MIRA
INFORM REPORT
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Report Date : |
20.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
MECURE INDUSTRIES LIMITED |
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Registered Office : |
18, Sura Mogaji Street, Ilupeju, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
16th March 2005 |
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Com. Reg. No.: |
RC: 619125 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Preparation of pharmaceutical products. |
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 : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION
COMPANY NAME: MECURE INDUSTRIES LIMITED
REGISTERED NAME: MECURE INDUSTRIES LIMITED
REGISTERED ADDRESS: 18, Sura Mogaji Street, Ilupeju, Lagos
HEAD OFFICE ADDRESS: Debo Industries Compound, Plot 6, Block H, Oshodi Industrial,
Scheme, Oshodi, Lagos
TELEPHONE(S): 234-1-7738732, 7756293
FAX: 234-1-7755593
E-MAIL: Nil
POSTAL ADDRESS: Nil
Subject is into preparation of pharmaceutical products.
In Nigeria subject is considered to be a medium scale concern in this sector.
Currency: All monetary values in this report are in Nigerian
Naira, the local currency, except otherwise stated. The exchange rate is N130 to 1 US $.
SUMMARY
NATURE OF PREMISES: Leased, office space at head office occupying approximately 280 square metres.
DATE INCORPORATED: 16th March 2005
YEAR BEGAN OPERATION: 2005
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC: 619125
SHARE CAPITAL: N2,
000, 000.00
ALLOTTED SHARE CAPITAL: N2, 000, 000.00
PAID-UP CAPITAL N2, 000, 000.00
AUDITORS: Nil
SOLICITORS: Nil
COMPANY SECRETARY: Nil
STAFF STRENGHT: Nil
OWNERSHIP/SHAREHOLDING
STRUCTURE
Name %Held
Samir Udani 50
42, Garodia Nagar Ghatkopar
West Mumbai, India
Bharatkumar Shah 25
42, Garodia Nagar Ghatkopar
West Mumbai, India
Prakash Shah
12.5
42, Garodia Nagar Ghatkopar
West Mumbai, India
Rajesh Shah 12.5
42, Garodia Nagar Ghatkopar
West Mumbai, India
SHARE HOLDERS
(PREVIOUS)
Nil
DIRECTORS
1. Samir Udani
2. Bharatkumar Shah
3. Prakash Shah
4. Rajesh Shah
MANAGEMENT PROFILE
Samir Udani Executive Director
Bharatkumar Shah Executive Director
Prakash Shah Executive Director
Rajesh Shah Executive
Director
RELATED COMPANY
Nil
BRANCHES
Nil
BANKER
* First Inland Bank Plc
4/6 Adetokunbo Ademola Street, Victoria Island, Lagos, Nigeria
* Diamond Bank Plc.
60, Opebi Road, Ikeja, Lagos Nigeria
TRADE REFERENCES
Nil
PAYMENT REFERENCE
Nil
PRODUCT DESCRIPTION
Pharmaceutical Equipment and
Chemicals.
PERFORMANCE RANKING
* Quality of Management: AVERAGE
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
OPERATIONS
Subject is into preparation of pharmaceutical products.
Subject is located in a central business area at Debo Industries Compound, Plot 6, Block H, Oshodi Industrial, Scheme, Oshodi, Lagos.
PARTNERS
Nil
TYPES OF CUSTOMERS
*General Public, Group of Companies and Foreign Companies
BACKGROUND
Nil
EXPANSION PLAN
Nil
PRINCIPAL ANTECEDENT
NAME: Samir Udani
POSITION: Executive Director
PROFESSION: Nil
EDUCATION & QUALIFICATION: Nil
WORK HISTORY: Nil
PHYSICAL VISIT
Visits were made to the followings:
COMPANY PREMISES
CORPORATE AFFAIRS COMMISSION.
FINANCES
Subject audited accounts were not available as at the time of compiling this report. Therefore, its present financial position could not be ascertained.
DIRECT INTERVIEW
A staff interviewed at the company premises on the 18th April, 2007 refused to disclose information about their activities saying that the Managing Director has traveled out of Nigeria.
INDUSTRIAL OVERVIEW/
OPERATING
ENVIRONMENT
Nigeria’s pharmaceutical market is small considering the size of the population and growth; it is set to experience speedy improvement in the coming years. In addition, the country has huge potential. Aside from being Africa’s most populous nation, there is an entrepreneurial ethic in the country, which could help the pharmaceutical sector to develop.
Nevertheless, the national health system still suffers from low levels of funding and total per capita healthcare expenditure is well below US. $10.
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.
COMPANY LOCATION
The company is located at Debo Industries Compound, Plot 6, Block H, Oshodi Industrial, Scheme, Lagos.
OFFICIAL REMARKS
Having carried out all necessary research on subjects, our
investigations revealed that, the company, Mecure Industries Limited is
duly registered in Nigeria, with a registered address, 18,
Sura Mogaji Street, Ilupeju, Lagos. While the operational office address is at
Debo Industries Compound, Plot 6, Block H, Oshodi Industrial, Scheme, Oshodi,
Lagos.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)