MIRA INFORM REPORT

 

 

Report Date :           

11.01.2012

 

IDENTIFICATION DETAILS

 

Name :

PFIZER PAKISTAN LIMITED

 

 

Formerly Known As :

PARKE DAVIS & COMPANY LIMITED

 

 

Registered Office :

B-2, S.I.T.E., Karachi 75700

 

 

Country :

Pakistan

 

 

Financials (as on) :

30.11.2009

 

 

Year of Establishment :

1960

 

 

Com. Reg. No.:

0001223

 

 

Legal Form :

Non-Listed Public Limited Company

 

 

Line of Business :

Manufacture & Marketing of Pharmaceutical Products

 

 

No. of Employees :

367

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 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

 

PFIZER PAKISTAN LIMITED

(FORMERLY: PARKE DAVIS & COMPANY LIMITED)

 

 

Full Address       

 

Registered Address & Factory

B-2, S.I.T.E., Karachi 75700, Pakistan

                       

Tel #

92 (21) 32570621 - 32570625 (5 Lines)

Fax #

92 (21) 32564520

 

 

Short Description Of Business

 

a.

Nature of Business        

Manufacture & Marketing of Pharmaceutical Products

b.

Year Established

1960

c.

Registration #

0001223

 

 

Branches

           

In Rawalpindi & Lahore at present

 

 

Auditors

 

KPMG Taseer Hadi & Co.

(Chartered Accountants)

 

 

Legal Status

 

Subject Company was incorporated as a Non-Listed Public Limited Company in 1960

Authorized Capital

Rs. 200,000,000/- divided into 20,000,000 shares of Rs. 10/- each

Issued & Paid up Capital

Rs. 34,655,840/- divided into 3,465,584 shares of Rs. 10/- each

 

 

Details of Directors

 

Names

Designation

Mr. Iqbal Bengali

 

Dr. Iftikhar A. Jafri

 

Mr. S.M. Wajeehuddin

 

Mr. Syed Tilal Safdar

Chief Executive

 

Director

 

Director

 

Director

 

 

Shareholders                

 

Names of Shareholders

Shareholding (%)

M/s Pfizer Corporation, Panama

99.84

 

 

Holding Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

 (1) Pfizer Corporation, Panama is a holding company of Pfizer Pakistan Limited.

 

 

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, Calcium-Antagonist, Cardio Selective Beta Blocker with their brand names of ABDEC, ACCUPRIL, BASOQUIN, BENADRYL, BENATUS, BENYLIN DM, BRONDECON, CALADRYL, CHLOROMYCETIN, CHLOROMYCETIN HYDROCORTISONE, CITRALKA, DILANTIN, DILZEM, FERRADOL, GELUSIL, GERIPLEX, LIPITOR, LISTERINE, LOPID, MECLOMEN, MYADEC, MYLANTA 2, PARKEDOX, PONSTAN, SINUTAB, SLOANS LINIMENT, SYTRON, TRIVIZOL, UTIBID, VERSTRAN

 

 

Number of Employees

 

367

 

 

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

 

Years

In Pak Rupees

2008

2009

4,071,220,000/-

4,119,834,000/-

 

 

Trade Suppliers

(Foreign)

 

(1) ROQUETTE INTERNATIONAL, FRANCE.

(2) PURAC ASIA PTE LIMITED, SINGAPORE.

(3) YUNG SHIN PHARM IND CO. LTD, TAIWAN.

 

 

Distributors

 

Mainly exist at major cities of Pakistan

 

 

Exporting Countries

 

Mainly to Far East & Central American Countries

 

Bankers

 

·         Soneri Bank Limited, Pakistan.

·         Standard Chartered Bank, Pakistan.

·         Habib Bank Limited, Pakistan.

·         Faysal Bank Limited, Pakistan.

·         Bank Alhabib Limited, Pakistan.

·         Citibank N.A., Pakistan.

·         Standard Chartered Bank, Pakistan.

 

 

Business Review

 

The economic turmoil  that erupted a couple of years back persisted during 2009 also. The prime consequences were slower business, high inflation, and the weakening exchange parity. Frequent disruptions on account of law and order situations only aggravated the situation. Despite unfavorable business conditions, on an annualized basis, sales increased by 10% due mainly to field force reorganization and effectiveness programs put in place to make our sales force more aligned with market segments. The successful launches of two new products, Sutent for renal cell carcinoma, and Zetamax an anti-effective, also played positively towards this double digit growth, notwithstanding this growth, due to the adverse factors already mentioned, gross profit declined by 7% on annualized basis. This impacted the bottom-line also resulting in a 17% annualized drop in profit before tax.

 

 

Future Outlook

 

This pharmaceutical industry continues to be highly regulated in Pakistan and the most important factor is the control on pricing. With very bleak prospects of any price increase, to cope with inflation and rising costs, the Company would have to rely on its internal efficiencies and productivity to compete in an industry greatly influenced by Government policies. Furthermore, over the past several years the industry has seen a growing generic sector, due to weak intellectual property rights (IPR) regime in Pakistan. This is also having a negative impact on the business of research based pharmaceutical companies.

 

 

Memberships

 

·         Pakistan Pharmaceutical Manufacturers Association.

·         Karachi Chamber of Commerce & Industry.

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 91.20

UK Pound

1

           Rs. 139.80

Euro

1

           Rs. 115.50

 

 

Comments

 

Subject Company was established in 1960 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.52.23

UK Pound

1

Rs.80.84

Euro

1

Rs.66.79

 

 

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.