MIRA INFORM REPORT

 

 

Report Date :           

17.06.2011

 

IDENTIFICATION DETAILS

 

Name :

WYETH PAKISTAN LIMITED

 

 

Registered Office :

S-33, Hawkes Bay Road, S.I.T.E., Karachi

 

 

Country :

Pakistan

 

 

Year of Establishment :

1949

 

 

Com. Reg. No.:

0000305

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Manufacture & Marketing of Pharmaceutical Products

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Pakistan

b1

b1

 

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

 

WYETH PAKISTAN LIMITED

 

 

Full Address       

 

Registered Address

S-33, Hawkes Bay Road, S.I.T.E., Karachi, Pakistan

                       

Tel #

92 (21) 32354651 - 61 (10 Lines)

Fax #

92 (21) 32354681

 

 

Short Description Of Business

 

a.

Nature of Business        

Manufacture & Marketing of Pharmaceutical Products

b.

Year Established

1949

c.

Registration #

0000305

 

 

Branches

 

In Lahore & Islamabad

 

 

Auditors

 

KPMG Taseer Hadi & Co.

(Chartered Accountants)

 

 

Legal Status

 

Subject Company was incorporated as a Public Limited Company in 1949

 

Details of Directors

           

Names

Designation

Mr. Iqbal Bengali

 

Mr. Shahid Aziz Siddiqi

 

Mr. Badaruddin F. Vellani

 

Mr. Iftikhar Soomra

 

Mr. Abdul Majeed

 

Mr. Iftikhar Ahmed Jafri

 

Mr. S.M. Wajeehuddin

Chief Executive

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

 

Categories of Shareholders                

           

Categories

Shareholding (%)

Individuals

 

Insurance Companies

 

Joint Stock Companies

 

Financial Institutions

 

Others

 

Non-Resident

3.44

 

4.93

 

72.10

 

19.11

 

0.33

 

0.09

 

 

Holding Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

 

 Wyeth LLC, Delaware, U.S.A. holds 576,470 (40.55%) shares and Wyeth Holdings Corporation, New Jersey, U.S.A. (100% owned company of Wyeth LLC, Delaware) holds 448,560 (31.55%) shares in Wyeth Pakistan Limited, thus the total holding of Wyeth LLC in Wyeth by Pfizer Inc., On October 15, 2009, Pfizer Inc. from that date is the ultimate parent company of Wyeth Pakistan Limited

 

 

Business Activities

 

Engaged in manufacture and marketing of research based ethical specialties and other pharmaceutical products

           

Number of Employees

 

400

 

 

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

 

Year

In Pak Rupees

2010

2,310,191,000/-

 

 

 

Trade Suppliers

(Foreign)

 

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

 

 

Distributors

 

Mainly exist at all major cities of Pakistan

 

 

Exporting Countries

 

Mainly to Sri Lanka, Sudan, Ethiopia, Kenya, Uganda, Yemen, Bangladesh, Myanmar, Tanzania, Uzbekistan, Kazakhstan, Afghanistan, and Turkmenistan.

 

Bankers

 

·         Bank Alfalah Limited, Pakistan.

·         Standard Chartered Bank, Pakistan.

·         MCB Bank Limited, Pakistan.

·         The Royal Bank of Scotland, Pakistan.

·         Citibank N.A., Pakistan.

·         Habib Bank Limited, Pakistan.

·         Soneri Bank Limited, Pakistan.

 

 

Future Outlook

 

We feel that your Company shall be able to minimize their impact, by concentrated focus on the strengths of its brand, engagement of continuous improvement initiatives for creation of internal efficiencies and leverage of all productivity opportunities thereby positively impacting both top and bottom lines.

 

 

Memberships

 

·         Pakistan Pharmaceutical Manufacturers Association.

·         Karachi Chamber of Commerce & Industry.

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 85.85

UK Pound

1

           Rs. 140.20

Euro

1

           Rs. 123.20

 

 

Comments

 

Subject Company was established in 1949 and is engaged in manufacture and marketing of research based ethical specialties and other pharmaceutical products. Directors are reported as qualified, resourceful & experienced businessmen. 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.44.90

UK Pound

1

Rs.72.54

Euro

1

Rs.63.39

 

 

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%)

 

 

 

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

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