MIRA
INFORM REPORT
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Report Date : |
12.10.2011 |
IDENTIFICATION DETAILS
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Name : |
EMZOR PHARMACEUTICAL INDUSTRIES LIMITED |
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Registered Office : |
8/10A, Broad Street, Lagos Island, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
04.04.1984 |
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Com. Reg. No.: |
RC: 61894 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing of Pharmaceutical/Healthcare 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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
OPERATIONS
The company is engaged in Manufacturing of Pharmaceutical/Healthcare
Products.
COMPANY LOCATION
The company address located at Plot 3C, Block A, Aswani Market Road,
Oshodi/Apapa Expressway, Oshodi, Lagos State, Nigeria.
RISK FACTORS
Credit Risk
CREDIT LINE
AMOUNT: Normal
CREDIT LINE
OPINION: Subject appears to be a credit worthy organization
IDENTIFICATION
COMPANY NAME: EMZOR PHARMACEUTICAL INDUSTRIES LIMITED
REGISTERED NAME: EMZOR PHARMACEUTICAL
INDUSTRIES LIMITED
SECTOR: PHARMACEUTICALS
LOCAL NAME: Emzor
Pharmaceutical Industries Limited
REGISTERED ADDRESS: 8/10A,
Broad Street, Lagos Island, Lagos State, Nigeria
HEAD OFFICE ADDRESS: Plot
3C, Block A, Aswani Market Road, Oshodi/Apapa #
Expressway,
Oshodi, Lagos State, Nigeria
POSTAL ADDRESS: P.O.
Box 1575, Oshodi, Lagos State, Nigeria
TELEPHONE: 234-1-7763863,
4523570, 4523724, 4527160, 8105555
FAX: 234-1-4525288,
4525160
MOBILE: 234-802-312-7421
E-MAIL: customerservice@emzorpharma.com,
info@emzorpharma.com
WEBSITE: www.emzorpharma.com
CONTACT PERSON: Mrs.
Stella Chinyelu Okoli, MON (Managing Director/CEO)
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: Owned
office space approximately 1,500 square meters
DATE INCORPORATED: 4th
April, 1984
YEAR BEGAN OPERATIONS: 1985
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC:
61894
SHARE CAPITAL: 1,000,000,000.00
ISSUED CAPITAL: 2,605,000.00
PAID-UP CAPITAL: 2,605,000.00
VAT NUMBER: 7217061894
STAFF STRENGHT: About
500
OWNERSHIP/SHAREHOLDING STRUCTURE
- John Agboola Odeyemi
Plot
10, Block B, Osolo Expressway, Isolo, Lagos State, Nigeria
- Onyemachi Micah Onyeibor
33,
Lawrence Daniels Close, Ajao Estate, Lagos State, Nigeria
- Okoli Stella Chinyelu
1,
Fola Agoro Streeet, Abule –Ijesha, Yaba, Lagos State, Nigeria
- Uzodike Emmanuel
1,
Oyewole Oshodi Street, Ilupeju, Lagos State, Nigeria
- Okoli Christopher Jnr
16,
Oketie Eboh Street, Ikoyi, Lagos State, Nigeria
- Ezeoke Uzoma Gloria
16,
Oketie Eboh Street, Ikoyi, Lagos State, Nigeria
- Okoro Nkeiru
Plot
3C, Block A, Aswani Market Road, Isolo, Lagos State, Nigeria
DIRECTORS
- John Agboola Odeyemi
- Onyemachi Micah Onyeibor
- Okoli Stella Chinyelu
- Uzodike Emmanuel
- Okoli Christopher Jnr.
- Ezeoke Uzoma Gloria
- Okoro Nkeiru
KEY MANAGEMENT PROFILE
MRS. STELLA
CHINYELU OKOLI (OON) FOUNDER, MD/CEO - FOUNDER
Has B. Pharm (Hons.)
degree from Bradford University (1969), M.Sc. Biopharmaceutics, University of
London – Chelsea College (1971), and attended Executive Management programs of
the Harvard Business School, Boston, USA, for owner-managers 1997-1999. She
also attended the Chief Executive Management program of the Lagos Business
School.
