MIRA
INFORM REPORT
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Report Date : |
29.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
TYONEX NIGERIA LIMITED |
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Registered Office : |
62, Benue Crescent, Makurdi, Benue State |
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Country : |
Nigeria |
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Date of Incorporation : |
4th September 1997 |
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Com. Reg. No.: |
RC: 319526 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is into Pharmaceuticals, Biotech and Vaccines Services. |
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: TYONEX
NIGERIA LIMITED
REGISTERED NAME: TYONEX NIGERIA LIMITED
REGISTERED ADDRESS: 62, Benue Crescent, Makurdi, Benue
State
HEAD OFFICE ADDRESS: KM 10,
LASU-IGANDO Road, Lagos.
TELEPHONE(S): 234-1-8129299,
7613316
MOBILE: 234 – 802-300-2632, 4354485
E-MAIL: tyonexaccts@yahoo.com, tyonexnorth@yahoo.com
WEBSITE: www.tyonex.com
Subject is into Pharmaceuticals, Biotech and Vaccines Services. Subject
also offers the followings: * Internet Café, Telephoning and Business
Secretariat.
In Nigeria subject is considered to be a
large 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 2500 Square
meters.
DATE INCORPORATED: 4th September 1997
YEAR BEGAN OPERATION: 1997
LEGAL FORM:
Private Limited Company
REGISTRATION NO: RC: 319526
SHARE CAPITAL: N100,
000.00
ALLOTTED SHARE CAPITAL: N100,
000.00
PAID-UP CAPITAL N100,
000.00
AUDITORS:
Nil
SOLICITORS: Nil
COMPANY SECRETARY: Nil
STAFF STRENGHT: 70
OWNERSHIP/SHAREHOLDING
STRUCTURE
Name %Held
Emmanuel Tyohemba 50
Dere Awosika 20
Felicia Agba 20
James Agba 10
SHARE HOLDERS (PREVIOUS)
Nil
DIRECTORS
Emmanuel Tyohemba
Dere Awosika
Felicia Agba
James Agba
MANAGEMENT PROFILE
Mr. Agba T. Emmanuel Managing
Director / CEO
Asegiemhe Michael Financial
/ Admin Manager
Momodu Victor Acting
Area Manager-Benin
Waziri Ibrahim Snr.
Marketing Executive
Ayinde Rasheed Area
Manager-West
Ajakaiye David Medical
Representative
Ojemeh Augustine Medical
Representative
Akagbusi Lazarus Pharm
Representative
Olayode Henry Regulatory
Pharmacist
Maxwell Chinwe Personel
/ CRO
Fagbohun Michael A. Production
Manager
Adebola Badejo Sales
Representative
Yusuf Hakeem Deputy
Operations Manager
RELATED COMPANY
Tyonex Telecommunications
BRANCH
ABUJA BRANCH
Plot 1210, Suite 13 Kaku Plaza
Idofian Close Wuse 2
Abuja
BANKER
Name: First Bank of Nigeria Plc
Address: Lagos-Nigeria
TRADE REFERENCES
Pharmaceutical Manufacturing and Marketing Companies in Nigeria.
WTO.
Nigerian-German Trade Delegation
Nigerian-Turkish Chamber of Commerce
PAYMENT REFERENCE
DROGSAN, Turkey
MN Pharmaceuticals, Turkey
Herbal Groups Inc. USA
Pleasure Latex Products Sdn, Malasia
APR, Switzerland
LINEA, Switzerland
PRODUCT DESCRIPTION
Product is into Pharmaceutical, Neutraceutical, Biotech, Medical Devices
and Personal Hygiene.
PERFORMANCE RANKING
* Quality of Management:
GOOD
* Ethics & Integrity: GOOD
* Ownership Structure:
GOOD
OPERATIONS
Subject business focus is on Pharmaceutical, Neutraceutical, Biotech,
and Medical Devices Operations.
Subject is located in a central business area in Igando, Ojo Local
Government Area of Lagos State, Nigeria.
TYPES OF CUSTOMERS
General Public, Group of Companies, Pharmaceutical Companies and Foreign
Companies
BACKGROUND
TYONEX NIGERIA LIMITED is a group of registered companies, with
operational base throughout Nigeria and Corporate Head Office based in Lagos,
Nigeria.
Established since September 1997, Tyonex is member of Pharmaceutical
Manufacturing and Marketing Companies in Nigeria. It is a member of several
trade bodies such as WTO, Nigerian German Trade Delegation and Nigerian Turkish
Chamber of Commerce. Our Manufacturing Plants are located in Lagos for both
Pharmaceuticals and Neutraceuticals.
EXPANSION PLAN
Subject is to champion the best in Healthcare products and practices by
developing and bringing innovative products to humanity. It also intends to
maintain collaborative license agreements (exclusive licenses, co-marketing and
/ or co-promotion agreements) for the African Continent.
PRINCIPAL ANTECEDENT
Name: Mr.
Emmanuel T. Agba
Position: Managing
Director/CEO
Profession: Pharmacist
Date of Birth: Nil
Place of Birth: Nil
State of Origin: Nil
Nationality: Nigerian
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.
Though, subject is among the leading Pharmaceutical Companies in Nigeria
with high capital base.
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ASSESSMENT: |
Apparently healthy, with adequate working capital to meet normal
commitments |
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CREDIT LINE AMOUNT: |
Normal |
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CREDIT LINE OPINION: |
Subject appears to be a credit
worthy organization |
DIRECT INTERVIEW
NAME: Mr. Mike Asegiemhe
POSITION: Head,
Finance / Admin
DATE OF INTERVIEW: 28th December, 2007
According to Mr. Mike Asegiemhe, Tyonex Nigeria Limited is a Medium and
Large Scale Enterprise (MLE) with a lot of potential for a brighter future in
the Pharmaceutical industry in Nigeria.
He also stated that Tyonex Nigeria Limited as part of their desire for
growth has launched a new product called MAGNA-RX which contains 2 tablets is a
dietary supplement for:
Natural increase of Down Under Libido
Increase Energy Level
Uplift of Sex drive in men
Improving general indices of stress and mood disturbances
Improving mental alertness
Restoring testosterone level to normal(HGW)
Increase of Sparmatogenesis
Subject has qualified, efficient, and dedicated staff that are all times
on the alert to respond to client needs.
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 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.
Subject is operating in an industry with very great potentials. With the
Local Content Initiative of the supervising agency, Nigerian
indigenous companies now have exclusive rights to up-to 30% of all contracts
awarded within the industry.
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 in an Industrial area in LASU-IGANDO Road, Igando
area of Lagos.
OFFICIAL REMARKS
Having carried out all necessary research on subject’s, our
investigations revealed that, the company, Tyonex Nigeria Limited is duly
registered in Nigeria, with a registered address, 62, Benue Crescent, Makurdi,
Benue State. While the operational
office is, LASU-IGANDO Road, Igando, Lagos-Nigeria. Subject is into genuine business transactions and ongoing
concern.
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%)