MIRA
INFORM REPORT
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Report Date : |
22.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
EMZOR PHARMACEUTICAL INDUSTRIES LIMITED |
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Registered Office : |
8/10, Broad Street, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
4th April 1984 |
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Com. Reg. No.: |
RC: 61894 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing of pharmaceutical / healthcare product. |
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 : |
No Complaints |
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Litigation : |
Clear |
IDENTIFICATION
COMPANY NAME: EMZOR PHARMACEUTICAL INDUSTRIES LIMITED
REGISTERED NAME: EMZOR
PHARMACEUTICAL INDUSTRIES LIMITED
REGISTERED ADDRESS: 8/10, Broad Street, Lagos-Nigeria
HEAD OFFICE ADDRESS: Plot 3C, Block A, Aswani Market Road, off Isolo/Apapa Express way,
Oshodi, Lagos-Nigeria
TELEPHONE(S): 234-1-7763863, 4523570, 4523721, 4527160
FAX: 234-1-4525288, 4525160
MOBILE: 234 - 8023127421
E-MAIL: info@emzorpharma.com
WEBSITE: www.emzorpharma.com
POSTAL ADDRESS: P.O.Box 1575, Oshodi, Lagos, 52053, Ikoyi, Lagos.
Subject is into manufacturing of pharmaceutical / healthcare products.
In Nigeria subject is considered to be a large 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 N122 to 1 US $.
SUMMARY
NATURE OF PREMISES: Owned, office space at head office occupying approximately 1,500 square
metres.
DATE INCORPORATED: 4th April 1984
YEAR BEGAN OPERATION: 1984
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC: 61894
SHARE CAPITAL: N50, 000.00
ALLOTTED SHARE CAPITAL: N50, 000.00
PAID-UP CAPITAL N50, 000.00
AUDITORS: Nil
SOLICITORS: Nil
COMPANY SECRETARY: Nil
STAFF STRENGHT: about 500
OWNERSHIP/SHAREHOLDING
STRUCTURE
Name
Mrs. Stella Chinyelu Okoli (MON)
SHARE HOLDERS (PREVIOUS)
Nil
DIRECTORS
Mrs. Stella Chinyelu Okoli (MON)
MANAGEMENT PROFILE
Mrs. Stella Chinyelu Okoli (MON) Managing Director/CEO
SUBSIDIARY COMPANY
Emzor Chemists Limited
PARENT COMPANY
Nil
BRANCHES
*1 Fola Agoro Street, Abule Ijesha, Yaba, Lagos.
*Factory: 2.5 Acres of land in the Isolo Industrial Area, Lagos
BANKER
Nil
TRADE REFERENCES
*PMG-MAN *MAN *NACCIMA *LCCI *PSN *BCI *NACC *NIPMA *NAIP *NAGPP *ALPS etc
PAYMENT REFERENCES
Subject has both Local and International references
PRODUCT DESCRIPTION
*Emzoron Tonic & Capsules *Folic Acid Tablets *Ferrous Gluconate Tablets *Chlorpheniramin Tablets *Em-B-Plex (Vit. B. Co) Tablets etc.
PERFORMANCE RANKING
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
OPERATIONS
Subject is into manufacturing of pharmaceutical / healthcare product.
Subject is located in an industrial area at Plot 3C, Block A, Aswani Market Road, off Isolo/Apapa Express way, Oshodi, Lagos-Nigeria
TYPES OF CUSTOMERS: General Public, Group of Companies, Government Agencies and Foreign Companies.
BACKGROUND
Emzor Pharmaceutical Industries Limited, a subsidiary of Emzor Chemists Limited, is a wholly private indigenous pharmaceutical manufacturing company incorporated in Nigeria in 1984 for the purpose of manufacturing high quality pharmaceutical products and medical consumables. Its holding company, Emzor Chemists Limited opened for retail business in January 1997 at No 1 Fola Agoro Street, Abule Ijesha, Yaba, Lagos-Nigeria.
The rapid growth of the retail business encouraged Emzor Chemists Limited to venture into the importation and wholesale of assorted pharmaceutical Products. The idea to manufacture locally came later and this was predicated on the need to develop local capability, create jobs and provide high quality pharmaceutical products and services to the Nigerian people at prices that are not only affordable but represent value.
