MIRA
INFORM REPORT
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Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAYDON PHARMACEUTICAL & CHEMICAL COMPANY LIMITED |
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Registered Office : |
8, Ipaye Close, off Chief Natufe Street, Surulere, Lagos |
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Country : |
Nigeria |
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Date of Incorporation : |
1986 |
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Com. Reg. No.: |
RC: 258837 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Distributor of Pharmaceuticals, Chemicals, Foods and other Allied Products |
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 : |
No Complaints |
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Litigation : |
Clear |
NAME OF THE COMPANY
MAYDON PHARMACEUTICAL & CHEMICAL COMPANY LIMITED
OPERATIONS
Subject
is a Distributor of Pharmaceuticals, Chemicals, Foods and other Allied Products
In Nigeria, subject is a medium concern in this sector
Subject is located
in a commercial area at No. 15, Wilmer Street, Off Town Planning Way,
Ilupeju, Lagos.
RISK FACTORS
Credit Risk
RISK RATING ASSESSMENT Apparently
healthy, with adequate working capital
to meet normal commitments
CREDIT LINE AMOUNT: Normal
CREDIT LINE OPINION: Subject appears to be a credit
worthy organization
External
Constraints:
Subject operates in a sector where fluctuation of prices in medical
equipment or Services poses great challenges. Irrational behaviors of thugs
popularly called “Area boys”. Some other challenges include government
policies, high poverty rate, illiteracy rate, low funding of private and non
Governmental health Agencies etc.
Internal
Constraints:
On positive impact of health to humanity, subject is not under any major
constraints internally, whether management or space. However, the only
challenge encountered by subject is in the area of unfaithfulness of health
personnel in discharging their duties to the general public.
IDENTIFICATION
COMPANY NAME: MAYDON PHARMACEUTICAL & CHEMICAL COMPANY
LIMITED
TRADING STYE: MAYDON
REGISTERED
NAME: MAY-DON PHARMACEUTICAL & CHEMICAL COMPANY LIMITED
REGISTERED ADDRESS:
8, Ipaye Close, off Chief Natufe Street,
Surulere, Lagos.
HEAD/ADMIN. OFFICE: 15, Wilmer Street, Off Town Planning Way,
Ilupeju, Lagos
TELEPHONE(S): 234-1-2793329,
4963352, 7910411, 8085367855
FAX: 234-1-2793330,
4963351
MOBILE: 234
(0) 8033396237, 8085367855
E-MAIL: maydonpharma@yahoo.com
PRIMARY CONTACT: Mr. Donatus Dunu (Managing Director/CEO)
234 (0) 8033396237
Currency: All
monetary quoted in this report are in Nigerian Naira, the local currency or
unless otherwise stated. The exchange rate is N118 to 1 US $.
SUMMARY
NATURE OF
PREMISES: Leased, office space at head office occupying
approximately 250 square meters
DATE INCORPORATED 29th November, 1994
YEAR BEGAN OPERATION: 1986
LEGAL FORM:
Private Limited Company
REGISTRATION NO: RC: 258837
SHARE CAPITAL: 100,000.00
ISSUED CAPITAL: 100,000.00
PAID-UP CAPITAL: 100,000.00
STAFF STRENGHT: about 30(Including Branches/outlets)
OWNERSHIP
Name
1. Donatus Dunu (Director)
8, Ipaye Close, off Chief
Nature Street, Surulere, Lagos
2. Alex Ezike (Director)
8, Ipaye Close, Off Chief
Nature Street, Surulere, Lagos
3. Emeka Dunu (Director)
8, Ipaye Close, Off Chief
Nature Street, Surulere, Lagos
DIRECTORS
1. Donatus Dunu
2. Alex Ezike
3. Emeka Dunu
MANAGEMENT PROFILE
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S/N |
Name |
Position |
Qualification |
Years of Experience |
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1. |
Mr. Donatus Dunu |
Managing Director |
Nil |
Nil |
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2. |
Mr. John |
Admin. Manager |
Nil |
Nil |
BACKGROUND
Maydon Pharmaceutical and Chemical Company Limited, a member of world trade
center association-Lagos, Nigeria, is an outfit with a mission to provide value
on long term basis and to foster continuing relationship based on trust and
performance to her customers worldwide.
