MIRA INFORM REPORT

Report Date :

02.02.2008

IDENTIFICATION DETAILS

Name :	MAPLE PHARMACEUTICALS (PRIVATE) LIMITED

Registered Office :	Plot # 147, Sector 23, Korangi Industrial Area, karanchi

Country :	Pakistan

Financials (as on) :	2007

Date of Incorporation :	2003

Com. Reg. No.:	0058884

Legal Form :	Private Limited Company

Line of Business :	Manufacture and Marketing of Pharmaceuticals 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 :	Usually Correct

Litigation :	Clear

Company Name

MAPLE PHARMACEUTICALS (PRIVATE) LIMITED

Address

Registered Address & Factory

Plot # 147, Sector 23, Korangi Industrial Area, Karachi, Pakistan

Tel 92 (21) 5113933, 5113936

Fax 92 (21) 5056670, 5056676

Short Description Of Business

a. Nature of Business Manufacture & Marketing of Pharmaceutical Products

b. Year Established 2003

c. Registration # 0058884

Branches

In Lahore & Islamabad

Auditors

M/s Muhammad Farooq & Co.

(Chartered Accountants)

208-209, 2^nd Floor, Dada Chambers, M.A. Jinnah Road, Karachi, Pakistan

Legal Status

Subject Concern was established as a Partnership business in 2003 then afterwards it was converted to Private Limited Company in 2006

Authorized Capital

Rs. 100,000,000/-

Issued & Paid up Capital

Rs. 30,000,000/-

Details of Chief Executive/ Directors

Names

Nationality

Address

Occupation

Designation

Mr. Shafiuddin Feroz

Mr. Mehtabuddin Feroz

Mr. Nazimuddin Feroz

Mr. Mumtazuddin Feroz

Mr. Sultan Ahmed Feroz

Mr. Mohammad Abdullah Feroz

Mr. Mohammad Yahya Feroz

Mr. Mohammad Taufiq Feroz

Pakistani

Plot # 147, Sector 23, Korangi Industrial Area, Karachi

Business

Chief Executive

Director

Shareholders

Names

v Mr. Shafiuddin Feroz

v Mr. Mehtabuddin Feroz

v Mr. Nazimuddin Feroz

v Mr. Mumtazuddin Feroz

v Mr. Sultan Ahmed Feroz

v Mr. Mohammad Abdullah Feroz

v Mr. Mohammad Yahya Feroz

v Mr. Mohammad Taufiq Feroz

v Mr. Sohail Feroz

Associates

Subsidiary

None

Associated Companies

v Efroze Chemical Industries (Pvt) Limited, Pakistan.

v S. Ejazuddin & Co., Pakistan.

v Otsuka Pakistan Limited, Pakistan.

v Health Care Products, Pakistan.

v Multi-Tech Marketing Services, Pakistan.

v Uniferoz, Pakistan.

v Efrotech, Pakistan.

v Hospital Supply Corporation, Pakistan.

Products / Services

Manufacture & marketing of Pharmaceutical Products.

Number of Employees

145

Affiliation with

MAPLE PHARMACEUTICALS INC. TORONTO, CANADA.

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 - 2007 50,000,000/- (Estimated)

Authorized Distributors

Mainly in all major cities of Pakistan

Bankers

v The Bank of Tokyo-Mitsubishi, Japan.

v Habib Bank Limited, Pakistan.

v Allied Bank Limited, Pakistan.

v MCB Bank Limited, Pakistan.

v Bank Al-falah Limited, Pakistan.

Memberships

Pakistan Pharmaceutical Manufacturers Association.(PPMA)
Karachi Chamber of Commerce & Industry.(KCCI)

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 62.30
UK Pound	1	Rs. 124.40
Euro	1	Rs. 92.85

Comments

Efroze Group enjoys good reputation in Pakistan as well as in abroad. All the directors of the Company are reported as qualified, experienced and resourceful businessmen. Payments are usually correct and as per commitments. The Company can be considered for normal business dealings at usual trade terms and 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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions