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Report Date : |
07.12.2013 |
IDENTIFICATION DETAILS
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Name : |
MEDISEARCH PHARMACAL (PVT.) LIMITED (MPPL) |
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Registered Office : |
29-C Johar Town Lahore |
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Country : |
Pakistan |
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Date of Incorporation : |
20.02.2004 |
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Com. Reg. No.: |
0043484 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing- Pharmaceutical Products |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Pakistan |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 under 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 almost 12% for 2011, before declining to 10% in 2012. 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 fiscal year 2012, 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 about 3% per year from 2008 to 2012. 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 and rapidly urbanizing population, more than half of which is under 22. Other long term challenges include expanding investment in education and healthcare, adapting to the effects of climate change and natural disasters, and reducing dependence on foreign donors.
Source
: CIA
MEDISEARCH PHARMACAL (PVT.) LIMITED (MPPL)
|
Business Name |
MEDISEARCH PHARMACAL (PVT.) LIMITED (MPPL) |
|
Address |
Head Office / Registered Office 29-C Johar Town Lahore Factory 5-K.M Raiwind Manga Road, Lahore. |
|
Telephone |
(+92) (42) 35395007-5411766 |
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Mobile |
(+92) (300) 8479567 |
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|
|
|
Website |
www.medisearchpharma.com (Under construction) |
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Business activities |
Manufacturing- Pharmaceutical Products |
Registry Details
|
CRO Registration Number |
0043484 |
|
Date of Registration |
March 21, 2002 |
Other registry &
certification details:
|
Current Legal Form |
Private Limited Company. |
|
National Tax Registration Number |
1856356-2 |
|
Date of Registration |
20-Feb-2004 |
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GST Registration Number |
0302300400391 |
|
Date of Registration |
12-Oct-2004 |
|
Chamber of Commerce & Industry |
Lahore Chamber of Commerce & Industry |
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Date of Registration |
Undetermined |
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ISO Certification |
None |
|
Date of Registration |
N/A |
|
Other certifications |
None |
|
Date of Registration |
N/A |
Capital
|
Type |
No. of Shares |
Per Value |
Total Value |
|
Authorized |
50,000 |
Rs. 100/- |
5,000,000 |
|
Issued, Subscribed & Paid-Up |
50,000 |
Rs. 100/- |
5,000,000 |
History
|
Who started |
Zafar Iqbal Nagra |
|
When started |
2002 |
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Change in management |
None |
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Year of change |
N/A |
|
Change in legal status |
None |
|
Year of change |
N/A |
|
Change in business name |
None |
|
Year of change |
N/A |
|
Name |
Number of Shares |
Nationality |
Appointment Date
(Last) |
|
Mr. Zafar Iqbal Nagra |
33,500 |
Pakistani |
31-10-2011 |
|
Mrs. Munazza Adeeb |
16,500 |
Pakistani |
31-10-2011 |
|
|
50,000 |
|
|
|
Name |
Position in organization |
Qualification |
Years in employment |
|
Mr. Zafar Iqbal Nagra |
C.E.O |
Not Disclosed |
11 years |
|
Mr. Rashid Shahzad |
Import Manager |
Not Disclosed |
Not Disclosed |
|
Statutory offices |
Name of service
provider |
|
Statutory
Auditors |
M/s
Yameen Riaz & Company Chartered Accountants |
|
Legal
Advisory Services |
M/s
Riaz Law Associates |
|
Bank name |
Approved financing
limits |
|
Habib
Bank Limited |
32,400,000 |
MPPL has been engaged in manufacturing of pharmaceutical products since last 11 years. The company holds a good reputation in the local market and enjoys a good market share. The quality of its product and services can be determined by the fact that the concern is able to retain its customer for a long time, some of its customer and vendors have been linked with the concern since last 10 years.
Purchases (Incl.
Imports)
|
Imports from |
India, China, Italy |
|
Importing terms |
LC |
|
Local (%) |
70% |
|
Local buying terms |
30 days cash & credit basis. |
Sales (Incl. Exports)
|
Exports to |
None |
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Exporting terms |
N/A |
|
Local (%) |
100% |
|
Local selling terms |
30 days cash & credit basis. |
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Nature of
employment |
Current Year |
Previous Year |
|
All Staff |
30 |
30 |
|
Total |
30 |
30 |
|
|
||
|
Head office Address Owned / Rented Area (approx) |
29-C JOHAR TOWN LAHORE Details not provided |
|
Factory Address Owned / Rented Area (approx) |
5-K.M Raiwind Manga Road, Lahore. Details not provided |
|
Warehouse Address Owned / Rented Area (approx) |
None |
During the market check of MPPL, we contacted various customers and suppliers of the subject firm. In their opinion subject firm is a good player of the industry and enjoys good reputation in the market. Market sources further mentioned that MPPL is known as a profitable business in the industry.
One of the supplier mentioned that the company holds a good market share and has a well-established business setup. Another customer added that they place regular orders to the concern but never faced any delays or price related issues.
|
Business Name |
City |
Line of Business |
Percentile of
Shareholding |
|
None |
|||
The contact person decline to share financial information.
|
Contact person |
Mr. Zafar Iqbal Nagra / Mr. Rashid Shahzad |
|
Position |
C.E.O / Import Manager |
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Comments |
We made contact with both the above mentioned persons; they confirmed business operations and provided business information but declined to provide any further information. The premise of the office is well established. |
.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.67 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
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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 |
|
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 |
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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 |
|
<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.