MIRA INFORM REPORT

Report Date :

30.04.2012

IDENTIFICATION DETAILS

Name :	MEDICURE LABORATORIES

Registered Office :	F - 109, S. I. T. E., Karachi

Country :	Pakistan

Date of Incorporation :	1990

Legal Form :	Partnership

Line of Business :	engaged in manufacture & marketing of Pharmaceutical Products

No. of Employees :	85

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear

NOTES :

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ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Pakistan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Business Name

MEDICURE LABORATORIES

Full Address

Registered Address & Factory

F - 109, S. I. T. E., Karachi, Pakistan

Tel #	92 (21) 32566716, 32566717, +923145984400
Fax #	92 (21) 32566717
Email	medicure@cyber.net.pk

Short Description Of Business

a.	Nature of Business	Manufacture & Marketing of Pharmaceutical Products
b.	Year Established	1990
c.	National Tax #	0280914

Branches

In Lahore at present

Legal Status

Subject Company was established as a Partnership business in 1990

Details of Managing Partner / Partners

Names

Nationality

Address

Occupation

Designation

Mr. Shah Meer Hussain

Mr. Shabbir Hussain Shah

Mrs. Halima Begum

Mrs. Naushaba Qaisar

Pakistani

F - 109, S. I. T. E., Karachi

Business

Managing Partner

Partner

Associates

Subsidiary

None

Associated Companies

- Do -

Products

(1) Subject Company is engaged in manufacture & marketing of Pharmaceutical Products.

(2) It purchases raw material against D/A, D/P basis.

(3) Its’ major customers are Distributors, Traders, Pharmacies & Hospitals located at major cities of Pakistan.

(4) Its mainly import from China, India, Germany, Korea, U.A.E., & Taiwan.

(5) Subject operates from caption leased factory premises which is situated at industrial area of Karachi

(6) Subject employs about 85 persons in its set up.

Annual Sales Volume

Year	In Pak Rupees
2010	130,000,000/- (Estimated)

Capacity & Production

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

Trade Suppliers (Foreign)

(1) IPCA LABORATORIES LIMITED, INDIA.

(2) ZHEJIANG GUOBANG PHARMACEUTICAL CO. LTD, CHINA.

(3) SCHWARZ PHARMA AG, GERMANY.

(4) MERZ PHARMACEUTICALS GMBH, GERMANY.

Bankers

(1) Habib Bank Limited, Pakistan.

(2) MCB Bank Limited, Pakistan.

(3) Habib Metropolitan Bank Limited, Pakistan.

(4) Soneri Bank Limited, Pakistan.

Memberships

· Karachi Chamber of Commerce & Industry.(KCCI)

· Pakistan Pharmaceutical Manufacturers Association.(PPMA)

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 91.30
UK Pound	1	Rs. 146.80
Euro	1	Rs. 120.00

Comments

Subject Company was established in 1990 and is engaged in manufacture & marketing of Pharmaceutical Products. Overall reputation is satisfactory. 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.52.68
UK Pound	1	Rs.85.12
Euro	1	Rs.69.38

INFORMATION DETAILS

Report Prepared by :

PDT

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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