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Report Date : |
09.10.2012 |
IDENTIFICATION DETAILS
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Name : |
AUTORUBE INTERNATIONAL LIMITED |
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Registered Office : |
Zone A, Block 3, Shop 63, ASPAMDA, Badagry Expressway, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
30.12.2008 |
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Com. Reg. No.: |
RC: 793752 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importation, Sales and Distribution of Lubricant
such as Autorube brake and Clutch Fluid, Autorube Automatic Transmission and
Fuel Injector Cleaners |
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No. of Employees : |
05 employees |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
nigeria - ECONOMIC OVERVIEW
Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms. Nigeria pulled out of its IMF program in April 2002, after failing to meet spending and exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club. In November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt. Since 2008 the government has begun to show the political will to implement the market-oriented reforms urged by the IMF, such as modernizing the banking system, removing subsidies, and resolving regional disputes over the distribution of earnings from the oil industry. GDP rose strongly in 2007-11 because of growth in non-oil sectors and robust global crude oil prices. President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, diversify economic growth, and improve fiscal management. Lack of infrastructure and slow implementation of reforms are key impediments to growth. The government is working toward developing stronger public-private partnerships for roads, agriculture, and power. Nigeria's financial sector was hurt by the global financial and economic crises, but the Central Bank governor has taken measures to restructure and strengthen the sector to include imposing mandatory higher minimum capital requirements.
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Source : CIA |
AUTORUBE
INTERNATIONAL LIMITED
The company engages in Importation, Sales and
Distribution of Lubricant such as Autorube brake and Clutch Fluid, Autorube Automatic
Transmission and Fuel Injector Cleaners.
The company address located at Zone A, Block 3, Shop 63, ASPAMDA, Badagry Expressway, Lagos State, Nigeria
COMPANY NAME: AUTORUBE INTERNATIONAL LIMITED
REGISTERED NAME: AUTORUBE
INTERNATIONAL LIMITED
REGISTERED ADDRESS: Zone
A, Block 3, Shop 63, ASPAMDA, Badagry Expressway,
Lagos State, Nigeria
HEAD OFFICE
ADDRESS: Zone
A, Block 3, Shop 63, ASPAMDA, Badagry Expressway,
Lagos State, Nigeria
MOBILE: 234-803-581-8814
EMAIL: umunnaus@yahoo.com , autorube@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 N150 to 1 US $.
NATURE OF PREMISES: Leased office space approximately 500
square meters
DATE INCORPORATED: 30th December, 2008
YEAR BEGAN OPERATION: 2010
LEGAL FORM: Limited
Liability 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: Five
(5)
Names %Held
1. Chukwudi
Oramadike 70%
3,
God’s Street, Ketu, Lagos State, Nigeria
2. Adejoke
Leah Oramadike 20%
3,
God’s Street, Ketu, Lagos State, Nigeria
3. Chinererem
Rejoke Leah Oramadike 10%
3,
God’s Street, Ketu, Lagos State, Nigeria
1. Chukwudi
Oramadike
2. Adejoke
Leah Oramadike
3. Chinererem
Rejoke Leah Oramadike
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S/N |
NAMES |
POSITION |
|
1. |
Mr. Chukwudi Oramadike |
Managing Director/CEO |
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2. |
Miss. Blessings Anamene |
Secretary |
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3. |
Mr. Nathaniel Okezue |
Salesman |
Autorube International Limited was incorporated on 30th December, 2008 with Registration Number (RC: 793752). The corporate showroom/head office is located at Zone A, Block 3, Shop 63, ASPAMDA, Badagry Expressway, Lagos State, Nigeria. It occupies an office room apartment on the ground floor.
Autorube International Company Limited is a subsidiary of Umunna Resources Limited which also engaged in same line of business.
During our visit on the 5th October, 2012, Mr. Chukwudi Oramadike the Managing Director stated that the company has good business relationship with some companies in India. According to him, the company’s major line of business is Importation and Sales of Automobile Lubricants and Auto Paints. Some of the products sighted at the shop includes: Autorube Break Oil, Abro Motor Flush, Radiator Codent Foam Cleaner, Emergency Tire Inflator and Car Wax. He added that he is currently expecting some of the goods from India.
Miss Blessings Anamene the Secretary (Tel: 234-802-504-6752) on her part confirmed that their major overseas client is Autorube in India. Mr. Nathaniel Okezue, the Salesman (234-813-960-8789) added that the company is reputable and its clients in Nigeria include private and corporate companies and the general public.
Conclusion: Based on our visit, available products sighted and discussion held with some of the principal staff of the company, we are of the opinion that the company is basically into Automobile Lubricant. In addition, they appear to be credit worthy. As such, any business relationship with the company should be mutually beneficial.
PRODUCT
DESCRIPTION
·
Autorube fuel injector cleaners.
·
Autorube Automatic transmission
·
Autorube brake and clutch fluid,
TYPES OF CUSTOMERS
·
General Public
·
Group of Companies
·
Privates companies etc.
PERFORMANCE
RANKING
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
Subject Audited Accounts was not available as at the time of compiling this report. However, based on the industry the company belongs to and the services rendered, we advise that the total credit limited to be given to the company could be put at $200,000 (Two Hundred Thousand Dollars).
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.
(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.
Having carried out all necessary verifications on the company, our investigations revealed that Autorube International Limited is duly registered in Nigeria with a registered address is located at Zone A, Block 3, Shop 63, ASPAMDA, Badagry Expressway Isolo, Lagos State, Nigeria, Lagos State, Nigeria, which also serves as its operational address.
Information contained in the report is mostly from secondary sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.21 |
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UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.67.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.