MIRA
INFORM REPORT
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Report Date : |
05.06.2007 |
IDENTIFICATION DETAILS
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Name : |
BROOKES PHARMACEUTICAL LABORATORIES ( |
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Registered Office : |
Plot # 58, Sector
15, Korangi Industrial Area, |
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Country : |
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Financials (as on) : |
30.06.2003 |
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Date of Incorporation : |
1984 |
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Com. Reg. No.: |
8436/19841207
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Legal Form : |
Unquoted Limited Company |
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Line of Business : |
Manufacture & Marketing of Pharmaceutical Products |
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 : |
Regular |
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Litigation : |
Clear |
Business Name
BROOKES PHARMACEUTICAL LABORATORIES (
Full Address
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Registered Address
& Factory |
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Plot # 58, Sector 15,
Korangi Industrial Area, Karachi, Pakistan |
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Tel |
92 (21)
5066281, 5066282 |
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Fax |
92 (21)
5060505, 5060005 |
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Short Description Of
Business
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Nature of Business |
Manufacture & Marketing of Pharmaceutical Products |
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Year Established |
1984 |
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Registration # |
8436/19841207
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Branches
In
Auditors
Bilwani & Co.
(Chartered Accountants)
12, Idrees Chamber,
Legal Status
Subject Company was incorporated as an unquoted limited company in 1984
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Authorised Capital |
Rs. 55,000,000/-
divided into 5,500,000 shares of Rs. 10/- each |
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Issued & Paid up Capital |
Rs. 51,400,000/-
divided into 5,140,000 shares of Rs. 10/- each |
Details of Directors
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Names |
Nationality |
Address |
Occupation |
Designation |
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Mr. Abdul Haseeb Khan Mr. Nadeem Khan Mr. Waseen I. Khan Mr. Saleem Khan Mrs. Ishrat Haseeb Mrs. Farhat Nadeem Mrs. Nudrat Khan Mrs. Roohi Saleem |
Pakistani Pakistani Pakistani Pakistani Pakistani Pakistani Pakistani Pakistani |
43-3-B, Block 6, P.E.C.H.S., Karachi 43-3-B, Block 6, P.E.C.H.S.,
43-3-B, Block 6,
P.E.C.H.S., 43-3-B, Block 6,
P.E.C.H.S., 43-3-B, Block 6,
P.E.C.H.S., 43-3-B, Block 6,
P.E.C.H.S., 43-3-B, Block 6,
P.E.C.H.S., 43-3-B, Block 6,
P.E.C.H.S., |
Business Business Business Business Business Business Business Business |
Chief Executive Director Director Director Director Director Director Director |
Shareholders
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Names |
No. of Shares |
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Mr. Abdul Haseeb Khan Mr. Nadeem Khan Mr. Waseen I. Khan Mr. Saleem Khan Mrs. Ishrat Haseeb Mrs. Farhat Nadeem Mrs. Nudrat Khan Mrs. Roohi Saleem M/s Merz & Co. |
637,500 637,500 637,500 637,500 637,000 637,500 637,500 637,500 40,000 |
Products
ACURON, ANTICHOL, ARNIL, ATROPINE, CONTRACTUBEX, CORAM, CORYTON, D CORT, DICILLIN, DOSTIN, EXALYN, HEPA MERZ, HYPOZAM, MINOXIN, MINOXIN PLUS, NEO-CHOLINE, OMESEC, OXOFERIN, P-XONE, PANCRON, PHLOGIN, PK MERZ, PONSAC, PONSAC FORTE, PYODINE, PYROLATE, PYROLATE-N, QUINOX, RHINOTUSSAL, RYXON, SEFRIN, SUXA-CHOLINE, VIRU MERZ, VITA BROOKES PLUS, XIDIM
Number of Employees
250
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
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Year |
In Pak Rupees |
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2003 |
404,885,000/- |
Agencies (Foreign)
MERZ & CO.
