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Report Date : |
13.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SYNERGY HEALTHCARE LIMITED |
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Registered Office : |
266, Ikorodu Road, Lagos
State |
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Country : |
Nigeria |
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Date of Incorporation : |
02.09.2004 |
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Com. Reg. No.: |
RC: 606220 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture,
Sales and Marketing of Pharmaceuticals, Healthcare Products, Medical Devices,
Hospital Consumables, Medical and Laboratory Equipment |
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No. of Employees : |
About 20 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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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 |
SYNERGY HEALTHCARE LIMITED
The company is engages in Manufacture, Sales and Marketing of Pharmaceuticals, Healthcare
Products, Medical Devices, Hospital Consumables, Medical and Laboratory
Equipment.
The company address located at Olokun Ayo House, Plot 15, Kudirat Abiola Way, Oregun Industrial Estate, Oregun, Lagos State, Nigeria
COMPANY NAME: SYNERGY
HEALTHCARE LIMITED
REGISTERED NAME: SYNERGY HEALTHCARE
LIMITED
REGISTERED ADDRESS: 266,
Ikorodu Road, Lagos State, Nigeria
HEAD OFFICE
ADDRESS: Olokun
Ayo House, Plot 15, Kudirat Abiola Way, Oregun
Industrial
Estate, Oregun, Lagos State, Nigeria
TELEPHONE: 234-1-8967965, 8936876
EMAIL: contact@synergynggroup.com
WEBSITE: www.synergynggroup.com
Currency: All monetary quoted in this report are in Nigerian
Naira, the local currency or unless otherwise stated. The exchange rate is N150
to 1 US $.
NATURE OF PREMISES: Leased office space approximately 500
square meters
DATE INCORPORATED: 2nd
September, 2004
YEAR BEGAN OPERATION: 2004
LEGAL FORM: Limited
Liability Company
REGISTRATION NO: RC:
606220
SHARE CAPITAL: 120,000,000.00
ISSUED CAPITAL: 105,000,000.00
PAID-UP CAPITAL: 105,000,000.00
UNALLOTED SHARE CAPITAL: 15,000,000.00
STAFF STRENGHT: About
20
Names %Held
1. Ayebae
Fidelis Akhagboso 38.096%
22,
Olusegun Crescent, Anthony, Lagos State, Nigeria
2. Adeoti
Ademola 28.571%
215/219,
Ikorodu Road, Lagos State, Nigeria
3. Shah
Vidyut
E/10,
Venus APTS, Dr. RG Thadanimarg, Worli, Mumbai, India
4. Rays
International (FZC) 28.571%
Executive
Suite X-3-02, Sharjah, United Arab Emirates
5. John
Aigbokhaode 4.762%
266,
Ikorodu Road, Lagos State, Nigeria
1. Ayebae
Fidelis Akhagboso
2. Adeoti
Ademola
3. Shah
Vidyut
4. Rays
International (FZC)
5. John
Aigbokhaode
|
S/N |
NAMES |
POSITION |
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1. |
Managing Director/CEO |
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2. |
Head, Sales & Marketing |
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3. |
Finance Manager |
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4. |
Business Manager (Lagos) |
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5. |
Business Manager (West) |
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6. |
Head, Human Capital |
MR. ADEOTI ADEMOLA – Managing
Director/CEO
Ademola Adeoti is a
1991 graduate of Pharmacy from Obafemi Awolowo University, Ile- Ife. He has
over twenty years working experience in various pharmaceutical companies/ establishments
such as Federal Ministry of Health & Social Service, Lagos State Hospital
Management Board, Radiant Health pharmacy etc. He was the pioneer Pharmacist of
Fidson Healthcare Limited in 1995, he led the company’s marketing team until
1999 when he became the General Manager of the company. He became a Board
member (Executive Director) of the company in year 2000 and was involved in the establishment of the
ultra-modern manufacturing facility at Sango-Ota, Ogun State before he retired
as Operations Director in December 2004 to form Synergy Healthcare Limited (A
multi-faceted healthcare marketing company).
MR. ANINWIKE CYRIL – Head, Sales & Marketing
Cyril is a 1987
Pharmacy graduate of University of Nigeria Nsukka. His professional career
started in Onitsha General Hospital in 1987. He became a Medical Representative
of Servipharm (A subsidiary of Ciba-Geigy) in 1989 and rose to the position of
Business Development Manager (North) for Norvatis Pharma Services in 1998. In
2005, he joined Synergy Healthcare Limited as pioneer Regional Manager, East
and left in 2008 to Famzy Nigeria Ltd as Head, Sales and Marketing. He
re-joined Synergy Healthcare in 2011 as the Head of Sales and Marketing.
