MIRA
INFORM REPORT
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Report Date : |
24.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
GOLDMOORE INTERNATIONAL LIMITED |
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Formerly Known As : |
RICHY MOORE
PHARMACEUTICAL & CHEMICAL LIMITED
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Registered Office : |
58,
Olorunlogbon Street Lagos- State Nigeria |
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Country : |
Nigeria |
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Date of Incorporation : |
22.05.1990 |
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Com. Reg. No.: |
RC: 149965 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Sales and Distribution Pharmaceutical 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
GOLDMOORE
INTERNATIONAL LIMITED
OPERATIONS
Subject is into sales and
distribution Pharmaceutical Products
In Nigeria, subject is a medium concern in this sector
Subject
is located in a commercial area at 3rd Floor, Omoyiwola
House, 8, Ladipo Adeyemi Street, Anthony Village, Lagos State –Nigeria.
RISK FACTORS
Credit 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 in prices of
raw materials, Transportation and Logistics poses great challenges. Some other
challenges include bad roads, other road users’ carelessness, and substandard
drugs used in treating patients in various health institutions.
Fluctuation of prices in Foreign Exchange also poses a great challenge.
Similarly, activities of drug dealers and bureaucracy of Government Regulatory
Agencies in this sector has also slow down the pace at which business
activities are being conducted.
Internal
Constraints:
The company is not under any major constraints internally, whether
management or space.
IDENTIFICATION
COMPANY NAME: GOLDMOORE INTERNATIONAL LIMITED
FORMER NAME: RICHY MOORE PHARMACEUTICAL & CHEMICAL LIMITED
REGISTERED ADDRESS: 58,
Olorunlogbon Street Lagos- State Nigeria
HEAD OFFICE ADDRESS: 3rd
Floor, Omoyiwola House 8, Ladipo Adeyemi Street, Anthony Village, Lagos- State
Nigeria.
TELEPHONE(S): 234
-1- 8959076
MOBILE: 234-(0)
7028023980
EMAIL: gold@infoweb.abs.net
PRIMARY
CONTACT: Miss Uche (Sales Department)
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 150 square meters.
DATE INCORPORATED 22nd May, 1990
YEAR BEGAN
OPERATION: 1990
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC:
149965
SHARE CAPITAL:
500, 000. 00
ISSUED CAPITAL: 500, 000. 00
PAID-UP CAPITAL: 500,
000. 00
STAFF
STRENGHT: about
20
OWNERSHIP
Name
1. M. O. Solarin
212, A/Motor,
Yaba, Lagos
2. Jude Agbapuru
212,
A/Motor, Yaba, Lagos
3. Richard Agbapuru
212,
A/Motor, Yaba, Lagos
DIRECTORS
1. M.O.
Solarin
2. Jude
Agbapuru
3. Richard
Agbapuru
MANAGEMENT PROFILE
M.O. Solarin
(Executive Director)
Jude Agbapuru
(Executive Director)
Richard Agbapuru
(Executive Director)
Uche (Sales Department)
COMMENT
Goldmoore International Limited was formally named
Richymoore Pharmaceutical and Chemical Company Limited. Their old office was at
58, Olorunlogbun Street, Anthony Village.
COMPANY LOCATION
The company is located on the 3rd floor of
omoyiwole house and they share the same floor with UBA, NTIA JUKA & CO.
(Chartered Accountant). The company could be easily local when coming from
Oshodi, board a bus going to Palm-groove, drop at Town Planning, cross the
Pedestrian Bridge and take a bike to the above address. The building is painted
grey.
TRADE REFERENCE
Subject has both local and international trade references
BRANCH OFFICE
Address: 6-10,
Church Street, Idumota, Lagos Island, Lagos.
PAYMENT REFERENCES
Subject has both local and international Payment references
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
3. Branch Office
FINANCES
Subject Audited
Accounts was not available as the time of compiling this report.
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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
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Subject appears to be credit worthy organization |
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 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 which 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.
This sector of the economy has great potentials for intending investors.
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, goldmoore International Limited is duly registered in Nigeria,
with a registered address
at 58, Olorunlogbon Street, Anthony Village, Lagos State-Nigeria. While
the head office address is 8, Ladipo Adeyemi Street,
Anthony Village.
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%)