She has attended
numerous strategic management courses both in Nigeria and overseas. Has over 27
years of experience as a practicing/manufacturing pharmacist.
She has held
several professional leadership positions which include Chairman of the
Pharmaceutical Manufacturers Group of Manufacturers Association of Nigeria,
member of Economic Summit of Nigeria, and member of Health Matters Advisory
Board of Nigeria.
She has received
various national and international recognitions, which include, Member Order of
the Niger (MON), Fellow Pharmaceutical Society of Nigeria, Outstanding Service
Award, Rotary International 21000, and ECOWAS International Gold Award. She is
committed to local manufacturing of pharmaceuticals with her able team of
highly trained, competent and motivated managers and staffs.
She mentors other
local manufacturers and encourages aspiring entrepreneurs to invest in the
pharmaceutical industry first, as her contribution to building a healthy nation
and second, in pursuit of Nigeria’s quest for self sufficiency.
BACKGROUND
Emzor Pharmaceutical Industries Limited
was incorporated on 4th April, 1984 with Registration Number (RC: 61894) with
N1,000,000,000.00. The corporate head office is located at Plot 3C, Block A,
Aswani Market Road, Oshodi/Apapa Expressway, Oshodi, Lagos State, Nigeria.
Emzor
Pharmaceutical Industries Limited, a subsidiary of Emzor Chemists Limited,
is a wholly private indigenous pharmaceutical manufacturing company
incorporated in Nigeria in 1984 for the purpose of manufacturing high quality
pharmaceutical products and medical consumables. Its holding company, Emzor
Chemists Limited opened for retail business in January 1977 at number 1 Fola
Agoro street, Abule Ijesha, Yaba, Lagos.
The rapid growth of
the retail business encouraged Emzor
Chemists Limited to venture into the importation and wholesale
of assorted pharmaceuticals. The idea to manufacture locally came later and this
was predicated on the need to develop local capability, create jobs and provide
high quality pharmaceutical products and services to the Nigerian people at
prices that are not only affordable but represent value.
Emzor
Pharmaceutical Industries Limited started pilot production in 1985. By 1988
it had become an established pharmaceutical manufacturing company especially
with the introduction of Emzor Paracetamol.
The factory is
located on 2.5 acres of land in the Isolo industrial area of Lagos with facilities
to make a wide variety of high quality pharmaceutical products that meet
international standards at affordable and competitive prices. The factory is
registered with the Federal Ministry of Health under the supervision of Mrs.
Stella Okoli, the superintendent pharmacist, Managing Director and Chief
Executive Officer.
The company was
officially commissioned by the then secretary of Health to the Interim National
Government Dr. Christopher Okojie in July 1993 while in April 1999, Prof. Debo
Adeyemi, the Honorable Minister of Health, commissioned the factory extension.
The company
manufactures over a range of over fifty (50) products in the analgesic,
anti-malaria, vitamin/haematinics/multivitamin supplement, anti-helmintic,
antibiotics and therapeutic class and one of the best recognized and well known
pharmaceutical company in Nigeria.
Emzor
Pharmaceutical Industries Limited has become a household name in Nigeria and
a leader in the pharmaceutical market that is known for quality products at
prices that offer real value. These products are widely distributed throughout
Nigeria and the West African coast. The company’s commitment is to produce and
deliver flawless products on time and every time.
During our visit to
the company, the front desk officer confirmed the company’s line of business
but refused to disclose further information. According to her, the Managing
Director who is in best position to give further information was not available
but she promised to deliver our documents and get back to us in due course.
Note: The
Company increases its Share Capital from 150,000,000.00 to 1,000,000,000.00 on
28th February, 2007 and paid its Statutory Annual Returns till 2010.
Conclusion: Based on our physical visit, available
information and brief discussion with the receptionist, we are of the opinion
that the company is legitimate in business and a legal entity. As such, any
business relationship with the company should be mutually beneficial.
AWARDS RECEIVED
- Best Indigenous (Nigeria) Pharmaceutical
Manufacturer (Board of Fellows of Pharmaceutical Society of Nigeria).
