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Report Date : |
09.10.2012 |
IDENTIFICATION DETAILS
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Name : |
THE AGA KHAN UNIVERSITY HOSPITAL |
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Registered Office : |
Stadium Road, P.O. Box 3500, Karachi - 74800 |
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Country : |
Pakistan |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
Not Available |
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Legal Form : |
A Company Limited by Guarantee |
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Line of Business : |
Providing high quality health care |
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No. of Employees : |
Not Available |
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RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
PAKISTAN - ECONOMIC OVERVIEW
Decades of internal political
disputes and low levels of foreign investment have led to slow growth and
underdevelopment in Pakistan. Agriculture accounts for more than one-fifth of
output and two-fifths of employment. Textiles account for most of Pakistan's
export earnings, and Pakistan's failure to expand a viable export base for
other manufactures has left the country vulnerable to shifts in world demand.
Official unemployment is 6%, but this fails to capture the true picture,
because much of the economy is informal and underemployment remains high. Over
the past few years, low growth and high inflation, led by a spurt in food
prices, have increased the amount of poverty - the UN Human Development Report
estimated poverty in 2011 at almost 50% of the population. Inflation has worsened
the situation, climbing from 7.7% in 2007 to more than 13% for 2011, before
declining to 9.3% at year-end. As a result of political and economic
instability, the Pakistani rupee has depreciated more than 40% since 2007. The
government agreed to an International Monetary Fund Standby Arrangement in
November 2008 in response to a balance of payments crisis. Although the economy
has stabilized since the crisis, it has failed to recover. Foreign investment
has not returned, due to investor concerns related to governance, energy,
security, and a slow-down in the global economy. Remittances from overseas
workers, averaging about $1 billion a month since March 2011, remain a bright
spot for Pakistan. However, after a small current account surplus in fiscal
year 2011 (July 2010/June 2011), Pakistan's current account turned to deficit
in the second half of 2011, spurred by higher prices for imported oil and lower
prices for exported cotton. Pakistan remains stuck in a low-income, low-growth
trap, with growth averaging 2.9% per year from 2008 to 2011. Pakistan must
address long standing issues related to government revenues and energy
production in order to spur the amount of economic growth that will be
necessary to employ its growing population. Other long term challenges include
expanding investment in education and healthcare, and reducing dependence on
foreign donors.
Source : CIA
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Registered Address |
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Stadium Road, P.O.
Box 3500, Karachi - 74800, Pakistan |
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Tel # |
92 (21) 34930051, 34934294 |
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Fax # |
92 (21) 34932095 |
Aga Khan University Hospitals in Karachi, Pakistan and Nairobi, Kenya are
philanthropic, not-for-profit, private institutions providing high quality
health care. Meeting the highest internationally recognised quality standards
in health care, the Hospital in Nairobi, Kenya holds ISO 9001:2000
certification and the Hospital in Karachi, Pakistan holds ISO 9001:2008
certification. The Hospital in Karachi has also been awarded the prestigious
Joint Commission International (JCI) accreditation. Equipped with state-of-the-art facilities and
internationally trained health care professionals, the Hospitals also serve as
the principal site for clinical training for the University's Medical College
and School of Nursing in Pakistan and East Africa. Indigent patients who visit
the Hospital in Karachi, Pakistan can receive financial assistance from the
Patient Welfare Programme and zakat assistance from the Patients' Behbud
Society. Recently the four Aga Khan Health Service Hospitals located in Karachi
and Hyderabad has been integrated with Aga Khan University Hospital, Karachi.
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KPMG Taseer Hadi & Co. (Chartered Accountants) |
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Names |
Designation |
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Mr. Amin A. Jivraj Mr. Firoz Rasul Mr. Ali N. Rattensey Dr. Tajuddin Manji Mr. Mahomed J. Jaffer Mr. Zarif Badruddin Mr. Aziz Currimbhoy Mr. Farhan Ramzan Ali Dr. Rashida Ahmed |
Chief Executive Director Director Director Director Director Director Director Director |
(1)
Aga Khan Foundation
(AKF).
(2)
Aga Khan Education
Services (AKES).
(3)
Aga Khan Fund for
Economic Development (AKFED).
(4)
Aga Khan Health Services
(AKHS).
(5)
Aga Khan Planning &
Building Services (AKPBS).
(6)
Aga Khan Trust for
Culture (AKTC).
(7)
University of Central
Asia (UCA).
The issue of transferring hospital business from Aga Khan Hospital &
Medical College Foundation (AKHMCF) still needs to be resolved and due to this
reason The Aga Khan University Hospital (AKUH) has not yet commenced its
operations.
Audited accounts for 2010 are attached in separate
file in PDF Format
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Currency |
Unit |
Pakistani Rupees |
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US Dollar |
1 |
Rs. 95.30 |
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UK Pound |
1 |
Rs. 153.10 |
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Euro |
1 |
Rs. 123.30 |
Aga Khan University Hospital is an integrated, health care delivery
component of Aga Khan University (AKU). It is a philanthropic, not-for-profit,
private teaching institution committed to providing the best possible option
for diagnosis of disease and team management of patient care.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.21 |
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1 |
Rs.84.00 |
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Euro |
1 |
Rs.67.75 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.