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Report Date : |
30.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
EMZOR PHARMACEUTICAL INDUSTRIES LIMITED |
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|
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Registered Office : |
8/10A, Broad Street, Lagos Island, Lagos State |
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Country : |
Nigeria |
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Date of Incorporation : |
04.04.1984 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing of Pharmaceutical/Healthcare Products. |
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No. of Employees : |
About 500 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
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 |
The company is engages in Manufacturing of Pharmaceutical/Healthcare
Products.
The company is located at Plot 3C, Block A, Aswani Market Road,
Oshodi/Apapa Expressway, Oshodi, Lagos State, Nigeria.
COMPANY NAME: EMZOR PHARMACEUTICAL INDUSTRIES LIMITED
REGISTERED NAME: EMZOR PHARMACEUTICAL
INDUSTRIES LIMITED
SECTOR: PHARMACEUTICALS
LOCAL NAME: EMZOR
PHARMACEUTICAL INDUSTRIES LIMITED
REGISTERED
ADDRESS: 8/10A, Broad
Street, Lagos Island, Lagos State, Nigeria
HEAD OFFICE
ADDRESS: Plot 3C, Block A,
Aswani Market Road, Oshodi/Apapa
Expressway,
Oshodi, Lagos State, Nigeria
POSTAL ADDRESS: P.O. Box 1575,
Oshodi, Lagos State, Nigeria
TELEPHONE: 234-1-7763863,
4523570, 4523724, 4527160, 8105555
FAX: 234-1-4525288,
4525160
MOBILE: 234-802-312-7421
E-MAIL: customerservice@emzorpharma.com,
info@emzorpharma.com
WEBSITE: www.emzorpharma.com
PRIMARY CONTACT: Mrs. Stella
Chinyelu Okoli, MON (Managing Director/CEO)
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: Owned
office space approximately 1,500 square meters
DATE INCORPORATED: 4th April, 1984
YEAR BEGAN
OPERATIONS: 1985
LEGAL FORM: Private Limited
Company
REGISTRATION NO: RC: 61894
SHARE CAPITAL: 1,000,000,000.00
ISSUED CAPITAL: 2,605,000.00
PAID-UP CAPITAL: 2,605,000.00
VAT NUMBER: 7217061894
STAFF STRENGHT: About 500
John Agboola Odeyemi
Plot 10, Block B, Osolo Expressway, Isolo, Lagos State, Nigeria
Onyemachi Micah Onyeibor
33, Lawrence Daniels Close, Ajao Estate, Lagos State, Nigeria
Okoli Stella Chinyelu
1, Fola Agoro Streeet, Abule –Ijesha, Yaba, Lagos State, Nigeria
Uzodike Emmanuel
1, Oyewole Oshodi Street, Ilupeju, Lagos State, Nigeria
Okoli Christopher Jnr
16, Oketie Eboh Street, Ikoyi, Lagos State, Nigeria
Ezeoke Uzoma Gloria
16, Oketie Eboh Street, Ikoyi, Lagos State, Nigeria
Okoro Nkeiru
Plot 3C, Block A, Aswani Market Road, Isolo, Lagos State, Nigeria
John Agboola Odeyemi
Onyemachi Micah Onyeibor
Okoli Stella Chinyelu
Uzodike Emmanuel
Okoli Christopher Jnr.
Ezeoke Uzoma Gloria
Okoro Nkeiru
MRS. STELLA CHINYELU OKOLI (OON) FOUNDER, MD/CEO - FOUNDER
Dr. Okoli has a B. Pharm (Hons.) degree from Bradford University (1969),
M.Sc. Biopharmaceutics, University of London – Chelsea College (1971), and
attended Executive Management programs of the Harvard Business School, Boston,
USA, for owner-managers 1997-1999. She also attended the Chief Executive
Management program of the Lagos Business School as well as IESE Barcelona.
She has attended numerous strategic management courses both in Nigeria
and overseas. Has over 27 years of experience as a practicing/manufacturing
pharmacist. She has held several professional leadership positions which
include Chairman of the Pharmaceutical Manufacturers Group of Manufacturers
Association of Nigeria, Member, Economic Summit of Nigeria, and Member, Health
Matters Advisory Board of Nigeria.
