Premises
·
Corporate Affairs Commission
PERFORMANCE RANKING
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
FINANCES
The company’s
Audited Account was not available during our visit. However, based on the
services the company renders and the sector the Company’s estimated turnover
could be put at $5 Million (Five Million Dollars).
INDUSTRIAL OVERVIEW/ OPERATING ENVIRONMENT
There are many
opportunities in this sector of the economy. This could be largely achieved
through Foreign Companies joint ventures with Nigerian companies, with adequate
Training/Technical Assistance - Provision of training facilities for a large
work force indirectly engaged in the Sub-Sector of the economy. 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.
OFFICIAL REMARKS
Having carried out all necessary
verifications on the company, our investigations revealed that Aurus Packaging Limited is duly
registered in Nigeria with a registered address located at C-12, Niger Towers 51-55, Glover Road, Ikoyi, Lagos State,
Nigeria, while its operational address is
located at East West Express Way, Eleme, Port Harcourt, Rivers State,
Nigeria.
The company is into genuine business transactions. It is an on-going concern.
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.45.61 |
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UK Pound |
1 |
Rs.75.32 |
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Euro |
1 |
Rs.65.68 |
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 |
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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.