MIRA
INFORM REPORT
|
Report Date : |
08.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EYE FOUNDATION HOSPITAL |
|
|
|
|
Registered Office : |
27B Isaac John Street,G.R.A Ikeja,Lagos |
|
|
|
|
Country : |
Nigeria |
|
|
|
|
Date of Incorporation : |
03.10. 1994 |
|
|
|
|
Com. Reg. No.: |
RC: 8041 |
|
|
|
|
Legal Form : |
Non Governmental Organization (NGO) |
|
|
|
|
Line of Business : |
Prevention of Blindness and other Medical services to all Sundry |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
OPERATIONS
Subject is into Prevention of Blindness and
other medical services to all sundry
In Nigeria, subject is a medium concern in this sector
Subject is located in a commercial area at 27B Isaac John Street,G.R.A Ikeja,Lagos, Nigeria
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. Some other challenges include
government policies, high poverty rate, illiteracy rate, low funding of private
and non Governmental health Agencies etc
.
Internal
Constraints:
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.
DENTIFICATION
COMPANY NAME:
EYE FOUNDATION HOSPITAL
PREVIOUS NAME: Nil
REGISTERED
NAME: EYE FOUNDATION
REGISTERED ADDRESS: 27B Isaac John Street,G.R.A Ikeja,Lagos, Nigeria
HEAD OFFICE
ADDRESS: 27B Isaac John
Street,G.R.A Ikeja,Lagos, Nigeria
TELEPHONE(S): 234-1-4938141,
4967579
FAX: 234-1-4938142,
4938142
MOBILE: 234-
E-MAIL: enquiries@eyefoundationng.com, efarc@eyefoundationng.com
WEBSITE: www.eyefoundation.com
POSTAL
ADDRESS: 12 Sobo Arobiodu Street, G.R.A. Ikeja,
Lagos-Nigeria
PRIMARY CONTACT: Dr. A. O. Hassan (Medical Director)
234-1-4938141, 4967579
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 1750 square meters
DATE INCORPORATED
3rd October, 1994.
YEAR BEGAN OPERATION: 1994
LEGAL FORM:
Non Governmental Organization (NGO)
REGISTRATION NO: RC: 8041
SHARE CAPITAL: Subject is an (NGO)
AUDITORS: Nil
SOLICITORS: Nil
COMPANY
SECRETARY: Nil
STAFF STRENGHT: about 150
BOARD OF TRUSTEE
Name
- Dr. A. O. Hassan
(Medical Director)
House 11B, B1
Close,
22 Road, Festac
Town
Lagos-Nigeria
2. Alhaja Leteefat Okunu
(Businesswoman)
29B Isaac John Street,G.R.A
Ikeja, Lagos- Nigeria
3. Yarimah Abdullahi
(Trustee)
House 11B, B1
Close,
22 Road, Festac
Town
Lagos-Nigeria
- Dr. S. H. Brew Graves
(Medical Director, World Health Organization “WHO”)
Staff Quarters,
Ikoyi, Lagos-Nigeria
- C. Nwanze
(Businessman)
House 11B, B1
Close,
22 Road, Festac
Town
Lagos-Nigeria
6. Yaya Abubakar
(Businessman)
27B Isaac John Street,G.R.A
Ikeja, Lagos- Nigeria
7. Remi Olowude
(Businessman)
House 11B, B1
Close,
22 Road, Festac
Town
Lagos-Nigeria
BACKGROUND
Eye
Foundation operates a Public - Private mixed Ophthalmic Services. Eye
Foundation Hospital is a private hospital; While the Eye Foundation Center for
Prevention of Blindness for the prevention of Blindness is operated as a Non-
Governmental and Non - Profit Organization.
The
Eye Foundation Center for Prevention of Blindness - an NGO, is run by a board
of trustees and is responsible for all Eye Foundation's Charity work and free
surgical Expeditions carried out in collaboration with other organizations and
various state governments all over the country. The Private Sector - Eye
Foundation Hospital, is the backbone of Financial and Human Resource support
for the activities of the Eye Foundation Center for the Prevention of
Blindness.
One
of the goals of Eye Foundation is to improve the standard of ophthalmic
education and practice in Nigeria through training and research. In line with
this objective, the board of trustees of the Eye Foundation has established the
Eye Foundation Center for Prevention of Blindness for the prevention of
blindness in Nigeria. They also aim at preventing blindness, restoring sight
and rehabilitating blind people among the underserved and less privileged
people in Nigeria, they are actively involved in human resources development
and high quality training in Nigeria; they intend to play a major role in
elimination of all forms of needless blindness by the year 2020, in
collaboration with the VISION
2020 task force.
MANAGEMENT COMMENT
Name: Mrs.
Agbaje
Position: Admin
Officer (Phone): 234-802-303-4078
According to her, Eye Foundation Hospital, Lagos Is among the LIST OF
ACCREDITED INSTITUTIONS FOR TRAINING. (FACULTY OF OPHTHALMOLOGY)
PRINCIPAL ANTECEDENTS
1. Name: Dr.
A. O. Hassan
Position: Medical
Director
Profession: Health
Practitioners
Nationality: Nigerian
COMPANY LOCATION
The Hospital is located at 21, Isaac John
Street, G.R.A, by NITEL Bus Stop, Ikeja, Lagos-Nigeria.
The particular building is painted with
white, it occupies about 4 plots of land, a bungalow which is very large, they
have different sessions where they treat different patients. They also have the
children & adult session. The
closest bus stop is called NITEL; there are other companies close to the
hospital. Like VISAFONE company by the right, hair plus beauty salon and by the
left is (Ruff in Tumble) supermarket and garment care Ltd. Immediately after
garment care Ltd., you get to the hospital. Close to it is a popular restaurant
named (safari) in the same building in metro park.
BRANCH
12 Sobo Arobiodu Street, G.R.A. Ikeja,
Lagos-Nigeria
PARENT COMPANY
Nil
RELATED COMPANY
Eye Foundation
BANKERS
Nil
TRADE REFERENCES
Both Local and International Health Institutions
PAYMENT REFERENCES
Both Local and International Health Institutions
PERFORMANCE RANKING
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
PRODUCT DESCRIPTION
*Medical Services*
COUNTRY OF IMPORT/EXPORT
Many countries
TYPES OF CUSTOMERS
Both Local and International Health Institutions
PHYSICAL VISIT
- Company
Premises
- Corporate
Affairs Commission
FINANCES
Subject Audited Accounts was not available as 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 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 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 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,
subject,
Eye Foundation
Hospital is duly registered in Nigeria, with a registered address at 27B Isaac
John
Street, G.R.A
Ikeja, Lagos, Nigeria. While the head office address is same.
Our investigation
also revealed that subject is a well known Hospital in Ikeja and also a major
player in the
prevention of Blindness in Nigeria and other Countries.
Subject is into genuine business
transactions. Subject is an ongoing
concern.
All
information contained in this report is from both primary and secondary
sources.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)