|
Report Date : |
10.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
MORINGA PHARMACEUTICALS (PVT) LIMITED (MPPL) |
|
|
|
|
Registered Office : |
Plot # 35-A, Punjab Industrial Estate, Sundar Industrial
Estate, Raiwind Road, Lahore |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Date of Incorporation : |
25.10.2010 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Manufacturer
of Medicines and Importer of raw material |
|
|
|
|
No. of Employees : |
10 |
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 but Correct |
|
|
|
|
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 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 |
|
Business Name |
MORINGA PHARMACEUTICALS
(PVT) LIMITED (MPPL) |
|
Address |
Head Office / Registered Office: Plot # 35-A, Punjab Industrial Estate, Sundar Industrial
Estate, Raiwind Road, Lahore. |
|
Telephone |
(+92) (42) 35297562-64 |
|
Fax |
(+92) (42) 35297564 |
|
Email |
|
|
Website |
|
|
Business activities |
Manufacturer of Medicines
and Importer of raw material. |
|
CRO Registration Number |
0073865 |
|
Date of Registration |
October 25, 2010 |
Other registry & certification details:
|
Current Legal Form |
Private Limited
Company |
|
National Tax Registration Number |
3647447-9 |
|
Date of Registration |
November
10, 2010 |
|
GST Registration Number |
0300364744710 |
|
Date of Registration |
March
21-2012 |
|
Chamber of Commerce & Industry |
Not Disclosed |
|
Date of Registration |
N/A |
|
ISO Certification |
None |
|
Date of Registration |
N/A |
|
Other certifications |
None |
|
Date of Registration |
N/A |
|
Type |
No.
of Shares |
Par
Value |
Total
Value |
|
Authorized |
4,000,000 |
RS. 10/- |
Rs.
40,000,000/- |
|
Issued, Subscribed & Paid-Up |
4,000,000 |
RS. 10/- |
Rs. 40,000,000/- |
|
Who started |
Not Disclosed |
|
When started |
2010 |
|
Change in management |
None |
|
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 |
(SPONSORS)
|
Name |
Number
of Shares |
Nationality |
Appointment
Date (Last) |
|
Ms. Saadia Tariq |
1,600,000 |
Pakistani |
31-10-2011 |
|
Mr. Shahid Hafeez Ch. |
800,000 |
Pakistani |
31-10-2011 |
|
Mr. Zain Arif Butt |
800,000 |
Pakistani |
31-10-2011 |
|
Mr. M. Asif Butt |
800,000 |
Pakistani |
31-10-2011 |
|
Name |
Position in organization |
Qualification |
Years
in employment |
|
Mr. Tariq Rehman |
C.E.O |
Not Disclosed |
Not Disclosed |
|
Sh. Muhammad Ajmal |
Company Secretary |
Not Disclosed |
Not Disclosed |
|
Statutory offices |
|
|
Statutory Auditors |
M/s.
Arshad Raheem & Co. Chartered Accountants |
|
Legal Advisory Services |
M/s. Arif Law Associates |
|
Bank
name |
Approved
financing limits |
|
Standard
Chartered Bank Pakistan Ltd |
50,000,000 |
The primary focus of
the concern is manufacturing of Pharmaceutical products.
We observed during physical
visit that the said company has recently established business setup. Mr. Ajmal
(Finance Manager/Company Secretary) declined to provide any further information
during physical visit.
Purchases (Incl.
Imports)
|
Imports from |
None |
|
Importing terms |
N/A |
|
Local (%) |
100% |
|
Local buying terms |
30 days cash &
credit. |
Sales (Incl.
Exports)
|
Exports to |
None |
|
Exporting terms |
N/A |
|
Local (%) |
100% |
|
Local selling terms |
30 days cash &
credit. |
|
Nature
of employment |
Current
Year |
Previous
Year |
|
All Staff |
10 |
Undetermined |
|
Total |
10 |
|
|
Head office Address Owned / Rented Area (approx) |
Plot # 35-A, Punjab Industrial Estate, Sundar Industrial
Estate, Raiwind Road, Lahore. Details not provided. |
|
Factory Address Owned / Rented Area (approx) |
Plot # 35-A, Punjab Industrial Estate, Sundar Industrial
Estate, Raiwind Road, Lahore. Details not
provided. |
|
Warehouse Address Owned / Rented Area (approx) |
None |
During the market
check of MPPL we found out that the company is manufacturing pharmaceutical
products, we found out that the company has developed a good relationship with its
suppliers and customers but it was also reported that the company is fairly new
in the market. Though it is new in the market none of the contacted people
reported any complaints or disputes.
|
Business Name |
City |
Line of Business |
Percentile of Shareholding |
|
None |
|||
The contact person
decline to share the financial information.
|
Contact person |
Mr. Ajmal |
|
Position |
Finance Manager/Company
Secretary |
|
Comments |
Contact person
confirmed the business operations of the subject however declined to provide
any further information. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.79 |
|
UK Pound |
1 |
Rs.100.01 |
|
Euro |
1 |
Rs.83.82 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.