MIRA INFORM REPORT

 

 

Report Date :

31.03.2012

 

IDENTIFICATION DETAILS

 

Name :

FIDSON HEALTHCARE LIMITED

 

 

Registered Office :

268, Ikorodu Road, Shomolu P.O.Box 7210 Lagos

 

 

Country :

Nigeria

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

01.03.1995

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Manufacture of basic pharmaceutical products

 

 

No. of Employees :

284

 

 

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 and address

 

Top of Form

Bottom of Form

Fidson Healthcare Limited

                                                                                                                                                    

 

268, Ikorodu Road, Shomolu

P.O.Box 7210

 

Lagos,

Nigeria

 

Tel:

234-1-4933319

Fax:

234-1-4930841

 

www.fidson.com

 

Employees:

284

Company Type:

Public Independent

Traded:

Nigerian Stock Exchange:

FIDSON

Incorporation Date:

01-Mar-1995

Auditor:

Ernst & Young LLP

Financials in:

USD (mil)

 

 

Fiscal Year End:

30-Jun-2011

Reporting Currency:

Nigerian Naira

Annual Sales:

33.4  1

Net Income:

3.0

Total Assets:

51.8  2

Market Value:

7.8

 

(16-Mar-2012)

                                      

Business Description       

 

Fidson Healthcare PLC (Fidson) is a Nigeria-based healthcare company. Fidson operates in the therapeutic market segments. Its portfolio includes anti-infective, anti-arthritis, endocrinology, gastro-intestine, anti-retroviral, anti-malaria, cardiovascular, anti-depressant, pain relievers, haematinics, cough expectorants and consumer goods. Fidson Healthcare Limited operates factories, where manufacturing activities are carried out. The Company has a wholly owned subsidiary, Fidson Products Limited, engaged in the production of personal products. For the fiscal year ended 30 June 2009, Fidson Healthcare Limited's revenue increased 11% to NGN5.02B. Net income totaled NGN429.1M up from NGN189.3M. Revenues reflect an increase in sale of Companies products. Net income also reflects higher gross profit margin, higher other operating income. The Company is engaged in manufacturing of pharmaceutical product and marketing of pharmaceutical Products.

          

Industry                                                                                                                                      

 

Industry

Biotechnology and Drugs

ANZSIC 2006:

1841 - Human Pharmaceutical and Medicinal Product Manufacturing

NACE 2002:

2441 - Manufacture of basic pharmaceutical products

NAICS 2002:

325412 - Pharmaceutical Preparation Manufacturing

UK SIC 2003:

2441 - Manufacture of basic pharmaceutical products

US SIC 1987:

2833 - Medicinal Chemicals and Botanical Products

                      

Key Executives           

   

 

Name

Title

Fidelis A. Ayebae

Chief Executive Officer/ Managing Director, Director

Olatunde B. Olanipekun

Finance Director, Executive Director

Olugbenga Olayeye

Executive Director, Sales and Marketing Director

J. Abayomi Adebanyo

Company Secretary

Abiola A. Adebayo

Operations Director, Executive Director

 

Financial Summary                                                                                      

 

As of 30-Jun-2010

Key Ratios

Company

Industry

Sales 5 Year Growth

25.71

18.88

 

 

 

Stock Snapshot                                    

 

Traded: Nigerian Stock Exchange: FIDSON

 

As of 16-Mar-2012

   Financials in: NGN

Recent Price

0.82

 

EPS

0.31

52 Week High

2.35

 

Price/Sales

0.24

52 Week Low

0.61

 

Dividend Rate

0.10

Avg. Volume (mil)

1.23

 

Price/Book

0.24

Market Value (mil)

1,230.00

 

Beta

0.69

 

Price % Change

Rel S&P 500%

4 Week

32.26%

30.13%

13 Week

-13.68%

-16.88%

52 Week

-59.80%

-52.80%

Year to Date

3.80%

3.48%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = NGN 152.9266
2 - Balance Sheet Item Exchange Rate: USD 1 = NGN 152.5

 

 

Corporate Overview

 

Location
268, Ikorodu Road, Shomolu
P.O.Box 7210
Lagos, Nigeria

 

Tel:

234-1-4933319

Fax:

234-1-4930841

 

www.fidson.com

Quote Symbol - Exchange

FIDSON - Nigerian Stock Exchange

Sales NGN(mil):

5,100.5

Assets NGN(mil):

7,902.3

Employees:

284

Fiscal Year End:

30-Jun-2011

 

Industry:

Biotechnology and Drugs

Registered Address:
Olabode House
215/219 Ikoropu Road
Lagos Nigeria

 

Incorporation Date:

01-Mar-1995

Company Type:

Public Independent

Quoted Status:

Quoted

Registered No.(UK):

FC024132

 

Chief Executive Officer/ Managing Director, Director:

Fidelis A. Ayebae

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

 

Executives

Financial Information

Home Page

 

News Releases

Products/Services

Contents

Industry Codes

Business Description

Brand/Trade Names

Financial Data

Market Data

Key Corporate Relationships

 

 

Industry Codes

 

ANZSIC 2006 Codes:

1841

-

Human Pharmaceutical and Medicinal Product Manufacturing

 

NACE 2002 Codes:

2442

-

Manufacture of pharmaceutical preparations

2441

-

Manufacture of basic pharmaceutical products

 

NAICS 2002 Codes:

325412

-

Pharmaceutical Preparation Manufacturing

 

US SIC 1987:

2833

-

Medicinal Chemicals and Botanical Products

2834

-

Pharmaceutical Preparations

 

UK SIC 2003:

2441

-

Manufacture of basic pharmaceutical products

24421

-

Manufacture of medicaments

 

 

Business Description

Fidson Healthcare PLC (Fidson) is a Nigeria-based healthcare company. Fidson operates in the therapeutic market segments. Its portfolio includes anti-infective, anti-arthritis, endocrinology, gastro-intestine, anti-retroviral, anti-malaria, cardiovascular, anti-depressant, pain relievers, haematinics, cough expectorants and consumer goods. Fidson Healthcare Limited operates factories, where manufacturing activities are carried out. The Company has a wholly owned subsidiary, Fidson Products Limited, engaged in the production of personal products. For the fiscal year ended 30 June 2009, Fidson Healthcare Limited's revenue increased 11% to NGN5.02B. Net income totaled NGN429.1M up from NGN189.3M. Revenues reflect an increase in sale of Companies products. Net income also reflects higher gross profit margin, higher other operating income. The Company is engaged in manufacturing of pharmaceutical product and marketing of pharmaceutical Products.

 

 

More Business Descriptions

Fidson Healthcare Plc (Fidson) is one of the largest healthcare companies in Nigeria. The company is engaged in the manufacture and distribution of pharmaceuticals. It also operates in the areas of R&D, products distribution, human capital development and consumer goods development. The company develops a wide range of products serving major therapeutic areas such as anti-infective, endocrinology, anti-arthritis, gastro-intestine, anti-retroviral, anti-malaria, cardiovascular, pain relievers, haematinics, anti-depressant, cough expectorants and consumer goods. The company's major affiliates include Tablets India Limited, one of the largest manufacturers of various types of pharmaceutical and nutraceutical formulations, and Synergy Healthcare Limited, a provider of niche solutions to the healthcare sector. The company is headquartered at Lagos, Nigeria.The company reported revenues of (Nigeria Naira) NGN 5,019.78 million during the fiscal year ended June 2009, an increase of 11.46% over 2008. The operating profit of the company was NGN 623.04 million during the fiscal year 2009, an increase of 18.36% over 2008. The net profit of the company was NGN 429.07 million during the fiscal year 2009, an increase of 126.66% over 2008.

 

Manufacture and distribution of pharmaceuticals including anti-infective, anti-arthritis, endocrinology, gastro-intestine, anti-retroviral, anti-malaria, cardiovascular, anti-depressant, pain relievers, haematinics and cough expectorants

 

 

 

 

 

 

Brand/Trade Names

Ciprotab

Meprasil

Astymin

Astyfer

 

 

 

Financial Data

 

Financials in:

NGN(mil)

 

Revenue:

5,100.5

Net Income:

465.9

Assets:

7,902.3

Long Term Debt:

15.0

 

Total Liabilities:

2,671.4

 

Working Capital:

0.1

 

 

 

Date of Financial Data:

30-Jun-2011

 

1 Year Growth

NA

NA

NA

 

 

Market Data

Quote Symbol:

FIDSON

Exchange:

Nigerian Stock Exchange

Currency:

NGN

Stock Price:

0.8

Stock Price Date:

03-16-2012

52 Week Price Change %:

-59.8

Market Value (mil):

1,230,000.0

 

SEDOL:

B39WZH9

ISIN:

NGFIDSON0006

 

Equity and Dept Distribution:

6/30/2008: 1,300,000,000 shs. issued.

