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Report Date : |
30.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SANKIL PHARMACEUTICALS LIMITED |
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Registered Office : |
6 & 8, Comfort Olayinka Close, Oluti, off |
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Country : |
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Date of Incorporation : |
03.03.2009 |
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Com. Reg. No.: |
RC: 804781 |
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Legal Form : |
Private Limited Liability |
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Line of Business : |
Production and Sales of Medical Drugs, Snacks and Packaged Foods. |
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No. of Employees : |
Over Forty (40) |
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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 : |
Usually Correct |
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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 |
|
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
SANKIL PHARMACEUTICALS
LIMITED
The company engages in Production and Sales of Medical Drugs, Snacks and
Packaged Foods.
The company address located at 6 & 8, Comfort Olayinka
Close, Oluti, off Old Ojo Road, Agboju, Lagos State, Nigeria.
COMPANY NAME: SANKIL PHARMACEUTICALS LIMITED
REGISTERED
NAME: SANKIL
PHARMACEUTICALS LIMITED
REGISTERED
ADDRESS: 6
& 8, Comfort Olayinka Close, Oluti, off Old Ojo Road, Agboju,
Lagos
State, Nigeria
HEAD
OFFICE ADDRESS: 6
& 8, Comfort Olayinka Close, Oluti, off Old Ojo Road, Agboju,
Lagos
State, Nigeria
TELEPHONE: 234-1-769697
MOBILE: 234-803-572-9818
E-MAIL: info@sankilpharma.com,
sales@sankilpharma.com
WEBSITE: www.sankilpharma.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 1,000 square meters
DATE INCORPORATED 3rd
March, 2009
YEAR BEGAN OPERATION: 2009
LEGAL FORM: Private Limited Liability
REGISTRATION NO: RC:
804781
SHARE CAPITAL: 10,000,000.00
ISSUED CAPITAL: 10,000,000.00
PAID-UP CAPITAL: 10,000,000.00
STAFF STRENGHT: Over
Forty (40)
Name %Held
1. Omamo
Oghene Okoro 1%
3,
Tunde Oluwasesan Street, Poro Agbaje Estate, Ikorodu, Lagos State, Nigeria
2. Rajesh
Jugal Jajodia 33%
151/151N,
Dutta Marg, Bungalow No.4A/4 Bungalows, Andheri, Mumbai 400053, India
3. Jagish
Tuljaram Bhojwani 33%
301,
Neptune I, Pali Hill Bandra (West), Mumbia-40050, India
4. Pradeep
Tulijaram Bhojwani 33%
1,
Ideja Street, Victoria Island, Lagos State, Nigeria
1. Omamo
Oghene Okoro
2. Rajesh
Jugal Jajodia
3. Jagish
Tuljaram Bhojwani
4. Pradeep
Tulijaram Bhojwani
Sankil Pharmaceuticals Limited was incorporated with Corporate
Affairs Commission on 3rd March, 2009 with Registration Number (RC: 804781).
The corporate office is located at 6 & 8, Comfort Olayinka Close, Oluti,
off Old Ojo Road, Agboju, Lagos State, Nigeria.
It occupies a three storey building and a big warehouse, not painted but
has blue roof and red gate. The close is off Daramijo Street adjacent ECWA
Church.
The company engages in Production and Sales of Medical Drugs, Snacks and
Packaged Foods.
Sankil Pharmaceuticals Limited is a Joint-Venture company between Sankil Nigeria Ltd. and Shubham Pharmachem Pvt Ltd. Sankil Pharmaceuticals Limited is a diversified manufacturing and trading business house of Nigeria with over 15 years. Sankil is managed by Jagdish Bhojwani and Pradeep Bhojwani. It has a strong power systems business under the brand 'Mopower', its strength is in international trading operations and is most visible in Nigeria through its most famous brands viz., Golden Nuts, Golden Chips & Krisps, a range of ready to eat snacks, that it manufactures and markets.
Sankil
Pharmaceuticals Limited has a NAFDAC
approved warehouse with a 100 MT storage capacity and is supported by competent
Pharmacists. Currently, Sankil is focusing on wide spectrum API’s like
Antibiotics, Pain Management Drugs, Anti Malarial, Gastro and Excipients.
Sankil has an expertise to provide any new molecule with technical support like
DMF’s and stability data. Sankil Pharmaceuticals Limited is a one
stop resource for pharma companies and will provide APIs, formulations, finished
products as per the requirements. Sankil
Pharmaceuticals Limited aims to accelerate Nigeria's growth in pharma
sector through faster to-market cycles for Pharma companies, and will add on
more products as the market grows.
During
our visit on 24th October, 2012, we spoke with Mr. Oyibo M.A.
(234-813-215-0706), head of security
department who confirmed the phone numbers (234-1-769697, 803-572-9818) and
disclosed that the company is related to Sankil Nigeria Limited which engaged
in Importation Medical Drugs and Production of Peanut Snacks (Golden Mills)
package foods and inverters. According to him, the company has a factory at No.
29/31, Kemberi Street, Okokomaiko, Lagos State, Nigeria (234-1-4359882,
805-475-8383, Website: www.sankilnig.com) he later declined to supply further
information.
Conclusion: Based on our visit, available
information, brief discussion with Mr. Oyibo, head of security and level of
business activities sighted during of our visit, we are of the opinion that the
company is a legal entity and operate legitimate business. As such, any
business relationship with the company should be mutually beneficial.
·
General Public
·
Group of Companies
·
Hospitals
·
Chemists among others
* 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 sector it belongs to
and services rendered by the company, a credit limit of $1,000 (One Thousand
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.
CMT REPORT (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 Sankil Pharmaceuticals Limited is duly registered in Nigeria with a registered address is located at 6 & 8, Comfort Olayinka Close, Oluti, off Old Ojo Road, Agboju, Lagos State, Nigeria, which also serves as the corporate office.
Information contained in
the report is mostly from secondary sources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.81 |
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|
1 |
Rs.86.52 |
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Euro |
1 |
Rs.69.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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.