She has received various national and international recognitions, which
include Member of the Order of the Niger (MON), Fellow Pharmaceutical Society
of Nigeria, Outstanding Service Award, Rotary International 21000, and ECOWAS
International Gold Award. She is committed to local manufacturing of
pharmaceuticals with her able team of highly trained, competent and motivated
managers and staffs. She recently bagged the International Women
Entrepreneurial Challenge, IWEC Award. She mentors other local manufacturers
and encourages aspiring entrepreneurs to invest in the pharmaceutical industry
first, as her contribution to building a healthy nation and second, in pursuit
of Nigeria’s quest for self sufficiency
Emzor
Pharmaceutical Industries Limited was incorporated on 4th April, 1984 with
Registration Number (RC: 61894) with 1,000,000,000.00 share capital. The
corporate head office/factory is located at Plot 3C, Block A, Aswani Market
Road, Oshodi/Apapa Expressway, Oshodi, Lagos State, Nigeria. The premises is
located on 2.5 acres of land in the Isolo industrial area of Lagos with
facilities to make a wide variety of high quality pharmaceutical products that
meet international standards at affordable and competitive prices. The factory
is registered with the Federal Ministry of Health under the supervision of Mrs.
Stella Okoli, the superintendent pharmacist, Managing Director and Chief
Executive Officer.
Emzor Pharmaceutical Industries Limited is a wholly
private indigenous pharmaceutical manufacturing company incorporated in Nigeria
in 1984 for the purpose of manufacturing high quality pharmaceutical products
and medical consumables. Its holding company, Emzor Chemists Limited opened for
retail business in January 1977 at number 1 Fola Agoro Street, Abule Ijesha,
Yaba, Lagos State, Nigeria.
The rapid growth of the retail business encouraged Emzor Chemists Limited to venture
into the importation and wholesale of assorted pharmaceuticals. The idea to
manufacture locally came later and this was predicated on the need to develop
local capability, create jobs and provide high quality pharmaceutical products
and services to the Nigerian people at prices that are not only affordable but
represent value.
Emzor Pharmaceutical Industries Limited started pilot
production in 1985. By 1988 it had become an established pharmaceutical
manufacturing company especially with the introduction of Emzor Paracetamol. The
then secretary of Health to the Interim National Government Dr. Christopher
Okojie officially commissioned the company in July 1993. The company has since
attracted foreign missions, scholars, and students of pharmacy, microbiology
and chemistry. In April 1999, Prof. Debo Adeyemi, the Honorable Minister of
Health, commissioned the factory extension.
From the humble beginning of four (4) products lines in 1987, they now
manufacture in their factory a large range of over fifty (50) products in the
analgesic, anti-malaria, vitamin/haematinics/multivitamin supplement,
anti-helmintic, antibiotics and therapeutic class.
Today, Emzor has become a household name in Nigeria and a leader in the
pharmaceutical market known for quality products at prices that offer real
value. Emzor Pharma markets a wide range of over-the-counter medicine and
generic products, these products are widely distributed throughout Nigeria and
the West African coast. The company’s commitment is to produce and deliver
flawless products on time and every time.
The company manufactures a range of over fifty (50) products in the
analgesic, anti-malaria, vitamin/haematinics/multivitamin supplement,
anti-helmintic, antibiotics and therapeutic class and one of the best
recognized and well known pharmaceutical company in Nigeria. As the leading
indigenous manufacturer in Nigeria, the company continues to expand the Emzor
Pharma portfolio through identifying consumer need for innovative products and
conducting ongoing research.
During our visit to the company, the front desk officer confirmed the
company’s line of business but refused to disclose his name. Meanwhile,
business activities was ongoing as the company’s products were seen in posters
and almanac at the reception, some products were parked in cartons while trucks
and other vehicles with the company’s name boldly written on them were also
sighted in the premises.
Note: The Company increased its Share Capital from
150,000,000.00 to 1,000,000,000.00 on 28th February, 2007 and paid its Statutory
Annual Returns till 2010.