 

 

 

Key Corporate Relationships

Auditor:

Ernst & Young LLP

 

Auditor:

Ernst & Young LLP, Ernst & Young, Akintola Williams Deloitt

 

 

 

 

 

 

 

 

 

 

 

 

 

Fidson Healthcare Limited

 

Competitors Report

 

CompanyName

Location

Employees

Ownership

Dafra Pharma

Turnhout, Belgium

2

Private

Dar Al Dawa Development & Investment Co.

Ammaan, Jordan

700

Public

Efroze Chemicals Industries (Private) Ltd.

Karachi, Pakistan

600

Private

IPCA Laboratories Limited

Mumbai, India

8,922

Public

Strides Arcolab Limited

Bangalore, India

2,700

Public

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Felix Omoikhoje Aizobeoje Ohiwerei

 

Chairman of the Board

Chairman

 

Mr. Felix Omoikhoje Aizobeoje Ohiwerei is Chairman of the Board of Directors of Fidson Healthcare Plc. He graduated from University College, Ibadan (now University of Ibadan) in 1961. He was appointed Deputy Chairman/Managing Director of Nigerian Breweries Plc in 1987, became Chairman/Managing Director in June 1989 and Chairman/Chief Executive Officer of the company in 1997. He retired from the service of Nigerian Breweries in June 1999 and was appointed Non-Executive Chairman of the company in July 1999. He was also Chairman, Unilever Nigeria Plc; Coates Brothers (West Africa) Limited; Director, Shell Trustees Limited; Chairman Friendship Bible Fellowship, National Director, Full Gospel Businessmen Fellowship International. In December, 2003 he was appointed Chairman, Governing Council of Nigerian Investment Promotion Commission. He is a Fellow of the Nigerian Marketing Association, a Fellow of the Geography Society of Nigeria, a Fellow of the Institute of Directors and a Fellow of the Advertising Practitioners Council of Nigeria. He holds an Honorary Doctor of Law Degree (LLD) from the University of Ibadan.


Education

B Geography, University of Ibadan

Abiola A. Adebayo

 

Operations Director, Executive Director

Director/Board Member

 

 

 

Mr. Abiola (Biola) A. Adebayo is Executive Director and Operations Director of Fidson Healthcare Limited. He has been on the Board since 2004. He is a 1988 graduate of Pharmacy from the University of Lagos. He worked with Federal Ministry of Health Lagos as an Intern Pharmacist, Glaxo Nigeria Plc and CAPL as a Medical Representative before joining Fidson Healthcare Ltd in 1997 as Medical Representative. He was elevated to the position of Sales and Marketing Manager in April 2001. In 2004 he rose to the level of Sales and Marketing Director.


Education

Pharmacy, University of Lagos

Ademola Michael Adeoti

 

Pharmacist

Director/Board Member

 

 

Oladipo O. Akinkugbe

 

Non-Executive Director

Director/Board Member

 

 

 

Professor Oladipo O. Akinkugbe is Non-Executive Director of Fidson Healthcare Plc. Professor Akinkugbe was educated at Government College, Ibadan and the University College, Ibadan. He later attended London University - the Royal London Hospital - where he received his medical degree, MBBS, in 1958. He obtained a Diploma in Tropical Medicine and Hygiene in 1960 from Liverpool University, and received a Doctor of Philosophy from Balliol College, Oxford University, in 1964. He is former Vice Chancellor of the University of Ilorin, former Vice Chancellor of Ahmadu Bello University, former visiting professor of Medicine at Harvard University and former Pro-Chancellor and Chairman of council of the University of Port Harcourt. He is also Emeritus professor of Medicine, University of Ibadan. Professor Akinkugbe has served as World Health Organization Expert on Health Manpower and WHO Council Member on Health Research. He was President of the Nigerian Association of Nephrology between 1987 and 1990. He has edited and authored theses, books, journals and reports.


Education

PHD , University of Oxford
B Medicine, University of London

Joseph Akhuogie Audu

 

Director

Director/Board Member

 

 

Olufunmilola O. Ayebae

 

Non-Executive Director

Director/Board Member

 

 

 

Ms. Olufunmilola O. Ayebae has been Non-Executive Director of Fidson Healthcare Plc since 2001. She obtained her Professional Secretaries Diploma from The London College of Secretaries in the United Kingdom. She had a stint at work as a Confidential Secretary in the Personnel Department of Metalum Ltd, an Aluminium Products Engineering Company for eight years, after graduation. She established her own business in 1995.

Fidelis A. Ayebae

 

Chief Executive Officer/ Managing Director, Director

Director/Board Member

 

 

 

Dr. Fidelis A. Ayebae has been Chief Executive Officer/ Managing Director and Member of the Board of Directors of Fidson Healthcare Plc since 1995. He graduated from the Mainland Institute of Technology in 1976 with a Diploma in Civil Engineering. He obtained Advanced Diploma in Business Administration from the University of Lagos in 1999. He is an Associate of the Chartered Institute of Administration. He is also Member of the Nigeria Institute of Management. He started his working career with Metalum Nigeria Limited in 1976. He rose to the position of a project manager and served as member of the senior management team. He joined Citibank Limited (now Nigeria International Bank Limited) in 1986 as Head of Premises Unit and served as Head of Administration department, Quality Controller, Branch Coordinator, Head of Funds Transfer department and Member of operation group management team. He resigned his appointment as Assistant Vice President in Charge of Operations. He joined Ayebae Investments Limited in 1992 as Chairman/Managing Director.

E.E. Imoagene

 

Director

Director/Board Member

 

 

Olatunde B. Olanipekun

 

Finance Director, Executive Director

Director/Board Member

 

 

 

Mr. Olatunde B. Olanipekun is Finance Director and Executive Director of Fidson Healthcare Limited. He joined the Company as Finance Director in 2005. He graduated in Economics specializing in Accounting from the University of Ife (now Obafemi Awolowo University), Ife Ife in 1978. He is Alumnus of Lagos Business School and Irish Management Institute, Ireland. He became an Associate Member of the Institute of Chartered Accountants of Nigeria (ICAN) in November 1981. He became a Fellow of the Institute in July 1992. He is an Associate Member of the Institute of Taxation of Nigeria. Between 1981 and 1982 he was with the Firm of Peat, Marwick, Ani, Ogunde & Co as Audit Senior. He was a trainee Accountant in the firm between 1979 and 1981 after serving the country (NYSC) as an Accountant with the Sokoto Rima Basin Development Authority, Talata Mafara Branch. Between 1983 and 1991 he was at Dunlop (Nigeria) Ltd where he held managerial positions including Manager, Financial Accounts, Accountant and later Controller of the Consumers and Industrial Division from where he moved to the position of Controller, Corporate Planning, finally becoming the Chief Accountant. He was the Finance and Administration Director of Evans Medical Plc from 1998 to 2000, after serving that same company as Finance Director from 1994 to 1998. Before his present appointment he was Financial Controller, Associated Match Industries Limited Ibadan, Chief Executive Officer of Xtie Edwards (Nigeria) Ltd and Tunde Olanipekun & Co.


Education

Economics, Obafemi Awolowo University

Olugbenga Olayeye

 

Executive Director, Sales and Marketing Director

Director/Board Member

 

 

 

Mr. Olugbenga Olayeye is Executive Director and Operations Director of Fidson Healthcare Limited. He graduated from the School of Pharmacy of the University of Ibadan in 1993. He worked with Mopson Pharmaceuticals as a Research & Product Development Assistant before joining Fidson Healthcare Plc in 1996 as a Medical Representative. He was elevated to the position of Regional Manager in January 1998 and Business Development Manager in 1999 in which he served until his appointment as the Factory Manager, an Assistant General Manager position. He was appointed to the position of Operations Director in 2004.


Education

, University of Ibadan

Aisha Pamela Sadauki

 

Director

Director/Board Member

 

 

A.P Sadauki

 

Director

Director/Board Member

 

 

 

Executives

 

Name

Title

Function

Fidelis A. Ayebae

 

Chief Executive Officer/ Managing Director, Director

Chief Executive Officer

 

Dr. Fidelis A. Ayebae has been Chief Executive Officer/ Managing Director and Member of the Board of Directors of Fidson Healthcare Plc since 1995. He graduated from the Mainland Institute of Technology in 1976 with a Diploma in Civil Engineering. He obtained Advanced Diploma in Business Administration from the University of Lagos in 1999. He is an Associate of the Chartered Institute of Administration. He is also Member of the Nigeria Institute of Management. He started his working career with Metalum Nigeria Limited in 1976. He rose to the position of a project manager and served as member of the senior management team. He joined Citibank Limited (now Nigeria International Bank Limited) in 1986 as Head of Premises Unit and served as Head of Administration department, Quality Controller, Branch Coordinator, Head of Funds Transfer department and Member of operation group management team. He resigned his appointment as Assistant Vice President in Charge of Operations. He joined Ayebae Investments Limited in 1992 as Chairman/Managing Director.

Abiola A. Adebayo

 

Operations Director, Executive Director

Operations Executive

 

 

 

Mr. Abiola (Biola) A. Adebayo is Executive Director and Operations Director of Fidson Healthcare Limited. He has been on the Board since 2004. He is a 1988 graduate of Pharmacy from the University of Lagos. He worked with Federal Ministry of Health Lagos as an Intern Pharmacist, Glaxo Nigeria Plc and CAPL as a Medical Representative before joining Fidson Healthcare Ltd in 1997 as Medical Representative. He was elevated to the position of Sales and Marketing Manager in April 2001. In 2004 he rose to the level of Sales and Marketing Director.


Education

Pharmacy, University of Lagos

J. Abayomi Adebanyo

 

Company Secretary

Company Secretary

 

 

Joseph Akhuogie Audu

 

Director

Company Secretary

 

 

Olatunde B. Olanipekun

 

Finance Director, Executive Director

Finance Executive

 

 

 

Mr. Olatunde B. Olanipekun is Finance Director and Executive Director of Fidson Healthcare Limited. He joined the Company as Finance Director in 2005. He graduated in Economics specializing in Accounting from the University of Ife (now Obafemi Awolowo University), Ife Ife in 1978. He is Alumnus of Lagos Business School and Irish Management Institute, Ireland. He became an Associate Member of the Institute of Chartered Accountants of Nigeria (ICAN) in November 1981. He became a Fellow of the Institute in July 1992. He is an Associate Member of the Institute of Taxation of Nigeria. Between 1981 and 1982 he was with the Firm of Peat, Marwick, Ani, Ogunde & Co as Audit Senior. He was a trainee Accountant in the firm between 1979 and 1981 after serving the country (NYSC) as an Accountant with the Sokoto Rima Basin Development Authority, Talata Mafara Branch. Between 1983 and 1991 he was at Dunlop (Nigeria) Ltd where he held managerial positions including Manager, Financial Accounts, Accountant and later Controller of the Consumers and Industrial Division from where he moved to the position of Controller, Corporate Planning, finally becoming the Chief Accountant. He was the Finance and Administration Director of Evans Medical Plc from 1998 to 2000, after serving that same company as Finance Director from 1994 to 1998. Before his present appointment he was Financial Controller, Associated Match Industries Limited Ibadan, Chief Executive Officer of Xtie Edwards (Nigeria) Ltd and Tunde Olanipekun & Co.


Education

Economics, Obafemi Awolowo University

Nkem Onwuama

 

Chief Accounting Officer

Accounting Executive

 

 

Olugbenga Olayeye

 

Executive Director, Sales and Marketing Director

Sales Executive

 

 

 

Mr. Olugbenga Olayeye is Executive Director and Operations Director of Fidson Healthcare Limited. He graduated from the School of Pharmacy of the University of Ibadan in 1993. He worked with Mopson Pharmaceuticals as a Research & Product Development Assistant before joining Fidson Healthcare Plc in 1996 as a Medical Representative. He was elevated to the position of Regional Manager in January 1998 and Business Development Manager in 1999 in which he served until his appointment as the Factory Manager, an Assistant General Manager position. He was appointed to the position of Operations Director in 2004.


Education

, University of Ibadan

Ademola Michael Adeoti

 

Pharmacist

Medical Specialist

 

 

 

 

Directors and Shareholders Report

 

Individual Directors

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Olugbenga Oluseyi
Olayeye

Current

16 Dec 1968

4 Akinyele Street, Off Jonathan Coker Street,
Iju, Agege Lagos

07 Oct 2002

NA

Current:1
Previous:0
Disqualifications:0

 

Ademola Michael
Adeoti

Current

09 Aug 1966

\76 Ogudu Road, Gra Ogudu,
Ojoja, Lagos State

07 Oct 2002

NA

Current:1
Previous:0
Disqualifications:0

 

Olufunmilola Fedelis
Ayebae

Current

09 Oct 1957

22 Oluseun Crescent, Anthony,
Lagos State

07 Oct 2002

NA

Current:1
Previous:0
Disqualifications:0

 

Fidelis Akhagboso
Ayebae

Current

06 Mar 1957

22 Oluseun Crescent, Anthony,
Lagos State

07 Oct 2002

NA

Current:1
Previous:0
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Directors

 

There are no corporate directors for this company.

 

 

Individual Secretaries

 

Name

Status

DOB

Filed Address

Appointment Date

Resignation Date

Summary of Directorships

 

Joseph Akhuogie
Audu

Current

NA

8 Montgomery Street, Yaba,
Lagos

07 Oct 2002

NA

Current:1
Previous:0
Disqualifications:0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Secretaries

 

There are no corporate secretaries for this company.

 

 

 

 

 

 

 

Annual Income Statement

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
30-Jun-2011

Updated Normal
30-Jun-2010

Updated Normal
30-Jun-2009

Reclassified Normal
30-Jun-2009

Updated Normal
30-Jun-2007

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

152.926612

151.080656

134.103251

120.590029

128.074672

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

-

33.8

37.4

37.3

25.8

Revenue

-

33.8

37.4

37.3

25.8

Total Revenue

-

33.8

37.4

37.3

25.8

 

 

 

 

 

 

    Cost of Revenue

-

15.1

17.0

16.7

13.0

Cost of Revenue, Total

-

15.1

17.0

16.7

13.0

Gross Profit

-

18.7

20.5

20.6

12.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

-

13.3

15.2

15.0

8.0

Total Selling/General/Administrative Expenses

-

13.3

15.2

15.0

8.0

        Interest Expense - Operating

-

1.4

1.4

1.4

0.9

    Interest Expense - Net Operating

-

1.4

1.4

1.4

0.9

        Interest Income - Operating

-

-0.1

-0.6

-0.2

0.0

    Interest/Investment Income - Operating

-

-0.1

-0.6

-0.2

0.0

Interest Expense (Income) - Net Operating Total

-

1.2

0.8

1.2

0.9

    Other, Net

-

-0.1

-0.2

0.0

0.0

Other Operating Expenses, Total

-

-0.1

-0.2

0.0

0.0

Total Operating Expense

-

29.5

32.8

33.0

21.9

 

 

 

 

 

 

Operating Income

-

4.3

4.6

4.4

3.9

 

 

 

 

 

 

Income Before Tax

-

4.3

4.6

4.4

3.9

 

 

 

 

 

 

Total Income Tax

-

1.2

1.4

2.8

0.0

Income After Tax

-

3.1

3.2

1.6

3.9

 

 

 

 

 

 

Net Income Before Extraord Items

-

3.1

3.2

1.6

3.9

Net Income

-

3.1

3.2

1.6

3.9

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-

3.1

3.2

1.6

3.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-

3.1

3.2

1.6

3.9

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

-

1,500.0

1,500.0

1,500.0

200.0

Basic EPS Excl Extraord Items

-

0.00

0.00

0.00

0.02

Basic/Primary EPS Incl Extraord Items

-

0.00

0.00

0.00

0.02

Diluted Net Income

-

3.1

3.2

1.6

3.9

Diluted Weighted Average Shares

-

1,500.0

1,500.0

1,500.0

200.0

Diluted EPS Excl Extraord Items

-

0.00

0.00

0.00

0.02

Diluted EPS Incl Extraord Items

-

0.00

0.00

0.00

0.02

Dividends per Share - Common Stock Primary Issue

-

0.00

0.00

0.00

0.01

Gross Dividends - Common Stock

-

1.0

2.5

2.5

1.6

Interest Expense, Supplemental

-

1.4

1.4

1.4

0.9

Depreciation, Supplemental

-

0.9

0.9

1.0

0.7

Total Special Items

-

0.0

0.0

0.0

0.1

Normalized Income Before Tax

-

4.3

4.6

4.4

4.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

-

1.2

1.4

2.8

0.0

Normalized Income After Tax

-

3.1

3.2

1.6

4.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-

3.1

3.2

1.6

4.0

 

 

 

 

 

 

Basic Normalized EPS

-

0.00

0.00

0.00

0.02

Diluted Normalized EPS

-

0.00

0.00

0.00

0.02

Normalized EBIT

-

5.5

5.4

5.6

4.9

Normalized EBITDA

-

6.4

6.3

6.5

5.6

    Deferred Tax - Total

-

-0.2

-0.5

1.2

0.0

Deferred Tax - Total

-

-0.2

-0.5

1.2

0.0

    Other Tax

-

1.4

1.9

1.6

0.0

Income Tax - Total

-

1.2

1.4

2.8

0.0

Other Pension, Net - Domestic

-

0.2

0.2

0.2

0.1

Domestic Pension Plan Expense

-

0.2

0.2

0.2

0.1

Total Pension Expense

-

0.2

0.2

0.2

0.1

Total Plan Other Expense

-

0.2

0.2

0.2

0.1

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

UpdateType/Date

Updated Normal
30-Jun-2011

Updated Normal
30-Jun-2010

Reclassified Normal
30-Jun-2010

Updated Normal
30-Jun-2008

Reclassified Normal
30-Jun-2008

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate

152.5

149.8

148.1

117.815

127.25

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

-

1.6

0.5

2.5

0.3

Cash and Short Term Investments

-

1.6

0.5

2.5

0.3

    Trade Accounts Receivable - Net

-

8.9

8.5

15.3

7.4

    Other Receivables

-

3.9

3.6

5.5

2.0

Total Receivables, Net

-

12.8

12.1

20.8

9.5

    Inventories - Finished Goods

-

2.9

2.7

4.5

2.8

    Inventories - Work In Progress

-

0.1

0.1

0.1

0.1

    Inventories - Raw Materials

-

1.7

1.8

2.0

1.0

Total Inventory

-

4.8

4.5

6.6

4.0

Prepaid Expenses

-

-

-

0.0

0.0

    Other Current Assets

-

0.0

0.4

7.0

0.2

Other Current Assets, Total

-

0.0

0.4

7.0

0.2

Total Current Assets

-

19.1

17.4

36.9

14.0

 

