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Report Date : |
12.11.2012 |
IDENTIFICATION DETAILS
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Name : |
AWARD GLOBAL COMPANY LIMITED |
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Registered Office : |
20, |
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Country : |
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Date of Incorporation : |
15.01.2003 |
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Com. Reg. No.: |
RC: 470147 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The company is engaged in the Distribution and Sales of Pharmaceutical
Products. |
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No. of Employees : |
15 |
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 |
NIGERIA - ECONOMIC OVERVIEW
Oil-rich Nigeria has been hobbled by political instability, corruption,
inadequate infrastructure, and poor macroeconomic management, but in 2008 began
pursuing economic reforms. Nigeria's former military rulers failed to diversify
the economy away from its overdependence on the capital-intensive oil sector,
which provides 95% of foreign exchange earnings and about 80% of budgetary
revenues. Following the signing of an IMF stand-by agreement in August 2000,
Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion
credit from the IMF, both contingent on economic reforms. Nigeria pulled out of
its IMF program in April 2002, after failing to meet spending and exchange rate
targets, making it ineligible for additional debt forgiveness from the Paris
Club. In November 2005, Abuja won Paris Club approval for a debt-relief deal
that eliminated $18 billion of debt in exchange for $12 billion in payments - a
total package worth $30 billion of Nigeria's total $37 billion external debt.
Since 2008 the government has begun to show the political will to implement the
market-oriented reforms urged by the IMF, such as modernizing the banking
system, removing subsidies, and resolving regional disputes over the
distribution of earnings from the oil industry. GDP rose strongly in 2007-11
because of growth in non-oil sectors and robust global crude oil prices.
President JONATHAN has established an economic team that includes experienced
and reputable members and has announced plans to increase transparency,
diversify economic growth, and improve fiscal management. Lack of
infrastructure and slow implementation of reforms are key impediments to
growth. The government is working toward developing stronger public-private
partnerships for roads, agriculture, and power. Nigeria's financial sector was
hurt by the global financial and economic crises, but the Central Bank governor
has taken measures to restructure and strengthen the sector to include imposing
mandatory higher minimum capital requirements.
Source
: CIA
AWARD GLOBAL COMPANY LIMITED
The Company is located in at 20, Ashogbon Street, Idumota, Lagos State,
Nigeria.
The company is engaged in the Distribution and Sales of Pharmaceutical
Products.
COMPANY NAME: AWARD GLOBAL COMPANY LIMITED
REGISTERED
NAME: AWARD
GLOBAL COMPANY LIMITED
SECTOR: PHARMACEUTICAL
REGISTERED
ADDRESS: 20, Ashogbon
Street, Idumota, Lagos State.
HEAD OFFICE
ADDRESS: 20, Ashogbon
Street, Idumota, Lagos State.
PREVIOUS ADDRESS: 20, Agbola Street,
Ijesha, Lagos State.
PHONE NUMBERS: 234-1 - 4827414
MOBILE: 234-803-322-0069,
7023028877
E-MAIL:
info@awardglobal.com,
sales@awardglobal.com,
ceo@awardglobal.com
WEBSITE: www.awardglobal.com
PRIMARY CONTACT: Mr. Okafor Livinus
Chukwuemeka (Managing Director)
Currency: All
monetary quoted in this report are in Nigerian Naira, the local currency or
unless otherwise stated. The exchange rate is N150 to 1 US $.
