MIRA INFORM REPORT

Report Date :

29.06.2013

IDENTIFICATION DETAILS

Name :	WYETH PAKISTAN LIMITED
Formerly Known As :	CYANAMID PAKISTAN LTD
Registered Office :	S.I.T.E. S-33, Hawkes Bay Road, P.O. Box No.167 Karachi, 75730
Country :	Pakistan
Financials (as on) :	30.11.2012
Date of Incorporation :	23-Aug-1949
Legal Form :	Public Subsidiary
Line of Business :	Manufacture of pharmaceutical preparations
No. of Employees :	279

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 :	No Complaints
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 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

Company name and address Top of Form

Bottom of Form

Top of Form

Wyeth Pakistan Limited

S.I.T.E. S-33, Hawkes Bay Road,
P.O. Box No.167
Karachi, 75730
Pakistan
Tel:	92-21-32354651
Fax:	92-21-32354681
www.wyethpakistan.com

Employees:

279

Company Type:

Public Subsidiary

Corporate Family:

300 Companies

Ultimate Parent:

Pfizer Inc.

Traded:

Karachi Stock Exchange:

WYETH

Incorporation Date:

23-Aug-1949

Auditor:

KPMG Taseer Hadi & Co.

Financials in:	USD (mil)
Fiscal Year End:	30-Nov-2012
Reporting Currency:	Pakistan Rupee
Annual Sales:	33.9 ^1
Net Income:	2.1
Total Assets:	17.9 ^2
Market Value:	22.6
	(14-Jun-2013)

Business Description

Wyeth Pakistan Limited is a Pakistan-based company. The Company is engaged in manufacturing and marketing of research based ethical specialties and other pharmaceutical products. For the fiscal year ended 30 November 2012, Wyeth Pakistan Limited revenues increased 9% to PKR3.15B. Net income before extraordinary items decreased 12% to PKR132.3M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income was offset by Other Expenses increase of 30% to PKR43.2M (expense), Other Operating Income decrease of 14% to PKR34.3M (income).

Industry

Industry	Biotechnology and Drugs
ANZSIC 2006:	1841 - Human Pharmaceutical and Medicinal Product Manufacturing
NACE 2002:	2442 - Manufacture of pharmaceutical preparations
NAICS 2002:	325412 - Pharmaceutical Preparation Manufacturing
UK SIC 2003:	24421 - Manufacture of medicaments
UK SIC 2007:	2120 - Manufacture of pharmaceutical preparations
US SIC 1987:	2834 - Pharmaceutical Preparations

Key Executives

Name	Title
Abdul Majeed	Chairman of the Board, Chief Executive Officer
S. M. Wajeehuddin	Director of Finance, Company Secretary, Director
Khwaja Bakhtiar Ahmed	Company Secretary
Abdul Naseer	Technical Director
Iqbal Bengali	Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Divestitures	2	Nestle Pakistan Ltd Completes Acquisition of Nutrition Business from Wyeth Pakistan Ltd	3-Dec-2012
Officer Changes	1	Wyeth Pakistan Ltd Announces Change Of Chairman And Chief Executive Officer	25-Jun-2013
Dividends	4	Wyeth Pakistan Ltd Not To Pay Interim Dividend	29-Mar-2013

Financial Summary

As of 30-Nov-2012

Key Ratios	Company	Industry
Sales 5 Year Growth	8.34	4.13
Net Profit Margin (TTM) %	4.20	17.06

Stock Snapshot

Traded: Karachi Stock Exchange: WYETH

As of 14-Jun-2013

   Financials in: PKR

Recent Price	1,564.50	EPS	93.05
52 Week High	1,780.00	Price/Sales	0.71
52 Week Low	820.00	Dividend Rate	80.00
Avg. Volume (mil)	0.0018	Price/Earnings	10.04
Market Value (mil)	2,224.11	Beta	-0.19

	Price % Change	Rel S&P 500%
4 Week	4.65%	-4.66%
13 Week	66.44%	30.43%
52 Week	85.37%	12.30%
Year to Date	63.82%	22.86%

