MIRA INFORM REPORT

Report Date :

04.08.2011

IDENTIFICATION DETAILS

Name :	EROS PHARMACEUTICALS (PRIVATE) LIMITED

Registered Office :	Plot No. 94 - 95, Sector 23, Korangi Industrial Area, Karachi

Country :	Pakistan

Year of Establishment :	1979

Com. Reg. No.:	0006659

Legal Form :	Private Limited Company

Line of Business :	Manufactures & Marketing of Pharmaceutical Products

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	No Complaints

Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Pakistan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

Business Name

EROS PHARMACEUTICALS (PRIVATE) LIMITED

Full Address

Registered Address & Factory

Plot No. 94 - 95, Sector 23, Korangi Industrial Area, Karachi, Pakistan

Tel #	92 (21) 35073234, 35053234
Fax #	92 (21) 32414579, 32623715
Email	petarian184@cyber.net.pk

Short Description Of Business

a.	Nature of Business	Manufactures & Marketing of Pharmaceutical Products
b.	Year Established	1979
c.	Registration #	0006659

Branches

In Lahore at present

Legal Status

Subject Company was established as a Private Limited Company in 1979

Authorised Capital	Rs. 5,000,000/- divided into 50,000 shares of Rs. 100/- each.
Issued & Paid up Capital	Rs. 4,000,000/- divided into 40,000 ordinary shares of Rs. 100/- each.

Details of Directors

Names

Nationality

Address

Occupation

Designation

Mr. Muhammad Iqbal Memon

Mr. Khalid Akhter

Pakistani

D, Flat No. 19, Block N, Shalimar Appt Garden, Karachi.

20 - Bahadurabad, Block 7/8, Shaheed-e- Millat Road, Karachi.

Business

Chief Executive

Director

Details of Shareholders

Names

No. of Shares

Mr. Iqbal Memon

Mr. Khalid Akhter

Mr. Javaid Akhtar

Mr. Saqib Iqbal

Mr. Adeel Iqbal

14,000

8,000

4,000

6,000

Associates

A. Subsidiary

None

B. Associated Companies

- Do -

Business Activities

Engaged in manufacture & marketing of Pharmaceutical Products

Number of Employees

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 (PK Rupees)

Rs. 120,000,000/- (Estimated)

Trade Suppliers (Foreign)

Mainly from European Countries, India & China

Distributors Network

Mainly exist at major cities of Pakistan

Exports

Mainly to Bangladesh, Srilanka & Iran

Bankers

(1) Soneri Bank Limited, Pakistan.

(2) Bank Al-Habib Limited, Pakistan.

(3) Faysal Bank Limited, Pakistan.

(4) Askari Bank Limited, Pakistan.

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 86.00
UK Pound	1	Rs. 140.00
Euro	1	Rs. 122.00

Comments

Subject Company is engaged in manufacture & marketing of Pharmaceutical Products. Chief Executive and Directors of the Company are Pakistani. Payments to creditors etc are reported as normal. Trade relations are reported as fair. Subject can be considered for normal business dealings at usual trade terms and conditions.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.38
UK Pound	1	Rs.72.21
Euro	1	Rs.62.87

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	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
----	NB	New Business	----

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.