MIRA
INFORM REPORT
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Report Date : |
24.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
SYNERGY HEALTHCARE LIMITED |
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Registered Office : |
Olokun Ayo House, plot 15, Kudirat Abiola Way, Oregun,
Ikeja, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
2nd September 2004 |
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Com. Reg. No.: |
RC: 606220 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing of healthcare products, marketing of imported and locally manufactured drugs, marketing of medical/laboratory equipment and furniture, diagnostic reagents and hospital consumables, equipping, furnishing and advisory services on running of hospitals, maternity homes and diagnostic centres. |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION
COMPANY NAME : SYNERGY HEALTHCARE LIMITED
REGISTERED NAME : SYNERGY HEALTHCARE LIMITED
REGISTERED ADDRESS : 266 Ikorodu Road, Lagos.
HEAD OFFICE ADDRESS : Olokun Ayo House, plot 15, Kudirat Abiola Way, Oregun, Ikeja, Lagos.
TELEPHONE(S) : 234-1-4967734, 8936876, 8936877, 8181216
FAX : 234-1-4967734
MOBILES : 234 (0) 803-302-9595, 802-827-4808
E-MAILS : synergy_healthcare@yahoo.com, admin@synergyng.com,
WEBSITE : www.synergyng.com
POSTAL ADDRESS : P. O. Box 13892 Ikeja, Lagos.
Subject is into importation and local manufacturing of healthcare products, marketing of imported and locally manufactured drugs, marketing of medical/laboratory equipment and furniture, diagnostic reagents and hospital consumables, equipping, furnishing and advisory services on running of hospitals, maternity homes and diagnostic centres.
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 200 square metres.
DATE INCORPORATED: 2nd September 2004
YEAR BEGAN OPERATION: 2004
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC: 606220
SHARE CAPITAL: N120,
000, 000.00
ALLOTTED SHARE CAPITAL: N105,
000, 000.00
PAID-UP CAPITAL N105,
000, 000.00
AUDITORS: Nil
SOLICITORS: Nil
COMPANY SECRETARY: Nil
STAFF STRENGHT: 45
OWNERSHIP/SHAREHOLDING
STRUCTURE
Name %Held
Ayebae Fidelis Akhagboso 35
22, Ousegun Crescent,
Anthony Village,
Lagos- Nigeria.
Ademola Adeoti 30
215/219, Ikorodu Road,
Lagos- Nigeria.
Shah Vidyut 0
E/10 Venus APYS DR RG
Thadanimarg Wori T Mumbai
India
Rays International (FZC) 30
Subscriber Executive
Suite x-3-02 Sharjah
United Arab
John Aigbokhaode 5
266 Ikorodu Road,
Lagos -Nigeria.
SHARE HOLDERS
(PREVIOUS)
Nil
DIRECTORS
1. Mr. Ayebae Fidelis Akhagboso
2. Mr. Ademola Adeoti
3. Mr. Shah Vidyut (India)
4. Mr. Rays International (FZC) (United Arab)
5. Mr. John Aigbokhaode
MANAGEMENT PROFILE
Mr. Ademola Adeoti Managing Director
Mr. Eustace Shokpeka Head, Sales and Marking
Mr. Dehinsilu Adekunle Aderemi Regional Business Manager (North)
Mr. Cyril O. Aninwike Regional Business Manager (East)
Mr. Kolawole Oluyomi Regional Business Manager (West)
Mr. Akinsete Akintunde Charles Regional Business Manager (Lagos)
Mr. Babatunde Ajewole Finance Manager
RELATED COMPANY
Nil
BRANCHES
*WESTERN REGION
C/o Kanada Pharmacy
137, Oyemekun Road,
Akure, Ondo State
Tel: 234-8023411388
*EASTERN REGION
C/o Dona Chemist
Opposite NationalOrthopaedic
Hospital, Abakpa Junction,
Enugu State.
