MIRA
INFORM REPORT
|
Report Date : |
03.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ATCO LABORATORIES LIMITED |
|
|
|
|
Registered Office : |
Tibet Centre, M.A.
Jinnah Road, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Financials (as on) : |
30.06.2005 |
|
|
|
|
Date of Incorporation : |
1978 |
|
|
|
|
Com. Reg. No.: |
KAR/K-5130 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacture & Marketing of Pharmaceutical Products |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
Business Name
ATCO LABORATORIES LIMITED
Full Address
|
Registered Address |
|
Tibet Centre, M.A.
Jinnah Road, Karachi, Pakistan |
|
Tel |
92
(21) 2577930, 2577931, 2577932, 2577933 |
|
Fax |
92
(21) 2563974 |
Short Description Of
Business
|
Nature of Business |
Manufacture & Marketing of Pharmaceutical Products |
|
Year Established |
1978 |
|
Registration # |
KAR/K-5130 |
Factory Location
|
Address |
B/18, S.I.T.E Karachi, Pakistan |
|
Tel # |
92 (21) 2573546, 49 (3 Lines) |
|
Fax # |
92 (21) 2563974 |
Auditors
Jalis Ahmed & Company
(Chartered
Accountants)
121, Clifton Centre, Block 5, Main Clifton, Karachi,
Pakistan.
Legal Status
Subject Company was incorporated as a Private Limited Company in 1978 then afterwards it converted to Public Limited Company
|
Authorised Capital |
Rs. 20,000,000/-
divided into 200,000 shares of Rs. 100/- each |
|
Issued & Paid up Capital |
Rs. 1,050,000/-
divided into 10,500 shares of Rs. 100/- each |
Details of Directors
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Saeed Allawala Mr. S.M. Usman Allawala Mr. S.M. Naseem Allawala Mr. Aslam Usman Allawala Mr. Salman Ilyas Mr. Yousuf Ilyas |
Pakistani Pakistani Pakistani Pakistani Pakistani Pakistani |
167/8, Justice Inamullah Road, K.M.C.H.S., Karachi 167/8, Justice Inamullah Road, K.M.C.H.S., Karachi 7/325, Haider Ali Road, D.M.C.H.S., Karachi 7-A/286, Alamgir Road, D.M.C.H.S., Karachi 7-A/328, Alamgir Road, D.M.C.H.S., Karachi 7-A/328, Alamgir Road, D.M.C.H.S., Karachi |
Business Business Business Business Business Business |
Chief Executive Director Director Director Director Director |
Shareholders
|
Names |
No. of Shares |
|
Mr. S.M. Usman Allawala Mr. S.M. Naseem Allawala Mr. Aslam Usman Allawala Mr. Saeed Allawala Mr. Salman Ilyas Mr. Yousuf Ilyas Mrs. Gulzar Begum |
30 3,500 1,735 1,735 1,700 1,700 100 |
Associates
Subsidiary
None
Associated Companies
(1) Atco Pharma International (Private) Limited, Pakistan
Products
Manufacture & marketing of different pharmaceutical class
like Anti Biotic, Anti Malarials, Anti-Rheumatic, Antihistamine, Narcotic
