MIRA
INFORM REPORT
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Report Date : |
16.10.2007 |
IDENTIFICATION DETAILS
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Name : |
KATCHEY COMPANY LIMITED |
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Registered Office : |
7, |
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Country : |
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Date of Incorporation : |
20th April 1989 |
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Com. Reg. No.: |
RC: 129813 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Supply, installation and maintenance of laboratory equipment, chemicals, reagents and glassware. |
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: KATCHEY COMPANY LIMITED
REGISTERED NAME: KATCHEY
COMPANY LIMITED
REGISTERED
ADDRESS: 7,
HEAD OFFICE ADDRESS: 26, Odanye Close, Off
TELEPHONE(S): 234-1-2708906, 2708905, 3451240-2
FAX: 234-1-2708907
E-MAIL: info@katchey.com, k.isa@katchey.com
WEBSITE: www.katchey.com
POSTAL ADDRESS: Nil
Subject is into supply, installation and maintenance of laboratory equipment, chemicals, reagents and glassware.
In
Currency: All monetary values in this report are in Nigerian
Naira, the local currency, except otherwise stated. The exchange rate is N128
to 1
SUMMARY
NATURE OF PREMISES: Owned, office space at head office occupying approximately 1,520 square
metres.
DATE INCORPORATED: 20th April 1989
YEAR BEGAN OPERATION: 1989
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC: 129813
SHARE CAPITAL: N500,
000.00
ALLOTTED SHARE
CAPITAL: N500, 000.00
PAID-UP CAPITAL N500, 000.00
AUDITORS: Nil
SOLICITORS: Nil
COMPANY SECRETARY: Nil
STAFF STRENGHT: 30
OWNERSHIP/SHAREHOLDING
STRUCTURE
Name %Held
Ogonna D. Ehindare
7,
Okinodu Kate
7,
G.R.A Ikeja,
Okwodu Kate
7,
G.R.A Ikeja,
Ogona D. Ehmare
7,
G.R.A Ikeja,
SHARE HOLDERS
(PREVIOUS)
Nil
DIRECTORS
1. Mrs. Kate Isa
2. Mr. Chuma Okwodu
3. Ogonna D. Ehindare
4. Okinodu Kate
5. Okwodu Kate
6. Ogona D. Ehmare
MANAGEMENT PROFILE
Mr. Abdulrasaq Isa Chairman
Mrs. Kate Isa Chief Executive Officer
Mr. Ade Aeroju General Manger
Mr. Chuma Okwodu Managing Director
Mr. Adedamola Aderoju Head Sales & Marketing
Rosemary Ukama Secretary
ASSOCIATE COMPANY
Leeisa Inc SA
BRANCHES
2669,
BANKER
Name: Zenith Bank Plc.
Address: G.R.A
Ikeja,
Tel: Nil
Year Opened: Nil
Account No: 6016801503
Account Name: Katchey Company Limited
TRADE REFERENCE
*Leeisa Inc SA
PAYMENT REFERENCES
Both Local and International Companies
PRODUCT DESCRIPTION
*Installation *Maintenance of Laboratory Equipment *Chemicals *Reagents *Glassware
PERFORMANCE RANKING
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
OPERATIONS
Subject is into supply, installation and maintenance of laboratory equipment, chemicals, reagents and glassware.
Subject is located in a central business area at Plot 26, Odanye Close, Off Adeniyi Jones Avenue, Ikeja, Lagos-Nigeria.
PARTNERS
*Astell *Whatman * Barloworld leading brands * Logan Instrument Corp.
TYPES OF CUSTOMERS
*General Public
* Private individuals
* Corporate organisation
* Research Institutes and Government Regulatory Bodies.
OTHERS
standards Organisation of Nigeria (SON)
Guinness Nigeria Plc.
Coca-Cola Nigeria Plc
Niemeth Pharmaceuticals Plc
Dangote Group of Companies
Total Nigeria Plc.
National Agency for Food and Drugs Administration and Control. (NAFDAC)
Sheda Science and Technology Complex (SHESTECO)
Nestle
BACKGROUND
Katchy Company Limited is an indigenous company duly
incorporated in
The company is housed in a duplex located in a high brow area of Ikeja, a commercial nerve in Lagos State-Nigeria.
At the time of visit, things sighted in the premises were, A Modern Gas Chromatograph – GC, A Modern Atomic Absorption Spectrophotometer – AAS, Two Modern High Performance Liquid Chromatographs _ HPLC, A Modern Ion-Selective Liquid Chromatograph – ILC, A Modern Moisture Analyzer, A Modern PH Meter, Fabrication Equipment and Maintenance Services Equipment. The premise is highly fenced as the security post is tightly fixed beside the gate walls. On entering the office room, by the right hand side is the receptionist corner and directly opposite her is the reception floor. Following through the right side from the main entrance is a stair case that leads to the Management office and the board room. Other offices at the top floor are the marketing department and the manager’s office. The company also has the following departments; the Engineering departments, the store department, her laboratory where, imported equipments are tested before dispatch and incase of damage are being repaired in the laboratory are some fabricating machines used in producing quality spare parts for machineries; this is done as a form of their first class customer support service.
The company has an international reputation in the industry.
EXPANSION PLAN
Nil
PRINCIPAL
ANTECEDENT
NAME: Mr. Abdulrasaq Isa
POSITION: Chairman
PROFESSION: Nil
DATE OF BIRTH: Nil
PLACE OF BIRTH: Nil
STATE OF
NATIONALITY: Nigerian
EDUCATION &
QUALIFICATION: Nil
WORK HISTORY: Nil
NAME: Mrs. Kate Isa
POSITION: Chief Executive Officer
NATIONALITY: Nigerian
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 compiling this report.
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CREDIT LINE AMOUNT: |
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CREDIT LINE OPINION: |
Subject appears to be
a credit worthy organization |
DIRECT INTERVIEW
1. Mrs. Kate Isa Chief Executive Officer
2. Mr. Ade Aderoju General Manager
According to Mr. Ade Aderoju, Katchey Company Limited is into
importation and supplies of chemicals, medical equipments and repairs of
various laboratory equipments. The company is purely a science oriented entity
and as a policy, the company does not recruit science graduates with less than
second class upper division into her management team. He further revealed that
the branch in
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.
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 and 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 still remains the fact that no company has set
up a basic active raw material manufacturing plant in
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
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 26, Odanye Close, Off Adeniyi Jones
Avenue, Ikeja,
Odanye Close is a popular Close in
OFFICIAL REMARKS
Having carried out all necessary research on subjects, our
investigations revealed that, the company, Katchey Company Limited is duly registered in
Subject is into genuine business transactions & ongoing concern.
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%)