MIRA INFORM REPORT

Report Date :

18.07.2011

IDENTIFICATION DETAILS

Name :	VENUS PHARMA

Registered Office :	7-Fazal Ellahi Market, Urdu Bazar, Lahore

Country :	Pakistan

Year of Establishment :	1998

Legal Form :	Partnership Concern

Line of Business :	Manufacture & 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 :	Small Concern

Payment Behaviour :	No Complaints

Litigation :	Clear

NOTES :

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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

VENUS PHARMA

Full Address

Registered Address

7-Fazal Ellahi Market, Urdu Bazar, Lahore, Pakistan

Tel #	92 (42) 37122983, 37322270, 37355634, 37355634
Fax #	92 (42) 37122983

Short Description Of Business

a.	Nature of Business	Manufacture & Marketing of Pharmaceutical Products
b.	Year Established	1998
c.	National Tax #	2577884

Factory Location

23 K.M. Multan Road, Lahore,

Pakistan

Legal Status

Subject Concern was established as a Partnership business in 1998

Details of Managing Partner / Partners

Names

Nationality

Address

Occupation

Designation

Mr. Pervaiz Iqbal Siddiqui

Mrs. Tasleem Ahmed Siddiqui

Mr. Saleem Javaid Siddiqui

Mr. Shamim Ahmad Siddiqui

Pakistani

7-Fazal Ellahi Market, Urdu Bazar, Lahore

Business

Managing Partner

Partner

Associates

A. Subsidiary

None

B. Associated Companies

- Do -

Products

(1) Subject Concern is engaged in manufacture & marketing of Pharmaceutical Products by its brand names of ADRENALINE, ANN-VIL, ANTAZOLIN, ASCORB, B-COMPLEX, BETNOCIN, CYANOCOBALAMINE, DEXAMETHASONE, GENTAMYCIN, HYOSCINE, MATAMEX, POLYVEE, QUININE, SULPHOFAX, THREEBION, VALRON, VEE BURNA FAX, VESEGON, VIO DEPOT, VIOCIN, XYLEX.

(2) It purchases raw material against D/A, D/P basis.

(3) Its’ major customers are Distributors, Traders, Pharmacies & Hospitals located at all major cities of Pakistan.

(4) Subject operates from caption leased factory premises situated at industrial area of Lahore.

(5) Subject employs about 75 persons in its set up.

Annual Sales Volume

Year	In Pak Rupees
2009	100,000,000/- (Estimated)

Capacity & Production

The capacity and production of the concern’s plant is indeterminable as it is multi- product and involves various processes of manufacture.

Trade Suppliers

(Foreign)

Subject mainly import from Companies belongs to China, India & Europe

Bankers

· NIB Bank Limited, Pakistan.

· (2) Habib Bank Limited, Pakistan.

· (3) MCB Bank Limited, Pakistan.

· (4) Bank Al-Falah Limited, Pakistan.

Memberships

· Lahore Chamber of Commerce & Industry.(LCCI)

· Pakistan Pharmaceutical Manufacturers Association.(PPMA)

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 85.95
UK Pound	1	Rs. 138.10
Euro	1	Rs. 121.00

Comments

Subject Concern was established in 1998 and is engaged in manufacture & marketing of Pharmaceutical Products. Trade relations are reported as fair. Concern can be considered for normal business dealings at usual trade terms and conditions.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.53
UK Pound	1	Rs.71.91
Euro	1	Rs.62.98

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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