MIRA INFORM REPORT

Report Date :

06.11.2013

IDENTIFICATION DETAILS

Name :	AUTORUBE INTERNATIONAL LIMITED
Registered Office :	Zone A, Block 3, Shop 63, Aspamda, Badagry Expressway, Lagos State
Country :	Nigeria
Date of Incorporation :	30.12.2008
Com. Reg. No.:	RC: 793752
Legal Form :	Limited Liability Company
Line of Business :	The Subject engages in Importation, Autorube Automatic Transmission, Sales and Distribution of Lubricant such as Autorube Brake, Clutch Fluid, and Fuel Injector Cleaners.
No. of Employees :	5

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, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Nigeria	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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 2007-12 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.

Source : CIA

OPERATIONS

The company engages in Importation, Autorube Automatic Transmission, Sales and Distribution of Lubricant such as Autorube Brake, Clutch Fluid, and Fuel Injector Cleaners.

COMPANY LOCATION

The company address located at Zone A, Block 3, Shop 63, Aspamda, Badagry Expressway, Lagos State, Nigeria

IDENTIFICATION

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 N160 to 1 US $.

SUMMARY

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)

OWNERSHIP/SHAREHOLDING STRUCTURE

Names %Held

Chukwudi Oramadike 70%

3, God’s Street, Ketu, Lagos State, Nigeria

Adejoke Leah Oramadike 20%

3, God’s Street, Ketu, Lagos State, Nigeria

Chinererem Rejoke Leah Oramadike 10%

3, God’s Street, Ketu, Lagos State, Nigeria

DIRECTORS

Chukwudi Oramadike

Adejoke Leah Oramadike

Chinererem Rejoke Leah Oramadike

MANAGEMENT PROFILE

S/N	NAMES	POSITION
1.	Mr. Chukwudi Oramadike	Managing Director/CEO
2.	Miss. Blessings Anamene	Secretary
3.	Mr. Nathaniel Okezue	Salesman

BACKGROUND

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. The company occupies an office room apartment on the ground floor of the building.

Autorube International Company Limited engages in Importation, Autorube Automatic Transmission, Sales and Distribution of Lubricant such as Autorube Brake, Clutch Fluid, and Fuel Injector Cleaners. It is a subsidiary of Umunna Resources Limited which also engage in same line of business.

During our visit to the company on the 24th of October, 2013, we met Mr. Nathaniel Okezue, the Salesman (234-813-960-8789) who confirmed the company’s line of business stated that the company is reputable. According to him, Mr. Chukwudi Oramadike, the Managing Director who is in best position to disclose further information about the company was not available during our visit. We later spoke with the Managing Director who also confirmed the company’s line of business and stated that the company’s major line of business is Importation and Sales of Automobile Lubricants and Auto Paints. He stated further that the company has good business relationship with some companies in India and that its clients in Nigeria include private and corporate companies and the general public.. Some of the products sighted at the shop includes: Emergency Tire Inflator, Autorube Break Oil, Radiator Codent Foam Cleaner, Abro Motor Flush, and Car Wax.

Conclusion: Based on our visit, available products sighted and discussion held with the principal staff of the company, we are of the opinion that the company is engages in sales of 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 Brake and Clutch Fluid,

Autorube Automatic Transmission

ASSOCIATE COMPANY

Umunna Resources Limited

TYPES OF CUSTOMERS

General Public

Group of Companies

Privates companies etc.

PERFORMANCE RANKING

* Quality of Management: GOOD

* Ethics & Integrity: GOOD

* Ownership Structure: GOOD

FINANCES

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).

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.

FGSL’s OFFICIAL REMARKS

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 both primary and secondary sources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.79
UK Pound	1	Rs.98.66
Euro	1	Rs.83.42

INFORMATION DETAILS

Report Prepared by :

SDA

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.