 

 

 

 

 

        Land/Improvements

-

5.2

-

2.0

0.7

        Machinery/Equipment

-

5.2

-

4.8

3.6

        Construction in Progress

-

6.6

-

3.0

2.0

        Leases

-

1.5

-

1.8

1.0

    Property/Plant/Equipment - Gross

-

18.6

-

11.6

7.3

    Accumulated Depreciation

-

-3.7

-

-3.0

-2.1

Property/Plant/Equipment - Net

-

14.8

13.6

8.6

5.2

    LT Investments - Other

-

18.8

17.4

13.6

2.2

Long Term Investments

-

18.8

17.4

13.6

2.2

Total Assets

-

52.8

48.5

59.1

21.4

 

 

 

 

 

 

Accounts Payable

-

1.7

2.5

2.7

3.1

Payable/Accrued

-

5.8

3.6

3.9

1.7

Notes Payable/Short Term Debt

-

6.1

4.0

6.0

2.9

Current Portion - Long Term Debt/Capital Leases

-

0.3

0.3

0.4

0.4

    Dividends Payable

-

-

-

0.2

1.2

    Income Taxes Payable

-

3.1

2.5

1.6

0.0

Other Current liabilities, Total

-

3.1

2.5

1.8

1.2

Total Current Liabilities

-

17.0

12.9

14.8

9.2

 

 

 

 

 

 

    Capital Lease Obligations

-

0.1

0.2

0.4

0.4

Total Long Term Debt

-

0.1

0.2

0.4

0.4

Total Debt

-

6.6

4.5

6.8

3.7

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

-

0.7

0.9

1.7

0.4

Deferred Income Tax

-

0.7

0.9

1.7

0.4

    Pension Benefits - Underfunded

-

0.0

0.0

0.0

0.2

Other Liabilities, Total

-

0.0

0.0

0.0

0.2

Total Liabilities

-

17.8

14.1

17.0

10.2

 

 

 

 

 

 

    Common Stock

-

5.0

5.1

6.4

0.7

Common Stock

-

5.0

5.1

6.4

0.7

Additional Paid-In Capital

-

19.8

20.1

25.2

0.6

Retained Earnings (Accumulated Deficit)

-

9.9

9.1

10.3

9.7

Unrealized Gain (Loss)

-

0.2

0.2

0.2

0.2

Total Equity

-

34.9

34.4

42.2

11.2

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

-

52.8

48.5

59.1

21.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

-

1,500.0

1,500.0

1,500.0

200.0

Total Common Shares Outstanding

-

1,500.0

1,500.0

1,500.0

200.0

Employees

-

284

283

294

255

Number of Common Shareholders

-

5,078

3,983

-

-

    Interest Costs

-

-0.1

-0.1

-0.2

-0.1

Total Capital Leases, Supplemental

-

0.4

0.5

0.8

0.8

Capital Lease Payments Due in Year 1

-

0.3

0.3

0.4

0.4

Capital Lease Payments Due in Year 2

-

0.1

0.1

0.2

0.1

Capital Lease Payments Due in Year 3

-

0.1

0.1

0.2

0.1

Capital Lease Payments Due in Year 4

-

0.1

0.1

0.2

0.1

Capital Lease Payments Due in Year 5

-

0.1

0.1

0.2

0.1

Capital Lease Payments Due in 2-3 Years

-

0.1

0.2

0.3

0.3

Capital Lease Payments Due in 4-5 Years

-

0.1

0.2

0.3

0.3

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
30-Jun-2011

Updated Normal
30-Jun-2010

Updated Normal
30-Jun-2009

Updated Normal
30-Jun-2008

Updated Normal
30-Jun-2008

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

152.926612

151.080656

134.103251

120.590029

128.074672

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-

3.1

3.2

1.6

3.9

    Depreciation

-

0.9

0.9

1.0

0.7

Depreciation/Depletion

-

0.9

0.9

1.0

0.7

    Unusual Items

-

0.0

0.0

0.0

0.1

    Other Non-Cash Items

-

1.4

1.4

1.4

0.9

Non-Cash Items

-

1.4

1.4

1.4

1.0

    Accounts Receivable

-

-0.5

-4.6

-7.1

-4.0

    Inventories

-

-0.3

0.8

-2.3

-1.1

    Other Assets

-

0.0

7.3

-9.9

-1.5

    Accounts Payable

-

2.8

-1.1

5.4

2.8

    Taxes Payable

-

0.4

0.9

2.8

0.0

    Other Liabilities

-

0.0

0.0

-0.2

0.1

Changes in Working Capital

-

2.3

3.4

-11.2

-3.6

Cash from Operating Activities

-

7.7

8.9

-7.3

2.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-

-2.4

-9.1

-4.0

-1.4

Capital Expenditures

-

-2.4

-9.1

-4.0

-1.4

    Sale of Fixed Assets

-

0.1

0.1

0.1

0.0

    Investment, Net

-

1.8

1.2

-10.8

-0.1

    Purchase of Investments

-

-3.3

0.1

-0.1

-0.8

Other Investing Cash Flow Items, Total

-

-1.4

1.4

-10.8

-0.9

Cash from Investing Activities

-

-3.8

-7.7

-14.8

-2.3

 

 

 

 

 

 

    Other Financing Cash Flow

-

-3.6

-3.9

19.9

-1.1

Financing Cash Flow Items

-

-3.6

-3.9

19.9

-1.1

        Sale/Issuance of Common

-

-

0.0

5.5

0.0

    Common Stock, Net

-

-

0.0

5.5

0.0

Issuance (Retirement) of Stock, Net

-

-

0.0

5.5

0.0

    Long Term Debt, Net

-

-0.1

-0.1

0.0

0.2

Issuance (Retirement) of Debt, Net

-

-0.1

-0.1

0.0

0.2

Cash from Financing Activities

-

-3.7

-4.0

25.3

-0.9

 

 

 

 

 

 

Net Change in Cash

-

0.2

-2.8

3.2

-1.1

 

 

 

 

 

 

Net Cash - Beginning Balance

-

-1.6

0.9

-2.2

-1.0

Net Cash - Ending Balance

-

-1.4

-1.9

1.0

-2.1

Cash Interest Paid

-

1.4

1.4

1.4

0.9

Cash Taxes Paid

-

0.7

0.6

0.0

-

 

 

 

 

Annual Income Statement

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

30-Jun-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
30-Jun-2010

Updated Normal
30-Jun-2009

Reclassified Normal
30-Jun-2009

Updated Normal
30-Jun-2007

Updated Normal
30-Jun-2007

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

151.080656

134.103251

120.590029

128.074672

130.649385

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Turnover

33.8

37.4

37.3

25.8

16.8

Total Revenue

33.8

37.4

37.3

25.8

16.8

 

 

 

 

 

 

    Cost of Slaes

15.1

17.0

16.7

13.0

8.4

    Operating Expenses

-

-

-

-

5.0

    Administrative Expenses

13.3

15.2

15.0

8.0

-

    Financial Charges

1.4

1.4

1.4

0.9

0.6

    Interest Earned

-0.1

-0.6

-0.2

0.0

-

    Other Operating Income

0.0

0.0

0.0

0.0

0.0

    Toll Manufacturing Fee

-0.1

-0.1

0.0

-

-

Total Operating Expense

29.5

32.8

33.0

21.9

14.0

 

 

 

 

 

 

Net Income Before Taxes

4.3

4.6

4.4

3.9

2.8

 

 

 

 

 

 

Provision for Income Taxes

1.2

1.4

2.8

0.0

0.0

Net Income After Taxes

3.1

3.2

1.6

3.9

2.8

 

 

 

 

 

 

Net Income Before Extra. Items

3.1

3.2

1.6

3.9

2.8

Net Income

3.1

3.2

1.6

3.9

2.8

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

3.1

3.2

1.6

3.9

2.8

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

3.1

3.2

1.6

3.9

2.8

 

 

 

 

 

 

