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Report Date : |
11.03.2013 |
IDENTIFICATION DETAILS
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Name : |
PHARMAMAX NIGERIA LIMITED |
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Registered Office : |
Plot 49, Orange Drive, Crown Estate, Abuja, FCT |
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Country : |
Nigeria |
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Date of Incorporation : |
08.09.2009 |
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Com. Reg. No.: |
RC: 843379 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing & Sales of Pharmaceuticals products and Services |
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No. of Employees : |
08 |
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) |
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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 |
PHARMAMAX
NIGERIA LIMITED
The company is engages in Manufacturing & Sales of Pharmaceuticals
products and Services.
The company is
located at 9, Sawyer Crescent, Beside Corona School, Anthony, Lagos State,
Nigeria.
COMPANY NAME: PHARMAMAX NIGERIA LIMITED
REGISTERED
NAME: PHARMAMAX
NIGERIA LIMITED
SECTOR: PHARMACEUTICALS
REGISTERED
ADDRESS: Plot 49, Orange Drive, Crown Estate, Abuja, FCT, Nigeria
HEAD OFFICE
ADDRESS: 9,
Sawyer Crescent, Beside Corona School, Anthony, Lagos
State,
Nigeria.
TELEPHONE: 234-1-4962122
Currency: All monetary quoted in this report are in Nigerian
Naira, the local currency or unless otherwise stated. The exchange rate is N155
to 1 US $.
NATURE OF
PREMISES:
Leased office
space approximately 500 square meters
DATE
INCORPORATED: 8th September 2009
YEAR BEGAN OPERATIONS: 2009
LEGAL FORM: Private
Limited Company
REGISTRATION NO: RC: 843379
SHARE CAPITAL: 1,000,000.00
ISSUED CAPITAL: 1,000,000.00
PAID-UP CAPITAL: 1,000,000.00
STAFF STRENGHT: About
Eight (8)
Names %Held
Plot
49, Orange Drive Crown Estate, Abuja, FCT, Nigeria
Plot
49, Orange Drive Crown Estate, Abuja, FCT, Nigeria
Pharmamax Nigeria Limited was incorporated on 8th September, 2004 with Registration Number (RC: 843379) with 1,000,000.00 share capital. The corporate head office occupies a storey building painted white with ash coloured gate, close to the main gate of Sawyer Crescent gate and it is located at 9, Sawyer Crescent, Beside Corona School, Anthony, Lagos State, Nigeria,
During our visit on 6th March, 2013, we spoke with Mrs. Salawu Mary, the Head of Administration (234-809-126-0893) who confirmed and acknowledged our document, she disclosed that Pharmamax Nigeria Limited is a sister company to Maxheal Pharmaceuticals Nigeria Limited with same line of business and Pharmamax is two (2) years old, its registered address is at Plot 49, Orange Drive, Crown Estate, Abuja, FCT, Nigeria. When she glanced through our document she declined to other question that she will need to consult the management for approval but promised that they will get back to us soon.
Some customers besieged the company’s premises to purchase their products at the time of our visit.
Conclusion: Based on our visit and discussion held with Mrs. Salawu Mary, the head of Administration with level of staff hands on desk and posters on their wall outside, 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
* 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 150million US dollars ($150m USD). This opinion is as a result of the services rendered by the company and the sector it belongs.
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.
(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.
Having carried out all necessary verifications on the company, our investigations revealed that Pharmamax Nigeria Limited is duly registered in Nigeria with a registered address located at Plot 49, Orange Drive, Crown Estate, Abuja, FCT, Nigeria, while its operational address is located at 9, Sawyer Crescent, Beside Corona School, Anthony, Lagos State, Nigeria
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.40 |
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UK Pound |
1 |
Rs.81.57 |
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Euro |
1 |
Rs.71.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.