NATURE OF PREMISES: Leased office space
occupying approximately 100 square metres
DATE INCORPORATED: 15th January, 2003
YEAR BEGAN
OPERATIONS: 2003
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC: 470147
SHARE CAPITAL: 200,000.00
ISSUED CAPITAL: 200,000.00
PAID-UP CAPITAL: 200,000.00
FINANCIAL YEAR
END: 31st December
TURNOVER: N 3,747,448
NETWORTH: N 1,135,662
COMPANY SECRETARY: Olutayo Obadina
Associates Limited (Chartered Accountants)
1,
Clegg Lane, Opposite Fire Service Station,
Off Funso Williams Avenue (Formerly Western
Avenue),
P. O. Box 2799, Surulere, Lagos State,
Nigeria
Tel: 234-1-7414969, 4702313, 802-3072951,
803-3618171
Fax: 234-1-5854083
E-mail: enquiry@obadinaolutayo.com,
obadinaolutayo@gmail.com
Website www.obadinaolutayo.com
COMPANY AUDITORS: Olutayo Obadina
Associates Limited (Chartered Accountants)
Address:
Same as Above
STAFF
STRENGHT: Fifteen (15)
Name %Held
1. Okafor Livinus Chukwuemeka 75%
20, Ashogbon Street,
Idumota, Lagos State, Nigeria
2. Okafor Micheal Okechukwu 25%
20, Ashogbon Street,
Idumota, Lagos State, Nigeria
1. Okafor Livinus Chukwuemeka
2. Okafor Michael Okechukwu
3. Pharma Eddy Onuoha
|
S/N |
Name |
Position |
Qualification |
Years of
Experience |
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1. |
Okafor Livinus Chukwuemeka |
Managing Director/CEO |
S.S.C.E |
9 years |
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2. |
Pharma Okechukwu Egbuwike |
Pharmacist |
P.hd |
7 years |
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3. |
Ugochukwu Idika |
------- |
B.sc, A.C.A |
5 years |
Award Global
Company Limited was incorporated on 15th January, 2003 with registration number
(RC470147). The Company is located at 20, Asogbon Street, Idumota, Lagos State.
The building is made up of four-storey building while the subject occupies one
of the shops in the ground floor. It has branches in Anambra and also planning
to extend Port Harcourt due to business expansion.
The company is engaged in the Sales and Distribution of Pharmaceutical
and Allied Products such as: Pevit, Ecomax, Ebu 20, Act Pro’AL, Medin, Nugene,
Suretone, Aminodyn, Millicap. The company’s products are being imported from
India and China.
During our visit on 8th November, 2012, we met one of the personnel who
refused to disclose his name but confirmed the company line of operation and
further said that the Managing Director, Okafor Livinus Chukwuemeka who is in
best position to disclose the company’s information was not available but
promised to deliver our document to him as soon as he arrives.
According to him, the company was previously located at 20, Agbola
Street, Ijesha, Lagos, its former warehouse to the current address. He further
described short supply of electricity as its major challenge and high rate of
extortion from the area boys in the area.
Conclusion, Based on our
visit to the company, available information and discussions with one of the
personnel on 6th November, 2012, we are of the view that the company runs a
legitimate business. As such, any business relationship with the company should
be mutually beneficial.
Name: Okafor Chukwuemeka
Livinus
Position: Managing Director
Profession: Businessman
Nationality: Nigerian
Place of Birth: Ishofia
State of Origin: Anambra State
Date of birth: 10th October, 1976
Work History: 10 years working
experience
Education &
Qualification: S.S.C.E
Subject operates
current account with the under listed bank.
|
Bank Name |
Address/ Tel |
Type of Account |
Account Name/
Number |
Account
Officer’s comment |
|
Diamond Bank Plc. |
Idumota Branch, Lagos State |
Current Account 2009 |
Award Global Co. Ltd. |
Bank officials confirmed that the company’s Account exists and active. |
Remarks on Banks: The Company’s
account is active and satisfactory.
General Public
Pharmaceutical companies
Chemists
Wholesalers
Retailers etc.
NAME: Niger Insurance Plc
ADDRESS: 47, Marina,
Lagos State
TYPE OF COVER: Fire and Burglary Disaster
No. 6, Agodokome Street, Idumota,
Lagos State.
No. 2, Mission Road, Ekwulabia, Anambra State.
Association of Pharmaceutical Importers Of Nigeria
Nigerian-German Business Association (NGBA)
Name of
Company: Umedica Laboratories Pvt. Ltd
Address: 105/108, Rewa Chambers, 1st Floor,
31, New Marine Lines,
Mumbai - 400020, India
Telephone: 91-022-22085041 / 43 /48 , ext
- 113
Fax: 91-022-22066518
Mobile: 91- 09819815845
E-mail: dr.prakash@umedicalabs.com
Website: www.umedicalabs.com
Name of Company: V.S. International PVT. Limited
Address: A-204,
Neelam Centre, Hind Cycle Road, Worli,
Mumbai - 400025, India.
Name of Company: Syncom Formulations India Limited
E-mail: sfi87@hotmail.com
Website: www.syncomformulations.com
Name of Company: Gujarat Liqui Pharmacaps PVT. Limited
Address: Plot No. 662-666, G.I.D.C.
