MIRA INFORM REPORT

Report Date :

25.04.2008

IDENTIFICATION DETAILS

Name :	SURGE LABORATORIES (PRIVATE) LIMITED

Formerly Known as :	GENESIS PHARMACEUTICALS (PVT) LIMITED

Registered Office :	507 & 508, 5^th Floor, Commerce Centre, Hasrat Mohani Road, Karachi

Country :	Pakistan

Date of Incorporation :	1995

Com. Reg. No.:	0035024

Legal Form :	Private Limited Company

Line of Business :	Manufacture and Marketing of Pharmaceutical Products

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

Business Name

SURGE LABORATORIES (PRIVATE) LIMITED

Full Address

Registered Address

507 & 508, 5^th Floor, Commerce Centre, Hasrat Mohani Road, Karachi, Pakistan

Tel	92 (21) 2633590, +9221111742762
Fax	92 (21) 2636313
Website	www.surgelaboratories.com

Short Description Of Business

Nature of Business	Manufacture & Marketing of Pharmaceutical Products
Year Established	1995
Registration #	0035024

Branches

In Lahore & Rawalpindi

Factory Location

10 K.M. Faisalabad Road, Bhikhi,

Sheikhupura District, Pakistan

Auditors

M/s Muhammad Farooq & Co.

(Chartered Accountants)

113-115, Office Tower, Technocity, Hasrat Mohani Road, Karachi, Pakistan

Legal Status

Subject Company was incorporated with the name of Genesis Pharmaceuticals (Pvt) Limited then afterwards it name was changed to Surge Laboratories (Private) Limited

Authorized Capital	Rs. 50,000,000/- divided into 500,000 shares of Rs. 100/- each
Issued & Paid up Capital	Rs. 33,000,000/- divided into 330,000 shares of Rs. 100/- each

Details of Chief Executive/ Directors

Names

Nationality

Address

Occupation

Designation

Mr. Muhammad Ali Majid

Dr. Abdul Majid

Mrs. Saleha Sultana

Mr. Muhammad Abdullah

Pakistani

107/1, 25^th Street, Khayaban-e-Muhafiz, D.H.A., Karachi

Business

Chief Executive

Director

Shareholders

Names

No. of Shares

Dr. Abdul Majid

Mrs. Saleha Sultana

Mr. Muhammad Ali Majid

Mr. Muhammad Abdullah Majid

Mrs. Humera Jawad

Mrs. Amena Raza

Mrs. Sara Omer

100

145,100

52,800

26,400

Associates

A. Subsidiary

None

B. Associated Companies

Faiz Laboratories, Pakistan.

Eastern Trade & Distribution, Pakistan.

Stancos (Pvt.) Limited, Pakistan.

Nabiqasim Industries (Private) Limited, Pakistan.

Products / Services

Manufacture & marketing of Pharmaceutical Products by its brand names of BROCEF, ESPIDONE, ESPROL, LISODIM, LUMFORT, RELINE, ROMYCIN, ROTEM, SERGIFEX, SURGIBION, SURGITEC, WARIOR, YALPRAM, ZEDAN

Number of Employees

220

Trade Suppliers (Foreign)

VASUDHA PHARMA, INDIA.

NOSCH LABS, INDIA.

MURLI KRISHNA (PVT) LIMITED, INDIA.

HUTTLIN GMBH, GERMANY.

Annual Production Volume

The capacity and production of the company’s plant is indeterminable as it involves varying processes of manufacture.

Annual Sales Volume

Year	In Pak Rupees
2006	170,000,000/- (Estimated)

Authorized Distributors

Mainly in all major cities of Pakistan

Bankers & their addresses

United Bank Limited, Corporate Branch, I.I. Chundrigar Road, Karachi, Pakistan.

Dubai Islamic Bank Pakistan Limited, Avari Tower, Fatima Jinnah Road, Karachi, Pakistan.(Mortgage obtained PKR 33,334,000/-)

Memberships

Pakistan Pharmaceutical Manufacturers Association.(PPMA)

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 65.70
UK Pound	1	Rs. 129.45
Euro	1	Rs. 102.80

Comments

Subject Company was established in 1995 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 & conditions.

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.	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%)

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