MIRA INFORM
REPORT
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Report Date : |
07.05.2011 |
IDENTIFICATION DETAILS
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Name : |
MECURE INDUSTRIES LIMITED |
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Registered Office : |
18, Sura Mogaji Street, Ilupeju, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
16.03.2005 |
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Com. Reg. No.: |
RC: 619125 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
preparation of pharmaceutical products |
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 : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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Nigeria |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
MECURE
INDUSTRIES LIMITED
OPERATIONS
The company engages in preparation
of pharmaceutical products.
COMPANY LOCATION
The company is located at Debo Industrial Compound, Plot 6, Block H, Oshodi
Industrial Scheme, Oshidi-Apapa Expressway, Oshodi, Lagos State,
Nigeria.
RISK FACTORS
CREDIT LINE
OPINION: Subject appears to be a credit worthy organization
IDENTIFICATION
COMPANY NAME: MECURE INDUSTRIES LIMITED
REGISTERED NAME: MECURE INDUSTRIES LIMITED
REGISTERED ADDRESS: 18, Sura Mogaji Street, Ilupeju, Lagos State,
Nigeria
HEAD OFFICE
ADDRESS: Debo
Industrial Premises, Plot 6, Block H, Oshodi Industrial Scheme, Oshodi, Lagos
State, Nigeria
TELEPHONE(S): 234-1-7738732, 7756293, 2206062, 7601434
MOBILE: 234-703-840-3061, 703-124-1439
FAX: 234-1-7755593
EMAIL: info@mecure.co.in,
admin@mecure.co.in
WEBSITE: www.mecure.co.in
Currency:
All monetary quoted in this report are in Nigerian Naira, the local currency or
unless otherwise stated. The exchange rate is N148 to 1 US $.
SUMMARY
NATURE OF PREMISES: Leased, office space at head office occupying approximately 280 square metres.
DATE INCORPORATED: 16th March, 2005
YEAR BEGAN OPERATION:
September,
2006
LEGAL FORM: Private Limited Company
REGISTRATION NO: RC:
619125
SHARE CAPITAL: N2, 000, 000.00
ALLOTTED SHARE CAPITAL: N2, 000, 000.00
PAID-UP CAPITAL N2, 000, 000.00
STAFF
STRENGHT: Fifty-Four (64)
OWNERSHIP/SHAREHOLDING STRUCTURE
Names %Held
Samir Udani 50
42, Garodia Nagar Ghatkopar, West Mumbai, India
Bharatkumar Shah 25
42, Garodia Nagar Ghatkopar, West Mumbai, India
Prakash Shah 12.5
42, Garodia Nagar Ghatkopar, West Mumbai, India
Rajesh Shah 12.5
42, Garodia Nagar Ghatkopar, West Mumbai, India
DIRECTORS
1. Mr.
Udani Samir
2. Mr.
Anil Seth
3. Mr.
Khetshi Mange
4. Mrs.
Dukor Anderline
5. Mr.
Nitesh Gupta
MANAGEMENT PROFILE
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S/N |
Name |
Position |
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1. |
Mr. Udani Samir |
Chairman |
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2. |
Mr. Anil Seth |
Managing Director / CEO |
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3. |
Mr. Khetshi Mange |
Chief Finance Officer |
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4. |
Mrs. Dukor Anderline |
Superintendent Pharmacist |
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5. |
Mr. Nitesh Gupta |
Plant Manager |
BACKGROUND
Mecure Industries Limited was
incorporated on 16th March, 2005 with registration number RC: 619125. The
corporate head office is located at Debo Industrial Premises, Plot 6, Block H,
Oshodi Industrial Scheme, Oshodi, Lagos State, Nigeria. The company engages in
preparation of pharmaceutical products.
Mecure Industries Limited today stands
out as one of the fastest growing pharmaceutical companies in Nigeria.
Automation in all departments result in production of 2.5 million capsules and
5 million tablets per day.
Mecure Industries Limited
understand the need for total healthcare and to fulfill this requirement it
offers complete healthcare solutions starting with its first top notch
diagnostic center in Lagos, Nigeria.
Mecure Industries Limited provides easy
access to patients and doctors during the treatment. This completely eliminates
the time consuming procedure of physical collection of reports from the
diagnostic centre. They realized this need of instant access to reports by
anyone undergoing the tests and to make the approach more quick and simple,
they brings the option of getting test reports through direct messages to
patient mobile phone.
During
our visiting to the company on 5th May 2011, we spoke with the
receptionist who declined information. She acknowledged our document and
informed us that the Managing Director who is in best position to provide the
required document was not available, as such, she is not obliged to discuss
about the company with us. Though, she promised to forward our request to the
appropriate quarter for necessary action but we are yet to hear from the
company as at the time of compiling this report. Public source information
shows that Mecure Industries Limited also owns Me Cure Healthcare Limited (MHL)
as a related company.
Conclusion: Based on our visit to the company’s premises,
available information and discussion held with the company staff including
product displayed on 5th May, 2011, we are of the opinion that subject is
engage in a legitimate business. However we are not in best position to testify
of subject financial position as well as its market share in Nigeria since the
company declined to supply financial reports and other substantial information.
TYPES OF CUSTOMERS
General Public,
Group of Companies,
Foreign Companies
Health Institutions
etc.
PRODUCT DESCIPTION
·
Pharmaceutical Equipment
·
Chemicals.
BRANCHES
·
6, Ilaro Road, Opposite Afribank Plc.
Sabon Gari Market, Kano
Tel: 234-703-183-7191,
807-498-6431
·
C/o Goecee Pharm. Ltd.
G13, Head Bridge
Market, Onitsha
Tel:
234-703-874-5819, 803-767-3030
BANKERS
The company
operates current account with First Inland Bank Plc. (4/6 Adetokunbo Ademola Street, Victoria
Island) and Diamond Bank Plc. (60, Opebi Road, Ikeja), Lagos, Nigeria. More so, further details on this were not provided at the
time of visit.
PERFORMANCE RANKING
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
PHYSICAL VISIT
· Company Premises
· Corporate Affairs Commission
FINANCES
The
company’s Audited Account was not presented during our visit; therefore, its present financial state could not be
ascertained. However, the company’s estimated turnover could be put at N100
Million.
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. 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.
There are many opportunities in this sector of the
economy. This could be largely achieved through Foreign Companies joint
ventures with Nigerian companies, with adequate Training/Technical Assistance -
Provision of training facilities for a large work force indirectly engaged in
the Sub-Sector of the economy. 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.
OFFICIAL REMARKS
Having carried out all necessary
verifications on the company, our investigations revealed that Mecure Industries Limited is duly
registered in Nigeria with a registered address at 18, Sura Mogaji Street,
Ilupeju, Lagos State, Nigeria, while its
operational address is at Debo Industrial Premises, Plot 6, Block H, Oshodi
Industrial Scheme, Oshodi, Lagos State, Nigeria.
The company is into genuine business
transactions. It is an on-going
concern.
Information contained in
the report is mostly from secondary sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.78 |
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UK Pound |
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.65.27 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.