Basic Weighted Average Shares

1,500.0

1,500.0

1,500.0

200.0

200.0

Basic EPS Excluding ExtraOrdinary Items

0.00

0.00

0.00

0.02

0.01

Basic EPS Including ExtraOrdinary Items

0.00

0.00

0.00

0.02

0.01

Diluted Net Income

3.1

3.2

1.6

3.9

2.8

Diluted Weighted Average Shares

1,500.0

1,500.0

1,500.0

200.0

200.0

Diluted EPS Excluding ExtraOrd Items

0.00

0.00

0.00

0.02

0.01

Diluted EPS Including ExtraOrd Items

0.00

0.00

0.00

0.02

0.01

DPS-Common Stock

0.00

0.00

0.00

0.01

0.00

Gross Dividends - Common Stock

1.0

2.5

2.5

1.6

-

Normalized Income Before Taxes

4.3

4.6

4.4

4.0

2.8

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

1.2

1.4

2.8

0.0

0.0

Normalized Income After Taxes

3.1

3.2

1.6

4.0

2.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

3.1

3.2

1.6

4.0

2.8

 

 

 

 

 

 

Basic Normalized EPS

0.00

0.00

0.00

0.02

0.01

Diluted Normalized EPS

0.00

0.00

0.00

0.02

0.01

Interest Expenses

1.4

1.4

1.4

0.9

0.6

Depreciation, Supplemental

0.9

0.9

1.0

0.7

-

    Deferred Tax

-0.2

-0.5

1.2

0.0

-

Deferred Tax - Total

-0.2

-0.5

1.2

0.0

-

    Company Income Tax

1.3

1.7

1.4

0.0

-

    Education Tax

0.1

0.3

0.2

0.0

-

Income Tax - Total

1.2

1.4

2.8

0.0

-

Other Pension, Net - Domestic

0.2

0.2

0.2

0.1

-

Domestic Pension Plan Expense

0.2

0.2

0.2

0.1

-

Total Pension Expense

0.2

0.2

0.2

0.1

-

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

 

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

30-Jun-2006

UpdateType/Date

Updated Normal
30-Jun-2010

Reclassified Normal
30-Jun-2010

Updated Normal
30-Jun-2008

Reclassified Normal
30-Jun-2008

Updated Normal
30-Jun-2007

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate

149.8

148.1

117.815

127.25

128.4

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Stocks

-

-

-

-

2.9

    Finished Goods

1.7

1.5

2.4

0.9

-

    Raw & Packaging Materials

1.7

1.8

2.0

1.0

-

    Work in Progress

0.1

0.1

0.1

0.1

-

    Goods in Transit

1.2

1.2

2.2

1.9

-

    Debtors & Prepayments

-

-

-

-

3.7

    Trade Debtors

8.4

7.5

10.7

7.1

-

    Sundry Debtors

2.6

1.6

4.1

1.0

-

    Prepayments

-

-

0.0

0.0

-

    Directors Current Account

1.3

2.0

1.4

1.0

-

    Advance for Machineries & Spare Parts

0.0

0.4

7.0

0.2

-

    Amount Due from Related Companies

0.4

1.0

4.6

0.3

0.4

    Cash & Bank Balances

1.6

0.5

2.5

0.3

0.4

Total Current Assets

19.1

17.4

36.9

14.0

7.4

 

 

 

 

 

 

    Fixed Assets

-

12.9

-

-

3.9

    Land & Buildings

5.2

-

2.0

0.7

-

    Plant, Machinery & Equipments

3.0

-

3.1

2.4

-

    Furniture & Fittings

0.7

-

0.1

0.1

-

    Motor Vehicles

1.5

-

1.6

1.1

-

    Construction in Progress

6.6

-

3.0

2.0

-

    Accumulated Depreciation

-2.7

-

-2.5

-1.7

-

    Finance lease assets

-

0.7

-

-

-

    Leased Motor Vehicles

1.4

-

1.6

0.8

-

    Leased Office Equipment

0.1

-

0.1

0.1

-

    Accumulated Depreciation

-1.1

-

-0.6

-0.3

-

    Finance Lease Assets

-

-

-

-

0.7

    Investments

18.8

17.4

13.6

2.2

1.3

Total Assets

52.8

48.5

59.1

21.4

13.3

 

 

 

 

 

 

    Bank Loans & Overdrafts

-

-

-

-

1.8

    Trade Creditors

1.7

2.5

2.7

3.1

1.3

    Bank Loans

2.8

1.8

4.6

0.4

-

    Bank Overdrafts

3.0

2.2

1.4

2.4

-

    Other Creditors & Accruals

5.8

3.6

3.9

1.7

1.0

    Finance Leases

0.3

0.3

0.4

0.4

-

    Commercial Papers

0.3

0.0

-

-

-

    Dividends Payable

-

-

0.2

1.2

1.3

    Amounts Due to to Related

-

-

-

-

0.1

    Taxation

3.1

2.5

1.6

0.0

0.0

Total Current Liabilities

17.0

12.9

14.8

9.2

5.5

 

 

 

 

 

 

    Obliagtioin Under Finance Lease

0.1

0.2

0.4

0.4

0.2

Total Long Term Debt

0.1

0.2

0.4

0.4

0.2

 

 

 

 

 

 

    Deferred Taxation

0.7

0.9

1.7

0.4

0.4

    Staff Retirement Benefits

0.0

0.0

0.0

0.2

0.1

Total Liabilities

17.8

14.1

17.0

10.2

6.1

 

 

 

 

 

 

    Share Capital

5.0

5.1

6.4

0.7

0.7

    Share Premium

19.8

20.1

25.2

0.6

0.6

    Fixed Assets Revaluation Reserve

0.2

0.2

0.2

0.2

0.2

    Revenue Reserve

9.9

9.1

10.3

9.7

5.6

Total Equity

34.9

34.4

42.2

11.2

7.2

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

52.8

48.5

59.1

21.4

13.3

 

 

 

 

 

 

    S/O-Common Stock

1,500.0

1,500.0

1,500.0

200.0

200.0

Total Common Shares Outstanding

1,500.0

1,500.0

1,500.0

200.0

200.0

Number of Common Shareholders

5,078

3,983

-

-

-

Full-Time Employees

284

283

294

255

-

Capital Lease Payments Due within 1 Year

0.3

0.3

0.4

0.4

-

Capital Lease Payments Due in Year 5

0.2

0.4

0.6

0.5

-

Finance Charges

-0.1

-0.1

-0.2

-0.1

-

Total Capital Leases, Supplemental

0.4

0.5

0.8

0.8

-

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

 

 

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
30-Jun-2010

Updated Normal
30-Jun-2009

Updated Normal
30-Jun-2008

Updated Normal
30-Jun-2008

Filed Currency

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

151.080656

134.103251

120.590029

128.074672

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

Net Income

3.1

3.2

1.6

3.9

    Depreciation

0.9

0.9

1.0

0.7

    Profit/Loss on Disposal of Fixed Assets

0.0

0.0

0.0

0.1

    Net Interest Payable

1.4

1.4

1.4

0.9

    Inventories

-0.3

0.8

-2.3

-1.1

    Trade Debtors

-1.0

1.2

-3.0

-4.0

    Due from Related Companies

0.6

-5.7

-4.1

0.1

    Other Debtors

0.0

7.3

-9.9

-1.5

    Creditors

2.8

-1.1

5.4

2.9

    Due to Related Companies

-

-

0.0

-0.1

    Tax Payable

0.6

1.4

1.6

0.0

    Deferred Tax Payable

-0.2

-0.5

1.2

0.0

    Retirement Benefits

0.0

0.0

-0.2

0.1

Cash from Operating Activities

7.7

8.9

-7.3

2.1

 

 

 

 

 

    Capital Expenditures

-2.3

-8.9

-3.1

-1.3

    Addition to Finance Lease Assets

-0.1

-0.2

-0.9

-0.2

    Investment in Related Companies

-3.3

0.1

-0.1

-0.8

    Investment in Other Companies

1.8

1.2

-10.8

-0.1

    Sale of Fixed Assets

0.1

0.1

0.1

0.0

Cash from Investing Activities

-3.8

-7.7

-14.8

-2.3

 

 

 

 

 

    Repayment/Additional Lease Obtained

-0.1

-0.1

0.0

0.2

    Interest Paid on Loans & Overdraft

-1.4

-1.4

-1.4

-0.9

    Dividend Paid

-2.2

-2.4

-2.7

-0.2

    Additions to Share Capital

-

0.0

5.5

0.0

    Additions to Share Premium

-

0.0

24.0

0.0

Cash from Financing Activities

-3.7

-4.0

25.3

-0.9

 

 

 

 

 

Net Change in Cash

0.2

-2.8

3.2

-1.1

 

 

 

 

 

Net Cash - Beginning Balance

-1.6

0.9

-2.2

-1.0

Net Cash - Ending Balance

-1.4

-1.9

1.0

-2.1

    Cash Interest Paid

1.4

1.4

1.4

0.9

    Cash Taxes Paid

0.7

0.6

0.0

-

 

 

Financial Health

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

Key IndicatorsΒ USD (mil)

Β 

Quarter
Ending

Quarter
Ending
Yr Ago

Annual
Year End

1 Year
Growth

3 Year
Growth

5 Year
Growth

Key Ratios

Β 

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Profitability

Gross Margin

55.27%

54.69%

55.18%

49.63%

Operating Margin

12.59%

12.41%

11.69%

15.28%

Pretax Margin

12.59%

12.41%

11.69%

15.28%

Net Profit Margin

9.13%

8.55%

4.20%

15.28%

Financial Strength

Current Ratio

1.12

1.35

2.48

1.52

Long Term Debt/Equity

0.00

0.01

0.01

0.04

Total Debt/Equity

0.19

0.13

0.16

0.33

Management Effectiveness

Return on Assets

6.18%

6.07%

3.91%

22.79%

Return on Equity

9.02%

8.53%

5.92%

43.04%

Efficiency

Receivables Turnover

2.76

2.37

2.46

3.81

Inventory Turnover

3.31

3.15

3.15

3.82

Asset Turnover

0.68

0.71

0.93

1.49

Market ValuationΒ USD (mil)

Enterprise Value

12.6

.