1 - Profit & Loss Item Exchange Rate: USD 1 = PKR 92.68939
2 - Balance Sheet Item Exchange Rate: USD 1 = PKR 96.56604

Corporate Overview

Location
S.I.T.E. S-33, Hawkes Bay Road,
P.O. Box No.167
Karachi, 75730
Pakistan

Tel:	92-21-32354651
Fax:	92-21-32354681

www.wyethpakistan.com

Quote Symbol - Exchange
WYETH - Karachi Stock Exchange
Sales PKR(mil):	3,145.9
Assets PKR(mil):	1,724.2
Employees:	279
Fiscal Year End:	30-Nov-2012

Industry:

Biotechnology and Drugs

Incorporation Date:	23-Aug-1949
Company Type:	Public Subsidiary
Quoted Status:	Quoted
Previous Name:	Cyanamid Pakistan Ltd

Chairman of the Board, Chief Executive Officer:

Abdul Majeed

Industry Codes

ANZSIC 2006 Codes:
1841	-	Human Pharmaceutical and Medicinal Product Manufacturing

NACE 2002 Codes:
2442	-	Manufacture of pharmaceutical preparations

NAICS 2002 Codes:
325412	-	Pharmaceutical Preparation Manufacturing

US SIC 1987:
2834	-	Pharmaceutical Preparations

UK SIC 2003:
24421	-	Manufacture of medicaments

UK SIC 2007:
2120	-	Manufacture of pharmaceutical preparations

Business Description

Wyeth Pakistan Limited is a Pakistan-based company. The Company is engaged in manufacturing and marketing of research based ethical specialties and other pharmaceutical products. For the fiscal year ended 30 November 2012, Wyeth Pakistan Limited revenues increased 9% to PKR3.15B. Net income before extraordinary items decreased 12% to PKR132.3M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Net income was offset by Other Expenses increase of 30% to PKR43.2M (expense), Other Operating Income decrease of 14% to PKR34.3M (income).

More Business Descriptions

Manufacture and marketing of research-based ethical specialities and other pharmaceutical and agro-chemical products, including Tazocin, a highly-effective antibiotic for first-line treatment of hospital infections, Efexor, an anti-depressant, and Monotrate (isosorbide mononitrate), a cardiovascular product for angina pectoris

Wyeth Pakistan Limited (Wyeth Pakistan) is a pharmaceutical company, based in Pakistan. The company manufactures and markets research-based ethical specialties and other pharmaceutical products. It operates in two geographical segments, Pakistan and other Asian countries. The company develops pharmaceutical, biotech and vaccine technologies. It offers products that include advil, caltrate, centrum, chapstick, dimetapp and robitussin. The company is listed on the Karachi and Lahore Stock exchange. Wyeth Pakistan markets its products across Pakistan, the Philippines, Kuwait and Sri Lanka. Its shareholder is Pfizer Inc. The company was incorporated in 1949. Wyeth Pakistan is headquartered in Karachi, Pakistan.The company reported revenues of (Pakistan Rupee) PKR 3,145.95 million during the fiscal year ended November 2012, an increase of 8.50% over 2011. The operating profit of the company was PKR 245.11 million during the fiscal year 2012, a decrease of 10.45% from 2011. The net profit of the company was PKR 191.78 million during the fiscal year 2012, an increase of 9.39% over 2011.