Tel: 234-8037870518, 8057279295, 42-300362
*NORTHERN REGION
C/o C. O. D Chemists Limited
Shop 11, Wuse Shopping Complex,
Zone 3, Wuse, Abuja.
Tel: 234-8022230680, 8055243746
Fax: 234-9-3143260
BANKER
1. Name: Diamond Bank Plc
Account No: 36250255
Address: Ogba, Ikeja, Lagos-Nigeria
Year Opened: 2006
2. Name: Intercontinental Bank Plc
Address: Alausa, Ikeja, Lagos-Nigeria
Year Opened: 2005
3. Name: Spring Bank Plc
Address: Engineering Close, off Adeola Hopewell Street, Victoria Island, Lagos-Nigeria
Year Opened: 2005
4. Name: Sterling Bank Plc
Address: Oba-Akran Avenue, Ikeja, Lagos-Nigeria
Year Opened: 2005
5. Name: Zenith Bank Plc
Address: Dopemu, Lagos-Nigeria
Year Opened: 2006
TRADE REFERENCES
Local and Foreign Companies
PAYMENT REFERENCE
V.S. International Private. Limited, Sai Mirra Pharma, USV Limited, USV, BROMEDAL, TOP GLOVES and TROIKAA PHARMACEUTICALS LIMITED
PRODUCT DESCRIPTION
Pharmaceutical Equipment
PERFORMANCE RANKING
* Quality of Management: VERY GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
OPERATIONS
Subject is into importation and local manufacturing of healthcare products, marketing of imported and locally manufactured drugs, marketing of medical/laboratory equipment and furniture, diagnostic reagents and hospital consumables, equipping, furnishing and advisory services on running of hospitals, maternity homes and diagnostic centres.
Subject is located in a central business area at Olokun Ayo House, plot 15, Kudirat Abiola Way, Oregun, Ikeja Lagos-Nigeria.
PARTNERS
*V.S. International Private. Limited
*Sai Mirra Pharma
*USV Limited
*USV
*BROMEDAL
*TOP GLOVES
*TROIKAA PHARMACEUTICALS LIMITED
TYPES OF CUSTOMERS
*General Public * Foreign Companies * Group of Companies
BACKGROUND
Synergy healthcare limited was incorporated in Nigeria, September 2004 to manufacturing, marketing and sales of healthcare products. It is a joint venture with knowledge and experience in healthcare industry.
Synergy Healthcare, with corporate head office in Lagos, started operations in February 2005 with a vision to be among the leading companies in the healthcare/pharmaceutical industry within and outside the country
OPERATIONS
The hallmark of her operations is to ensure complete satisfaction of customer’s services. Therefore, they make available products at cutting-edge prices while post marketing support to customers with utmost delight. This they achieve there and highly motivated professionals with diverse fields of specializations.
Within a year of operation, they have ensured a wide speed of our brands nation avenues: Hospitals / Clinics, Registered Distributors, Pharmacy Shops, Medical Parastatals, Non-Governmental Organizations and the Consuming Public.
PERSONNEL
At Synergy Healthcare Limited, her Human Capital is the most vital asset. This providing a workplace climate of cooperation, trust, teamwork, open communication and creativity for her employees.
Since the quality of an organization’s employees directly influences its ability to gain and sustain competitive advantage, the strength of our workforce lies in the synergy of qualitatively trained personnel, guided by professionalism and integrity with the aim of meeting the need of customers and the society at large.
Within our first year of operation, our staff strength increased from 18 to over 45 within about 21 staff in marketing covering the northern, eastern and Lagos / western region.