Enterprise Value/Revenue (TTM)

0.39

Enterprise Value/EBITDA (TTM)

2.05

.

Market Cap

7.8

1-ExchangeRate: to USD on 16-Mar-2012

157.650009

 

 

 

2-ExchangeRate: to USD on 16-Mar-2012

157.650009

 

 

 

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 



 

 

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Financial Strength

Current Ratio

1.12

1.35

2.48

1.52

Quick/Acid Test Ratio

0.84

0.97

1.57

1.07

Working Capital1

2.1

4.5

22.0

4.8

Long Term Debt/Equity

0.00

0.01

0.01

0.04

Total Debt/Equity

0.19

0.13

0.16

0.33

Long Term Debt/Total Capital

0.00

0.01

0.01

0.03

Total Debt/Total Capital

0.16

0.12

0.14

0.25

Payout Ratio

32.20%

76.90%

158.48%

44.92%

Effective Tax Rate

27.45%

31.13%

64.04%

0.00%

Total Capital1

41.5

38.9

49.0

14.9

 

 

 

 

 

Efficiency

Asset Turnover

0.68

0.71

0.93

1.49

Inventory Turnover

3.31

3.15

3.15

3.82

Days In Inventory

110.43

115.85

115.89

95.49

Receivables Turnover

2.76

2.37

2.46

3.81

Days Receivables Outstanding

132.49

154.05

148.12

95.71

Revenue/Employee2

119,890

119,769

130,022

101,928

Operating Income/Employee2

15,095

14,865

15,197

15,572

EBITDA/Employee2

18,335

17,799

18,543

18,475

 

 

 

 

 

Profitability

Gross Margin

55.27%

54.69%

55.18%

49.63%

Operating Margin

12.59%

12.41%

11.69%

15.28%

EBITDA Margin

15.29%

14.86%

14.26%

18.13%

EBIT Margin

12.59%

12.41%

11.69%

15.28%

Pretax Margin

12.59%

12.41%

11.69%

15.28%

Net Profit Margin

9.13%

8.55%

4.20%

15.28%

COGS/Revenue

44.73%

45.31%

44.82%

50.37%

SG&A Expense/Revenue

39.37%

40.58%

40.29%

30.97%

 

 

 

 

 

Management Effectiveness

Return on Assets

6.18%

6.07%

3.91%

22.79%

Return on Equity

9.02%

8.53%

5.92%

43.04%

 

 

 

 

 

Valuation

Free Cash Flow/Share2

0.00

0.00

-0.01

0.00

Operating Cash Flow/Share 2

0.01

0.01

0.00

0.01

1-ExchangeRate: NGN to USD Period End Date

149.8

148.1

117.815

127.25

2-ExchangeRate: NGN to USD Average for Period

149.8

148.1

117.815

127.25

 

 

 

 

Annual Income Statement

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
30-Jun-2011

Updated Normal
30-Jun-2010

Updated Normal
30-Jun-2009

Reclassified Normal
30-Jun-2009

Updated Normal
30-Jun-2007

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

152.926612

151.080656

134.103251

120.590029

128.074672

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

-

33.8

37.4

37.3

25.8

Revenue

-

33.8

37.4

37.3

25.8

Total Revenue

-

33.8

37.4

37.3

25.8

 

 

 

 

 

 

    Cost of Revenue

-

15.1

17.0

16.7

13.0

Cost of Revenue, Total

-

15.1

17.0

16.7

13.0

Gross Profit

-

18.7

20.5

20.6

12.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

-

13.3

15.2

15.0

8.0

Total Selling/General/Administrative Expenses

-

13.3

15.2

15.0

8.0

        Interest Expense - Operating

-

1.4

1.4

1.4

0.9

    Interest Expense - Net Operating

-

1.4

1.4

1.4

0.9

        Interest Income - Operating

-

-0.1

-0.6

-0.2

0.0

    Interest/Investment Income - Operating

-

-0.1

-0.6

-0.2

0.0

Interest Expense (Income) - Net Operating Total

-

1.2

0.8

1.2

0.9

    Other, Net

-

-0.1

-0.2

0.0

0.0

Other Operating Expenses, Total

-

-0.1

-0.2

0.0

0.0

Total Operating Expense

-

29.5

32.8

33.0

21.9

 

 

 

 

 

 

Operating Income

-

4.3

4.6

4.4

3.9

 

 

 

 

 

 

Income Before Tax

-

4.3

4.6

4.4

3.9

 

 

 

 

 

 

Total Income Tax

-

1.2

1.4

2.8

0.0

Income After Tax

-

3.1

3.2

1.6

3.9

 

 

 

 

 

 

Net Income Before Extraord Items

-

3.1

3.2

1.6

3.9

Net Income

-

3.1

3.2

1.6

3.9

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-

3.1

3.2

1.6

3.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-

3.1

3.2

1.6

3.9

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

-

1,500.0

1,500.0

1,500.0

200.0

Basic EPS Excl Extraord Items

-

0.00

0.00

0.00

0.02

Basic/Primary EPS Incl Extraord Items

-

0.00

0.00

0.00

0.02

Diluted Net Income

-

3.1

3.2

1.6

3.9

Diluted Weighted Average Shares

-

1,500.0

1,500.0

1,500.0

200.0

Diluted EPS Excl Extraord Items

-

0.00

0.00

0.00

0.02

Diluted EPS Incl Extraord Items

-

0.00

0.00

0.00

0.02

Dividends per Share - Common Stock Primary Issue

-

0.00

0.00

0.00

0.01

Gross Dividends - Common Stock

-

1.0

2.5

2.5

1.6

Interest Expense, Supplemental

-

1.4

1.4

1.4

0.9

Depreciation, Supplemental

-

0.9

0.9

1.0

0.7

Total Special Items

-

0.0

0.0

0.0

0.1

Normalized Income Before Tax

-

4.3

4.6

4.4

4.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

-

1.2

1.4

2.8

0.0

Normalized Income After Tax

-

3.1

3.2

1.6

4.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-

3.1

3.2

1.6

4.0

 

 

 

 

 

 

Basic Normalized EPS

-

0.00

0.00

0.00

0.02

Diluted Normalized EPS

-

0.00

0.00

0.00

0.02

Normalized EBIT

-

5.5

5.4

5.6

4.9

Normalized EBITDA

-

6.4

6.3

6.5

5.6

    Deferred Tax - Total

-

-0.2

-0.5

1.2

0.0

Deferred Tax - Total

-

-0.2

-0.5

1.2

0.0

    Other Tax

-

1.4

1.9

1.6

0.0

Income Tax - Total

-

1.2

1.4

2.8

0.0

Other Pension, Net - Domestic

-

0.2

0.2

0.2

0.1

Domestic Pension Plan Expense

-

0.2

0.2

0.2

0.1

Total Pension Expense

-

0.2

0.2

0.2

0.1

Total Plan Other Expense

-

0.2

0.2

0.2

0.1

 

 

 

 

Annual Balance Sheet

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

UpdateType/Date

Updated Normal
30-Jun-2011

Updated Normal
30-Jun-2010

Reclassified Normal
30-Jun-2010

Updated Normal
30-Jun-2008

Reclassified Normal
30-Jun-2008

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate

152.5

149.8

148.1

117.815

127.25

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

-

1.6

0.5

2.5

0.3

Cash and Short Term Investments

-

1.6

0.5

2.5

0.3

    Trade Accounts Receivable - Net

-

8.9

8.5

15.3

7.4

    Other Receivables

-

3.9

3.6

5.5

2.0

Total Receivables, Net

-

12.8

12.1

20.8

9.5

    Inventories - Finished Goods

-

2.9

2.7

4.5

2.8

    Inventories - Work In Progress

-

0.1

0.1

0.1

0.1

    Inventories - Raw Materials

-

1.7

1.8

2.0

1.0

Total Inventory

-

4.8

4.5

6.6

4.0

Prepaid Expenses

-

-

-

0.0

0.0

    Other Current Assets

-

0.0

0.4

7.0

0.2

Other Current Assets, Total

-

0.0

0.4

7.0

0.2

Total Current Assets

-

19.1

17.4

36.9

14.0

 