Pharmaceutical and Medicine Manufacturing

Brand/Trade Names
Tazocin Efexor	Monotrate

Financial Data

Financials in:	PKR(mil)
Revenue:	3,145.9
Net Income:	191.8
Assets:	1,724.2
Long Term Debt:	0.0
Total Liabilities:	553.8
Working Capital:	0.9
Date of Financial Data:	30-Nov-2012

1 Year Growth

8.5%

-12.0%

NA

Market Data

Quote Symbol:	WYETH
Exchange:	Karachi Stock Exchange
Currency:	PKR
Stock Price:	1,564.5
Stock Price Date:	06-14-2013
52 Week Price Change %:	85.4
Market Value (mil):	2,224,107.0
SEDOL:	6397416
ISIN:	PK0026001013

Shareholders

Major Shareholders

Pfizer Inc, USA

Key Corporate Relationships

Auditor:	KPMG Taseer Hadi & Co.
Bank:	Citibank NA
Auditor:	KPMG Taseer Hadi & Co., KPMG Taseer Hadi & Company

Corporate Structure News

Wyeth Pakistan Limited
Total Corporate Family Members: 300

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Pfizer Inc.	Parent	New York, NY	United States	Biotechnology and Drugs	58,986.0	91,500
Powdermed Ltd.	Subsidiary	Oxford	United Kingdom	Biotechnology and Drugs		110,600
Powderject Research Ltd.	Subsidiary	Sandwich	United Kingdom	Nonclassifiable Industries
Pfizer Pharmaceuticals Limited	Subsidiary	Beijing	China	Biotechnology and Drugs	658.0	10,000
Pfizer Japan Inc.	Subsidiary	Tokyo	Japan	Biotechnology and Drugs		6,200
Pfizer Services LLC	Subsidiary	Collegeville, PA	United States	Biotechnology and Drugs		4,500
Pfizer Group Ltd.	Subsidiary	Tadworth	United Kingdom	Biotechnology and Drugs		4,134
Pfizer Ltd.	UK Branch/Trading address	Surrey	United Kingdom	Biotechnology and Drugs		1,000
Pfizer Pharmaceuticals LLC	Subsidiary	Barceloneta	Puerto Rico	Biotechnology and Drugs		4,000
Pfizer Deutschland GmbH	Subsidiary	Berlin, Berlin	Germany	Personal and Household Products		4,000
PFIZER Gesellschaft mit beschränkter Haftung	Subsidiary	Berlin, Berlin	Germany	Biotechnology and Drugs	141.5	301
Pfizer Manufacturing Deutschland GmbH	Subsidiary	Illertissen, Bayern	Germany	Biotechnology and Drugs	385.8	1,358
Gödecke GmbH	Subsidiary	Karlsruhe, Baden-Württemberg	Germany	Real Estate Operations	57.3	1
Pharmacia GmbH	Subsidiary	Berlin, Berlin	Germany	Business Services		1
Pfizer Gesellschaft Mit Beschränkter Haftung	Branch	Karlsruhe, Baden-Württemberg	Germany	Personal and Household Products
Pfizer Inc	Branch	Groton, CT	United States	Biotechnology and Drugs	1,455.2	3,800
Laboratórios Pfizer Ltda.	Subsidiary	São Paulo, SP	Brazil	Biotechnology and Drugs	2,191.0	3,500
Pfizer Limited	Subsidiary	Mumbai	India	Biotechnology and Drugs	247.6	3,151
Pfizer Limited	Branch	Chennai, Tamil Nadu	India	Biotechnology and Drugs		1,000
Duchem Laboratories Limited	Subsidiary	Mumbai	India	Biotechnology and Drugs
Pfizer Inc	Subsidiary	Bristol, TN	United States	Biotechnology and Drugs	43.4	2,640
Pfizer Italia Srl	Subsidiary	Latina, LT	Italy	Biotechnology and Drugs	2,416.3	2,240
Bioindustria Farmaceutici S.p.A.	Subsidiary	Rome	Italy	Biotechnology and Drugs		400
Pfizer Australia Pty Ltd	Subsidiary	West Ryde, NSW	Australia	Biotechnology and Drugs	1,021.0	2,000
