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Report Date : |
16.04.2012 |
IDENTIFICATION DETAILS
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Name : |
DIAMOND REMEDIES LIMITED |
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Registered Office : |
3, |
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Country : |
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Date of Incorporation : |
19.06.1997 |
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Com. Reg. No.: |
RC: 314913 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importation and Sale of Various Pharmaceutical Products, Consumables and Wide Range of Medical and Hospital Equipment. |
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No. of Employees : |
40 |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 |
DIAMOND REMEDIES
LIMITED
The company engages in Importation and Sale of Various
Pharmaceutical Products, Consumables and Wide Range of Medical and Hospital
Equipment.
The company address located at 28A, Oguntona Crescent, By First Pedro Bus-stop,
Oshodi-Oworo Expressway, Gbagada Phase 1, Lagos State, Nigeria.
COMPANY NAME: DIAMOND REMEDIES LIMITED
REGISTERED NAME: DIAMOND REMEDIES
LIMITED
REGISTERED ADDRESS: 3,
Odunlami Street, Anthony Village, Lagos State, Nigeria
HEAD OFFICE ADDRESS: 28A,
Oguntona Crescent, By First Pedro Bus-stop, Oshodi-
Oworo
Expressway, Gbagada Phase 1, Lagos
State, Nigeria
TELEPHONE: 234-1-7404441,
2641777, 2669567
MOBILE: 234-803-363-4737
FAX: 234-1-4706786
EMAIL: diamondremediesltd@yahoo.com,
info@diamondrememdiesltd.com
WEBSITE: www.diamondremediesltd.com
Currency:
All monetary quoted in this report are in Nigerian Naira, the local currency or
unless otherwise stated. The exchange rate is N150 to 1 US $.
NATURE OF PREMISES: Leased
office space approximately 500 square meters
DATE INCORPORATED: 19th
June, 1997
YEAR BEGAN OPERATIONS: 1997
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC:
314913
SHARE CAPITAL: 100,000.00
ISSUED CAPITAL: 100,000.00
PAID-UP CAPITAL: 100,000.00
STAFF STRENGHT: Forty
(40)
Names %Held
3,
Odunlami Street, Anthony Village, Lagos State, Nigeria
3,
Odunlami Street, Anthony Village, Lagos State, Nigeria
3,
Odunlami Street, Anthony Village, Lagos State, Nigeria
2,
Banjono Street, Ifako-Gbagada, Lagos State, Nigeria
|
S/N |
Name |
Position |
|
1. |
Mr. Steve Nnanna Ukwuoma |
Chairman/CEO |
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2. |
Mr. Chiweze Ukwuoma |
Managing Director |
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3. |
Mr. Kennedy Izunwa |
Executive Director |
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4. |
Mr. Aloysius Uzochukwu |
Executive Director
(Finance & Administration) |
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5. |
Mr. Victor Omughele |
General
Manager, Finance |
|
6. |
Mr. Ononogbo Emmanuel |
Head,
Human Resources and Logistics |
STEVE NNANNA UKWUOMA (HND
Bus. Administration) - Chairman/CEO
Chief Steve Nnanna Ukwuoma,
a 1981 Business graduate is the Chairman of the Board. A former Banker with
Extensive Managerial experience is presently the Chairman/Chief Executive
Officer of SLAISHA HOLDINGS – a group of Companies with interest in Oil
Services, Hospital Equipment Fabrication, Civil Works & Engineering and
Manufacturing. In chairing the Board, Chief Ukwuoma brings to bear his enormous
wealth of experience to ensure proper focus and direction for the company.
MR CHIWEZE UKWUOMA
(LL.B, B.L, MBA) - Managing
Director
Mr. Chiweze Ukwuoma is a
Legal Practitioner by training. He graduated from the University of Nigeria in
1985 and was called to Bar in 1986. He obtained a Master’s Degree in Business
Administration from the University of Lagos in 1994. He worked in the Legal,
Credit and Investment Banking Depts. of Continental Merchant Bank Nig. Plc from
1987 to 1992 before co-founding Diamond Remedies Limited. Over the years, his
background and experience has ensured a continuous growth in the business of
the company. Mr. Chiweze Ukwuoma is the Managing Director of the company.
MR. KENNEDY IZUNWA
(B.PHARM. MPSN) - Executive
Director
Mr. Kennedy Izunwa graduated
in Pharmacy from the University of Nigeria, Nsukka in 1986. After graduation,
he worked with Usman Dan Fodio University Teaching Hospital Sokoto till 1992.
He was Managing Director of Ultipharm Nig Ltd Lagos Nigeria before co-founding
Diamond Remedies Ltd. Mr. Izunwa is the Executive Director (Technical). His
wealth of experience has been of immense value to the continuing success of the
company.
MR ALOYSIUS UZOCHUKWU
(B.Sc, M.Sc, Econs) - Executive Director
(Fin. & Admin)
Mr. Uzochukwu graduated
from the University of New Delhi in 1981. He worked for Continental Bank Nig.
Plc. where he rose to the position of a Manager before co-founding Diamond
Remedies Ltd. He is the Executive Director in charge of Finance & Admin.
