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Report Date : |
06.06.2012 |
IDENTIFICATION DETAILS
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Name : |
VITAL PRODUCTS PLC |
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Registered Office : |
28, Ajasa Street, Onikan, Lagos State |
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Country : |
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Date of Incorporation : |
10.04.1987 |
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Com. Reg. No.: |
RC: 94312 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Production, Distribution and Sales of Tomato Paste,
Children Foods, Juices and non-alcoholic beverages |
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No. of Employees : |
Over 150 |
RATING & COMMENTS
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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 |
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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 |
VITAL PRODUCTS PLC
Subject is into Production, Distribution and Sales of Tomato
Paste, Children Foods, Juices and non-alcoholic beverages.
The company is located in a commercial area at Vital
House, Plot 22A, Cocoa Industrial Road, Ogba, Lagos State, Nigeria.
COMPANY NAME: VITAL
PRODUCTS PLC
REGISTERED NAME: VITAL PRODUCTS PLC
REGISTERED ADDRESS: 28,
Ajasa Street, Onikan, Lagos State, Nigeria
HEAD OFFICE
ADDRESS: Vital House, Plot 22A, Cocoa
Industrial Road, Ogba,
Lagos State, Nigeria.
TELEPHONE: 234-1-7914466, 7912298
E-MAIL: info@vitalproductsplc.com
WEBSITE: www.vitalproductsplc.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: Owned office/factory
space as head office occupying 5,000 metres square
DATE INCORPORATED: 10th
April, 1987
YEAR BEGAN OPERATION: 1987
LEGAL FORM: Public Limited Company
REGISTRATION NO: RC: 94312
SHARE CAPITAL: 1,250,000,000.00
ISSUED CAPITAL: 1,250,000,000.00
PAID UP CAPITAL: 1,250,000,000.00
STAFF STRENGTH: Over 150
1. Vital
Asset Management Limited
19,
Seaton Place, St. Herlier Jersey, Channels Islands
2. Kayode
Soyombo
6,
Prince Lowo Adedeji, off Admiralty Road, Lekki Phase 1, Lagos State, Nigeria
3. Jitendra
Kumar Pandey
150,
Estates Olutoye Crescent, off Adeniyi Jones Street, Ikeja, Lagos State, Nigeria
4. Stewart
Gavin
Flat
31, 3/5, Ikoyi Crescent, Ikoyi, Lagos State, Nigeria
5. Vital
Group Staff Share Scheme
Vital House, Plot 22A, Cocoa Industrial Road, Ogba, Lagos State,
Nigeria
6. Alhaja
Kasimu Haruna
149,
Borno Way, Ebutte-Metta, Yaba, Lagos State, Nigeria
7. Alhaji
Bashir Aminu
28,
Ijibouti Crescent, off Free Town Road, off Adetokunbo Ademola Road, Abuja, FCT,
Nigeria
8. Antrade
Ventures Limited
Vital House, Plot 22A, Cocoa Industrial Road, Ogba, Lagos State,
Nigeria
1. Kayode
Soyombo
2. Jitendra
Kumar Pandey
3. Stewart
Gavin
4. Alhaja
Bashir Aminu
|
S/N |
Name |
Position |
|
1. |
Alhaji Bashiru Aminu |
Chairman |
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2. |
Mr. Sanjeev Raj Kapoor |
Vice Chairman |
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3. |
Mr. J.K. Pandey |
Managing Director |
|
4. |
Mr. Gavin Stewart |
Director |
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5. |
Mr. Kayode Soyombo |
Director |
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6. |
Alhaji Kasimu Haruna |
Director |
|
7. |
Mr. Mukesh Rastogi |
Finance
Director |
ALHAJI
BASHIRU AMINU - CHAIRMAN
Alhaji Bashari
Aminu (Iyan Zazzau) is the Chairman of the Board of Directors of Vital Products
Limited. He graduated from the Ahmadu Bello University, Zaria, Kaduna State
with B. Sc (Accounting) in 1975. He is a Fellow of the Institute of Financial
Accountants (UK) and a Fellow of the Certified National Accountant of Nigeria
(CNA). He has attended many professional courses both at home and abroad.
He is a senior
title holder in the Emirate of Zazzau and is currently a Senior District Head
of Sabon-Gari, Zaria in Kaduna State. He previously held the post of Chairman /
Director of Federal, State and Multinational Organisations in Nigeria. He is
currently on the board of several companies including Trow Flour Mills Limited,
West African Cotton, Funtua, Zazzau Ginnery Limited and a host of others. he is
57 years old and has been associated with the Vital Group for the past 12
years.
