.
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Report Date : |
29.01.2014 |
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 : |
Subject engages in Importation, Autorube Automatic Transmission, Sales
and Distribution of Lubricant such as Autorube Brake, Clutch Fluid, and Fuel
Injector Cleaners. |
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|
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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 |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
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 $.
The company address located at Zone A, Block 3, Shop 63, Aspamda,
Badagry Expressway, Lagos State, Nigeria
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)
The company engages in Importation, Autorube Automatic Transmission,
Sales and Distribution of Lubricant such as Autorube Brake, Clutch Fluid, and
Fuel Injector Cleaners.
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
Chukwudi Oramadike
Adejoke Leah Oramadike
Chinererem Rejoke Leah Oramadike
|
S/N |
NAMES |
POSITION |
|
1. |
Mr. Chukwudi Oramadike |
Managing Director/CEO |
|
2. |
Miss. Blessings Anamene |
Secretary |
|
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. 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.
Autorube Fuel Injector Cleaners.
Autorube Brake and Clutch Fluid,
Autorube Automatic Transmission
Umunna Resources Limited
General Public
Group of Companies
Privates companies etc.
* 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 both primary and
secondary sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.99 |
|
|
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.