Industrial Estate, Waghodia, Vadodara – 391760
Telephone: 91-2668-263156, 263315
Fax: 91-2668-263657
Email: gujaratliqui@yahoo.com
Name of
company: Ningbo DaHongYing Pharmaceutical Co. Ltd.
Address: 396 Mingzhu
Road, Hi-tech Park, Ningbo, P.R.China
Telephone: 86-574-87053829
Fax: 86-574-87053833
M.T.:86-13566306557
Email: crystalzhu12@yahoo.com.cn zxy@dhypharm.com
MSN: zhu0102melody@hotmail.com
Website: www.dhypharm.com
China and India
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Drops
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Multivitamins
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Body and Hair Creams
·
Blood Tonic & Capsules
To be the leading pharmaceutical distribution
company and a leader in Corporate Nigeria, through the achievement of
excellence in delivering competitive and high quality products and services.
* Quality of Management: GOOD
* Ethics & Integrity: GOOD
* Ownership Structure: GOOD
Company Premises
Corporate Affairs Commission
Company’s Bankers
1. CERTIFICATE OF INCORPORATION- Verified
2. MEMORANDUM/ ARTICLE OF ASSOCIATION- “
3. FINANCIAL DOCUMENTS Verified
4. FORM CO2/CO7 “
5. CERTIFICATE OF MEMBERSHIP (NPIN) - Verified
6. BUSINESS TRANSACTIONS/INVOICES Verified
7. BANK REFERENCES “
The company’s
Audited Account was not available during our visit. However, based on the services rendered by
the company, a credit limit of $350 (Three Hundred & Fifty Dollars) could
be extended to the company.
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FGSL RISK RATING
ASSESSMENT: |
B (40-49) GOOD Apparently
healthy, with adequate working capital to meet normal commitments |
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CREDIT LINE
AMOUNT: |
Normal |
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CREDIT LINE
OPINION: |
Subject appears to be a credit worthy organization |
The Pharmaceutical industry is very important to the economy of every
country. Pharmaceuticals products, especially drugs, are so priceless that no
nation can survive without them and every serious-minded government pays great
attention to drugs. Drugs are so important that the World Health organization
(WHO) recommends a National Drug Policy for every country. Nigeria’s
pharmaceutical market is large, considering the size of the population growth,
it is likely to increase speedily in the coming years, because the country has
a huge potential. Aside from being Africa’s most populous nation, there is an
entrepreneurial ethic in the country, which could help the pharmaceutical
sector develop rapidly.
Nevertheless, the national health system still suffers from low level of
funding and total per capita healthcare expenditure is well below US$10.
Arguably, the key problem facing the sector is the scourge of
counterfeit drugs, which account for approximately half of all drug sales in
the country. Fake and counterfeit drugs kill thousands of people each year,
also undermine the local manufacturing sector, and deter multinationals.
However, the National Agency for Food and Drug Administration and Control
(NAFDAC) is fighting to stem the illicit trade, also conducted 15, 697 raids
between 2001 and 2006. Although this has had an impact, the trade continues
unabated, due to high demand for affordable treatments. Nonetheless, the
activities of NAFDAC has greatly encouraged more indigenous players in this
sector.
Despite the apparent growth in the number of indigenous players in the
industry, there remains the fact that no company has set up a basic active raw
material manufacturing plant in Nigeria, not even for Paracetamol or Aspirin.
The Pharmaceutical industry is greatly challenged in this regard.
The amendment of the Essential Drug List (EDL) decree restricting the
application only to public health institutions was the first tonic to the
industry. With the amendment to this decree, companies were able to expand
their product base, resuscitate abandoned product lines, and increase their
volume, turnover and profit margins. Industries were able to source their raw
materials and equipment, free from encumbrances. This was of great benefit.
The abolition of Value Added Tax (VAT) on pharmaceutical raw materials,
coupled with the reduction of tariff on raw materials and equipment by the
Nigerian government have greatly encouraged the pharmaceutical industry.
NAFDAC’s differential tariff and its war against fake drugs are now
creating a boom for the pharmaceutical industry. Presently, there are
eighty-six (86) local pharmaceutical manufacturing companies producing only
about 30% of Nigeria’s drug need.