MR.
SANJEEV RAJ KAPOOR - VICE CHAIRMAN
Mr. Sanjeev Kapoor
is the Vice / Deputy Chairman. He is an Indian National with over 30 years
management experience in running conglomerates and multinational organizations.
Mr. Kapoor holds a Bachelors Degree in Commerce from the University of Bombay.
Mr. Kapoor is also
a Non Executive Director in Strides Vital Nigeria Limited (Pharmaceutical
Manufacturing), Sambuka Fertilisers Limited (Import and Distribution of
Fertilisers) and West African Tobacco Company Limited (Distribution of Tobacco
Products).
MR.
J.K. PANDEY - MANAGING DIRECTOR
He graduated in
1987 where he had a B.Sc in Life Sciences. He started his working career with
Glaxo Plc in 1979 as Medical Representative. Through hard work and dedication
to duty, he became the Area Business Manager in 1993. He worked in this
capacity for 4 years. At GSK Plc he won both the Star and Super Star Awards in
4 consecutive Years (1990-1994) and he was rated as the Best ABM in 1995 and
1996 respectively. He joined Vital Pharmaceutical as Operations Manager in
1998.
In 2001, he took
charge of the entire Pharmaceutical Operations of the company in Nigeria. With
all these brilliant performances, in 2003 he moved to Vital Products Limited as
Managing Director. He holds this position till date.
MR.
GAVIN STEWART - DIRECTOR
Gavin was born in
Scotland on 10th May 1952 and was educated at Chydebank High School. On leaving
school he first joined the Merchant Navy as a Navigation Officer and travelled
the world extensively for two years before deciding on a career switch to
Commerce.
In 1972, he joined
Gallaher Limited, then a wholly owned subsidiary of the American Company,
Fortune Brands and over the next 25 years he worked in a variety of Sales &
Marketing roles. In 1997, the decision was taken to list an independent
Gallaher Limited on the UK Stock Exchange as a PLC. In 2001, Gavin was
appointed as Regional Director Africa. Indeed whilst Gavin was a senior
executive with the new Gallaher Plc, this company prospered greatly, moving
from being a small UK company, to becoming the fifth largest tobacco company in
the world. In January, 2005 Gavin became the Managing Director of West African
Tobacco Company Limited (WAT), a private limited company operating in Nigeria
and based in Lagos.
MR.
KAYODE SOYOMBO - DIRECTOR
A graduate of
Micro-Bology from the University of Ife, Kayode Soyombo worked with Guinness
Nigeria Plc for a period of 10 years rising to the position of Production
Manager before voluntarily resigning in 1990.
He then joined D.F.
Holding Ltd to nurture various companies, and still serves on their boards. An
articulate and pro-active seasoned entrepreneur and manager of men, his love
for initiating and identifying new business opportunities and bringing them to
fruition is well established. Amongst the companies in which he serves as
directors are AIICO General, SNL Sales & Service Ltd, Kings Guards Nig.
Ltd, Bluechip Communications Limited, D.F. Properties and Sambooka Fertilizers
Ltd.
ALHAJI
KASIMU HARUNA - DIRECTOR
Alhaji Kasimu
Haruna, was born in Kano in the year 1948 to Alhaji Haruna, a well known farmer
in the community. He made his contribution to the development of the community
in the area of agriculture. He later worked with Printing Press Kano N.A. and
Gaskiya Corporation Zaria. As part of his contribution to serve the nation he
worked with Federal Ministry of Establishment in the management section for
almost 11 years. During his Working career in the Ministry of Establishment, he
was able to uplift the Management section of the ministry. Till date he is
still remembered for his contribution in the ministry. He sits as Director with
Strides Vital Nigeria Limited, Samboka Fertilizers Limited and West African
Tobacco.
He
has also made immense contribution towards providing inputs for the farming
sector.
MR. MUKESH RASTOGI - FINANCE DIRECTOR
Mr. Mukesh
graduated from the University of Delhi India in 1985 and secured a Honours
Degree in Commerce. He pursued higher studies and became a professionally
qualified Chartered Accountant in 1991. He is a fellow of the Institute of
Chartered Accountants of India. He has
worked with several organizations in different capacities, including
professional Chartered Accounting firms in India, large corporate bodies like
VOLTAS LTD., and multinational banking institutions like Citi Bank Shelters New
Dehli. He has wide experience as lead auditor for blue chip corporations both
in the public and private sectors like National Thermal Power Corporation (NTPC),
Punjab Tractors Ltd, HMT Ltd, IFFCO Ltd, (Fertilizer), Coal India, State Bank
of India (5131). He joined Vital
Products Limited in 2005 where he initially headed the Banking, Finance,
Administration and Training Division.