EXPANSION PLAN
Subject intends to expand her view to overseas companies
PRINCIPAL ANTECEDENT
1. NAME: Ademola Adeoti
POSITION: Managing Director
PROFESSION: Pharmacy
EDUCATION & QUALIFICATION:
In 1991 he graduated from Obafemi Awolowo University, Ile-ife and Hold B.Sc (Pharmacy)
WORK HISTORY:
He has experience of over fourteen years in various Pharmaceutical Companies / Establishments. Among Federal Ministry of Healthcare & Social Service, Lagos State Hospital Management Board, Radiant Healthcare etc. He was the pioneer Pharmacist of Fidson Healthcare Limited in 1995 and led the company’s market until 1999 when he became the General Manager of the company. He became a Board member (Executive Director) of the company in year 2000 and was involved in the establishment of the ultra-modern man facility at Sango-Ota, Ogun State. He retired as Operations Director in December 2004 to form Healthcare Limited (A multi-faceted healthcare marketing company).
2. NAME: Eustace Shokpera
POSITION: Head, Sales and Marketing
PROFESSION: Pharmacy
EDUCATION & QUALIFICATION:
He graduated from the school of Pharmacy of the University of Benin in the year 1990.
WORK HISTORY:
He has working experience of over sixteen years in various Pharmaceutical Companies and establishment such as: SWISSCO Nigeria Limited, Jagal Pharmaceuticals Limited and Bethel Pharmaceutical Limited before joining Synergy Healthcare Limited in November 2004 as Regional Business Manager (Lagos). He became the Head, Sales and Marketing in October 2006.
3. NAME: Dehinsilu Aderemi
POSITION: Business Manager (North)
PROFESSION: Pharmacy
EDUCATION & QUALIFICATION:
He graduated from the Faculty of Pharmacy, Obafemi Awolowo University, Ile-Ife in 1991 with a Second Class Upper Division.
WORK HISTORY:
He has Worked in various Places like the University College Hospital Ibadan as an internal pharmacist, Anas-Eso P Glaxo Nig. Ltd as a Medical Representative and rose to the position of Area I he later moved to Emma-Ella Pharmaceuticals in 2002 as the CEO before Synergy Healthcare as Regional Business Manager in February 2005.
4. NAME: Cyril.O. Aninwike
POSITION: Business Manager (East)
PROFESSION: Pharmacy
EDUCATION & QUALIFICATION: He is a 1987 Pharmacy graduate of the University of Nigeria Nsuka.
WORK HISTORY: His professional career started in Onitsha General Hospital in 1987, Became a Medical Representative of Servipharm (A subsidiary of Ciba-Geigy) in 1989 and rose to the position of Business Development Manager (North) for Norvaits Pharma Services in 1998. Joined Synergy Healthcare Limited in June 2005 from TQS Pharmaceuticals Ltd, Abuja; where he was working as the National Sales and Marketing Manager.
5. NAME: Kolawole Oluyomi
POSITION: Business Manager (West)
PROFESSION: Pharmacy
EDUCATION & QUALIFICATION: A 1991 graduate of Pharmacy from Ahmadu Bello University Zaria..
WORK HISTORY: He has over 12 yeas working in various places such as Alpha Pharmaceutical industry. He has worked in various places such as Alpha Pharmaceutical Stores Ltd, CHI Pharma Ltd, Dynamic Pharmaceuticals Ltd. and Forever Living Nig Ltd. He joined Synergy Healthcare Ltd as the Superintendent Pharmaceutical December 2004 and rose to the position of Regional Business Manager in April.
6. NAME: Akinsete Akintunde Charles
POSITION: Business Manager (Lagos)
PROFESSION: Pharmacy
EDUCATION & QUALIFICATION: He is a 1996 graduate of Pharmacy from Obafemi Awolowo University.
WORK HISTORY: He worked with Nigeria German chemicals plc and Uripharma specialties limited before joining Synergy Healthcare in October 2006 as the Regional Business Manager (Lagos). He was formerly the secretary of Nigeria Association of Industrial Pharmacists (NAIP).
7. NAME: Babatunde Ajewole
POSITION: Finance Manager
PROFESSION: Chartered Accountant
EDUCATION & QUALIFICATION: An Associate member of the Institute of Chartered Accountants of Nigeria.