This sector of the economy has great potentials for intending investors.
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 as at the time of compiling this
report.
Having carried out all necessary verifications on the company, our
investigations revealed that,
Award Global
Company Limited is duly registered in Nigeria, with a registered address at 20 Ashogbon Street,
Idumota, Lagos, Nigeria, which also serves as its operational address
The company is into genuine business transactions. It is an on-going concern.
All information contained in this reports are from both primary and
secondary sources.
APPENDIX 1
CREDIT RISK ASSESSMENT EXPLANATIONS
CREDIT
FACTORS
HISTORY: The total score
for this category is 8. Here the
following are considered.
Age of company- How long has the
company been in operation: The total
score here is 4 and the following
scores apply
1-5yrs = 2,
5-10yrs = 3, 10yrs above = 4
Start up- Here consideration is given to how the company started,
how many individuals started it, legal status (i.e. Enterprise) at the time the
business was set up. The total score here is 2
Acquired other business – Has the company acquired any other
company before? This is to reflect financial strength of the firm. The score here is 2
<
PAID CAPITAL:
Reasonable capital commitment for business of this size, N1, Unit Share etc. The total score for
this category is 8
Here, we look at the amount of shares committed to the business at the
commencement of its operations, the current shares and the amount fully paid.
The category here includes: Small Scale
Enterprises – N100, 000- N500, 000 =
2, Medium Scale-
N500, 000- N1,
000,000= 3, Large Scale- N1, 000,000 above = 3
SCALE/SCOPE OF
OPERATIONS: The total score for this category is 9. Here the following are considered.
Number of
employees – The total score here is 4 and the following scores apply, 1- 10 employees = 1, 10- 50 above = 3 Interstate/other branches – The total
score here is 3 Subsidiary
companies - The total score here is
2
DIRECTORS
BACKGROUND: The total score for this category is 5. Here the following are considered.
Date of
appointment - The total score here is 1
Industry specialization - The total score here is 1
Tertiary/professional competence - 2
Complimentary Board skills - The total score here is 1
Note: discretion applies here.
FINANCE: Consideration is
given to how the company is being financed, in order to check the level of
risk. The total score for this category is 10
(Un) encumbered –The total
score here is 3
Self-funded- The total score
here is 5
Financed by Bank or Finance companies- The total score here is 2
TRADE REFEREES: The idea here is
to determine the reliability and capacity of a company to meet up with credit payment. The total score for this category is 20. Number/size
of credit references – The score here is 8 and the following scores apply,
1reference: N50, 000-N100, 000 = 3, 2
references above: N100, 000 above= 5
Time taken - The score here
is 6 and the following scores apply, between 30days- 120days = 4, 120days above =2
History- The score here is 4 and the following scores apply, Reliable= 4, Not reliable = 0
Referees' general comments = 2
based on field finding
AFFILIATION (MERIT
SCORE APPLIES): Does the company have affiliations? The score here is 5 and the
following scores apply.
Sister = 2
Parent, or other
group company association = 3-5
CREDIT INSURANCE
(MERIT SCORE APPLIES) this is aimed at determining how secure a company
is. The total score for this category is 5
- More for Whole
of Turnover Insurance, intermediate for 'Top 10 or 20 accounts', less for
Specific account cover
Note: assessment is based on discretion using findings from the field
SELF – ENCUMBERED
(NEGATIVE SCORE APPLIES) what is the level of indebtedness of the company
and how such debt (s) was incurred. The total score for this category is -1to -6 and following scores apply.
Director or Shareholder mortgage = - 2
Wife/mother or related company = -1
Vendor financed;
or Supplier - very significant = -3
LITIGATION
(NEGATIVE SCORE APPLIES) to determine litigations against the company and
the ones the company has filed against other parties, disobedient to court
summon and rulings. Etc. The score for this category ranges from -1 to -4
- Collection/legal action(s), frequency, currency, apparent values,
disputed or delinquent
This is based on finding from
concerned authorities
FACTORING DEBTS
(NEGATIVE SCORE APPLIES) The score for this category ranges from -3 to -4
Debtors
partially/totally funded = - 2.5
Resource used = -1. 5
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
|
1 |
Rs.86.97 |
|
Euro |
1 |
Rs.69.42 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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.