MIRA INFORM REPORT

Report No. :	357135
Report Date :	30.12.2015

IDENTIFICATION DETAILS

Name :	JB PHARMACEUTICALS LTD.
Registered Office :	JB House 40B, Commercial Avenue, Sabo, Yaba, Lagos, P. o. Box 1825, Lagos,
Country :	Nigeria
Date of Incorporation :	11.03.1996
Legal Form :	Limited Corporation b
Line of Business :	Subject engaged in import and distribution of pharmaceuticals and medicinal drugs
No. of Employee :	35

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 :	Satisfactory
Payment Behaviour :	Slow but correct
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 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Nigeria	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

NIGERIA - ECONOMIC OVERVIEW

Following an April 2014 statistical "rebasing" exercise, Nigeria has emerged as Africa's largest economy, with 2014 GDP estimated at US$479 billion. Oil has been a dominant source of government revenues since the 1970s. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production contracted in 2012 and 2013. Nevertheless, the Nigerian economy has continued to grow at a rapid 6%-8% per annum (pre-rebasing), driven by growth in agriculture, telecommunications, and services, and the medium-term outlook for Nigeria is good, assuming oil output stabilizes and oil prices remain strong. Fiscal authorities pursued countercyclical policies in 2011-13, significantly reducing the budget deficit. Monetary policy has also been contractionary. Following the 2008-9 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Despite its strong fundamentals, oil-rich Nigeria has been hobbled by inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption. Economic diversification and strong growth have not translated into a significant decline in poverty levels - over 62% of Nigeria's 170 million people live in extreme poverty. President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, continue to diversify production, and further improve fiscal management. The government is working to develop stronger public-private partnerships for roads, agriculture, and power.

Source : CIA

Company NAME
Registered Name:	JB PHARMACEUTICALS LTD.
Requested Name:	J B PHARMACEUTICALS LTD.
Other Names:	JB PHARMA LTD.
ADDRESS AND TELECOMMUNICATION
Physical Address:	JB House 40B, Commercial Avenue, Sabo, Yaba, Lagos
Postal Address:	P. o. Box 1825,
	Lagos,
Country:	Nigeria
Phone:	234-1-7938369/8036626117/8069055837
Fax:	234-1-3425272
Email:	None
Website:	None
CREDIT OPINION
Financial Index as of December 2014 shows subject firm with a medium risk of credit.
LEGAL
Legal Form:		Limited Corporation
Date Incorporated:		11-March-1996
Reg. Number:		Nigeria
Nominal Capital		NGN. 1,000,000
Subscribed Capital		NGN. 1,000,000
Subscribed Capital is Subscribed in the following form:
		Position		Shares
Mr. John Nwaiwu		MD
Mrs. Obianuju Ednah Nwaiwu		Director
Mr. Marcel Udebuani		Manager
Mr. Eric Iheanacho Ezirim		Manager
RELATED COMPANIES
None		Parent company.
None		Subsidiary company.
None		Affiliated company.
None		Shareholder of subject firm.
Owerri and Kano in Nigeria		Branches of the firm
OPERATIONS
Registered to operate import and distribution of pharmaceuticals and medicinal drugs
Imports:		Asia,Middle East
Exports:		Neighboring countries
Trademarks:		None
Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
Main Customers:		Medical stores, etc
Employees:		35 employees.
Vehicles:		Several motor vehicles.
Territory of sales:		Nigeria
Location:		Owned premises, 10,000 square feet,
AUDITORS AND INSURANCE
Auditors:		Information not available.
Insurance Brokers:		Information not available.
FINANCE
Currency Reported:		Nigerian Naira (NGN.)
Approx. Ex. Rate:		1 US Dollar = 198.91 Nigerian Naira
Fiscal Year End:		December 31, 2014
Inflation:		According to information given by independent sources, the inflation at December 31st, 2014 was of 13%.
Financial Information not Submitted
Profit and Loss (expressed in NGN.)
			2014
Sales			520,000,000
BANK
Bank Name:		First Bank of Nigeria
Branch:		Nigeria
Comments:		None
COMMENTS / ADDITIONAL INFORMATION
This information was obtained from outside sources other than the subject company itself and confirmed the above subject. The website www.jbpharma.com is no longer operational.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.37
UK Pound	1	Rs.98.91
Euro	1	Rs.72.85
NGN	1	Rs.0.33

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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%)

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