MR. AJEWOLE BABATUNDE – Finance Manager
Tunde is an
Associate Member of the Institute of Chartered Accountants of Nigeria,
Chartered Institute of Taxation of Nigeria and a Certified Forensic Accountant.
He obtained his first degree in Accounting and Finance from Yaba College of
Technology in 1999 and later obtained BSc in Economics from Ambrose Alli
University, Ekpoma in 2005. He obtained a MBA from the same University in 2011.
He has worked in various places such as John Holt Plc as Senior Accounts
Supervisor and Channels Television as Company Accountant. He joined Synergy
Healthcare Limited as Finance Manager in 2006 from Dele Odunowo & Co
(Chartered Accountants); where he was the Audit Senior.
MR. OLUWALANA ISAAC – Business Manager (Lagos)
Isaac is a 1997
graduate of pharmacy from Obafemi Awolowo University Ile-Ife with Distinction
and also has a M.Sc in Pharmaceutical Analysis from the University of Ibadan.
He has worked in various places such as Fidson Healthcare Plc and Rehoboth
Pharmacy before joining Synergy Healthcare in 2006 as a Senior Medical
Representative. He is presently the Business Manager for Lagos region.
MR. JACOB EMMANUEL – Business Manager (West)
Emmanuel is a
graduate of Food Science & Technology from the Federal Polytechnic, Kogi
and holds a MBA from the University of Ado Ekiti. Prior to his joining Synergy
Healthcare, he worked for Bentos Pharmaceuitical Products Limited and Unique
Pharmaceuticals Limited. He joined Synergy in 2005 as a Sales Representative
and held various positions before his present appointment as Business Manager.
MRS. OLUSANYA ADEDOLAPO – Head, Human Capital
Dolapo is a
graduate of Microbiology from the Olabisi Onabanjo University, Ago- Iwoye
(formerly Ogun State University) and is a member of the Institute of Strategic
Management. In 2003, she joined Fidson Healthcare Limited as a Research &
Planning Officer and moved to Synergy Healthcare Ltd in 2005 to pioneer the
Business Development Department.
At Synergy Healthcare Limited, she rose to the position of Head, Business
Development in 2006 and managed the human resource function in addition to her
other duties. She held the position until 2008 when she was promoted to the
Head of Human Capital.
Synergy Healthcare
Limited was incorporated on 2nd September, 2004 with Registration Number
(RC: 606220) and began operations in 2005. The corporate head office is
located at Olokun Ayo House, Plot 15, Kudirat Abiola Way, Oregun Industrial
Estate, Oregun, Lagos State, Nigeria. It occupies first floor of a two (2)
storey building painted white and chocolate with black gate, the nearest Bus
Stop is Olusosun beside Zenith Bank Plc.
Synergy Healthcare Limited is engages in Manufacture, Sales and Marketing of
Pharmaceuticals, Healthcare Products, Medical Devices, Hospital Consumables,
Medical and Laboratory Equipment which are tailored to the needs of its clients
and uncompromisingly committed to quality.
The company has a wide range of unique and innovative
products which is made possible through joint ventures with Local and
International companies with vast knowledge and experience in the healthcare
industry.
Synergy Healthcare Limited acquired Brookes Pharmaceutical Limited in
February 2008 while Synergy Biomedical and Technological Services Limited is a
subsidiary of Synergy Healthcare Group.
During our visit on 10th October, 2012, we spoke with Mrs. Seyi Bankole Adebimpe (234-1-8936876), one of the company’s staff who confirmed that the company engages in manufacture and sales of Medical Products such as Synovit Blood Tonic. She acknowledged our document and stated that she will submit our document to the Managing Director who is in best position to supply necessary information about the company, she promised to get back to us in due course but we are yet to receive any response at the time of compiling this report.
Meanwhile, we sighted some of the company’s posters displaying some of its products at the reception.
Conclusion: Based on our visit and discussion with Mrs.
Seyi Bankole Adebimpe, a staff of the company with the posters pasted at the
reception, we are of the opinion that the company is a legal entity. As such,
any business relationship with the company should be mutually beneficial.
Equipments
BUSINESS UNITS
·
Manufacturing
·
Pharmaceutical Sales Business Units
·
Equipment Business Unit
·
Special Project Unit
PARTNERS
TYPES OF CUSTOMERS
·
General Public
·
Group of Companies
PERFORMANCE
RANKING
* 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 Synergy Healthcare Limited is duly registered in Nigeria with a registered address is located at 266, Ikorodu Road, Lagos State, Nigeria, while its operational address is located at Olokun Ayo House, Plot 15, Kudirat Abiola Way, Oregun Industrial Estate, Oregun, 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.