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Report Date : |
27.06.2012 |
IDENTIFICATION DETAILS
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Name : |
GLAXOSMITHKLINE PAKISTAN LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1948 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture and Marketing of research based ethical
specialties, other pharmaceutical, animal health and consumer health care
products. |
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No. of Employees : |
1,955 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Pakistan |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
GLAXOSMITHKLINE
PAKISTAN LIMITED
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Registered
Address |
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35-Dockyard
Road, West Wharf, Karachi - 74000, Pakistan |
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Tel # |
92 (21) 32315101
- 8 & 32315478 - 82 |
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Fax # |
92 (21) 32311105
& 32314898 |
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Address |
F/268, S.I.T.E., P.O. Box No. 3686, Karachi,
Pakistan |
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Tel # |
92 (21) 32570665 - 9 & 32564355 - 65 |
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Fax # |
92 (21) 32564749 & 32564729 |
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Address |
19.5 KM, Ferozpur Road, P.O. Box 244,
Lahore, Pakistan |
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Tel # |
92 (42) 35811931 – 4 |
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Fax # |
92 (42) 35811940 |
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Address |
D/43, Textile Avenue, S.I.T.E., P.O. Box
No. 3686, Karachi, Pakistan |
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Tel # |
92 (21) 32578600 – 9 |
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Fax # |
92 (21) 32563668 |
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a. |
Nature of Business |
Manufacture and Marketing of research based ethical specialties, other
pharmaceutical, animal health and consumer health care products. |
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b. |
Year Established |
1948 |
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c. |
Registration # |
00000304 |
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A. F. Ferguson & Co. (Chartered Accountants) |
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The company is incorporated in Pakistan as
a limited liability company and is listed on the Karachi and Lahore Stock
Exchanges of Pakistan. |
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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. |
|
Names |
Designation |
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Mr. M. Salman Burney Mr. Husain Lawai Mr. Rafique Dawood Mr. Mehmood Mandviwala Mr. Shahid Mustafa Qureshi Ms. Erum S. Rahim Mr. Maqbool Ur Rehman Mr. Yahya Zakaria Ms. Fariha Salahuddin |
Chairman / Chief Executive Director Director Director Director Director Director Director Director |
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Categories of Shareholders |
Shareholding (%) |
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Individuals Investment Companies Insurance Companies Joint Stock Companies Financial Institutions Associated Companies Central Depository Company (b) Others |
1.94 0.00 0.00 0.01 0.00 82.59 15.45 0.01 |
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.
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.
1,955
The capacity and
production of the company’s plant is indeterminable as it is multi-product and
involves varying processes of manufacture.
|
(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, which
mainly comprised of Betnovate Cream, Actified Syrups and Septran, were to
Adechsa-Switzerland and Glaxo Wellcome Sri Lanka. |
(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.
Regular
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.
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs.
95.60 |
|
UK Pound |
1 |
Rs.
149.00 |
|
Euro |
1 |
Rs.
119.80 |
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.57.07 |
|
|
1 |
Rs.88.95 |
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Euro |
1 |
Rs.71.40 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.