Compania Farmaceutica Upjohn, S.A.	Subsidiary	Guatemala, Guatemala	Guatemala	Biotechnology and Drugs		2,000
Pfizer Pharma GmbH	Subsidiary	Berlin, Berlin	Germany	Biotechnology and Drugs	1,944.2	1,760
Pfizer Manufacturing Deutschland GmbH	Subsidiary	Illertissen	Germany	Biotechnology and Drugs	366.8	1,360
Pfizer Inc	Branch	Andover, MA	United States	Personal and Household Products	3,662.1	1,500
Pfizer Ilaçlari Ltd Sti	Subsidiary	Istanbul	Turkey	Biotechnology and Drugs		1,424
Pfizer Sl	Subsidiary	Alcobendas, Madrid	Spain	Biotechnology and Drugs	1,496.0	1,399
Pfizer Manufacturing Belgium	Subsidiary	Puurs	Belgium	Biotechnology and Drugs	358.3	1,346
Pfizer Financial Services	Subsidiary	Puurs	Belgium	Commercial Banks	0.0
Pfizer Manufacturing Deutschland GmbH'	Subsidiary	Freiburg	Germany	Biotechnology and Drugs		1,100
Pfizer Inc	Subsidiary	Madison, NJ	United States	Biotechnology and Drugs	42.8	1,000
Wyeth Australia Pty Limited	Subsidiary	Ryde, NSW	Australia	Biotechnology and Drugs	1,319.9	1,450
Laboratórios Wyeth-Whitehall Ltda.	Subsidiary	São Paulo, SP	Brazil	Biotechnology and Drugs		800
Fort Dodge Saude Animal Ltda	Subsidiary	Campinas, Sao Paulo	Brazil	Biotechnology and Drugs	103.6	290
Wyeth Limited	Subsidiary	Mumbai	India	Biotechnology and Drugs	130.0	519
Wyeth Farma Sa	Subsidiary	San Sebastian De Los Reyes, Madrid	Spain	Biotechnology and Drugs	960.3	284
Zoetis Manufacturing & Research Spain Sociedad Limitada	Subsidiary	La Vall De Bianya, Girona	Spain	Biotechnology and Drugs	77.6	202
Wyeth Pakistan Limited	Subsidiary	Karachi	Pakistan	Biotechnology and Drugs	33.9	279
Wyeth Lederle Portugal (Farma) Lda	Subsidiary	Algés, Lisboa	Portugal	Personal and Household Products	80.8	119
Haptogen Ltd.	Subsidiary	Edinburgh	United Kingdom	Biotechnology and Drugs		25
Wyeth Print Group Ltd.	Subsidiary	Alton	United Kingdom	Printing and Publishing		5
Wyeth Digital Ltd.	Subsidiary	Alton	United Kingdom	Nonclassifiable Industries
Wyeth Design Ltd.	Subsidiary	Alton	United Kingdom	Nonclassifiable Industries
Wyeth AB	Subsidiary	Sollentuna, Stockholm	Sweden	Biotechnology and Drugs	384.7
Wyeth, S.A. De C.V.	Subsidiary	Naucalpan, Estado De Mexico	Mexico	Biotechnology and Drugs	204.3
Wyeth, S.A. De C.V.	Branch	Ciudad De Mexico, Distrito Federal	Mexico	Biotechnology and Drugs		400
American Home Products Holdings (U.K.) Ltd.	Subsidiary	Sandwich	United Kingdom	Business Services
Pfizer Consumer Healthcare Ltd.	Subsidiary	Sandwich	United Kingdom	Personal and Household Products	50.3	17
Whitehall Laboratories Pty. Limited	UK Branch/Trading address	Maidenhead	United Kingdom	Personal and Household Products	50.3
Ferrosan Ltd.	Subsidiary	London	United Kingdom	Personal and Household Products
Wyeth Europa Ltd.	Subsidiary	Maidenhead	United Kingdom	Business Services	25.3	14
Fort Dodge Animal Health Ltd.	Subsidiary	Sandwich	United Kingdom	Business Services	0.0	3
Cyanamid Of Great Britain Ltd.	Subsidiary	Sandwich	United Kingdom	Biotechnology and Drugs