- Pan Africa (PABHA) Best Award Winner on
Entrepreneurial Business (Pan African Broadcasting House Association).
- Most Admired Nigerian Pharmaceutical Company
(Chartered Institute of Marketing in Nigeria).
- West African Best Technology Driven
Pharmaceutical Company (African Infotechs Award).
- Distinguished Florence Nightingale
Partnership Award (National Association of Nigeria Nurses and Midwives).
- Outstanding Indigenous Entrepreneur
(Pharmanews).
- Appreciation awards from Handicapped
Affairs Association of Nigeria, Pharmaceutical Society of Nigeria and
Association of Lady Pharmacists.
PARTNERS
·
Bonitas
Pharm: Aba
12 Lock Up Shop Medicine Line Ariaria Market Aba
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Eugo
Pharm Nig Ltd: Medicine
Line Ariaria Market Aba
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Jecco
Pharm: Medicine
Line Ariaria Market Aba
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Sterbert
Pharm: B
Line No. 42/43 Ariaria Int'l Mkt Aba.
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Ablaze
Pharmacy: 113,
Abak Road Uyo Akwa Ibom
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New
Health Pharm: 2,
Garki - Suleja Rd. Gwagwa. Abuja
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Gio
Supreme Pharm: 1
Oba Mkt Rd, Benin City
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Mentus
Pharm: 8
Ikpoba Hill Oregbeni Benin City
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Aguata
Pharm: 82
Obiagu Rd. Ogui Rd. Enugu.
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Cinemec
Pharm: 108,Ogui
Road, Opp National Stadium, Enugu
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Daisy
Pharmacy: 49,
Ziks Avenue, Uwani, Enugu
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Fontana
Pharmacy: 83, Ibadan Rd. Ijebu Ode
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Tony
Pharm: 6A,
Galadima Road, S/geri, Kano
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Atsi
Pharm: 52,
James Robertson Street, Surulere, Lagos
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Blessing
Pharm: 4,
Atin Str. Idumota, Lagos
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Caefam
Px: 3,
Moses Adebayo Steet, Ojodu, Ikeja.
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Charity
Nwaizu Commercial Stores: 71, Capitol Road Agege, Lagos
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Di
Maggio Pharm: 8,
Egbe Road, Ikotun, Lagos.
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Frankcy
Pharm: 8,
Dele Okuwa Street, Ketu, Lagos
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His
Grace: 67,
Boundary Road, Shasha , Lagos
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Merced
Pharm: 27,
Sadiku Street, Olodi Apapa, Lagos
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Royale
Pharm & Stores: Idumota,
Lagos
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Some
Pharmacy & Stores Ltd: Idumota Lagos
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Sood
And Jin 190/192,
Ikorodu Road, Palmgroove, Lagos
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Think
Ethernity 67,
Idimu Road, Egbeda Bustop, Lagos.
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Olex
Pharmacy Opp
Midlad Plaza Maraba, Nassarawa
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Austen
Ola: 3,
Onitsha Owerri Road, Onitsha
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Benox
Pharmacy: 5,
Ilorin Street, Fegge, Onitsha
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Jerico
Pharm Osha: 9
Ezinifite Street, Omagba ,Onitsha
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Junno: Bridge Head
,Onitsha
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Kezi
Pharm Osha: 3,
Central School Road, Onitsha
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Meluchem
Pharm Osha: 29, Oduwanu Street, Fegge, Onitsha
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New
Camou: 8,
Benjamin Lane ,Onitsha
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Selak
Pharm: 101,
Onitsha Road, Nnewi
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Wisdom
King Pharm: 114,
Ahmadu Bello Way, Sokoto
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Obiak
Pharmacy: Edewor
Shopping Complex, Effurun Sapele Road ,Effurun
BRANCHES
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Aba: C/O MDS, #8 Factory Road, Aba
State, Nigeria
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Abakaliki: 101, Ogoja Road, Abakalilki, Ebonyi
State, Nigeria
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Abuja: MDS Abuja Depot, Idu industrial
layout, Opposite Julius Berger. Idu, Abuja
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Abuja: EMAB plaza, shops 5& 6 , 751,
Aminu Kano crescent, Wuse II . Abuja, FCT
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Akure: 16, Ado Owo Road, Beside Oceanic
Bank Akur., Ondo State, Nigeria
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Benin: UAC of Nig. Benin Depot, 71,
Apkakava Street, Benin City, Edo State, Nigeria
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Gombe: New Commercial Area, Beside Pepsi
Depot, Gombe State, Nigeria
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Ibadan: C/O MDS, 1, Magazine
Road, Dugbe, Ibadan, Oyo State, Nigeria
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Jalingo: Miyapet plaza, 136, Hammaruwa Way,
Opposite Investment Quarters, Jalingo
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Jos: C/O MDS 28,Muritala Mohammed
way Jos.
