MIRA INFORM REPORT

 

 

Report Date :

01.03.2011

 

IDENTIFICATION DETAILS

 

Name :

AKBAR PHARMACEUTICALS (PVT) LIMITED

 

 

Registered Office :

No.334, T. B. Jayah Mawatha, Colombo - 10

 

 

Country :

Sri Lanka

 

 

Date of Incorporation :

20.12.1994

 

 

Com. Reg. No.:

N (PVS) 14117

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Import of  pharmaceuticals, medical and surgical devices, consumables, surgical equipment and nutraceuticals or herbal products and markets them through its island-wide distribution network

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Sri Lanka

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Information declined by

 

Name               : Mr. Rohan

Designation     : General Manager

Date                 : 26.02.2011

 

 

General – basic information at a glance

a.

Name of Subject of Inquiry

:

AKBAR PHARMACEUTICALS (PVT) LIMITED

b.

Legal Form  & Status

 

:

 

Private Limited Liability Company (In Operation)

c.

Managing Director

 :

Inayetally Abarally

d.

Primary Line of Business

:

Import of  pharmaceuticals, medical and surgical devices, consumables, surgical equipment and nutraceuticals or herbal products and markets them through its island-wide distribution network

e.

Head Office

:

 

 # 334,

T. B Jayah  Mawatha ,

Colombo-10,

Sri Lanka.

         

Tel. No: (00 94 11) 269 7151

Fax No: (00 94 11) 269 9029

 

E mail: akbar@akbar.com

             Pharma@akbar.com

 

g.

No. of Employees

:

Approximately 100

COMPANY DETAILS- Registration and Shareholder Details

 

a.

Registration No

:

N (PVS) 14117

Date of Registration

:

20th December 1994

b.

Registration No

:

PV 11321

Date of Registration

:

27th January 2009

c.

Registered Office

:

No.334, T. B. Jayah Mawatha, Colombo - 10

d.

Board of Directors

As at

9th October 2010

:

Inayetally Abarally

Managing Director

Akbarally Abbasally

Director

Akbarally Tyeabally Ubbalally

Director

Akbarally Ali Asghar Abasally

Director

Akbarally Hatim Abasally

Director

Akbarally Mansoor Abbassally

Director

Akbarally Huzeta Inayetally

Director

Ismail Kemel Nawshad Ahmed

Director

e.

Issued  Share Capital

:

Rs.        15,000,000.00

f.

Nominal Value of Share

:

Rs.         10.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

g.

Share Holders

As at

9th October 2010

:

Share Holders

No. of    Shares

Inayetally Abarally

200

Akbarally Abbasally

300

Akbarally Tyeabally Ubbalally

100

Akbarally Ali Asghar Abasally

100

Akbarally Hatim Abasally

100

Akbarally Mansoor Abbassally

100

Akbarally Huzeta Inayetally

100

Akbarally Alefiya

100

Akbarally Shabbir inayetally

100

Akbar Brothers Ltd

1,498,800

h.

Auditors

:

F. H. Puvimanasinghe & Company

i.

Company Secretaries

:

D. G Wimalasuriya

j.

Bankers

:

HSBC

Indian Overseas Bank

Standard Chartered Bank

Hatton national bank PLC

 

 

CURRENT INVESTIGATION                      

 

Company Logo

 

 

·         History.

 

·                   The Subject Company AKBAR PHARMACEUTICALS (PVT) LIMITED is a Private Limited Liability             

                Company incorporated on 20th December 1994 under registration number N (PVS) 14117 and then         

                  the company was re-registered on 27th January 2009 under registration number PV 11321

               

                  The Subject Company AKBAR PHARMACEUTICALS (PVT) LIMITED is Subsidiary Company of Akbar Brothers Ltd

 

  The AKBAR GROUP consists of the following companies.