John Wyeth & Brother Ltd.	Subsidiary	Sandwich	United Kingdom	Biotechnology and Drugs	1,067.9	377
Wyeth Pharmaceuticals Ltd	Subsidiary	Dublin	Ireland	Healthcare Facilities		4
Wyeth Research (U. K. ) Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Shanghai Wyeth Nutritional Co. Ltd.	Subsidiary	Shanghai, Shanghai	China	Food Processing
Wyeth Korea Inc.	Subsidiary	Seoul, Seoul	Korea, Republic of	Biotechnology and Drugs
Godecke GmbH	Subsidiary	Freiburg	Germany	Personal and Household Products		1,000
PT. Pfizer Indonesia	Subsidiary	Jakarta	Indonesia	Biotechnology and Drugs		890
Pfizer Inc	Branch	Rouses Point, NY	United States	Biotechnology and Drugs	647.2	800
Pfizer Egypt SAE	Subsidiary	Cairo	Egypt	Biotechnology and Drugs		800
Kenfarma, S.A.	Subsidiary	Alcobendas	Spain	Biotechnology and Drugs		800
Pfizer Spain S.A.	Subsidiary	Barcelona	Spain	Biotechnology and Drugs		725
Pfizer Philippines Inc	Subsidiary	Makati City	Philippines	Biotechnology and Drugs	114.7	720
Pfizer Canada Inc.	Subsidiary	Kirkland, QC	Canada	Biotechnology and Drugs		700
Pfizer Canada	Branch	Saint-Laurent, QC	Canada	Biotechnology and Drugs	1,450.5	1,150
Pfizer Canada	Branch	Brandon, MB	Canada	Personal and Household Products	248.0	135
Pfizer Consumer Healthcare	Branch	Mississauga, ON	Canada	Biotechnology and Drugs	124.1	100
Pfizer Canada	Branch	North York, ON	Canada	Personal and Household Products	11.1	6
Pfizer Canada	Branch	London, ON	Canada	Personal and Household Products	11.0	6
Pfizer Canada	Branch	Red Deer, AB	Canada	Personal and Household Products	11.0	6
Pfizer Canada	Branch	Etobicoke, ON	Canada	Personal and Household Products	11.0	6
Pfizer Canada	Branch	Dartmouth, NS	Canada	Personal and Household Products	11.0	6
Pfizer Canada	Branch	Kanata, ON	Canada	Personal and Household Products	11.0	6
Pfizer Pharmaceuticals Korea Ltd	Subsidiary	Seoul	Korea, Republic of	Biotechnology and Drugs	365.1	685
Pfizer SA (Belgium)	Subsidiary	Brussels	Belgium	Biotechnology and Drugs		650
Pfizer s.r.o.	Subsidiary	Prague	Czech Republic	Biotechnology and Drugs		300
Pfizer Hellas SA	Subsidiary	Neo Psychiko	Greece	Biotechnology and Drugs	620.4	500
Pfizer Inc	Branch	Memphis, TN	United States	Biotechnology and Drugs	43.4	500
Pfizer (Thailand) Limited	Subsidiary	Bangkok	Thailand	Biotechnology and Drugs		500
Pfizer (Perth) Pty Limited	Subsidiary	Bentley, WA	Australia	Biotechnology and Drugs		500
Pfizer Shared Services	Subsidiary	Dublin	Ireland	Biotechnology and Drugs		500
Viiv Healthcare Ltd.	Joint Venture	Brentford	United Kingdom	Business Services	2,119.0	491
Viiv Healthcare UK Ltd.	Subsidiary	Brentford	United Kingdom	Personal and Household Products	809.6	66
Viiv Healthcare Trading Services UK Ltd.	Subsidiary	Brentford	United Kingdom	Personal and Household Products	1,162.2	31
Phivco Uk Ii Ltd.	Subsidiary	Brentford	United Kingdom	Business Services	62.4
Phivco Uk Ltd.	Subsidiary	Brentford	United Kingdom	Business Services
Viiv Healthcare Overseas Ltd.	Subsidiary	Brentford	United Kingdom	Personal and Household Products
