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MIRA
INFORM REPORT
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Report Date : |
22.12.2008 |
IDENTIFICATION DETAILS
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Name : |
PHARMEVO (PRIVATE) LIMITED |
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Registered Office : |
402, |
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Country : |
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Financials (as on) : |
30.06.2007 |
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Year of Establishment : |
1997 |
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Com. Reg. No.: |
0038417 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacture and 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 : |
No Complaints |
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Litigation : |
Clear |
Business Name
PHARMEVO (PRIVATE) LIMITED
Full Address
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Registered
Address |
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402, |
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Tel |
92 (21) 4315195 - 97 (3 Lines) |
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Fax |
92 (21) 4556344 |
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pharmevo@cyber.net.pk |
Short Description Of Business
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Nature of Business |
Manufacture &
Marketing of Pharmaceutical Products |
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Year Established |
1997 |
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Registration # |
0038417 |
Factory Location
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Address |
Plot No. A-29, North Western Industrial Zone, Port Qasim, |
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Tel # |
92 (21) 4750483 - 86 (3 Lines) |
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Fax # |
92 (21) 4750487 |
Auditors
Saeed Methani Mushtaq & Co.
(Chartered Accountants)
Office # 3, 1st Floor,
Legal Status
Subject Company was established as a Private Limited Company in 1997
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Authorized Capital |
Rs. 50,000,000/- divided
into 5,000,000 shares of Rs. 10/- each |
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Issued & Paid up Capital |
Rs. 50,000,000/-
divided into 5,000,000 shares of Rs. 10/- each |
Details of Chief Executive/
Directors
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Names |
Nationality |
Address |
Occupation |
Designation |
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Mr. Muhammad Haroon Qassim Mr. Zamiruddin Ahmed Mr. Austin Micheal Taylor Mr. Derek Alan Evans |
Pakistani Pakistani Pakistani Pakistani |
84, Jinnah Co-operative
Housing Society, 37, Faran Co-operative
Society, Off: The Maples 1 Whittington Close Sand Batch Chesire, Rowan House, 9 Kingswood Palace, High Wycombe, Bucks, HP 13 7 SR, |
Business Business Business Business |
Chief Executive Director Director Director |
Shareholders
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Names of
Shareholders |
No of Shares |
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Mr. Zamiruddin Ahmed Mr. Ebrahim Qassim Mrs. Kulsoom Bano Mr. Muhammad Haroom Qassim Mrs. Zohra Bano Mr. Muhammad Jamil Qassim Mrs. Saba Qassim Mr. Austin Micheal Taylor Mr. Derek Alan Evans |
01 1,250 385,000 2,122,399 12,600 107,908 250,000 2,118,750 1,046 |
Associates
A. Subsidiary
None
B. Associated Companies
English Biscuits (Pvt)
Limited,
National Foods Limited,
(3) Shield Corporation
Limited,
(4) Zaman Textile Mills
Limited,
(5) Premier
Distributors,
(6)
Products / Services
Manufacture &
marketing of Pharmaceutical Products. Their brand names are ACELAR, ACTIFLOR, AIREEZ, ANEX, BONEDOL, BONGARD, CERIZINE,
DIU-TANSIN, EPIK, EPIMATE, ESTAR, EVODOXIM, EVOFIX, EVOPRIDE, EVOROX,
EVOTAXIME, EVOZID, FASTESO, FERRUM, FREEDEP, GABIN, HEXA
Number of Employees
200
Trade Suppliers (Foreign)
(1) ROQUETTE
INTERNATIONAL, FRANCE.
(2) PURAC
(3) YUNG SHIN PHARM IND
CO. LTD,
(4) HETERO DRUGS,
(5) DR. REDDYS,
Annual Production Volume
The capacity and production of the company’s plant is indeterminable as it involves varying processes of manufacture.
