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Report Date : |
18.06.2013 |
IDENTIFICATION DETAILS
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Name : |
SURGE LABORATORIES (PRIVATE) LIMITED |
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Formerly Known As : |
GENESIS PHARMACEUTICALS (PVT) LIMITED |
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Registered Office : |
507 & 508, 5th
Floor, Commerce Centre, |
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Country : |
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Date of Incorporation : |
1995 |
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Com. Reg. No.: |
0035024 |
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Legal Form : |
Private Limited |
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Line of Business : |
Manufacture &
Marketing of Pharmaceutical Products |
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No. of Employees : |
189 |
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 – 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 |
|
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
SURGE LABORATORIES (PRIVATE) LIMITED
Registered Address
|
|
507 & 508, 5th Floor,
Commerce Centre, Hasrat Mohani Road, Karachi, Pakistan |
|
Tel # |
92 (21) 111-742-762, 32633590 |
|
Fax # |
92 (21) 32636313 |
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Website |
|
a. |
Nature of Business |
Manufacture
& Marketing of Pharmaceutical Products |
|
b. |
Year Established |
1995 |
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c. |
Registration # |
0035024 |
In Lahore & Rawalpindi
10 K.M. Faisalabad Road, Bhikhi,
Sheikhupura District, Pakistan
|
M/s Muhammad Farooq & Co. (Chartered
Accountants) 113-115, Office Tower, Technocity, Hasrat Mohani |
|
Subject Company was incorporated with the name of Genesis
Pharmaceuticals (Pvt) Limited then afterwards it name was changed to Surge
Laboratories (Private) Limited |
|
Authorized Capital |
Rs. 50,000,000/- divided into 500,000 shares
of Rs. 100/- each |
|
Issued & Paid up Capital |
Rs. 33,000,000/- divided into 330,000 shares
of Rs. 100/- each |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Muhammad Ali Majid Dr. Abdul Majid Mrs. Saleha Sultana Mr. Muhammad Abdullah |
Pakistani Pakistani Pakistani Pakistani |
107/1, 25th
Street, Khayaban-e-Muhafiz, D.H.A., Karachi 107/1, 25th
Street, Khayaban-e-Muhafiz, D.H.A., Karachi 107/1, 25th
Street, Khayaban-e-Muhafiz, D.H.A., Karachi 107/1, 25th
Street, Khayaban-e-Muhafiz, D.H.A., Karachi |
Business Business Business Business |
Chief Executive Director Director Director |
|
Names |
No. of Shares |
|
Dr. Abdul Majid Mrs. Saleha Sultana Mr. Muhammad Ali Majid Mr. Muhammad Abdullah Majid Mrs. Humera Jawad Mrs. Amena Raza Mrs. Sara Omer |
100 145,100 52,800 52,800 26,400 26,400 26,400 |
A. Subsidiary
None
B. Associated
Companies
(1)
Faiz Laboratories,
Pakistan.
(2)
Eastern Trade &
Distribution, Pakistan.
(3)
Stancos (Pvt.) Limited,
Pakistan.
(4)
Nabiqasim Industries
(Private) Limited, Pakistan.
Manufacture & marketing of Pharmaceutical
Products by its brand names of BROCEF, ESPIDONE, ESPROL, LISODIM, LUMFORT,
RELINE, ROMYCIN, ROTEM, SERGIFEX, SURGIBION, SURGITEC, WARIOR, YALPRAM, ZEDAN
189
(1)
VASUDHA PHARMA, INDIA.
(2)
NOSCH LABS, INDIA.
(3)
MURLI KRISHNA (PVT) LIMITED, INDIA.
(4)
HUTTLIN GMBH, GERMANY.
The capacity and production of the company’s
plant is indeterminable as it involves varying processes of manufacture.
|
Year |
In Pak Rupees |
|
2011 |
200,000,000/- (Estimated) |
|
Mainly exist at major cities of Pakistan |
(1)
United Bank Limited,
Pakistan.
(2)
Dubai Islamic Bank Pakistan
Limited, Pakistan.
(3)
MCB Bank Limited,
Pakistan.
(4)
Habib Bank Limited,
Pakistan.
·
Karachi Chamber of Commerce & Industry.(KCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 99.55 |
|
UK Pound |
1 |
Rs. 153.75 |
|
Euro |
1 |
Rs. 131.50 |
Subject Company was established in 1995 and
is engaged in manufacture & marketing of Pharmaceutical Products. Market
reputation is satisfactory. 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.57.73 |
|
|
1 |
Rs.90.61 |
|
Euro |
1 |
Rs.76.96 |
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 |
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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 |
|
-- |
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.