Viiv Healthcare SRL	Subsidiary	Verona, Verona	Italy	Personal and Household Products	137.6	47
Pfizer Asia International B.V.	Subsidiary	Capelle aan den IJssel	Netherlands	Miscellaneous Financial Services		450
Pfizer	Subsidiary	Bruxelles	Belgium	Biotechnology and Drugs	642.1	428
Pfizer HK Service Company Limited	Subsidiary	Wanchai, New Territories	Hong Kong	Biotechnology and Drugs		400
Pfizer - St. Louis	Facility	Saint Louis, MO	United States	Biotechnology and Drugs		381
Pfizer Ltd Taiwan	Subsidiary	Taipei	Taiwan	Personal and Household Products		350
Parke-Davis & Company Limited	Subsidiary	Karachi	Pakistan	Biotechnology and Drugs		350
Pfizer Medical Technology Group (Netherlands) B.V.	Subsidiary	Capelle aan den IJssel	Netherlands	Biotechnology and Drugs		350
PGM European Logistics Center	Subsidiary	Zaventem	Belgium	Biotechnology and Drugs		400
Pfizer AG	Subsidiary	Zürich	Switzerland	Biotechnology and Drugs	439.7	320
Pfizer Malaysia Sdn Bhd	Subsidiary	Shah Alam, Selangor	Malaysia	Biotechnology and Drugs		300
Pfizer Beteiligungs-G.m.b.H.	Subsidiary	Karlsruhe	Germany	Personal and Household Products		300
Pfizer AB	Subsidiary	Sollentuna	Sweden	Personal and Household Products	470.8	299
Pfizer Corporation Austria Gesellschaft mbH	Subsidiary	Wien	Austria	Personal and Household Products	314.9	290
Pfizer S.R.L.	Subsidiary	Buenos Aires	Argentina	Biotechnology and Drugs	80.2	280
Pfizer Health AB	Subsidiary	Strangnas	Sweden	Biotechnology and Drugs	690.5	271
Pfizer Manufacturing Ireland	Facility	Ringaskiddy, Co Cork	Ireland	Biotechnology and Drugs		270
Pfizer Asia Pacific Pte Ltd	Subsidiary	Singapore	Singapore	Biotechnology and Drugs	3,086.7	258
Pfizer Logistics Center	Unit	Memphis, TN	United States	Communications Services	43.4	240
Pfizer Gyógyszerkereskedelmi Kft	Subsidiary	Budapest	Hungary	Personal and Household Products	178.9	214
Pfizer Corporation Hong Kong Limited	Subsidiary	North Point, Hong Kong	Hong Kong	Biotechnology and Drugs		200
Pfizer Service Co.	Subsidiary	Nossegem	Belgium	Biotechnology and Drugs	36.9	172
Pfizer Esbjerg A/S	Subsidiary	Ballerup	Denmark	Biotechnology and Drugs		170
Pfizer European Service Center BVBA	Subsidiary	Zaventem	Belgium	Biotechnology and Drugs		165
Pfizer ApS	Subsidiary	Ballerup	Denmark	Personal and Household Products	189.9	158
Alacer Corp.	Subsidiary	Foothill Ranch, CA	United States	Beverages (Non-Alcoholic)	337.4	150
Pfizer S.A.	Subsidiary	Heredia	Costa Rica	Biotechnology and Drugs		150
Pfizer International Holdings Ireland	Subsidiary	Dublin	Ireland	Miscellaneous Financial Services		150
Pfizer Pgrd	Subsidiary	Paris	France	Biotechnology and Drugs	47.1	149
Encysive Pharmaceuticals Inc.	Subsidiary	Houston, TX	United States	Biotechnology and Drugs	35.9	148
Pfizer Inc	Branch	La Jolla, CA	United States	Biotechnology and Drugs	38.7	140
Pfizer A/S	Subsidiary	Lysaker	Norway	Biotechnology and Drugs		140
Pfizer New Zealand Ltd	Subsidiary	Auckland	New Zealand	Biotechnology and Drugs	147.3	130
Pfizer Pte. Ltd.	Subsidiary	Singapore	Singapore	Personal and Household Products		130