His managerial skills and abilities have been invaluable to the day-to-day
running of the company.
MR. VICTOR OMUGHELE
(AAT, ACA.) - General Manager (Finance)
Mr. Victor Omughele is a Chartered Accountant. He is an Associate Member
of Institute of Chartered Accountant of Nigeria. He is the General
Manager Finance.
MR. ONONOGBO
EMMANUEL (HND, PURCHASING AND SUPPLY) –
Head, Human
Resources and Logistics
Ononogbo Emmanuel is the Stock Supervisor of Diamond Remedies Limited. A graduate of Purchasing and Supply from Federal Polytechnic, Nekede, Owerri in 1998. He is the Head; Human Resources and Logistics Department.
Diamond Remedies Limited was incorporated on 19th June,
1997 with Registration Number (RC: 314913). The corporate office is located at 28A,
Oguntona Crescent, By First Pedro Bus-stop, Oshodi-Oworo Expressway, Gbagada
Phase 1, Lagos
State, Nigeria. It comprises a separate storey building painted cream and brown
with a black iron gate.
Diamond Remedies Limited’s business
comprises of importation and sales of various pharmaceutical products,
consumables and wide range of medical and hospital equipment. In the course of
last ten years, the company has developed over sixty brands of pharmaceutical
products and has carved a niche for itself in every key segments of the market.
The company has
also been actively growing its market share in the area of importation, supply
and sales of various types of medical and hospital equipment. It has executed
numerous supply projects under the various World Bank Assisted Health
Programmes, and have been a regular supplier of medical and hospital equipment
to various Teaching hospitals, State Health Management Boards for use in
General Hospitals. The company also maintains a network of key distributions
spread across the country which ensures availability and access to its quality
products.
During our visit on 12th
April, 2012, we met Ms. Chinwe A. (Secretary) who stated that the company is
now dormant due to some unforeseen circumstances. Though she added that the
premises has being occupied by Tenderwell Limited, the sister company and in
addition every other business is done through Tenderwell Limited. She promised
to contact us if her management is willing to supply other details about
Tenderwell Limited since Diamond Remedies Limited is dormant.
Conclusion: Based
on our visit, discussion with the Secretary at the sister company “Tenderwell
Limited”, we discovered that the company is out of business for now and no
longer operate as Diamond Remedies Limited.
As such, any business relationship with the company could only be done through Tenderwell Limited which appears to be
credit worthy.
TENDERWELL LIMITED (England)
§
ASKARIVID (Ofloxacin 200mg)
§
CIPROF 500 (Ciprofloxacin 500mg)
§
AMOCLAX (amoxicillin and clavunate potassium
tablet)
§
ASKAMETHER (Artemether 20mg & Lumefantrine
120mg)
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ARTEMEFAN (Artemether 80mg & Lumefantrine 480mg)
§
ASKASUNATE-AMC (artesunate 50mg and amodiaquine 153mg)
§
ARZEMAL (artesunate 200mg and amodiaquine 600mg)
§
ASKASUNATE (Artesunate 50mg)
§
RIDMAL (Sulfadoxine 500mg + Pyrimethamine 25mg)
§
ASKAPHAGE (Metformin Hydrochloride 500mg)
§
GLYBETIS (Glibenclamide Tablets BP 5mg)
·
VITAMINS/MINERAL SUPPLEMENTS
§
FAMATONE (multivitamin and mineral supplement with
Aloe Vera soft gelatin capsules).
§
VIGOR (multivitamins and multi mineral supplement
with Ginseng)
§
TENDERWELL COD LIVER OIL (Cod Liver Oil)
§
BETALIFE (multivitamins, minerals and Ginseng)
§
FERITAN PLUS (syrup of Iron, Folic acid with
Vitamins B1, B2 and B12)
§
FERITAN (Ferrous fumarate 300mg)
§
SOMECID-20(Omeprazole 20mg)
§
FELOXIN (Piroxicam 20mg)
§
PENTAJECT (Pentazocine 30mg)
§
PARAKAF EXTRA (Paracetamol 500mg & Caffeine
30mg)
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TENDERWELL IBUPROFEN (Ibuprofen 400mg)
§
HYPAMET (Methyldopa 250 mg tablet)
§
ASKA-APET (Cyproheptadine 4mg)
Enabling the attainment of productive
living in our continent through the provision of the highest quality and
affordable healthcare while ensuring sustainable and profitable growth of both
our partners and employees
To become a trail-blazer in
the delivery of the highest quality and affordable healthcare products and
services in the African continent
·
General Public
·
Group of Companies
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership Structure: GOOD
The company’s Audited Account was not available during our visit;
therefore, as such, its present financial state could not be ascertained.
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.
Having carried out all
necessary verifications on the company, our investigations revealed that Diamond Remedies Limited is duly
registered in Nigeria with a registered address is located at 3, Odunlami
Street, Anthony Village, Lagos State, Nigeria, while its operational address is
located at 28A, Oguntona Crescent, By First Pedro Bus-stop, Oshodi-Oworo
Expressway, Gbagada Phase 1, Lagos
State, Nigeria.
Information contained in
the report is mostly from secondary sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.42 |
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|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.67.67 |
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.