Analgesic, Non Steroidal Respiratory Anti Inflamatory, Quinolones, Vitamins,
Phenothiazine, Hypolipidaemics, Muscle Relaxant, Amoebicide,
Calcium-Antagonist, Cardio Selective Beta Blocker with their brand names of AMLOD, ANFERON, ANXIT, ANZAFAX, APACE,
ASCARD, ATCOCEE, ATCOL, ATCOPLEX-C, AZIDE, BETADERM, BETADERM-N, BETADERM-NM,
BETAGNIC, BETASALIC, BRONKAL, BUNORFIN, CARBOPLATIN, CARDIPLANT, CARDNIT,
CHEWFAM, CHLORMAX, CHOLESCOR, CHOLESTOR, CISPLATIN, CLARINASE, REPETABS,
CLARITINE, CLOBEDERM, CLOBEDERM-NN, COMBINOL-D, COMBINAL JUNIOR, COMBINOL-E,
CONAZ, CYTARBIN, DECAPEPTYL, DEPLUG, DEPONIT, DEPRAPRAM, DIAZOL, DIPROGENTA,
DIPROSALIC, DOXORUBICIN, DOXYN, ECOZAR, ELANTAN, ELMETACIN, ELOCOM, ENACE,
EULEXIN, FLUOROURACIL, FLURACIL, GELCLAIR, GEMPID, HEALIT, HIRUDOID, KETLAR,
LACEROL, LEUCOVORIN, LOSTRESS, LYZAPAM, MENOGON, MERIZOLE, MEROL, MESULID,
METHOTREXATE, MICRONEMA, MINIRIN, MOVELAT, MUCITAN, NAPADOC, NAVELBINE,
NITROCINE, ORIMOX, PAMISOL, PANTROLOC, PENFEN, PLEXID, PROBETA, PROBETA-N,
PROSTAVASIN, RUMAFEN, SCABION, SEFLOR, SILCHOL, SMECTA, SONETA, TANAKAN,
TENSTATEN, TENZIL, TERBIDERM, TRANEX
Number of Employees
500
Annual Production
Volume
The capacity and production of the company’s plant is
indeterminable as it is multi-product and involves varying processes of
manufacture
Annual Sales Volume
|
Year |
In Pak Rupees |
|
2004 2005 |
340,855,271 446,956,288 |
Agencies (Foreign)
(1) SCHWARZ PHARMA AG, GERMANY.
(2) MERZ PHARMACEUTICALS GMBH, GERMANY.
(3) IND-SWIFT LABORATORIES LIMITED, INDIA.
(4) ARCH PHARMA LABS LIMITED, INDIA.
(5) MAYNE PHARMA, AUSTRALIA.
(6) FERRING PHARMACEUTICALS, U.S.A.
(7) PIERRE FABRE, FRANCE.
(8) HELSINN, SWITZERLAND.
(9) SANKYO, JAPAN.
Distributors
Mainly in all important cities of Pakistan
Exporting Countries
Mainly to Sri
Lanka, Sudan, Ethiopia, Kenya, Uganda, Yemen, Bangladesh, Myanmar, Tanzania,
Uzbekistan, Kazakhstan, Afghanistan, and Turkmenistan.
Bankers and their
addresses
ABN AMRO Bank, 16 – Abdullah Haroon Road Branch, Karachi, Pakistan.
Habib Bank Limited, S.I.T.E. Branch, Karachi, Pakistan.
United Bank Limited, Napier Road Branch, Karachi, Pakistan.
Memberships
Pakistan Pharmaceutical Manufacturers Association.
Karachi Chamber of Commerce & Industry.
Foreign Exchange
Rates
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 60.75 |
|
UK Pound |
1 |
Rs.118.80 |
|
Euro |
1 |
Rs. 80.40 |
Comments
Subject Company was established in 1978 and is engaged in manufacture & marketing of Pharmaceutical Products. Market reputation is good. Trade relations are reported as fair. The Company can be considered for normal business dealings at usual trade terms and conditions.
