MIRA INFORM REPORT

Report Date :

09.01.2012

IDENTIFICATION DETAILS

Name :	METAL BROS GROUP AUTOMATIVE CONSULTING LIMITED
Registered Office :	1, Faith Street, Kirikiri Industrial Estate, Apapa & 38/40, Strachan Street, Lagos State
Country :	Nigeria
Date of Incorporation :	24.02.2010
Com. Reg. No.:	RC: 871933
Legal Form :	Private Limited Company
Line of Business :	Exporting, Recycling Lead from Spoilt Batteries and Producing Poly Protone
No. of Employees :	30

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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

METAL BROS GROUP/AUTOMATIVE CONSULTING LIMITED

OPERATIONS

The company engages in Exporting, Recycling Lead from Spoilt Batteries and Producing Poly Protone

COMPANY LOCATION

The company address located at 1, Faith Street, Kirikiri Industrial Estate, Apapa, 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: METAL BROS GROUP/AUTOMATIVE CONSULTING

LIMITED

REGISTERED NAME: METALBROS LIMITED

REGISTERED ADDRESS: 1, Faith Street, Kirikiri Industrial Estate, Apapa & 38/40, Strachan

Street, Lagos State, Nigeria

HEAD OFFICE ADDRESS: 1, Faith Street, Kirikiri Industrial Estate, Apapa, Lagos State, Nigeria

OTHER ADDRESS: 6-10-J, Owoh Street, Comfort Obon Kirikiri Industrial Estate, Apapa,

Lagos State, Nigeria

MOBILE: 234-702-332-6139, 802-303-0413

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 (FOR METRALBROS)

NATURE OF PREMISES: Leased office space approximately 500 square meters

DATE INCORPORATED: 24th February, 2010

YEAR BEGAN OPERATIONS: 2010

LEGAL FORM: Private Limited Company

REGISTRATION NO: RC: 871933

SHARE CAPITAL: 5,000,000.00

ISSUED CAPITAL: 5,000,000.00

PAID-UP CAPITAL: 5,000,000.00

STAFF STRENGHT: Over 30

OWNERSHIP/SHAREHOLDING STRUCTURE (FOR METRALBROS)

Names %Held

1. Automative Consulting Nigeria Limited 51%

38/40, Starachan Street, Onikan, Lagos State, Nigeria

2. Adiele David Chike

38/40, Starachan Street, Onikan, Lagos State, Nigeria

3. WTN Spain S.L. 49%

Granvia Fernando Catolico, 5-846008, Valencia, Spain

4. UWE Saborofski

38/40, Starachan Street, Onikan, Lagos State, Nigeria

DIRECTORS

1. Adiele David Chike

SUMMARY (FOR AUTOMATIVE CONSULTING NIGERIA LIMITED)

NATURE OF PREMISES: Leased office space approximately 500 square meters

DATE INCORPORATED: 1st September, 2005

YEAR BEGAN OPERATIONS: 2005

LEGAL FORM: Private Limited Company

REGISTRATION NO: RC: 633345

SHARE CAPITAL: 500,000

ISSUED CAPITAL: 500,000

PAID-UP CAPITAL: 500,000

STAFF STRENGHT: Over 30

OWNERSHIP/SHAREHOLDING STRUCTURE (FOR AUTOMATIVE CONSULTING NIGERIA LIMITED)

Names %Held

1. Chike David Adiele 70%

7, Oluseun Crescent, Gbagada Phase 1, Lagos State, Nigeria

2. Josephine Kofo-Abayomi 30%

4A, Olutunda Street, Ilupeju, Lagos State, Nigeria

DIRECTORS

· Chike David Adiele

· Josephine Kofo-Abayomi

BACKGROUND

MetalBros Limited was incorporated on 24th February, 2010 with Registration Number (RC: 871933). The corporate head office is located at 1, Faith Street, Kirikiri Industrial Estate, Apapa, Lagos State, Nigeria. It occupies a large premises of a storey building used as factory, it is not painted but the gate is painted blue. It is the first building by the left side of the street.

During our visit on 5th January, 2012, we spoke with Mr. Adiele David Chike, the Managing Director (234-802-303-0413) who acknowledged our document and disclosed that the company engages in Export, Recycling Lead from Spoilt Battery, Produce Poly Protone and Aluminium to foreign countries like Germany and Asia. He added that the company’s second address 6-10-J, Owoh Street, Comfort Obon, Kiri-Kiri Industrial Estate, Apapa, Lagos is the corporate office address as well as the phone numbers but he refused to provide further details unless the source of enquiry is disclosed. He later returned our document and stated that he is not interested in any business relationship as a result of the previous bad experience he had with one India company and does not want to do business with any Indian company. He therefore ordered our officer to leave his office immediately. Meanwhile, business activities was ongoing during our visit.

Based on our secondary sources, Automative Consulting Nigeria Limited is one of the shareholders of Metal Bros.

Conclusion: Based on our visit and brief discussion with Mr. Adiele David Chike (Managing Director) and people working in the factory we witnessed, we are of the opinion that the company is engage in 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.

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 Metalbros Group Africa is duly registered in Nigeria with a registered address is located at 1, Faith Street, Kirikiri Industrial Estate, Apapa, Lagos State, Nigeria, while 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.52.78
UK Pound	1	Rs.81.79
Euro	1	Rs.67.46

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%)

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