Vital Products Plc was incorporated on 10th April, 1987 as a Public Limited Liability Company with Registration Number (RC: 94312), it has 1,250,000,000.00 Share Capital. The company registered address is located at 28, Ajasa Street, Onikan, Lagos State, Nigeria and its corporate head office comprising a 3 storey building painted blue, yellow and white, in addition its factory is located at Vital House, Plot 22A, Cocoa Industrial Road, Ogba, Lagos State, Nigeria (Tel: 234-1-7914466).
Vital Products Plc was incorporated under the laws of the
Federal Republic of Nigeria in 1999. The Company commenced operations as a
manufacturer and distributor of fruit drinks and non-alcoholic beverages like
energy drinks and stands as a company of repute in the Food and Beverage
Industry. The company pioneered the processing and packaging of Tomato Paste in
70gm sachet and also introduced the concept of Tomato Paste which was
completely developed indigenously.
Today, Vital Products Plc can look back with a
sense of pride and accomplishment at its heritage and achievement as a leading
provider of Consumer Healthcare and Food products in Nigeria. The company
became operational in 1999 with the backup of an extensive business experience
that spans over two decades. The company has gradually etched itself into the
Nigerian foods and beverages market by maintaining quality control backed by
best technology in all its operations.
From a consumer and
healthcare products company distributing only pharmaceutical products, the
company has forayed into the manufacture and distribution of high quality fruit
juices and non-alcoholic beverages.
Vital Products Plc has also invested substantially in the
fruits and vegetables processing industry. The company has, as part of its
plans for expansion, procured a multi-million naira plant solely for the
production of processed tomatoes and other food seasonings. This is aimed at
lowering the cost of such products in the open market as well as offer new
methods on food preservation.
During our visit on 4th June, 2012, Omolara the company Receptionist who acknowledged our document confirmed the company’s line of business and mentioned part of the company’s product as “Vitavite and Zico”. She stated that they are group of companies and shares same facilities with its sister company “WACTO”
She later declined to supply further details but promised to discuss with her management for more directive. Though, we sighted a good number of factory workers and some top management staff of the company. While going round the premises, some of the products were neatly packed in cartons at the warehouse while some of the factory operators were equally sighted at their respective duty posts.
Note: The Company increased its Share Capital from
100,000,000.00 to 1,250,000,000.00 on 26th February, 2007 and also paid its
Annual Returns till 2010. It also changed its name from VITAL PRODUCTS LIMITED
to VITAL PRODUCTS PLC in 2009
Conclusion: Based on our
visit, discussion with the receptionist (Omolarea), business activities
witnessed and available facility
sighted, we are of the opinion that the company is among the market leaders in
its sector. As such, any business relationship with the company should be
mutually beneficial.
·
Vitavite Multivitamin Fruit Drinks
·
Zico Flavoured Vitamin C Drinks
·
Energee Plus Energy Drinks
·
Vivo Dairy Drinks
·
Vital 100% Juice Drinks
·
Vitali Tomato Products
·
Vitals Children Food
·
Vitals Food
· West African Tobacco Company
· Sambuka Fertilisers Limited
· Strides Vital Limited
· Vital Construction Limited
· Winlot Limited
WACTO
Access Bank
Plc. (Plot 1665, Oyin Jolayemi Street, Victoria Island, Lagos State, Nigeria)
Address: 68
Wellington Court, 55-68 Wellington Road, St John's Wood, London NW8 9TA,
United Kingdom
Telephone: +44
207 5867070
Fax: +44
207 5865757
E-mail: vitalpharm@aol.com
1.
General Public
2.
Group of Companies
Committed to building a
profitable, financially stable and expanding business in the food industry. Its
business strategy is to target developing sectors of the market where a demand
for innovation and excellence offers opportunities for profitable growth and
where we can be a leading manufacturer.
Subject has both local and international references
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
Subject’s Audited Accounts was not available as at the time of compiling this report and the company’s Financial Report could not be sourced at the Nigerian Stock Exchange (NSE) during our visit. 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).
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.
(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 Vital Products Plc. is duly
registered in Nigeria with a registered address is located at
28, Ajasa Street, Onikan, Lagos State, Nigeria, while
its operational address is located at Vital House, Plot 22A, Cocoa Industrial
Road, Ogba, Lagos State, Nigeria.
Information contained in
the report is mostly from secondary sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.56 |
|
UK Pound |
1 |
Rs.85.52 |
|
Euro |
1 |
Rs.69.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.