Conclusion: Based on our physical visit,
available information and brief discussion with the receptionist, we are of the
opinion that the company is legitimate in business and a legal entity. As such,
any business relationship with the company should be mutually beneficial.
Best Indigenous (Nigeria) Pharmaceutical Manufacturer (Board of Fellows
of Pharmaceutical Society of Nigeria).
Pan Africa (PABHA) Best Award Winner on Entrepreneurial Business (Pan
African Broadcasting House Association).
Most Admired Nigerian Pharmaceutical Company (Chartered Institute of
Marketing in Nigeria).
West African Best Technology Driven Pharmaceutical Company (African
Infotechs Award).
Distinguished Florence Nightingale Partnership Award (National
Association of Nigeria Nurses and Midwives).
Outstanding Indigenous Entrepreneur (Pharmanews).
Appreciation awards from Handicapped Affairs Association of Nigeria,
Pharmaceutical Society of Nigeria and Association of Lady Pharmacists.
Bonitas Pharm: Aba 12 Lock Up Shop
Medicine Line Ariaria Market Aba
Eugo Pharm Nig Ltd: Medicine Line Ariaria Market Aba
Jecco Pharm: Medicine Line
Ariaria Market Aba
Sterbert Pharm: B Line No. 42/43 Ariaria
Int'l Mkt Aba.
Ablaze Pharmacy: 113, Abak Road Uyo Akwa Ibom
New Health Pharm: 2, Garki - Suleja Rd. Gwagwa.
Abuja
Gio Supreme Pharm: 1 Oba Mkt Rd,
Benin City
Mentus Pharm: 8 Ikpoba Hill Oregbeni
Benin City
Aguata Pharm: 82 Obiagu Rd. Ogui
Rd. Enugu.
Cinemec Pharm: 108,Ogui Road, Opp
National Stadium, Enugu
Daisy Pharmacy: 49, Ziks Avenue,
Uwani, Enugu
Fontana Pharmacy: 83, Ibadan Rd. Ijebu Ode
Tony Pharm: 6A, Galadima Road,
S/geri, Kano
Atsi Pharm: 52, James
Robertson Street, Surulere, Lagos
Blessing Pharm: 4, Atin Str. Idumota, Lagos
Caefam Px: 3, Moses Adebayo
Steet, Ojodu, Ikeja.
Charity Nwaizu
Commercial Stores: 71, Capitol Road Agege, Lagos
Di Maggio Pharm: 8, Egbe Road, Ikotun, Lagos.
Frankcy Pharm: 8, Dele Okuwa Street,
Ketu, Lagos
His Grace: 67, Boundary
Road, Shasha , Lagos
Merced Pharm: 27, Sadiku
Street, Olodi Apapa, Lagos
Royale Pharm &
Stores: Idumota, Lagos
Some Pharmacy
& Stores Ltd: Idumota Lagos
Sood And Jin 190/192, Ikorodu Road,
Palmgroove, Lagos
Think Ethernity 67, Idimu Road, Egbeda
Bustop, Lagos.
Olex Pharmacy Opp Midlad Plaza Maraba,
Nassarawa
Austen Ola: 3, Onitsha Owerri
Road, Onitsha
Benox Pharmacy: 5, Ilorin Street, Fegge,
Onitsha
Jerico Pharm Osha: 9 Ezinifite Street, Omagba
,Onitsha
Junno: Bridge Head
,Onitsha
Kezi Pharm Osha: 3, Central School Road,
Onitsha
Meluchem Pharm
Osha: 29, Oduwanu Street, Fegge, Onitsha
New Camou: 8, Benjamin Lane
,Onitsha
Selak Pharm: 101, Onitsha Road,
Nnewi
Wisdom King Pharm: 114, Ahmadu Bello Way, Sokoto
Obiak Pharmacy: Edewor Shopping Complex,
Effurun Sapele Road ,Effurun
Aba: C/O
MDS, #8 Factory Road, Aba State, Nigeria
Abakaliki: 101, Ogoja Road,
Abakalilki, Ebonyi State, Nigeria
Abuja: MDS Abuja
Depot, Idu industrial layout, Opposite Julius Berger. Idu, Abuja
Abuja: EMAB
plaza, shops 5& 6 , 751, Aminu Kano crescent, Wuse II . Abuja, FCT
Akure: 16, Ado
Owo Road, Beside Oceanic Bank Akur., Ondo State, Nigeria
Benin: UAC of
Nig. Benin Depot, 71, Apkakava Street, Benin City, Edo State, Nigeria
Gombe: New
Commercial Area, Beside Pepsi Depot, Gombe State, Nigeria
Ibadan: C/O
MDS, 1, Magazine Road, Dugbe, Ibadan, Oyo State, Nigeria
Jalingo: Miyapet
plaza, 136, Hammaruwa Way, Opposite Investment Quarters, Jalingo
Jos: C/O
MDS 28,Muritala Mohammed way Jos.
