MIRA
INFORM REPORT
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Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
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Name : |
JERICHO INDUSTRIES NIGERIA LIMITED |
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Registered Office : |
10, Palmer Street, off Uga Street, Fegge Onitsha, Anambra State, |
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Country : |
Nigeria |
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Date of Incorporation : |
08.11.1987 |
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Com. Reg. No.: |
RC: 102070 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The company engages in Sales and Distribution of Pharmaceutical
Products |
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No. of Employees : |
Over ten |
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 – March, 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 2007-12 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.
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Source
: CIA |
Company name
JERICHO INDUSTRIES
NIGERIA LIMITED
OPERATIONS
The company engages in Sales and Distribution of Pharmaceutical Products
COMPANY LOCATION
The company address located at 10, Palmer Street, off Uga Street, Fegge
Onitsha, Anambra State, Nigeria.
IDENTIFICATION
COMPANY NAME: JERICHO INDUSTRIES NIGERIA LIMITED
REGISTERED NAME: JERICHO INDUSTRIES NIGERIA
LIMITED
REGISTERED
ADDRESS: 10, Palmer Street,
off Uga Street, Fegge Onitsha, Anambra State, Nigeria
HEAD OFFICE
ADDRESS: 10, Palmer Street,
off Uga Street, Fegge Onitsha, Anambra State,
Nigeria
Currency: All
monetary quoted in this report are in Nigerian Naira, the local currency or
unless otherwise stated. The exchange rate is N148 to 1 US $.
SUMMARY
NATURE OF PREMISES: Leased
office space approximately 500 square meters
DATE INCORPORATED: 8th November, 1987
YEAR BEGAN
OPERATIONS: 1987
LEGAL FORM: Private Limited
Company
REGISTRATION NO: RC: 102070
SHARE CAPITAL: 20,000
ISSUED CAPITAL: 20,000
PAID-UP CAPITAL: 50,000
STAFF STRENGHT: Over ten
OWNERSHIP/SHAREHOLDING STRUCTURE
Sanni A. Hassan
1, Airport Road, Ikeja, Lagos State, Nigeria
David G. Sokoya
1, Airport Road, Ikeja, Lagos State, Nigeria
DIRECTORS
Sanni A. Hassan
David G. Sokoya
BACKGROUND
Jericho Industries
Nigeria Limited was incorporated on 8th November, 1987 with Registration Number (RC:
102070). The corporate head office is located at 10, Palmer Street, off Uga
Street, Fegge Onitsha, Anambra State, Nigeria. It is a five (5) storey building
painted brown and oxblood, the company occupies the 2nd floor and the ground
floor for warehouse.
The company engages in Sales and Distribution of Pharmaceutical Products
During our visit on 2nd February, 2012, none of the company’s employee
was available. we spoke with neighbours at the address who confirmed the
company’s line of business and stated that the management of the company
usually comes to the warehouse to pack some of their products for delivery
to their respective clients and also to
restock. They claimed that they do not know the company’s
administrative/operational office.
Conclusion: Based on our visit and brief discussion with
neighbours at the address, we are of the opinion that the company is a legal
entity and operates a legitimate business. As such any business relationship
with the company should be mutually beneficial.
TYPES OF CUSTOMERS
General Public
Group of Companies
PERFORMANCE RANKING
* Quality of Management:
GOOD
* Ethics & Integrity: GOOD
* Ownership Structure:
GOOD
FINANCES
The company’s
Audited Account was not available during our visit; therefore, as such, its
present financial state could not be ascertained.
INDUSTRIAL OVERVIEW/ OPERATING ENVIRONMENT
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.
OFFICIAL REMARKS
Having carried out all necessary verifications on the company, our
investigations revealed that Jericho
Industrial Nigeria Limited is duly registered in Nigeria with a registered
address is located at 10, Palmer Street, off Uga Street, Fegge Onitsha, Anambra
State, Nigeria, while its operational address is located at the same address.
Information contained in the report is mostly from secondary sources.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.61 |
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1 |
Rs.83.98 |
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Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.