Pfizer (China) Research and Development Co. Ltd.	Subsidiary	Shanghai, Shanghai	China	Biotechnology and Drugs		130
Pfizer Inc	Branch	St Petersburg, FL	United States	Biotechnology and Drugs	114.2	120
Laboratorios Servimedic S.A.	Subsidiary	Montevideo	Uruguay	Biotechnology and Drugs		120
Pfizer AS	Subsidiary	Lysaker	Norway	Personal and Household Products	122.9	116
Pfizer Inc	Branch	Monmouth Jct, NJ	United States	Biotechnology and Drugs	42.8	100
Pfizer Research Technology Center	Unit	Cambridge, MA	United States	Business Services		100
Pfizer Healthcare Ireland	Subsidiary	Dublin	Ireland	Biotechnology and Drugs		100
Pharmacia Ireland	Subsidiary	Dublin	Ireland	Retail (Drugs)
Pfizer Consumer Healthcare GmbH	Subsidiary	Berlin, Berlin	Germany	Personal and Household Products	123.2	90
Pfizer Inc	Branch	Westlake, TX	United States	Biotechnology and Drugs	139.2	79
Pfizer Inc	Branch	Cary, NC	United States	Biotechnology and Drugs	75.6	70
Pfizer Inc	Branch	Reston, VA	United States	Biotechnology and Drugs	61.9	70
Pfizer Inc	Branch	Franklin, OH	United States	Biotechnology and Drugs	44.4	70
Pfizer Research & Development	Unit	Cary, NC	United States	Biotechnology and Drugs		70
Pfizer Croatia D.O.O.	Subsidiary	Zagreb (Grad Zagreb)	Croatia	Advertising	14.3	62
Pfizer Corporation	Subsidiary	Panama	Panama	Biotechnology and Drugs		60
Pfizer - Middleton	Facility	Middleton, WI	United States	Biotechnology and Drugs	45.1	50
Pfizer Inc	Branch	New Haven, CT	United States	Biotechnology and Drugs	40.6	50
Pfizer Asia Holdings B.V.	Subsidiary	Capelle aan den IJssel	Netherlands	Miscellaneous Financial Services		50
Serenex, Inc.	Subsidiary	Durham, NC	United States	Biotechnology and Drugs		50
Pfizer Health Solutions Inc.	Subsidiary	New York, NY	United States	Business Services		48
Pfizer Inc	Branch	Austin, TX	United States	Biotechnology and Drugs	75.8	43
Pfizer Animal Health	Branch	Aledo, TX	United States	Biotechnology and Drugs	75.8	43
Pfizer Inc	Branch	Raleigh, NC	United States	Biotechnology and Drugs	46.4	43
Pfizer Inc	Branch	Sanford, NC	United States	Biotechnology and Drugs	46.4	43
Pfizer Inc	Branch	Kalamazoo, MI	United States	Biotechnology and Drugs	46.0	43
Pfizer Inc	Branch	Columbus, OH	United States	Biotechnology and Drugs	44.4	43
Pfizer Inc	Branch	West Chester, OH	United States	Biotechnology and Drugs	44.4	43
Pfizer Inc	Branch	Woodridge, IL	United States	Biotechnology and Drugs	44.3	43
Pfizer Inc	Branch	Oxford, MS	United States	Biotechnology and Drugs	42.9	43
Pfizer Inc	Branch	St Louis, MO	United States	Biotechnology and Drugs	42.9	43
Pfizer Inc	Branch	Peapack, NJ	United States	Biotechnology and Drugs	42.8	43
Pfizer Inc	Branch	Randolph, NJ	United States	Biotechnology and Drugs	42.8	43
Pfizer Inc	Branch	Wayne, PA	United States	Biotechnology and Drugs	41.2	43
Pfizer Inc	Branch	Pittsburgh, PA	United States	Biotechnology and Drugs	41.2	43
Pfizer Inc	Branch	Irvine, CA	United States	Biotechnology and Drugs	38.7	43
Pfizer Inc	Branch	San Diego, CA	United States	Biotechnology and Drugs	38.7	43
