MIRA INFORM REPORT

 

 

Report Date :

7th November, 2006

 

IDENTIFICATION DETAILS

 

Name :

NEXUS PHARMA INTERNATIONAL LIMITED

 

 

Registered Office :

55 Western Avenue, Surulere, Lagos

 

 

Country :

Nigeria

 

 

Date of Incorporation :

2001

 

 

Com. Reg. No.:

218603

 

 

Legal Form :

Private Limited company

 

 

Line of Business :

Pharmaceutical (Importation of drugs)

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Undetermined

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Unknown

 

 

 

Name           

 

Nexus International Ltd

 

 

Address

 

55 Western Avenue, Surulere, Lagos.   

 

 

Share Capital

 

10000

 

 

Rc Number 

 

36578

 

 

Date of Incorporation

 

22nd December, 1980

 

 

Comment    

 

The above information is the result of the search, we conducted on the subject from Corporate Affairs Commission.

 

 

Alert

 

Subject was not registered with corporate affairs commission but he gave us the following information.

 

Name                            : Nexus Pharm International Limited

Office Address               : 64, Agodokome Street, Idumota - Lagos

Tel                                : 234-1-81474448, 08033032539

E-mail                           : nexusoltd@yahoo.com.

Date Incorporated           : 2001

Managing Director/CEO  : Mr. Ibeh Gabriel

Legal form                     : Private Limited company                      

RC No.                          : 218603

Line of Business            : Pharmaceutical (Importation of drugs)

Products                       : Buprofan, Asprion-caffeine, ibu-pra-caffo.

 

 

Alert

 

Subject office was virtually empty during the time of our visit but he claims that he sells the above products which was not visible

 

 

Alert

 

The registration number that the subject claimed to be its registration number was 218603. but we conducted s search on the number, we found that it was Onifam Laboratories Limited not Nexus Pharma International Ltd. Also, subject claims that, Onifam Laboratories is a subsidiary of Nexus Pharm International Limited. The following corporate information is the result of search we conducted on Onifam Laboratories at corporate affairs commission.

 

Name                            : Onifam Laboratories Limited

Registered Address        : 230 Herbert Macauly Street Ebute-Metta

Registration Numeber     : 218603

Allocated share capital   : 50000

Date Registered : 26th March, 1993.

 

 

BUSINESS RISK

 

Subject Business Environment

The Nigerian economy is improving because the government has put in place a lot of reform. However, the economy is still characterised with low capacity utilization in the industries, high inflationary trends unfavourable interest rate and high unemployment rate.

 

 

NATURE OF SUBJECT’S BUSINESS

 

Subject claims to be a player in pharmaceutical business in Nigeria.

Alert:    subject office is virtually empty during the time of our visit.

 

 

MANAGING DIRECTOR

 

Mr. Ibeh Gabriel is the managing director of the subject.

 

 

PRODUCTS

 

Subject claims that he imports the following products from abroad and sell in Nigeria.

Ibuprofen, Piroxican, Ibu Para-caffo and Asprin Caffine

Alert: Subject office was virtually empty during the time of our visit

 

 

OWNERSHIP STRUCTURE

 

Nigerian            -           100%

Foreign             -           Nil

 

 

ECONOMIC TREND

                                                                        2006

Foreign exchange rage to US$                            N130

Interest rate                                                       30%

 

 

GLOBAL ECONOMIC TREND

 

Globally, pharmaceutical industry is large with dominance of companies from India. In spite of this many companies in Africa wants to partner with companies from India because they produced high quality pharmaceutical products.

 

 

FINANCIAL INFORMATION

 

Financial information was not available.

 

 

PREMISES

 

It is a three storey building situated in the commercial nerve center of Lagos subject occupies one of the store on the ground floor.

Alert: Subject office was virtually empty.

 

 

MANAGING EXECUTIVES PROFILE

 

Name                            : Mr. Ibeh Gabriel

Marital status                : Married

Academic qualification    : Diploma in linguistic

Career Status                : Managing Director

Number of wives : One

Number of children         : 1

State of origin                : Anambra State

Nationality                     : Nigerian

 

 

BANKER

 

United Bank of Africa Plc

Intercontinental Bank Plc.

 

 

COMPETITORS

 

Evans Medical Plc

Swipha Pharmacy

Jawa International Ltd.

Drugfield Pharmaceuticals Ltd.

Unique Pharmaceuticals Ltd.

Pharnchem Pharmacy.

 

 

SHAREHOLDERS

 

Nkwume K.U

Igwe Ojike

Adetowubo C.A.

Nkume K.U

Comments: subject shares are not allotted.

 

 

STOCK MARKET SHARE MOVEMENT

 

Subject is a private limited liability company. Henceforth, its shares are not quoted on the floor of Nigerian Stock Exchange.

 

 

CONCLUSION AND RECOMMENDATION

 

Nexus pharma International Limited was not incorporated in Nigeria. It was Nexus International Limited according to the result of the search we conduced on the subject from corporate affairs commission.

 

Meanwhile, subject claims to be a director at Onifam Laboratories Ltd, a Subsidiary according to Mr. Ibeh Gabriel but the names of the directors from the result of our search are as follows:

Adedoyin Oni, Ayodeji Oni, Ebenezer Kayode and Ebenezer Kayode.

We advised that caution must be taken in dealing with the subject.


 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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