Established over 20 year ago as a Pharmaceutical and Chemical import and
distribution company, has grown into several entities and subsidiaries with
overall annual sales value of over $55 million US Dollars (inclusive of
subsidiaries and affiliates)
Subject commenced operations in 1986 as general (worldwide) importer and
wholesale (West African) distributor of Pharmaceuticals and Chemicals, Foods
and other Allied Products.
Maydon Pharmaceutical and Chemical Company Limited is an Agent and
representative of the following International companies: - Greenfield
Pharmaceutical Company, China and Gujarat Liquid Pharmaceutical Company, India,
among many others.
Conclusively, having reviewed Subject’s Capability and Track record, one
cannot but submit that Maydon Pharmaceutical and Chemical Company Limited has
carved a niche for herself.
MANAGEMENT COMMENT
According to Mr. Donatus Dunu
(MD/CEO), Maydon Pharmaceutical and Chemical Company Limited is an
indigenous Company with International reputation committed to providing
excellent services in all areas of Pharmaceutical and Chemicals delivery /
application. With an array of skilled Professional and Technical Personnel in
her Management and with a commitment to exceed Clients expectations. Maydon Pharmaceutical and Chemical Company
Limited have the domestic and International Credentials of an Industry Leader.
PRINCIPAL ANTECEDENTS
1. Name: Mr.
Donatus Dunu
Position: Managing
Director
Nationality: Nigerian
Interest in other company: May-Field Pharmaceutical Limited
COMPANY LOCATION
The company is located at No. 15, Wilmer Street, Off Town Planning Way,
Ilupeju, Lagos
BRANCHES
1, 8, Ipaye Close, Off Chief Nature Street, Surulere, Lagos
2, 59, Ashogbon Street, Idumota, Lagos Island, Lagos
TRADE REFERENCES
Subject has both local and international trade references
RELATED COMPANY
Name of Company: May-Field
Pharmaceutical Limited
Address: 2,
Byron Lane, Off Bread Fruit Street, Lagos
Contact Person: Mr.
Donatus Dunu
PAYMENT REFERENCES
1. Name of Company: Hopson-D & Partners Limited
E-mail hopson_dp@yahoo.com
2. Name of Company: Sinoki Motorcycles Industry Limited
E-mail: sinokimotorcycle@yahoo.com
3. Name of Company: Elite Distribution Company Limited
E-mail: motorcylceltd1@yohoo.com,
dunuelite@yahoo.com
4. Name of Company: Dunaska Investment Limited
E-mail: maydonpharma@yahoo.com
PERFORMANCE RANKING
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
TYPES OF CUSTOMERS
*Group of Companies* General
Public
PHYSICAL VISIT
- Company Premises
- Corporate
Affairs Commission
- Subject
branch offices
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RISK RATING 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 |
FINANCES
Subject Audited Accounts was not available as at the time of compiling
this report.
INDUSTRIAL OVERVIEW/ OPERATING
ENVIRONMENT
Subject is operating in an industry with very great potentials. 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 entrepreneural ethics in the
country, which could help the pharmaceutical sector develop rapidly.
Nevertheless, the national health system still suffers from low level of
funding and total
per capital 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, undermine the
local manufacturing sector, and also 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 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.
This sector of the economy has great potentials for intending investors.
Please note that subject is classified under
Pharmaceutical
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.
OFFICIAL REMARKS
Having carried out all necessary verifications on subject, our investigations revealed that, the Company, Maydon Pharmaceutical & Chemical Company Limited is duly registered in Nigeria, with a registered address at 8, Ipaye Close, Off Chief Nature Street, Surulere, Lagos- State Nigeria. While the head office address is located at No. 15, Wilmer Street, Off Town Planning Way, Ilupeju, Lagos.
Subject is into genuine business
transactions. Subject is an ongoing
concern.
All information contained in the report are
mostly from 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%)