Emzor Pharmaceutical Industries Limited started pilot production in 1985. By 1988 it had become and established pharmaceutical manufacturing company especially with the introduction of Emzor Paracetamol.
The factory is located on 2.5 Acres of land in the Isolo industrial area of Lagos with facilities to make a wide variety of high quality pharmaceutical products that meet international standards at affordable and competitive prices. The factory is registered with the Federal Ministry of Health under the supervision of Mrs. Stella Okoli, the Superintendent Pharmacist, Managing Director and Chief Executive Officer.
The secretary of Health to the Interim National Government Dr. Christopher Okojie officially commissioned the company in July 1993. The company has since attracted foreign mission, scholars, and students of pharmacy, microbiology and chemistry. In April 1999, Prof. Debo Adeyemi, the Honorable Minister of Health, commissioned the factory extension.
From the humble beginning of four (4) products lines in 1987, they now manufacture in their factory a large of over fifty (50) products in the analgesic, anti-malarial, vitamin/haematinics/multivitamin supplement, anti-helmintic, antibiotics and therapeutic class.
Today, Emzor has become a household name in Nigeria and a leader in the pharmaceutical market that is known for quality products at prices that offer real value. These products are widely distributed throughout Nigeria and the West Africa coast. Their commitment is to produce and deliver flawless products on time and every time.
EXPANSION PLAN
To become number one Pharmaceutical Company in Nigeria.
PRINCIPAL ANTECEDENT
1. Name: Mrs. Stella Chinyelu Okoli (MON)
Position: Managing Director/CEO
Profession: Pharmacist
Nationality: Nigerian
Education and Qualification: She has B. Pharm (Hons) degree form Bradford University (1969), M.Sc.
Biopharmaceutics, University of London-Chelsea College (1971), and attended
Executive Management programs of the Harvard Business School, Boston,
USA, for owner-manager 1997-1999. She also attended the Chief Executive
Management program of the Lagos Business School.
She has attended numerous strategic management courses both in Nigeria and Overseas.
Work History: She has over 27 years experience as a practicing/manufacturing pharmacist. She has held several professional leadership positions which include Chairman of the Pharmaceutical Manufacturers Group of Manufacturers Association of Nigeria, member of Economic Summit of Nigeria, and member of Health Matters Advisory Board of Nigeria.
She has received various national and international recognitions, which include Member Order of the Niger (MON), Fellow Pharmaceutical Society of Nigeria, Outstanding Service Award, Rotary International 21000, and ECOWAS International Gold Award. She is committed to local manufacturing of Pharmaceuticals with her able team of highly trained, competent and motivated managers and staffs.
She mentors other local manufacturers and encourages aspiring entrepreneurs to invest in the pharmaceutical industry first, as her contribution to building a healthy nation and second, in pursuit of Nigeria’s quest for self sufficiency.
PHYSICAL VISIT
Visits were made to
the followings:
COMPANY PREMISES
CORPORATE AFFAIRS COMMISSION.
FINANCES
Subject Audited Account was not available as at the time of our investigation.
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ASSESSMENT: |
Apparently healthy, with adequate working capital to meet normal commitments. |
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CREDIT LINE AMOUNT: |
FAIR |
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CREDIT LINE
OPINION: |
Transaction with subject is considered to be fair trade
risk |
DIRECT INTERVIEW
1. Name: Mr Jackson Obeme
Position Chief Security Officer
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. Nigeria’s 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 Africa’s 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 which 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.
NAFDAC’s 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 Nigeria’s 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 Plot 3C, Block A, Aswani Market Road, off Isolo/Apapa Express way, Oshodi, Lagos. The size of the Acres of land occupied is about 2.5 in the Isolo Industrial Area, Lagos. The closest bus stop to the factory is Five Star adjacent Chellarams Company limited.
OFFICIAL REMARKS
Having carried out all necessary research on subjects, our investigations revealed that, the company, Emzor Pharmaceutical Industries Limited is duly registered in Nigeria, with a registered address, 8/10, Broad Street, Lagos. While the operational office address is Plot 3C, Block A, Aswani Market Road, off Isolo/Apapa, Express way, Oshodi, Lagos, Nigeria.
All information contained in this reports are from both primary and secondary sources.
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 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%)