KLINGE
HEINRICH
CHANGZHOU SIYAO PHARMACEUTICAL LTD.,
SHANGHAI DISON CHEM LTD.,
Distributors
More than 50
Distributors in all over
Exporting Countries
Mainly to
Bankers and their
addresses
ABN AMRO Bank,
(Mortgage obtained PKR 182,000,000/-)
Citibank N.A.,
(Mortgage obtained PKR 20,000,000/-)
Faysal Bank Limited, Trade Centre,
Habib Metropolitan Bank Limited, Korangi Industrial Area
Branch,
Faysal Bank Limited, Korangi Industrial Area Branch,
Memberships
Foreign Exchange
Rates
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Currency |
Unit |
Pakistani Rupee |
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US Dollar |
1 |
Rs. 60.87 |
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UK Pound |
1 |
Rs. 120.95 |
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Euro |
1 |
Rs. 81.90 |
Comments
Subject Company was established in 1984 and is engaged in manufacturing & marketing of Pharmaceutical Products. Directors are reported as resourceful and experienced businessmen. Trade relations are reported as fair. The Company can be considered for normal business dealings at usual trade terms and conditions.
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BROOKES PHARMACEUTICAL
LABORATORIES ( |
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BALANCE SHEET AS AT JUNE
30, 2003 |
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Rupees |
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Rupees |
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Rupees |
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Rupees |
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CAPITAL AND LIABILITIES |
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2003 |
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2002 |
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2003 |
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2002 |
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SHARE CAPITAL |
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Tangible Fixed Assets |
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266,551 |
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190,626 |
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Authorised Capital |
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5,500,000 (2001: 4,200,000) ordinary shares |
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of Rs. 10/- each |
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55,000,000 |
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55,000,000 |
Capital work in progress |
14,716 |
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9,072 |
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Issued, subscribed and paid-up capital |
51,400 |
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51,400 |
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Accumulated Profit / (Loss) |
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6,940 |
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(3,087) |
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Capital Reserves |
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1,600 |
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1,600 |
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59,940 |
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49,913 |
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Surplus on revaluation of land |
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94,930 |
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26,825 |
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Liabilities against finance lease |
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39,842 |
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41,351 |
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Term Finance |
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71,384 |
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79,729 |
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111,226 |
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121,080 |
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CURRENT ASSETS |
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CURRENT LIABILITIES |
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Stock in trade |
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77,787 |
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51,088 |
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Stock in transit |
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10,229 |
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- |
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Current maturity of finance leases |
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23,348 |
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16,217 |
Accounts receivable |
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47,572 |
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43,210 |
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Current maturity of term finance |
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3,128 |
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Advances, Deposits, Prepayments and |
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Short term finance |
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118,128 |
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106,743 |
other receivables |
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69,323 |
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71,247 |
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Creditors, accrued and other liabilities |
111,430 |
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60,781 |
Advance income tax u/s 50 |
15,304 |
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21,131 |
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Other liabilities |
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11,375 |
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Cash and bank balances |
34,623 |
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1,847 |
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Taxation |
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2,600 |
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6,663 |
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254,838 |
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188,523 |
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270,009 |
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190,404 |
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536,105 |
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388,222 |
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536,105 |
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388,222 |
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BROOKES
PHARMACEUTICAL LABORATORIES ( |
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PROFIT
& LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30, 2003 |
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Rupees in '000 |
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Rupees 2002 |
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Local |
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Export |
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Total |
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Sales
- net |
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401,083 |
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3,802 |
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404,885 |
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362,018 |
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Less:
Cost of sales |
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203,135 |
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1,187 |
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204,322 |
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218,569 |
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Gross
profit |
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197,948 |
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2,615 |
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200,563 |
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143,449 |
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Less:
Administrative Selling and |
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Distribution
expenses |
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146,851 |
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2,124 |
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148,975 |
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121,504 |
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Operating
profit |
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51,097 |
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491 |
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51,588 |
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21,945 |
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Add:
other income |
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10,243 |
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- |
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10,243 |
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6,510 |
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61,340 |
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491 |
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61,831 |
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28,455 |
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Financial
charges |
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49,204 |
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- |
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49,204 |
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29,648 |
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Profit
/ (Loss) before tax |
12,136 |
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491 |
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12,627 |
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(1,193) |
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Taxation |
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Current year |
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2,600 |
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2,600 |
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(1,843) |
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Prior year |
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2,600 |
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2,600 |
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(1,843) |
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Accumulated
Net Profit / (Loss) after tax |
9,536 |
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491 |
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10,027 |
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(3,036) |
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Profit
/ (Loss) brought forward |
(3,087) |
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(3,087) |
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(51) |
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Accumulated
profit / (loss) carried forward |
6,449 |
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491 |
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6,940 |
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(3,087) |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)