MIRA INFORM REPORT

 

 

Report Date :           

07.10.2011

 

IDENTIFICATION DETAILS

 

Name :

ROSEBEN ASSOCIATES NIGERIA LIMITED

 

 

Registered Office :

24A, Dele Orisabiyi Stret, Okot, Isolo, Lagos State

 

 

Country :

Nigeria

 

 

Date of Incorporation :

02.04.2009

 

 

Com. Reg. No.:

RC: 811523

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Packaging and Exporting of Condemned/used Car Battery, Lead Ingot, Lead Waste, Battery powder, General Merchant, Manufacturer's representatives

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

 

ROSEBEN ASSOCIATES NIGERIA LIMITED

 

 

OPERATIONS

 

The company is engaged in Packaging and Exporting of Condemned/used Car Battery, Lead Ingot, Lead Waste, Battery powder, General Merchant, Manufacturer's representatives

 

 

COMPANY LOCATION

 

The company address located at 24A, Dele Orisabiyi Street, Okota, Isolo, Lagos State, Nigeria.

 

 

RISK FACTORS

 

Credit Risk

CREDIT LINE AMOUNT:                        Normal

CREDIT LINE OPINION:                        Subject appears to be a credit worthy organization

 

 

IDENTIFICATION

 

COMPANY NAME:                                 ROSEBEN ASSOCIATES NIGERIA LIMITED

REGISTERED NAME:                            ROSEBEN ASSOCIATES NIGERIA LIMITED

SECTOR:                                              MANUFACTURERS/AGENTS

REGISTERED ADDRESS:                      24A, Dele Orisabiyi Stret, Okot, Isolo, Lagos State, Nigeria

HEAD OFFICE ADDRESS:                     24A, Dele Orisabiyi Stret, Okot, Isolo, Lagos State, Nigeria

TELEPHONE:                                        234-1-2664604

MOBILE:                                               234-803-401-3475

WEBSITE:                                            http://rosebenassociates

CONTACT PERSON:                             Mr. Dennis Akano (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 approximately 500 square meters

DATE INCORPORATED:                        2nd April, 2009

YEAR BEGAN OPERATIONS:                2009

LEGAL FORM:                                      Private Limited Company

REGISTRATION NO:                             RC: 811523

SHARE CAPITAL:                                 100,000.00

ISSUED CAPITAL:                                100,000.00

PAID-UP CAPITAL:                               100,000.00

STAFF STRENGHT:                              Over 10

 

 

OWNERSHIP/SHAREHOLDING STRUCTURE

 

Names                                                                                                 % Held

Harriet Nwaobiara Akano                                                                        15%                                         

12, Aliu Ibiyomi Street, Okota, Isolo, Lagos State, Nigeria

 

Melvin Onyekachi Akano                                                                        25%                                         

12, Aliu Ibiyomi Street, Okota, Isolo, Lagos State, Nigeria

 

Benneth Denis Akano                                                                             60%

12, Aliu Ibiyomi Street, Okota, Isolo, Lagos State, Nigeria

 

 

DIRECTORS                                             

 

  1. Harriet Nwaobiara Akano
  2. Melvin Onyekachi Akano
  3. Benneth Denis Akano

 

BACKGROUND

 

Roseben Associates Nigeria Limited was incorporated on 2nd April, 2009 with Registration Number (RC: 811523). The corporate head office is located at 24A, Dele Orisabiyi Street, Okota, Isolo, Lagos State, Nigeria. It is a residential building, it is a storey building comprising of multiple flats. It is well fenced, painted ox-blood and off white, it has an iron gate painted ox-blood as well. The Managing Director of the company occupies a flat on the 1st floor.

 

RoseBen Associates Nigeria Limited is a reputable company in the Processing and exporting of pure battery lead ingot and Lead dust. The company clients span around Spain, Argentina and China.

 

During our visit to the company on 4th October, 2011, Mr. Benneth Denis Akano was not available but Miss Dike Favour (234-806-116-1620) a relative who lives with him stated that the company operates from the address which also serves as the residential address of the Managing Director/CEO . She promised to deliver our document to the Managing Director but she refused to provide the company contact mobile number on hearing our mission. During our brief discussion with some of the occupants in the promises they confirmed that the company operates legitimate business. They further maintained that the Managing Director of the company is a God fearing person.

 

We later spoke with the Managing Director of the company Mr. Benneth Denis Akano (080-34013475) who confirmed that the company is engaged in Packaging and Exporting of Condemned/used Car Battery, Lead Ingot, Lead Waste, Battery powder, General Merchant, Manufacturer's representatives.

 

Conclusion:  based on our visit and discussion held with the Managing Director’s relative and other occupants of the building, we are of the opinion that the company exists and the Managing Director is a corporate citizen. In addition, he operates legitimate business. As such, any business relationship with the company should be mutually beneficial.

 

TYPES OF CUSTOMERS

 

·        General Public

·        Group of Companies

 

 

PERFORMANCE RANKING

 

* Quality of Management:          GOOD

* Ethics & Integrity:                     GOOD

* Ownership Structure:               GOOD

 

 

FINANCES

 

The company’s Audited Account was not available during our visit; therefore, as such, its present financial state could not be ascertained.

 

FGSL RISK 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

 

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 Roseben Associates Nigeria Limited is duly registered in Nigeria with a registered address is located at 24A, Dele Orisabiyi Street, Okota, Isolo, Lagos State, Nigeria, which also serves as its operational address is located at the same address.

 

Information contained in the report is mostly from secondary sources.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.19

UK Pound

1

Rs.75.92

Euro

1

Rs.65.44

 

 

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%)

 

 

 

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.