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Report Date : |
28.12.2013 |
IDENTIFICATION DETAILS
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Name : |
SAFFRON PHARMACEUTICAL (PVT) LIMITED |
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Registered Office : |
19 K.M., |
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Country : |
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Year of Establishments: |
1998 |
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Com. Reg. No.: |
0039646 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacturing & marketing of Pharmaceutical
Products |
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No. of Employees : |
125 |
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 : |
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 – 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 |
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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 |
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 |
SAFFRON PHARMACEUTICAL (PVT) LIMITED
|
Registered Address & Factory |
|
19 K.M., Sheikhupura Road,
Faisalabad, Pakistan |
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Tel # |
92 (41) 4364214
(5 lines) |
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Fax # |
92 (41) 4364219 |
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Email |
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a. |
Nature of Business |
Manufacture & Marketing of Pharmaceutical Products |
|
b. |
Year Established |
1998 |
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c. |
Registration No. |
0039646 |
None
|
Hyder Bhimji
& Co. (Chartered Accountants) |
Subject Company was established as a Private Limited Company
in 1998
|
Authorized Capital |
Rs. 150,000,000/- divided into 1,500,000 shares of Rs. 100/- each |
|
Issued & Paid up Capital |
Rs. 128,828,000/- divided into 1,288,280 shares of Rs. 100/- each |
|
Names |
Designation |
|
Mr. Ghulam
Dastgir Mr. Khalid
Mahmood Mr. Abdul Majeed Mr. Zia-Ul-Haq Mr. Muhammad
Ishaq Pervaiz Mr. Muhammad
Tufail |
Chief Executive Director Director Director Director Director |
|
Names |
No.
of Shares |
|
Mr. Ghulam
Dastgir Mr. Khalid
Mahmood Mr. Abdul Majeed Mr. Zia-Ul-Haq Mr. Muhammad
Ishaq Pervaiz Mr. Muhammad
Tufail Mrs. Naheed
Akhtar Mrs. Shamim
Akhtar Mr. Tariq Waheed |
214,713 214,713 214,713 144,714 214,714 65,960 48,753 70,000 100,000 |
A. Subsidiary
None
B. Associated Companies
(1)
Mian Traders, Pakistan.
(2) Chaudhary Traders, Pakistan.
(3) Tufail Old Motor Store, Pakistan.
(4) Majeed Traders, Pakistan.
(5) Ahbab Corporation, Pakistan.
Engaged in manufacture & marketing of Pharmaceutical
Products
125
The capacity and production of the company’s plant is
indeterminable as it is multi-product and involves varying processes of
manufacture.
|
Year |
In Pak Rupees |
|
2012 |
150,000,000/- (Estimated) |
(Foreign)
Subject mainly import from Companies belongs to India, China & European Countries
Mainly Retailers, Distribution Companies, Pharmacies,
Laboratories, Government & Private Hospitals
(1) MCB Bank
Limited, Pakistan.
(2) First Women
Bank Limited, Pakistan.
(3) Bank Alfalah
Limited, Pakistan.
(4) Habib Bank Limited,
Pakistan.
(5) Soneri Bank Limited,
Pakistan.
(6) Silk Bank Limited,
Pakistan.
· Pakistan Pharmaceutical Manufacturers Association.(PPMA)
Faisalabad
Chamber of Commerce & Industry.(LCCI)
|
Currency |
Unit |
Pakistani
Rupee |
|
US Dollar |
1 |
Rs. 105.25 |
|
UK Pound |
1 |
Rs. 171.75 |
|
Euro |
1 |
Rs. 143.75
|
Subject Company was established in 1998 and is engaged in manufacture & marketing of Pharmaceutical Products. Trade relations are reported as fair. Subject can be considered for normal business dealings at usual trade terms & conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.06 |
|
UK Pound |
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
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 |
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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 |
|
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 |
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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.