MIRA INFORM REPORT

Report Date :

04.02.2012

IDENTIFICATION DETAILS

Name :	JERICHO INDUSTRIES NIGERIA LIMITED
Registered Office :	10, Palmer Street, off Uga Street, Fegge Onitsha, Anambra State
Country :	Nigeria
Date of Incorporation :	08.11.1987
Com. Reg. No.:	RC: 102070
Legal Form :	Private Limited Company
Line of Business :	Sales and Distribution of Pharmaceutical Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Nigeria	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

JERICHO INDUSTRIES NIGERIA LIMITED

OPERATIONS

The company engages in Sales and Distribution of Pharmaceutical Products

COMPANY LOCATION

The company address located at 10, Palmer Street, off Uga Street, Fegge Onitsha, Anambra State, Nigeria.

IDENTIFICATION

COMPANY NAME: JERICHO INDUSTRIES NIGERIA LIMITED

REGISTERED NAME: JERICHO INDUSTRIES NIGERIA LIMITED

REGISTERED ADDRESS: 10, Palmer Street, off Uga Street, Fegge Onitsha, Anambra State,

Nigeria

HEAD OFFICE ADDRESS: 10, Palmer Street, off Uga Street, Fegge Onitsha, Anambra State,

Nigeria

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 approximately 500 square meters

DATE INCORPORATED : 8th November, 1987

YEAR BEGAN OPERATIONS : 1987

LEGAL FORM : Private Limited Company

REGISTRATION NO : RC: 102070

SHARE CAPITAL : 20,000

ISSUED CAPITAL : 20,000

PAID-UP CAPITAL : 50,000

STAFF STRENGHT : Over ten

OWNERSHIP/SHAREHOLDING STRUCTURE

1. Sanni A. Hassan

1, Airport Road, Ikeja, Lagos State, Nigeria

2. David G. Sokoya

1, Airport Road, Ikeja, Lagos State, Nigeria

DIRECTORS

1. Sanni A. Hassan
2. David G. Sokoya

BACKGROUND

Jericho Industries Nigeria Limited was incorporated on 8th November, 1987 with Registration Number (RC: 102070). The corporate head office is located at 10, Palmer Street, off Uga Street, Fegge Onitsha, Anambra State, Nigeria. It is a five (5) storey building painted brown and oxblood, the company occupies the 2nd floor and the ground floor for warehouse.

The company engages in Sales and Distribution of Pharmaceutical Products

During our visit on 2nd February, 2012, none of the company’s employee was available. we spoke with neighbours at the address who confirmed the company’s line of business and stated that the management of the company usually comes to the warehouse to pack some of their products for delivery to their respective clients and also to restock. They claimed that they do not know the company’s administrative/operational office.

Conclusion: Based on our visit and brief discussion with neighbours at the address, we are of the opinion that the company is a legal entity and operates a legitimate business. As such any business relationship with the company should be mutually beneficial.

TYPES OF CUSTOMERS

· General Public

· Group of Companies

PERFORMANCE RANKING

* Quality of Management: GOOD

* Ethics & Integrity: GOOD

* Ownership Structure: GOOD

FINANCES

The company’s Audited Account was not available during our visit; therefore, as such, its present financial state could not be ascertained.

INDUSTRIAL OVERVIEW/ OPERATING ENVIRONMENT

Subject is operating in an industry with very great potentials. This sector in Nigeria has a lot to explore when it comes to the need for expansion, improvement of product quality, work force development and general technical expertise. Mainly, private individuals dominate this sector. Despite the huge capital required for setting up this investment, it has grown in its leaps and bounds over the decades in the nation, although, the efforts of the Federal Government cannot be ruled out. The government has put in place different policies that support private individuals to secure loans/ mortgages from banks and other financial institutions. However, to record a groundbreaking in this sector, foreign investors are inevitable.

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 Jericho Industrial Nigeria Limited is duly registered in Nigeria with a registered address is located at 10, Palmer Street, off Uga Street, Fegge Onitsha, Anambra State, Nigeria, while its operational address is located at the same address.

Information contained in the report is mostly from secondary sources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.96
UK Pound	1	Rs.77.46
Euro	1	Rs.64.39

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	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
--	NB	New Business	--

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.