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Report Date : |
01.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
CANDID PHARMACEUTICALS |
|
|
|
|
Registered Office : |
Suite # 6, Divine One Plaza, New Airport Road, D.H.A., Lahore |
|
|
|
|
Country : |
Pakistan |
|
|
|
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Year of Incorporation : |
1998 |
|
|
|
|
Legal Form : |
Proprietorship |
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|
|
|
Line of Business : |
Import, Indenting & Trading of Pharmaceutical Raw Materials, Finished Pharmaceutical Products |
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|
|
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No. of Employees : |
7 |
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 : |
Satisfactory |
|
Payment Behaviour : |
Slow |
|
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
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Pakistan |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
CANDID PHARMACEUTICALS
Registered Address
|
|
Suite # 6, Divine One Plaza, New Airport Road, D.H.A., Lahore,
Pakistan |
|
Tel # |
92 (42) 35895574, 35740952, +923009474873 |
|
Fax # |
92 (42) 35740952 |
|
Email |
|
Nature of Business |
Import, Indenting & Trading of
Pharmaceutical Raw Materials, Finished Pharmaceutical Products |
|
Year Established |
1998 |
|
None |
|
Subject Company was established as a Proprietorship business in 1998 |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Dr. Muhammad Asif Khan |
Pakistani |
Suite # 6, Divine
One Plaza, New Airport Road, D.H.A., Lahore |
Business |
Proprietor |
|
None |
Subject Company is engaged in import, indenting & trading of
Pharmaceutical Raw Materials, Finished Pharmaceutical Products.
Local sales are mostly on cash / credit term
basis.
It’s mainly import from China & India.
Its’ major customers are Pharmaceutical
Manufacturers, Private Companies etc.
Subject operates from caption leased office premises
of area measuring 500 Sq.ft. which is situated at commercial area of Lahore.
Subject employs about 7 persons in its set up.
|
Year |
In Pak Rupees |
|
2011 |
25,000,000/- (Estimated) |
|
Subject mainly import from Companies belongs to China & India |
|
(1) Allied Bank Limited, Pakistan. (2) Habib Bank Limited, Pakistan. (3) United Bank
Limited, Pakistan. (4) Bank Alfalah
Limited, Pakistan. |
·
Lahore Chamber of Commerce
& Industry.(LCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 98.80 |
|
UK Pound |
1 |
Rs. 149.00 |
|
Euro |
1 |
Rs. 127.50 |
Subject Company was established in 1998 and
is engaged in import, indenting &
trading of Pharmaceutical Raw Materials, Finished Pharmaceutical Products. 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.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.