 

 

 

 

 

        Land/Improvements

-

5.2

-

2.0

0.7

        Machinery/Equipment

-

5.2

-

4.8

3.6

        Construction in Progress

-

6.6

-

3.0

2.0

        Leases

-

1.5

-

1.8

1.0

    Property/Plant/Equipment - Gross

-

18.6

-

11.6

7.3

    Accumulated Depreciation

-

-3.7

-

-3.0

-2.1

Property/Plant/Equipment - Net

-

14.8

13.6

8.6

5.2

    LT Investments - Other

-

18.8

17.4

13.6

2.2

Long Term Investments

-

18.8

17.4

13.6

2.2

Total Assets

-

52.8

48.5

59.1

21.4

 

 

 

 

 

 

Accounts Payable

-

1.7

2.5

2.7

3.1

Payable/Accrued

-

5.8

3.6

3.9

1.7

Notes Payable/Short Term Debt

-

6.1

4.0

6.0

2.9

Current Portion - Long Term Debt/Capital Leases

-

0.3

0.3

0.4

0.4

    Dividends Payable

-

-

-

0.2

1.2

    Income Taxes Payable

-

3.1

2.5

1.6

0.0

Other Current liabilities, Total

-

3.1

2.5

1.8

1.2

Total Current Liabilities

-

17.0

12.9

14.8

9.2

 

 

 

 

 

 

    Capital Lease Obligations

-

0.1

0.2

0.4

0.4

Total Long Term Debt

-

0.1

0.2

0.4

0.4

Total Debt

-

6.6

4.5

6.8

3.7

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

-

0.7

0.9

1.7

0.4

Deferred Income Tax

-

0.7

0.9

1.7

0.4

    Pension Benefits - Underfunded

-

0.0

0.0

0.0

0.2

Other Liabilities, Total

-

0.0

0.0

0.0

0.2

Total Liabilities

-

17.8

14.1

17.0

10.2

 

 

 

 

 

 

    Common Stock

-

5.0

5.1

6.4

0.7

Common Stock

-

5.0

5.1

6.4

0.7

Additional Paid-In Capital

-

19.8

20.1

25.2

0.6

Retained Earnings (Accumulated Deficit)

-

9.9

9.1

10.3

9.7

Unrealized Gain (Loss)

-

0.2

0.2

0.2

0.2

Total Equity

-

34.9

34.4

42.2

11.2

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

-

52.8

48.5

59.1

21.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

-

1,500.0

1,500.0

1,500.0

200.0

Total Common Shares Outstanding

-

1,500.0

1,500.0

1,500.0

200.0

Employees

-

284

283

294

255

Number of Common Shareholders

-

5,078

3,983

-

-

    Interest Costs

-

-0.1

-0.1

-0.2

-0.1

Total Capital Leases, Supplemental

-

0.4

0.5

0.8

0.8

Capital Lease Payments Due in Year 1

-

0.3

0.3

0.4

0.4

Capital Lease Payments Due in Year 2

-

0.1

0.1

0.2

0.1

Capital Lease Payments Due in Year 3

-

0.1

0.1

0.2

0.1

Capital Lease Payments Due in Year 4

-

0.1

0.1

0.2

0.1

Capital Lease Payments Due in Year 5

-

0.1

0.1

0.2

0.1

Capital Lease Payments Due in 2-3 Years

-

0.1

0.2

0.3

0.3

Capital Lease Payments Due in 4-5 Years

-

0.1

0.2

0.3

0.3

 

 

 

 

Interim Balance Sheet

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

No Financial Data for Fidson Healthcare Limited

 

 

 

Annual Cash Flows

Standardized

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
30-Jun-2011

Updated Normal
30-Jun-2010

Updated Normal
30-Jun-2009

Updated Normal
30-Jun-2008

Updated Normal
30-Jun-2008

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

152.926612

151.080656

134.103251

120.590029

128.074672

Auditor

 

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

 

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-

3.1

3.2

1.6

3.9

    Depreciation

-

0.9

0.9

1.0

0.7

Depreciation/Depletion

-

0.9

0.9

1.0

0.7

    Unusual Items

-

0.0

0.0

0.0

0.1

    Other Non-Cash Items

-

1.4

1.4

1.4

0.9

Non-Cash Items

-

1.4

1.4

1.4

1.0

    Accounts Receivable

-

-0.5

-4.6

-7.1

-4.0

    Inventories

-

-0.3

0.8

-2.3

-1.1

    Other Assets

-

0.0

7.3

-9.9

-1.5

    Accounts Payable

-

2.8

-1.1

5.4

2.8

    Taxes Payable

-

0.4

0.9

2.8

0.0

    Other Liabilities

-

0.0

0.0

-0.2

0.1

Changes in Working Capital

-

2.3

3.4

-11.2

-3.6

Cash from Operating Activities

-

7.7

8.9

-7.3

2.1

 

 

 

 

 

 

    Purchase of Fixed Assets

-

-2.4

-9.1

-4.0

-1.4

Capital Expenditures

-

-2.4

-9.1

-4.0

-1.4

    Sale of Fixed Assets

-

0.1

0.1

0.1

0.0

    Investment, Net

-

1.8

1.2

-10.8

-0.1

    Purchase of Investments

-

-3.3

0.1

-0.1

-0.8

Other Investing Cash Flow Items, Total

-

-1.4

1.4

-10.8

-0.9

Cash from Investing Activities

-

-3.8

-7.7

-14.8

-2.3

 

 

 

 

 

 

    Other Financing Cash Flow

-

-3.6

-3.9

19.9

-1.1

Financing Cash Flow Items

-

-3.6

-3.9

19.9

-1.1

        Sale/Issuance of Common

-

-

0.0

5.5

0.0

    Common Stock, Net

-

-

0.0

5.5

0.0

Issuance (Retirement) of Stock, Net

-

-

0.0

5.5

0.0

    Long Term Debt, Net

-

-0.1

-0.1

0.0

0.2

Issuance (Retirement) of Debt, Net

-

-0.1

-0.1

0.0

0.2

Cash from Financing Activities

-

-3.7

-4.0

25.3

-0.9

 

 

 

 

 

 

Net Change in Cash

-

0.2

-2.8

3.2

-1.1

 

 

 

 

 

 

Net Cash - Beginning Balance

-

-1.6

0.9

-2.2

-1.0

Net Cash - Ending Balance

-

-1.4

-1.9

1.0

-2.1

Cash Interest Paid

-

1.4

1.4

1.4

0.9

Cash Taxes Paid

-

0.7

0.6

0.0

-

 

 

 

 

Annual Income Statement

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

30-Jun-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
30-Jun-2010

Updated Normal
30-Jun-2009

Reclassified Normal
30-Jun-2009

Updated Normal
30-Jun-2007

Updated Normal
30-Jun-2007

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

151.080656

134.103251

120.590029

128.074672

130.649385

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Turnover

33.8

37.4

37.3

25.8

16.8

Total Revenue

33.8

37.4

37.3

25.8

16.8

 

 

 

 

 

 

    Cost of Slaes

15.1

17.0

16.7

13.0

8.4

    Operating Expenses

-

-

-

-

5.0

    Administrative Expenses

13.3

15.2

15.0

8.0

-

    Financial Charges

1.4

1.4

1.4

0.9

0.6

    Interest Earned

-0.1

-0.6

-0.2

0.0

-

    Other Operating Income

0.0

0.0

0.0

0.0

0.0

    Toll Manufacturing Fee

-0.1

-0.1

0.0

-

-

Total Operating Expense

29.5

32.8

33.0

21.9

14.0

 

 

 

 

 

 

Net Income Before Taxes

4.3

4.6

4.4

3.9

2.8

 

 

 

 

 

 

Provision for Income Taxes

1.2

1.4

2.8

0.0

0.0

Net Income After Taxes

3.1

3.2

1.6

3.9

2.8

 

 

 

 

 

 

Net Income Before Extra. Items

3.1

3.2

1.6

3.9

2.8

Net Income

3.1

3.2

1.6

3.9

2.8

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

3.1

3.2

1.6

3.9

2.8

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

3.1

3.2

1.6

3.9

2.8

 

 

 

 

 

 

Basic Weighted Average Shares

1,500.0

1,500.0

1,500.0

200.0

200.0

Basic EPS Excluding ExtraOrdinary Items

0.00

0.00

0.00

0.02

0.01

Basic EPS Including ExtraOrdinary Items

0.00

0.00

0.00

0.02

0.01

Diluted Net Income

3.1

3.2

1.6

3.9

2.8

Diluted Weighted Average Shares

1,500.0

1,500.0

1,500.0

200.0

200.0

Diluted EPS Excluding ExtraOrd Items

0.00

0.00

0.00

0.02

0.01

Diluted EPS Including ExtraOrd Items

0.00

0.00

0.00

0.02

0.01

DPS-Common Stock

0.00

0.00

0.00

0.01

0.00

Gross Dividends - Common Stock

1.0

2.5

2.5

1.6

-

Normalized Income Before Taxes

4.3

4.6

4.4

4.0

2.8

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

1.2

1.4

2.8

0.0

0.0

Normalized Income After Taxes

3.1

3.2

1.6

4.0

2.8

 

 

 

 

 

 

Normalized Inc. Avail to Com.

