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Report Date : |
13.10.2012 |
IDENTIFICATION DETAILS
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Name : |
ASKA PHARMA LIMITED |
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Registered Office : |
39, Iga Idungunran Street, Idumota,Lagos
State |
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Country : |
Nigeria |
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Date of Incorporation : |
14.03.2002 |
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Com. Reg. No.: |
RC: 444267 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture, Sales and Marketing of Pharmaceuticals, Medical and Laboratory Equipment, Hospital Consumables, Healthcare Products, Medical Devices etc |
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No. of Employees : |
Over 15 employees |
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Nigeria |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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 |
ASKA
PHARMA LIMITED
The company is engages in Manufacture, Sales and Marketing of Pharmaceuticals, Medical and
Laboratory Equipment, Hospital Consumables, Healthcare Products, Medical
Devices etc.
The company address located at 28, Oguntona Crescent,
Gbagada Phase 1, Gbagada, Lagos State, Nigeria
COMPANY NAME: ASKA PHARMA LIMITED
REGISTERED NAME: ASKA PHARMA LIMITED
REGISTERED ADDRESS: 39,
Iga Idungunran Street, Idumota,Lagos State, Nigeria
HEAD OFFICE
ADDRESS: 28,
Oguntona Crescent, Gbagada Phase 1, Gbagada, Lagos State,
Nigeria
TELEPHONE: 234-1-7404441
Currency: All monetary quoted in this report are in Nigerian
Naira, the local currency or unless otherwise stated. The exchange rate is N150
to 1 US $.
NATURE OF PREMISES: Leased office space approximately 500
square meters
DATE INCORPORATED: 14th
March, 2002
YEAR BEGAN OPERATION: 2002
LEGAL FORM: Limited
Liability Company
REGISTRATION NO: RC:
444267
SHARE CAPITAL: 100,000.00
ISSUED CAPITAL: 100,000.00
PAID-UP CAPITAL: 100,000.00
UNALLOTTED: 8,000.00
STAFF STRENGHT: Over
15
Names %Held
1. Steve
U. Ukwuoma 38%
8,
Adeniji Adebayo Street, Anthony Village, Lagos State, Nigeria
2. Chineze
A. Ukwuoma 39%
8,
Adeniji Adebayo Street, Anthony Village, Lagos State, Nigeria
3. Kennedy
Izunwa 5%
2,
Banjoko Street, Ifako – Gbagada, Lagos State, Nigeria
4. Aloysius
Uzochukwu 10%
71,
Adetola Street, Aguda, Surulere, Lagos State, Nigeria
1. Steve
U. Ukwuoma
2. Chineze
A. Ukwuoma
3. Kennedy
Izunwa
4. Aloysius
Uzochukwu
Aska Pharma Limited was
incorporated on 14th March, 2002 with Registration Number (RC: 444267). The
corporate head office occupies ground floor of a storey building, back wing
house painted white and cartoon brown, chocolate with black gate, the building
is by the right side of the street and it is located at 28, Oguntona Crescent,
Gbagada Phase 1, Gbagada, Lagos State, Nigeria.
The company is engages in Manufacturing, Sales and Marketing of Pharmaceuticals, Medical and
Laboratory Equipment, Hospital Consumables, Healthcare Products, Medical
Devices etc.
During our visit on the 10th October, 2012, we spoke with Mrs. Chinwe A. (234-1-7404441), a Senior Staff of the company who acknowledged our document after long discussion, she disclosed that the company engages in Sales of Medium Product and later decline to disclose further information about the company as she is not in best position to give such details. She promised to get back to us in due course upon the approval of the management.
Conclusion: Based on our visit and discussion with Mrs.
Chinwe A., a Senior staff of the company with the level of officer and staff
hands on desk, we are of the opinion that the company is a legal entity. As
such, any business relationship with the company should be mutually beneficial.
·
General Public
·
Group of Companies
·
Wholesalers
·
Retailers
* Quality of
Management: GOOD
* Ethics &
Integrity: GOOD
* Ownership
Structure: GOOD
The company’s Audited Account was not available during our visit. However, based on the services rendered by the company and the sector it belongs, a credit limit of $1m (One Million Dollars) could be extended to the company.
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
as at the time of compiling this report.
Having carried out all necessary
verifications on the company, our investigations revealed that Aska Pharma Limited is duly registered
in Nigeria with a registered address is located at 39, Iga Idungunran
Street, Idumota, Lagos State, Nigeria, while its operational address is located at 28,
Oguntona Crescent, Gbagada Phase 1, Gbagada, Lagos State, Nigeria
Information contained in the report is mostly from secondary sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.70 |
|
UK Pound |
1 |
Rs.84.51 |
|
Euro |
1 |
Rs.68.16 |
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 |
|
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.