Annual Sales Volume
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Year |
In Pak Rupees |
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2007 |
492,043,610/- |
Distributors Network
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Mainly in all major cities of |
Bankers
(1) Soneri Bank Limited,
(2) Standard Chartered
(3) Faysal Bank Limited,
(4) Bank Alhabib Limited,
(5) Bank Alfalah
Limited,
Memberships
Pharmaceutical Industry Scenario In Pakistan
Development of pharmaceutical
companies over the past few years has played a vital role in the change and
development of healthcare in
Foreign Exchange Rates
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Currency |
Unit |
Pakistani Rupee |
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US Dollar |
1 |
Rs. 79.00 |
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1 |
Rs. 119.10 |
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Euro |
1 |
Rs. 110.60 |
Comments
Subject Company was established in 1997 and is engaged in manufacture & marketing of Pharmaceutical Products. Market reputation is good. Trade relations are reported as fair. Company can be considered for normal business dealings at usual trade terms and conditions.
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PHARMEVO
(PRIVATE) LIMITED |
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BALANCE SHEET AS
AT JUNE 30, 2007 |
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2007 |
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2006 |
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Note |
Rupees |
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EQUITY AND
LIABILITIES |
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SHARE CAPITAL
AND RESERVES |
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Authorized capital |
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4 |
50,000,000 |
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50,000,000 |
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Issued, subscribed and paid-up capital |
5 |
50,000,000 |
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50,000,000 |
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Unappropriated loss |
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(9,908,449) |
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(29,392,639) |
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40,091,551 |
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20,607,361 |
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NON-CURRENT
LIABILITIES |
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Long term loans |
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6 |
103,500,000 |
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103,500,000 |
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CURRENT
LIABILITIES |
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Short term loans |
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7 |
4,826,100 |
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4,826,100 |
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Short term finances |
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8 |
42,681,221 |
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58,052,854 |
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Trade and other payables |
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9 |
53,951,405 |
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48,599,494 |
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101,458,726 |
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111,478,448 |
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CONTINGENCIES
AND COMMITMENTS |
10 |
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TOTAL EQUITY AND
LIABILITIES |
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245,050,277 |
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235,585,809 |
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ASSETS |
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NON-CURRENT
ASSETS |
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Tangible fixed assets |
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11.1 |
110,001,420 |
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108,641,564 |
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Intangible fixed assets |
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11.2 |
537,675 |
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- |
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Long term deposits |
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2,333,053 |
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1,077,150 |
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112,872,148 |
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109,718,714 |
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CURRENT ASSETS |
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Stock-in-trade |
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12 |
84,595,115 |
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87,587,277 |
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Trade debtors |
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13 |
36,006,834 |
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27,530,482 |
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Loans, advances, prepayments & other
receivables |
14 |
9,139,153 |
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9,581,385 |
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Taxation - net |
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15 |
1,259,286 |
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501,474 |
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Cash and bank balances |
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16 |
1,177,741 |
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666,477 |
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132,178,129 |
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125,867,095 |
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TOTAL ASSETS |
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245,050,277 |
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235,585,809 |
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PHARMEVO
(PRIVATE) LIMITED |
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PROFIT &
LOSS ACCOUNT |
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FOR THE YEAR
ENDED JUNE 30, 2007 |
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2007 |
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2006 |
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Note |
Rupees |
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Sales - net |
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17 |
492,043,610 |
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374,410,268 |
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Cost of sales |
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18 |
252,897,730 |
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193,553,710 |
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Gross profit |
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239,145,880 |
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180,856,558 |
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Administration expenses |
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19 |
7,713,729 |
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5,925,436 |
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Selling and distribution expenses |
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20 |
216,969,497 |
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165,806,733 |
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224,683,226 |
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171,732,169 |
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Operating profit |
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14,462,654 |
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9,124,389 |
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Other income |
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21 |
16,227,163 |
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12,791,413 |
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Other charges |
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22 |
(500,674) |
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- |
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15,726,489 |
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12,791,413 |
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30,189,143 |
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21,915,802 |
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Financial charges |
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23 |
8,525,045 |
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4,717,313 |
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Profit before
taxation |
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21,664,098 |
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17,198,489 |
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Taxation |
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24 |
2,179,908 |
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1,811,505 |
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Net profit for
the year |
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19,484,190 |
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15,386,984 |
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Earning per
share - basic |
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25 |
3.90 |
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3.08 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.39 |
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1 |
Rs.70.65 |
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Euro |
1 |
Rs.66.33 |
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. |
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%)