 

v      Akbar Brothers Exports (Pvt) Ltd.

v      Akbar Pharmaceuticals (Pvt) Ltd

v      Quick Tea (Pvt) Ltd

v      Flexiprint (Pvt) Ltd.

v      Falcon Trading (Pvt) Ltd.

v      Land and Building Limited.

v      A B Developments (Pvt) Ltd.

v      A B Properties Limited.

v      Tea House (Pvt) Ltd.

v      Energy Reclamation (Pvt) Ltd

v      Mosaic Art (Pvt) Ltd.

 

·         Location.

 

The Subject Company is located at the client given address No.334, T. B. Jayah Mawatha, Colombo - 10

 

·         Operational Details.

 

General

                  The subject company primary line of business is import and distribute of pharmaceuticals, medical and surgical devices, consumables, surgical equipment and nutraceuticals or herbal products.

 

                 The company imports carefully selected branded generic and OTC pharmaceuticals, medical and surgical devices, consumables, surgical equipment and nutria cuticles or herbal products and markets them through its island-wide distribution network. The highest standards of quality, efficiency and customer satisfaction maintained by the company at all times have resulted in it becoming one of the country’s leading pharmaceutical suppliers. The company holds some of the finest agencies of reputed companies worldwide.

 

Products

Pharmaceuticals, medical and surgical devices, consumables, surgical equipment and nutraceuticals or herbal products

 

Country

 USA, India, UK, Germany, Switzerland, Pakistan, Japan, Australia, France, Iran, Italy

 

Employees

                  Approximately 100

 

 

·         AKBAR PHARMACEUTICALS (PVT) LIMITED is represented of following international companies

o        3M ESPE – USA

o        Agio Pharmaceuticals – India

o        Arvind Remedies – India

o        Atlas Surgical – India

 

o        BDH Industries Ltd.- India

o        Claris Lifesciences limited – India

o        Cuxson Gerrard & Co. Ltd. – UK

o        Denk Pharma GmbH & Co., KG- Germany

o        Glosel India Impex (pvt) Ltd. – India

o        Hermes Sweeteners – Switzerland

o        Hilbro International Pvt Ltd – Pakistan

o        Hisamitsu Pharmaceutical Co. Inc.- Japan

o        Hollister Limited - USA 

o        Hollister Limited – USA

o        Hospira – Australia

o        Intra Special Catheters – Germany

o        Kosan Corporation – Japan

o        Labratories Rivadis – France

o        Marck Biosciences Ltd – India

o        Medopharm – India

o        Medi Direct – UK

o        Merlyn Medical – USA

o        Mohan Pharma – India

o        MRK Healthcare – India

o        Nestor Pharmaceuticals – India

o        Nova Pharm – Germany

o        Novel Drugs – India

o        Pharsin Co.,- Iran

o        Pidilite Industries – India

o        Raptakos Brett & Co. Ltd. – India

o        Sapimed S. P. A.- Italy

o        Smiths Medical International – UK

o        Sorbion AG – Germany

o        Stericat Gutstrings – India

o        Swann Morton Limited – UK

o        Tecfen Corporation – USA

o        Timesco of London - UK 

·         Financial Data

                  The company has declined to provide information on its finances

 

 

·         General Comments

The subject company when contacted provided basic information of the company to prepare this report, but they refused provide its financial information.

                 

 

·         Trade references

                  The subject company did not provide any trade reference referrals

 

·         Credit Recommendations

 

                  Since no financial information has been forthcoming from the company, it is not possible to comment on the merits or otherwise of the company.

 

No computerised data bases exist to make checks whether the partners or the company has any legal action or lawsuit initiated against any of them but informal (but not in-depth) checks do not indicate any such cases in the public knowledge.

 

 

ANALYSIS - Appraisal and Rating of Subject Company

 

Rating:

Business Trend

Growing

Management Capability

Average

Commercial Morality

Average

Reputation

Average

Market Situation

Very Competitive


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.18

UK Pound

1

Rs.72.79

Euro

1

Rs.62.15

 

 

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

 

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.