Kaduna: 1-4, Ahmadu
Bello Way, Kaduna State, Nigeria
Kano: C/O MDS
33-34, Niger Street Kano, Kano State, Nigeria
Lagos: 8, Egbe
Rd. Ikotun, Lagos State, Nigeria
Lagos: 57/59,
Osolo Way, Isolo, Lagos State, Nigeria
Lagos: 9, Victor
Fagbemi Street, Iyana Ipaja, Lagos State, Nigeria
Lagos: 190/192,
Ikorodu Road, Palmgrove, Lagos State,
Nigeria
Maiduguri: 10, Nta Road,
Maiduguri, Borno State, Nigeria
Makurdi: 7, New Bridge Road,
Beside Diamond Bank, Wukurum, Makurdi, Benue State
Ogun: 83,
Ibadan Road, Ijebu 0de, Ogun State , Nigeria
Onitsha: C/O MDS
Depot, 5, Niger Bridge Road, Industrial Layout, Onitsha, Anambra
State, Nigeria
Owerri: Depot 18, Old
Market Road, Off Douglas Road, Owerri, Imo State, Nigeria
Sokoto: 57, Aliyu
Jodi Road, Sokoto State, Nigeria
Warri: Edewor
Shopping Complex, Effurun, Warri, Rivers State, Nigeria
Yola: 1, Zaranda Street,
Jimeta, Yola, Adamawa State, Nigeria
India: Emzor Exports,
A/503, Wall Street, 11 Nr. Gujarat, Collage Ellisbridge
Ahmedabad, 380006, Gujarat,
(Tel:+9107926447653 Fax: 30041386, 30041387)
Liberia: Emzor
Liberia Ltd, Gurley Street, Off Benson Street, Central Monrovia (Tel:
2316757265)
Emzor Chemist Limited
Frontwave Limited
Zolon healthcare
Emzor Hesco
Vitamins/Dietary Products
Analgesics/anti-inflammatory
Antibiotics
Antimalaria
Haematinics
Cough Syrup
Commitment
Passion
Energy
Excellence
Character
Have an unwavering commitment to provide its customers with healthcare
products and services of consistently high quality, made readily available at
prices which create value for all stakeholders. They continuously develop and
reward people of integrity who subscribe to hard work and creativity as a means
of achieving individual and corporate excellence.
“To be the leading healthcare company in Africa through the provision of
world-class products and services”
General Public
Group of Companies
Chemists
Private hospitals
Government hospitals
Hotels
Pharmaceutical companies
Wholesalers
Retailers among others
* Quality of Management:
GOOD
* Ethics & Integrity:
GOOD
* Ownership Structure:
GOOD
The company’s
Audited Accounts was not available as at the time of compiling this report.
However, we advise that the maximum credit limit to be accorded to the company
could be put at 400million US dollars ($400m USD). This opinion is as a result
of the company’s performance in the telecommunication industry in Nigeria and
also, it is among the top major fast growing companies in Africa.
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 more than 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.
Having carried out all necessary verifications on the company, our
investigations revealed that Emzor
Pharmaceutical Industries is duly registered in Nigeria with a registered
address located at 8/10A, Broad Street, Lagos Island, Lagos State, Nigeria,
while its operational address is located at Plot 3C, Block A, Aswani Market
Road, Oshodi/Apapa Expressway, Oshodi, Lagos State, Nigeria.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.70 |
|
|
1 |
Rs.84.35 |
|
Euro |
1 |
Rs.72.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.