|
ATCO
LABORATORIES LIMITED |
|
|
|
||
|
BALANCE SHEET AS
AT JUNE 30, 2005 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
2004 |
|
|
|
|
Rupees |
||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating fixed assets |
|
33,488,168 |
|
33,244,579 |
|
|
(at cost less accumulated depreciation) |
|
|
|
||
|
|
|
|
|
|
|
|
Long term deposits |
|
237,000 |
|
237,000 |
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-in-trade |
|
81,310,264 |
|
61,994,142 |
|
|
Trade debts |
|
24,424,986 |
|
18,938,691 |
|
|
Foreign bills receivable |
|
5,192,866 |
|
10,081,237 |
|
|
Advance income tax |
|
8,388,987 |
|
8,397,372 |
|
|
Advances, deposits, prepayments and other
receivables |
23,569,129 |
|
21,620,330 |
||
|
Cash and bank balances |
504,790 |
|
542,342 |
||
|
|
|
|
143,391,022 |
|
121,574,114 |
|
|
|
|
|
|
|
|
|
|
|
177,116,190 |
|
155,055,693 |
|
|
|
|
|
|
|
|
SHARE CAPITAL
AND LIABILITIES |
|
|
|
||
|
|
|
|
|
|
|
|
Authorized Share
Capital |
|
|
|
||
|
200,000 (2004: 20,000) ordinary shares of
Rs. 100/- each |
20,000,000 |
|
20,000,000 |
||
|
|
|
|
|
|
|
|
Issued,
Subscribed and Paid-up Share Capital |
|
|
|
||
|
10,500 (2004: 10,500) ordinary shares of
Rs. 100/- each |
1,050,000 |
|
1,050,000 |
||
|
General Reserve |
|
58,750,000 |
|
55,250,000 |
|
|
Un-appropriated profit carried forward |
527,908 |
|
517,173 |
||
|
Net shareholders' equity |
60,327,908 |
|
56,817,173 |
||
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short term running finances |
20,665,513 |
|
18,260,367 |
||
|
Due to associated undertaking |
15,844,825 |
|
16,260,227 |
||
|
Due to directors - unsecured and interest
free |
- |
|
14,400,000 |
||
|
Creditors, accrued and other liabilities |
50,417,859 |
|
29,478,051 |
||
|
Foreign bills payable |
|
26,093,971 |
|
15,573,761 |
|
|
Workers profit participation fund |
361,114 |
|
361,114 |
||
|
Provision for taxation |
|
3,300,000 |
|
3,800,000 |
|
|
Proposed dividend |
|
105,000 |
|
105,000 |
|
|
|
|
|
116,788,282 |
|
98,238,520 |
|
|
|
|
|
|
|
|
Contingencies
& Commitments |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
177,116,190 |
|
155,055,693 |
|
ATCO
LABORATORIES LIMITED |
|
|
|||||
|
PROFIT &
LOSS ACCOUNT |
|
|
|
||||
|
FOR THE YEAR
ENDED JUNE 30, 2005 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2005 |
|
2004 |
|
|
|
|
|
|
Rupees |
|||
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
446,956,288 |
|
340,855,271 |
|
|
Less: cost of sales |
|
|
333,719,565 |
|
256,066,371 |
||
|
Gross profit |
|
|
113,236,723 |
|
84,788,900 |
||
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
||
|
Administrative and other expenses |
|
56,550,765 |
|
46,749,586 |
|||
|
Selling and distribution expenses |
|
49,995,030 |
|
32,966,001 |
|||
|
|
|
|
|
106,545,795 |
|
79,715,587 |
|
|
Operating profit |
|
|
6,690,928 |
|
5,073,313 |
||
|
|
|
|
|
|
|
|
|
|
Financial Charges |
|
|
975,193 |
|
1,159,667 |
||
|
Profit before
tax |
|
|
5,715,735 |
|
3,913,646 |
||
|
Provision for taxation |
|
|
2,100,000 |
|
1,200,000 |
||
|
Net profit for the
year after taxation |
3,615,735 |
|
2,713,646 |
||||
|
|
|
|
|
|
|
|
|
|
Un-appropriated profit brought forward |
517,173 |
|
408,526 |
||||
|
Profit available
for appropriation |
|
4,132,908 |
|
3,122,172 |
|||
|
|
|
|
|
|
|
|
|
|
Appropriations: |
|
|
|
|
|
||
|
Transfer to general reserves |
|
3,500,000 |
|
2,500,000 |
|||
|
Proposed
dividend @ 10% (2004 : 10%) |
105,000 |
|
105,000 |
||||
|
|
|
|
|
3,605,000 |
|
2,605,000 |
|
|
|
|
|
|
|
|
|
|
|
Unappropriated
profit carried forward |
527,908 |
|
517,173 |
||||
|
|
|
|
|
|
|
|
|
|
Earnings per
share |
|
|
344.36 |
|
258.44 |
||
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)