MIRA
INFORM REPORT
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Report Date : |
21st
February, 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 : |
04.09.1997 |
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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 : |
Pharmaceutical, Neutraceutical, Biotech,
and Medical Devices Operations. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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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 : LASU-IGANDO Road, Ikotun-Idimu, Lagos.
TELEPHONE(S) : 234-1-8129299, 7613316
MOBILE : 234 – 802-300-2632, 4354485
E-MAIL : tyonexaccts@yahoo.com, info@tyonex.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 N130 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 : 66
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 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
Nil
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: FAIR
OPERATIONS
Subject business focus is on Pharmaceutical, Neutraceutical, Biotech, and Medical Devices Operations.
Subject is located in a central business area in Igando-Ikotun 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
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.
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RISK
RATING ASSESSMENT: |
A GOOD Apparently healthy, with adequate working capital to meet normal commitments |
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CREDIT
LINE AMOUNT: |
Normal |
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0CREDIT
LINE OPINION: |
Subject appears to be a credit worthy organization |
DIRECT INTERVIEW
NAME: Mr. Mike Asegiemhe
POSITION: Head, Finance / Admin
DATE OF INTERVIEW: 14th February, 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 Pharmaceutical industry in Nigeria.
Subject has qualified, efficient, and dedicated staff that are all times on the alert to respond to client needs.
INDUSTRIAL OVERVIEW/ OPERATING
ENVIRONMENT
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, in Ikotun –Igando are of Lagos.
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, in Ikotun –Igando are of 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/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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