MIRA INFORM REPORT

 

 

Report Date :           

04.11.2011

 

IDENTIFICATION DETAILS

 

Name :

GLAXOSMITHKLINE PAKISTAN LIMITED 

 

 

Formerly Known As :

Glaxo Wellcome Pakistan Limited

 

 

Registered Office :

35-Dockyard Road, West Wharf, Karachi - 74000

 

 

Country :

Pakistan

 

 

Financials (as on) :

30.06.2011

 

 

Year of Establishment :

1948

 

 

Com. Reg. No.:

00000304  

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture and Marketing of research based ethical specialties, other pharmaceutical, animal health and consumer health care products.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Pakistan

b2

b2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Business Name

 

GLAXOSMITHKLINE PAKISTAN LIMITED

 

 

Full Address       

 

Registered Address

35-Dockyard Road, West Wharf, Karachi - 74000, Pakistan

                       

Tel #

92 (21) 32315101 - 8 & 32315478 - 82

Fax #

92 (21) 32311105 & 32314898

 

 

Factories

 

Address

F/268, S.I.T.E., P.O. Box No. 3686, Karachi, Pakistan

Tel #

92 (21) 32570665 - 9 & 32564355 - 65

Fax #

92 (21) 32564749 & 32564729

           

Address

19.5 KM, Ferozpur Road, P.O. Box 244, Lahore, Pakistan

Tel #

92 (42) 35811931 – 4

Fax #

92 (42) 35811940

 

Address

D/43, Textile Avenue, S.I.T.E., P.O. Box No. 3686, Karachi, Pakistan

Tel #

92 (21) 32578600 – 9

Fax #

92 (21) 32563668

 

 

Short Description Of Business

 

a.

Nature of Business        

Manufacture and Marketing of research based ethical specialties, other pharmaceutical, animal health and consumer health care products.

b.

Year Established

1948  

    c.

Registration #

00000304  

 

 

Auditors

           

A. F. Ferguson & Co.

(Chartered Accountants)

 

 

Legal Status

 

The company is incorporated in Pakistan as a limited liability company and is listed on the Karachi and Lahore Stock Exchanges of Pakistan.

 

           

Change of name

           

The Company’s name changed from “Glaxo Wellcome Pakistan Limited” to “GlaxoSmithKline Pakistan Limited”. The change takes place following the legal merger of the business of M/S Smith Kline & French of Pakistan Limited and Beecham Pakistan (Private) Limited with Glaxo Wellcome Pakistan Limited in 2002.

 

 

Details of Chief Executive/Directors

 

Names

Designation

Mr. M. Salman Burney

 

Mr. Husain Lawai

 

Mr. Rafique Dawood

 

Mr. Shahid Mustafa Qureshi

 

Dr. Muzaffar Iqbal

 

Mr. Javed Ahmedjee

 

Dr. Iffat Yazdani

Chairman / Chief Executive

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

 

Categories of Shareholders               

 

Categories of Shareholders

    Percentage

Individuals

Investment Companies

Insurance Companies

Joint Stock Companies

Financial Institutions

Associated Companies

Central Depository Company (b)

Others

4.41

0.00

3.00

0.05

0.05

78.78

13.69

0.02

 

 

Holding Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

GlaxoSmithKline plc incorporated in United Kingdom is the parent company. As at December 31, 2004, GlaxoSmithKline International Luxembourg and SmithKline Beecham Intercredit, B.V. Netherlands (subsidiaries of the parent company), and their nominees held 40,385,875 and 28,454,363 shares of Rs. 10 each respectively.

 

 

Products

 

AUGMENTIN, AMOXIL, AMPICLOX, CEPOREX, BACTROBAN, SEPTRAN, PENBRITIN, ZINACEF, ZINNAT, FORTUM, FLOXY, ORBENIN, WELLCODOX, SYRAPRIM, PANADOL, CALPOL, DICOFEN, EMPIRIN COMPOUND, IODEX, SERETIDE, VENTIDE, VENTOLIN, FLIXOTIDE, BECONASE, SEREVENT, BECOTIDE, AMPHYLL, AVANDIA, ZANTAC, TAGAMET, MARZINE, MILK OF MAGNESIA, SEROXAT, IMIGRAN, REQUIP, LAMICTAL, KEMADRIN, MIGRIL, EGERIX –B, HAVRIX, INFANRIX, TRITANRIX, FLUARIX, HIBERIX TYPHERIX, VARILRIX, PRIORIX, FEFOL-VIT, REVITALE-M, REVITALE-B, STARVITS, CYTACON, UNIPLEX, CYTAMEN, WELLCOSINE, CYTEXIN, ZEFFIX, VALTREX, ZOVIRAX, HEPSERA, BETNESOL, CORTISPORIN, POLYFAX, BETNESOL, OTOSPORIN, LIDOSPORIN, ACTIFIED, PIRITON, ACTIDIL, CUTIVATE, BETNOVATE, POLYFAX, CICATRIN, LOTRIX, PILZCIN, BETNELAN, FURACIN, SILVATE, LANOXIN, ANGISED, HALFAN, DEPENDAL-M, FUROXONE, TRACRIUM, HYCAMTIN, ZOFRAN, ZYLORIC, IMURAN, THYROXIN, RELIFEX, AQUAFRESH, MACLEANS, SENSODYNE, HORLICKS, ENO.

 

Number of Employees

 

1,905

 

 

Capacity And Production

 

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

 

 

Distribution / Sales Offices

(All Over Pakistan)

 

(1) F/268, S.I.T.E., P.O. Box No. 3686, Karachi.

 

(2) Cordeiro House, Plot No. 27, Kot Lakhpat Industrial Estate, Kot Lakhpat, Lahore.

(3) Plot No. 77/80, Block ‘B’, Friends Co-operative Housing Society, Akhuwat Nagar, Shahrah-e-Tasneem, Airport Road, Sukkur.

(4) Aleem House, Plot No. 409, Sector 1-9, Industrial Area, Islamabad.

 

(5) Islam-ud-din House, Mehmood Kot, Bosan Road, Multan.

(6) D’souza House, Nasirpur, Near Abid Flour Mills, G.T. Road, Peshawar.

 

 

Exports

 

Exports, which mainly comprised of Betnovate Cream, Actified Syrups and Septran, were to Adechsa-Switzerland and Glaxo Wellcome Sri Lanka.

 

 

Bankers

 

(1) The Royal Bank of Scotland, Pakistan.

(2) Citibank NA, Pakistan.

(3) Habib Bank Limited, Pakistan.

(4) Standard Chartered Bank, Pakistan.

(5) HSBC Bank Middle East Limited, Pakistan.

(6) Soneri Bank Limited, Pakistan.

(7) Bank Alfalah Limited, Pakistan.

 

 

Payment

 

Regular

 

 

Future Outlook

 

We continue to focus on our diversified product portfolio and are actively engaged in new products pipeline development efforts, so as to establish a balanced business, create value for our shareholders and provide new and affordable healthcare solutions to patients. A number of new and innovative research based pharmaceuticals products are under registration and launch.

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 86.30

UK Pound

1

           Rs. 137.60

Euro

1

           Rs. 118.50

 

 

 

Comments

 

Subject Company is well known and directors are resourceful and experienced businessmen. Trade relations are reported as fair.  Payments to creditors etc are reported as normal. Company can be considered good for normal business dealings at usual trade terms and conditions.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.37

UK Pound

1

Rs.78.50

Euro

1

Rs.67.59

 

 

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.