MIRA INFORM REPORT

 

 

Report Date :

14.04.2012

 

IDENTIFICATION DETAILS

 

Name :

FEROZSONS LABORATORIES LIMITED

 

 

Registered Office :

197-A, The Mall, Rawalpindi

 

 

Country :

Pakistan

 

 

Financials (as on) :

31.06.2011

 

 

Year of Establishment :

1954

 

 

Com. Reg. No.:

0000645

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Manufacture & Marketing of Pharmaceutical Products.

 

 

No. of Employees :

460

 

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 :

Good

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 30, 2011

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

 

FEROZSONS LABORATORIES LIMITED

 

 

Full Address                 

 

Registered Address

197-A, The Mall, Rawalpindi, Pakistan

                       

Tel #

92 (51) 5562155 - 57 (3 Lines)

Fax #

92 (51) 5584195, 5566881

 

 

Short Description Of Business

 

a.

Nature of Business        

Manufacture & Marketing of Pharmaceutical Products

b.

Year Established

1954

c.

Registration #

0000645

 

 

Factory Location

 

P.O. Ferozsons, Nowshera,

(N.W.F.P.), Pakistan

 

 

Auditors

 

Messrs KPMG Taseer Hadi & Co.

(Chartered Accountants)

 

 

Legal Status

 

Subject Company was incorporated as a Private Limited Company in 1954 and was converted into a Public Limited Company on September 8, 1960. The Company is listed on the Karachi, Lahore and Islamabad Stock Exchanges.

 

 

Details of Directors

 

Names

Designation

Mrs. Akhter Khalid Waheed

 

Mr. Osman Khalid Waheed

 

Mr. Omar Khalid Waheed

 

Ms. Munize Azhar Peracha

 

Mr. Farooq Mazhar

 

Mr. Nihal Cassim

 

Mr. M.M. Ispahani

 

Mr. Shahid Anwar

Chairperson / Chief Executive

 

President

 

General Manager

 

Director

 

Director

 

Director

 

Director

 

Director

 

 

Categories of Shareholders                

 

Names

Shareholding (%)

Individuals

 

Joint Stock Companies

 

Investment Companies

 

Financial Institutions

 

Insurance Companies

 

Others

50.84

 

27.50

 

0.02

 

11.56

 

9.72

 

0.36

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

Farmacia, Pakistan. (98% owned subsidiary)

BF Biosciences Limited. (80% owned subsidiary)                                            

           

 

B.         Associated Companies

 

 (1) KFW Factors (Private) Limited, Pakistan.

 

 

Products

 

Manufacture & marketing of different pharmaceutical class like Anti Biotic, Anti Malarials, Anti-Rheumatic, Antihistamine, Narcotic Analgesic, Non Steroidal Respiratory Anti Inflamatory, Quinolones, Vitamins, Phenothiazine, Hypolipidaemics, Muscle Relaxant, Amoebicide with their brand names of ACYLEX, AMEZOLE, ASPIRIN, ATENORM, BECODON-L, BENZYL BENZOATE, BISACODYL, BRONOCHOL, CALIPTROL, CARMINATIVE MIXTURE, CARVEDA, CEFAPRO, CEFLIN, CELESTA, CHLOROFEN, CIMET, CLARION, DIABETRON, DONATAXEL, ERITHRIN, FEROCOL-D, FLIGEN, FURADIN, GENESIS, GYRASID, HELICURE, HYDROSONE, ISOBID, LEVO, LORAMAX, MEPON, MOTILEX, NEO CORT, NEOPAM, NOVAPRESSIN, OCTIL-S, OMEGA, OXALITIE, PANATAXEL PARACETAMOL, PEDIFEN, PHENOBARBITONE, PIPENZOLATE, PLATEX, PROFEN, PROFLOX, QUENCH, RANIDIN, SALAZODINE, STABIL, TR.BENZOIN CO, ULTRAHEAT RUB, XOLOX

 

           

Number of Employees

 

460

 

 

Annual Production Volume

 

Capacity of the Pharmaceutical unit cannot be determined as the unit is used for manufacturing different products in varying quantities and packing

 

 

Annual Sales Volume

 

Years

In Pak Rupees

2010

2011

1,273,374,822/-

1,436,713,281/-

 

 

Trade Suppliers (Foreign)

 

Various international belongs to India, China & European Countries

 

 

Distributors

 

Mainly exist at 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.

Habib Bank Limited, Pakistan.

Standard Chartered Bank Limited, Pakistan.

Allied Bank Limited, Pakistan.

HSBC Bank Middle East Limited, Pakistan.

Soneri Bank Limited, Pakistan.

MCB Bank Limited, Pakistan.

Faysal Bank Limited, Pakistan.

 

 

Industry Scenario

 

Faced with the consequences of the most devastating floods in the country’s history, the economic growth of Pakistan will be severely tested. At the same time, the country’s industrial infrastructure, already compromised by continuous electricity and gas outages, is also bound to worsen, leading to further increases in the cost of manufacture for the industrial sector. In this background and despite several adverse challenges, your company will continue to seek future avenues of growth. Our subsidiary venture, BF Biosciences Limited, is Alhamdolillah now fully operational, and in addition to locally producing its previously imported range of biologics, has also launched the first true biosimilar Peginterferon (Peg-INF), entering the Rs 1 billion market for pegylated interferon’s and completing its portfolio of solutions in the war against Hepatitis C, a disease that Afflicts an estimated 12 million people in the country

 

 

Memberships

 

Pakistan Pharmaceutical Manufacturers Association.(PPMA)

Rawalpindi Chamber of Commerce & Industry.(RCCI)

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 91.10

UK Pound

1

           Rs. 144.50

Euro

1

           Rs. 119.30

 

Comments

 

Subject Company was established in 1954 and is engaged in manufacture & marketing of Pharmaceutical Products. Market reputation is good. 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.51.41

UK Pound

1

Rs.81.93

Euro

1

Rs.67.66

 

 

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.