MIRA
INFORM REPORT
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Report Date : |
15.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
CLIMAX PHARMACEUTICAL CHEMIST LIMITED |
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Registered Office : |
35, Galadima Road, Sabon- Gari, kano |
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Country : |
Nigeria |
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Date of Incorporation : |
05.06.1999 |
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Com. Reg. No.: |
164244 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Pharmaceutical and the sales of pharmaceutical related products. |
RATING &
COMMENTS
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MIRAs 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 |
IDENTIFICATION
COMPANY NAME: CLIMAX PHARMACEUTICAL CHEMIST LIMITED
REGISTERED
NAME: CLIMAX PHARMACEUTICAL CHEMIST LIMITED
REGISTERED
ADDRESS: 35, Galadima Road, Sabon- Gari, kano, Nigeria
HEAD
OFFICE ADDRESS: 52, Sarki Yaki
Road, Nomans Land, Kano, Nigeria
TELEPHONE(S): 234-64-641566,
632827
FAX: 234-64-641566, 632827
MOBILE: Nil
E-MAIL: Nil
WEBSITE: Nil
POSTAL
ADDRESS: 52, Sarki Yaki Road, Nomans Land, Kano,
Nigeria
Subject is into
pharmaceutical and the sales of pharmaceutical related 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 N123.83 to
1 US $.
SUMMARY
NATURE OF PREMISES: Leased,
office space at head office occupying approximately 120 square metres.
DATE INCORPORATED: 5th
June 1999
YEAR BEGAN
OPERATION: 1999
LEGAL FORM: Private Limited
Company
REGISTRATION NO: RC:
164244
SHARE CAPITAL: N100,
000.00
ALLOTTED SHARE
CAPITAL: N100, 000.00
PAID-UP CAPITAL N100, 000.00
STAFF
STRENGHT: 20
OWNERSHIP/SHAREHOLDING STRUCTURE
Name
Mr. Cletus Emenika
Mr. Cletus Emenike
Mr. Azubike Anyadike
Mr. Uchenna Emenike
SHARE HOLDERS (PREVIOUS)
Nil
DIRECTORS
Mr. Cletus Emenika
Mr. Cletus Emenike
Mr. Azubike Anyadike
Mr. Uchenna Emenike
MANAGEMENT PROFILE
Mr. Cletus Emenika
Mr. Cletus Emenike
Mr. Azubike Anyadike
Mr. Uchenna Emenike
ASSOCIATE COMPANY
Nil
BRANCH
Nil
BANKER
Name: International
Bank Plc
Address: Lagos-Nigeria
TRADE REFERENCES
Nil
PAYMENT REFERENCES
Nil
PRODUCT DESCRIPTION
Pharmaceutical Products/Equipment
PERFORMANCE RANKING
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
OPERATIONS
Subject is into
pharmaceutical and the sales of pharmaceutical related products.
Subject is located in a central business
area at 52, Sarki Yaki Road, Nomans Land, Kano, Nigeria
TYPES OF CUSTOMERS
*General Public
BACKGROUND
Nil
EXPANSION PLAN
Nil
PRINCIPAL ANTECEDENT
Nil
PHYSICAL VISIT
Visits were made to the followings:
1.
COMPANY PREMISES
2.
CORPORATE AFFAIRS
COMMISSION.
FINANCES
Subject Audited Account was not available as
at the time of compiling this report.
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CREDIT LINE
AMOUNT: |
FAIR |
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0CREDIT LINE
OPINION: |
Transaction with subject is considered to
be fair trade risk |
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DIRECT INTERVIEW
1. Secretary
Undetermined as she refused to give her name.
She declines all information about the company
INDUSTRIAL OVERVIEW/
OPERATING ENVIRONMENT
The pharmaceutical industry is very important to the economy of every
country. Pharmaceuticals, especially drugs, are so priceless that no nation can
survive without them and every serious-minded government pays great attention
to drugs. Drugs are so important that the World Health organization (WHO)
recommends a National Drug Policy for every country. Nigerias pharmaceutical
market is large, considering the size of the population growth it is likely to
increase speedily in the coming years, because the country has a huge
potential. Aside from being Africas most populous nation, there is an
entrepreneurial ethic in the country, which could help the pharmaceutical
sector develop rapidly.
Nevertheless, the national health system still suffers from low levels
of funding and total per capita healthcare expenditure is well below US$10.
Arguably, the key problem facing the sector is the scourge of
counterfeit drugs, which account for approximately half of all drug sales in
the country. Unsafe medicines kill thousands of people each year, also
undermine the local manufacturing sector, and deter multinationals. However,
the National Agency for Food and Drug Administration and Control (NAFDAC) is
fighting to stem the illicit trade, conducting 15, 697 raids between 2001 and
2006. Although this had had an impact, the trade continues unabated, due to
high demand for affordable treatments. Nonetheless, the activities of NAFDAC
have greatly encouraged more indigenous players in this sector.
Despite the apparent growth in the number of indigenous players in the
industry, there remains the fact that no company has set up a basic active raw
material manufacturing plant in Nigeria, not even for Paracetamol or Aspirin.
The pharmaceutical industry is greatly challenged in this regard.
The amendment of the Essential Drug List (EDL) decree restricting the
application only to public health institutions was the first tonic to the
industry. With the amendment to this decree, companies were able to expand
their product base, resuscitate abandoned product lines, and increase their
volume, turnover and profit margins. Industries were able to source their raw
materials and equipment, free from encumbrances. This was of great benefit.
The abolition of Value Added Tax (VAT) on pharmaceutical raw materials,
coupled with the reduction of tariff on raw materials and equipment by the
Nigerian government have greatly encouraged the pharmaceutical industry.
NAFDACs differential tariff and its war against fake drugs are now
creating a boom for the pharmaceutical industry. Presently, there are
eighty-six (86) local pharmaceutical manufacturing companies producing only
about 30% of Nigerias drug need.
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 52, Sarki Yaki
Road, Nomans Land, Kano, Nigeria
OFFICIAL REMARKS
Having carried out all necessary research on
subjects, our investigations revealed that, the company, Climax Pharmaceutical
Chemist Limited is duly registered in
Nigeria, with a registered address, 35, Galadima Road, Sabon- Gari, kano, Nigeria. While the operational office address is 52,
Sarki Yaki Road, Nomans Land, Kano, Nigeria.
All information contained in this reports
are from secondary sources only.
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. |
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 SCs 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%)