WORK HISTORY: His first degree in Accounting and Finance from Yaba College of Technology and later obtained BSc in Economics from Ambrose Alli University, Ekpoma in has worked in various places such as John Holt Plc as Senior Accounts Super Channels Television as Company Accountant. Joined Synergy Healthcare Finance Manager in May 2006 from Dele Odunowo & Co (Chartered Accountant) where he was the Audit Senior.
PHYSICAL VISIT
Visits were made to the followings:
COMPANY PREMISES
CORPORATE AFFAIRS COMMISSION.
FINANCES
BALANCE SHEET AS AT 31ST MARCH, 2006
2006
N N
Fixed Assets 28,232,477
Preliminary Expenses 3,504,500
CURRENT ASSETS:
Stocks 24,841,920
Trade Debtors 38,427,768
Other Debtors 4,520,845
Prepayments 1,325,152
Cash at Bank 23,026
69,138,711
CURRENT LIABILITIES:
Trade Creditors 15,537,587
Other Creditors 8,352,717
Accruals 4,863,989
Taxation 2,474,434
Deferred Taxation 297,768
31,526,495
Net Current Assets 37,612,216
Total Assets less Current Asset
69,349,193
FINANCED BY:
Share Capital 63,000,000
Deposit for Shares 7,677,682
General Reserve (1,328,489)
69,349,19
PROFIT AND LOSS ACCOUNTS FOR THE YEAR ENDED 31ST MARCH,
2006
N
Turnover 184,293,771
Cost of Sales (105,428,713)
Gross Profit 78,865,058
Distribution Expenses (38,278,074)
Administrative Expenses (35,894,577)
Accrued Interest Expenses and Similar Charges (3,248,694)
Profit Before Tax 1,443,713
Taxation (2,772,202)
Loss After Taxation and Transferred to
General Reserved (1,328,489)
2006
N
FINANCIAL SUMMARY:
Turnover 184,293,771
Profit Before Taxation 1,443,713
Profit After Taxation (1,328,489)
Networth 69,349,193
Fixed Assets 28,232,477
Current Assets 69,138,711
Total Assets 100,875,688
Current Liabilities 31,526,495
COMMENTS
The Subject Financial statement reflects fourteen (14) months, However, the financial statement presented was only for 2006; with this, comparative analysis could not be ascertain to.
Meanwhile, within the fourteen months financial statement presented, the working capital was N37, 612,216. While its Liquidity ratio and Acid Test ratio was 2:1, which is favorable to the Company.
DIRECT INTERVIEW
NAME: Ademola Adeoti
POSITION: Managing Director
DATE OF INTERVIEW: 22nd March, 2007
Other Interview: Mr. Tunde Ajewole B.Sc. (Econs.) ACA –Finance Manager
They both confirmed all the information in this report.
INDUSTRIAL OVERVIEW/
OPERATING
ENVIRONMENT
The Pharmaceutical industry in Nigeria has grown in size and complexity since the commencement of the present administration. The industry has become more sophisticated technically, financially and in terms of the required skills and expertise. With Government regulatory bodies like NAFDAC, NDLEA Etc.
The government policy in using indigenous contractors to execute her projects has gone a long way in increasing the capital base, greater utilization of Nigerian human and material resources in this sector.
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 a central business area at Olokun Ayo House, plot 15, Kudirat Abiola Way, Oregun, Ikeja Lagos-Nigeria.
OFFICIAL REMARKS
Having carried out all necessary research on subjects, our investigations revealed that, the company, Synergy Healthcare Limited is duly registered in Nigeria, with a registered address, 266, Ikorodu Road, Lagos-Nigeria. The operational office address is at Olokun Ayo House, plot 15, Kudirat Abiola Way, Oregun, Ikeja Lagos-Nigeria.
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%)