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Kaduna: 1-4, Ahmadu Bello Way, Kaduna State,
Nigeria
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Kano: C/O MDS 33-34, Niger Street Kano,
Kano State, Nigeria
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Lagos: 8, Egbe Rd. Ikotun, Lagos State,
Nigeria
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Lagos: 57/59, Osolo Way, Isolo, Lagos
State, Nigeria
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Lagos: 9, Victor Fagbemi Street, Iyana
Ipaja, Lagos State, Nigeria
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Lagos: 190/192, Ikorodu Road, Palmgrove,
Lagos State, Nigeria
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Maiduguri: 10, Nta Road, Maiduguri, Borno State,
Nigeria
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Makurdi: 7, New Bridge Road, Beside Diamond
Bank, Wukurum, Makurdi, Benue State
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Ogun: 83, Ibadan Road, Ijebu 0de, Ogun
State , Nigeria
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Onitsha: C/O MDS Depot, 5, Niger Bridge Road,
Industrial Layout, Onitsha, Anambra
State,
Nigeria
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Owerri:
Depot 18, Old Market Road, Off
Douglas Road, Owerri, Imo State, Nigeria
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Sokoto: 57, Aliyu Jodi Road, Sokoto State,
Nigeria
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Warri: Edewor Shopping Complex, Effurun,
Warri, Rivers State, Nigeria
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Yola: 1,
Zaranda Street, Jimeta, Yola, Adamawa State, Nigeria
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India: Emzor Exports, A/503,
Wall Street, 11 Nr. Gujarat, Collage Ellisbridge
Ahmedabad, 380006,
Gujarat, (Tel:+9107926447653 Fax: 30041386, 30041387)
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Liberia: Emzor Liberia Ltd, Gurley Street, Off Benson Street,
Central Monrovia (Tel:
2316757265)
VALUES
- Commitment
- Passion
- Energy
- Excellence
- Character
MISSION
Have an unwavering commitment to provide its customers with healthcare
products and services of consistently high quality, made readily available at
prices which create value for all stakeholders. They continuously develop and
reward people of integrity who subscribe to hard work and creativity as a means
of achieving individual and corporate excellence.
VISION
“To be the leading healthcare company in Africa through the provision of
world-class products and services”
TYPES OF CUSTOMERS
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General Public
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Group of Companies
PERFORMANCE RANKING
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership Structure: GOOD
FINANCES
Subject Audited
Accounts was not available as at the time of compiling this report. However,
based on the industry the company belongs to and services rendered, the
company’s estimated turnover could be put at $10 Million (Ten Million Dollars).
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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: |
Subject appears to be a credit worthy organization |
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 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, 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.
OFFICIAL REMARKS
Having carried out all
necessary verifications on the company, our investigations revealed that Emzor Pharmaceutical Industries Limited
is duly registered in Nigeria with a registered address is located at 8/10A,
Broad Street, Lagos Island, Lagos State, Nigeria, while its operational address
is located at Plot 3C, Block A, Aswani Market Road, Oshodi/Apapa Expressway,
Oshodi, Lagos State, Nigeria.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.03 |
|
|
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.66.80 |
RATING EXPLANATIONS
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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 |
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 |
|
<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.