MIRA INFORM REPORT

Report Date :

29.07.2011

IDENTIFICATION DETAILS

Name :	POLYFINE CHEMPHARMA (PVT) LIMITED

Registered Office :	51, Industrial Estate Jamrud Road, Peshawar

Country :	Pakistan

Year of Establishment :	1991

Com. Reg. No.:	P-00818/19910906

Legal Form :	Private Limited Company

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 :	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

POLYFINE CHEMPHARMA (PVT) LIMITED

Full Address

Registered Address & Factory

51, Industrial Estate Jamrud Road, Peshawar, Pakistan

Tel #	92 (91) 5814937, 5812756
Fax #	92 (91) 5814938
Email	abdulrsh@brain.net.pk

Short Description Of Business

a.	Nature of Business	Manufacture & Marketing of Pharmaceutical Products
b.	Year Established	1991
c.	Registration #	P-00818/19910906

Branches

None

Auditors

Munawar Associates

(Chartered Accountants)

Aeedan Shah Building, Dabgari Chowk, Peshawar, Pakistan

Legal Status

Subject Company was established as a Private Limited Company in 1991

Authorized Capital	Rs. 10,000,000/- divided into 100,000 shares of Rs. 100/- each
Issued & Paid up Capital	Rs. 4,600,000/- divided into 46,000 shares of Rs. 100/- each

Details of Chief Executive/ Directors

Names

Nationality

Address

Occupation

Designation

Mr. Abdul Rasheed

Mr. Waseem Shehzad

Mr. Nadeem Shehzad

Mr. Aleem Shehzad

Pakistani

2 - Khalid Land, Peshawar Cantt

Business

Chief Executive

Director

Shareholders

Names

Address

No. of Shares

Mr. Abdul Rasheed

Mrs. Hameeda Begum

Mr. Naeem Shehzad

Mrs. Ishrat Ali

Mr. Waseem Shehzad

Mrs. Sumera Shehzad

Mr. Nadeem Shehzad

Mrs. Uzma Nadeem

Mr. Saleem Shehzad

Mrs. Shabnam Shehzad

Mr. Azeem Shehzad

Mr. Aleem Shehzad

Mr. Naseem Shehzad

2 - Khalid Land, Peshawar Cantt

1,740

6,940

3,002

1,666

4,366

1,500

4,006

1,666

4,460

1,666

4,996

Associates

A. Subsidiary

None

B. Associated Companies

- Do -

Products / Services

Manufacture & marketing of Pharmaceutical Products. Their brand names are Alfavit, Allorat, Ceframed, Ceftrex, Chloroquine, Chlorpheniramine, Ciprofine, Clavumox, Clonatril, Cromosol, Devinate, Divirat, Dixigram, Erythromycin, Expodox, Fazim, Fendic, Fenmol, Flavogin, Flinox, Flogesic, Flu-fine, Flucare, Flurofen, Furazolidone, Hexalon, Klarifine, Leflocin, Medinol, Metronidazole, Migranil, Milosol, Naloroptic, Optibram, Paracetamol, Perill, Pirental, Piroflam, Polyclox, Polygenta, Polylact, Polytax, Polytran, Polyzide, Promethazine, Rorocin, Silzolin, Simtas, Sterifrin, Sulfadar, Thelmox, Tricosten

Number of Employees

Trade Suppliers (Foreign)

· TAURUS CHEMICALS, INDIA.

· ZHEJIANG XIANJU CHARIOTEER PHARMACEUTICALS, CHINA.

· NORTH CHINA PHARMACEUTICAL GROUP CORP, CHINA.

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
2009 - 2010	36,000,000/- (Estimated)

Distributors Network

Mainly in Peshawar, Lahore & Karachi

Bankers

(1) United Bank Limited, Pakistan.

(2) Habib Bank Limited, Pakistan.

(3) Habib Metropolitan Bank Limited, Pakistan.

(4) Bank Alfalah Limited, Pakistan.

Memberships

· Pakistan Pharmaceutical Manufacturers Association. (PPMA)

· Sarhad Chamber of Commerce & Industry.(SCCI)

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 86.05
UK Pound	1	Rs. 139.80
Euro	1	Rs. 124.00

Comments

Subject Company was established in 1991 and is engaged in manufacture & marketing of Pharmaceutical Products. Trade relations are reported as fair. Subject can be considered for normal business dealings at usual trade terms & conditions.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.13
UK Pound	1	Rs.72.05
Euro	1	Rs.63.33

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.