3.1

3.2

1.6

4.0

2.8

 

 

 

 

 

 

Basic Normalized EPS

0.00

0.00

0.00

0.02

0.01

Diluted Normalized EPS

0.00

0.00

0.00

0.02

0.01

Interest Expenses

1.4

1.4

1.4

0.9

0.6

Depreciation, Supplemental

0.9

0.9

1.0

0.7

-

    Deferred Tax

-0.2

-0.5

1.2

0.0

-

Deferred Tax - Total

-0.2

-0.5

1.2

0.0

-

    Company Income Tax

1.3

1.7

1.4

0.0

-

    Education Tax

0.1

0.3

0.2

0.0

-

Income Tax - Total

1.2

1.4

2.8

0.0

-

Other Pension, Net - Domestic

0.2

0.2

0.2

0.1

-

Domestic Pension Plan Expense

0.2

0.2

0.2

0.1

-

Total Pension Expense

0.2

0.2

0.2

0.1

-

 

 

 

 

Annual Balance Sheet

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

30-Jun-2006

UpdateType/Date

Updated Normal
30-Jun-2010

Reclassified Normal
30-Jun-2010

Updated Normal
30-Jun-2008

Reclassified Normal
30-Jun-2008

Updated Normal
30-Jun-2007

Filed Currency

NGN

NGN

NGN

NGN

NGN

Exchange Rate

149.8

148.1

117.815

127.25

128.4

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Stocks

-

-

-

-

2.9

    Finished Goods

1.7

1.5

2.4

0.9

-

    Raw & Packaging Materials

1.7

1.8

2.0

1.0

-

    Work in Progress

0.1

0.1

0.1

0.1

-

    Goods in Transit

1.2

1.2

2.2

1.9

-

    Debtors & Prepayments

-

-

-

-

3.7

    Trade Debtors

8.4

7.5

10.7

7.1

-

    Sundry Debtors

2.6

1.6

4.1

1.0

-

    Prepayments

-

-

0.0

0.0

-

    Directors Current Account

1.3

2.0

1.4

1.0

-

    Advance for Machineries & Spare Parts

0.0

0.4

7.0

0.2

-

    Amount Due from Related Companies

0.4

1.0

4.6

0.3

0.4

    Cash & Bank Balances

1.6

0.5

2.5

0.3

0.4

Total Current Assets

19.1

17.4

36.9

14.0

7.4

 

 

 

 

 

 

    Fixed Assets

-

12.9

-

-

3.9

    Land & Buildings

5.2

-

2.0

0.7

-

    Plant, Machinery & Equipments

3.0

-

3.1

2.4

-

    Furniture & Fittings

0.7

-

0.1

0.1

-

    Motor Vehicles

1.5

-

1.6

1.1

-

    Construction in Progress

6.6

-

3.0

2.0

-

    Accumulated Depreciation

-2.7

-

-2.5

-1.7

-

    Finance lease assets

-

0.7

-

-

-

    Leased Motor Vehicles

1.4

-

1.6

0.8

-

    Leased Office Equipment

0.1

-

0.1

0.1

-

    Accumulated Depreciation

-1.1

-

-0.6

-0.3

-

    Finance Lease Assets

-

-

-

-

0.7

    Investments

18.8

17.4

13.6

2.2

1.3

Total Assets

52.8

48.5

59.1

21.4

13.3

 

 

 

 

 

 

    Bank Loans & Overdrafts

-

-

-

-

1.8

    Trade Creditors

1.7

2.5

2.7

3.1

1.3

    Bank Loans

2.8

1.8

4.6

0.4

-

    Bank Overdrafts

3.0

2.2

1.4

2.4

-

    Other Creditors & Accruals

5.8

3.6

3.9

1.7

1.0

    Finance Leases

0.3

0.3

0.4

0.4

-

    Commercial Papers

0.3

0.0

-

-

-

    Dividends Payable

-

-

0.2

1.2

1.3

    Amounts Due to to Related

-

-

-

-

0.1

    Taxation

3.1

2.5

1.6

0.0

0.0

Total Current Liabilities

17.0

12.9

14.8

9.2

5.5

 

 

 

 

 

 

    Obliagtioin Under Finance Lease

0.1

0.2

0.4

0.4

0.2

Total Long Term Debt

0.1

0.2

0.4

0.4

0.2

 

 

 

 

 

 

    Deferred Taxation

0.7

0.9

1.7

0.4

0.4

    Staff Retirement Benefits

0.0

0.0

0.0

0.2

0.1

Total Liabilities

17.8

14.1

17.0

10.2

6.1

 

 

 

 

 

 

    Share Capital

5.0

5.1

6.4

0.7

0.7

    Share Premium

19.8

20.1

25.2

0.6

0.6

    Fixed Assets Revaluation Reserve

0.2

0.2

0.2

0.2

0.2

    Revenue Reserve

9.9

9.1

10.3

9.7

5.6

Total Equity

34.9

34.4

42.2

11.2

7.2

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

52.8

48.5

59.1

21.4

13.3

 

 

 

 

 

 

    S/O-Common Stock

1,500.0

1,500.0

1,500.0

200.0

200.0

Total Common Shares Outstanding

1,500.0

1,500.0

1,500.0

200.0

200.0

Number of Common Shareholders

5,078

3,983

-

-

-

Full-Time Employees

284

283

294

255

-

Capital Lease Payments Due within 1 Year

0.3

0.3

0.4

0.4

-

Capital Lease Payments Due in Year 5

0.2

0.4

0.6

0.5

-

Finance Charges

-0.1

-0.1

-0.2

-0.1

-

Total Capital Leases, Supplemental

0.4

0.5

0.8

0.8

-

 

 

 

 

Annual Cash Flows

As Reported

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

 

 

 

 

 

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
30-Jun-2010

Updated Normal
30-Jun-2009

Updated Normal
30-Jun-2008

Updated Normal
30-Jun-2008

Filed Currency

NGN

NGN

NGN

NGN

Exchange Rate (Period Average)

151.080656

134.103251

120.590029

128.074672

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

Net Income

3.1

3.2

1.6

3.9

    Depreciation

0.9

0.9

1.0

0.7

    Profit/Loss on Disposal of Fixed Assets

0.0

0.0

0.0

0.1

    Net Interest Payable

1.4

1.4

1.4

0.9

    Inventories

-0.3

0.8

-2.3

-1.1

    Trade Debtors

-1.0

1.2

-3.0

-4.0

    Due from Related Companies

0.6

-5.7

-4.1

0.1

    Other Debtors

0.0

7.3

-9.9

-1.5

    Creditors

2.8

-1.1

5.4

2.9

    Due to Related Companies

-

-

0.0

-0.1

    Tax Payable

0.6

1.4

1.6

0.0

    Deferred Tax Payable

-0.2

-0.5

1.2

0.0

    Retirement Benefits

0.0

0.0

-0.2

0.1

Cash from Operating Activities

7.7

8.9

-7.3

2.1

 

 

 

 

 

    Capital Expenditures

-2.3

-8.9

-3.1

-1.3

    Addition to Finance Lease Assets

-0.1

-0.2

-0.9

-0.2

    Investment in Related Companies

-3.3

0.1

-0.1

-0.8

    Investment in Other Companies

1.8

1.2

-10.8

-0.1

    Sale of Fixed Assets

0.1

0.1

0.1

0.0

Cash from Investing Activities

-3.8

-7.7

-14.8

-2.3

 

 

 

 

 

    Repayment/Additional Lease Obtained

-0.1

-0.1

0.0

0.2

    Interest Paid on Loans & Overdraft

-1.4

-1.4

-1.4

-0.9

    Dividend Paid

-2.2

-2.4

-2.7

-0.2

    Additions to Share Capital

-

0.0

5.5

0.0

    Additions to Share Premium

-

0.0

24.0

0.0

Cash from Financing Activities

-3.7

-4.0

25.3

-0.9

 

 

 

 

 

Net Change in Cash

0.2

-2.8

3.2

-1.1

 

 

 

 

 

Net Cash - Beginning Balance

-1.6

0.9

-2.2

-1.0

Net Cash - Ending Balance

-1.4

-1.9

1.0

-2.1

    Cash Interest Paid

1.4

1.4

1.4

0.9

    Cash Taxes Paid

0.7

0.6

0.0

-

 

 

 Bottom of Form

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.15

UK Pound

1

Rs.81.80

Euro

1

Rs.68.34

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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