Pfizer Health Solutions Inc	Branch	Santa Monica, CA	United States	Biotechnology and Drugs	38.7	43
Pfizer Inc	Branch	San Diego, CA	United States	Biotechnology and Drugs	38.7	43
Pfizer Inc	Branch	Pacifica, CA	United States	Biotechnology and Drugs	38.7	43
Pfizer Cognizant	Branch	Sunnyvale, CA	United States	Biotechnology and Drugs	38.7	43
Pfizer Inc	Branch	Ridgeway, VA	United States	Biotechnology and Drugs	38.0	43
Pfizer Inc	Branch	Richmond, VA	United States	Biotechnology and Drugs	38.0	43
Pfizer Inc	Branch	Owings Mills, MD	United States	Biotechnology and Drugs	37.0	43
Pfizer Inc	Branch	Rye Brook, NY	United States	Biotechnology and Drugs	34.8	43
Pfizer Inc	Branch	Amherst, NH	United States	Biotechnology and Drugs	26.0	43
Icagen, Inc.	Subsidiary	Durham, NC	United States	Biotechnology and Drugs	10.5	38
Neusentis	Branch	Durham, NC	United States	Biotechnology and Drugs		10
Pfizer Inc	Branch	Sparks, NV	United States	Biotechnology and Drugs	34.6	35
Pfizer Pharmaceuticals Tunisie SARL	Subsidiary	Les Berges du Lac	Tunisia	Personal and Household Products		35
Meridian Medical Technologies, Inc.	Subsidiary	Columbia, MD	United States	Medical Equipment and Supplies		32
Meridian Medical Technologies - Westport	Facility	Saint Louis, MO	United States	Medical Equipment and Supplies		189
Meridian Medical Technologies	Branch	St Louis, MO	United States	Medical Equipment and Supplies	27.7	20
Pfizer Inc	Branch	Reno, NV	United States	Biotechnology and Drugs	23.3	29
Foldrx Pharmaceuticals, Inc.	Subsidiary	Cambridge, MA	United States	Biotechnology and Drugs		29
Pfizer Inc	Branch	Washington, DC	United States	Biotechnology and Drugs	12.3	28
Pfizer Medical Systems, Inc.	Subsidiary	New York, NY	United States	Biotechnology and Drugs		25
Pfizer Inc	Branch	Morris Plains, NJ	United States	Personal and Household Products	54.1	20
Pfizer Inc	Branch	Secaucus, NJ	United States	Personal and Household Products	54.1	20
Pfizer Sales Office	Branch	Itasca, IL	United States	Personal and Household Products	51.7	20
Pfizer Inc	Branch	Frazer, PA	United States	Personal and Household Products	49.6	20
Pfizer Inc	Branch	Vonore, TN	United States	Personal and Household Products	48.3	20
Pfizer Inc	Branch	Grove City, OH	United States	Personal and Household Products	46.9	20
Pfizer International Business Europe	Subsidiary	Dublin	Ireland	Consumer Financial Services		20
Pfizer Enterprises SARL	Subsidiary	Luxembourg	Luxembourg	Biotechnology and Drugs		20
CovX Research LLC	Subsidiary	San Diego, CA	United States	Biotechnology and Drugs		18
CovX Technologies Ireland Limited	Subsidiary	Dublin	Ireland	Biotechnology and Drugs		100
Rinat Neuroscience Corp.	Subsidiary	South San Francisco, CA	United States	Biotechnology and Drugs		16
Pfizer Inc	Branch	Marietta, GA	United States	Biotechnology and Drugs	40.1	15
Pfizer Inc	Branch	Bentonville, AR	United States	Personal and Household Products	35.3	15
Pfizer Animal Health	Branch	Piscataway, NJ	United States	Biotechnology and Drugs	14.9	15
Alpharma Inc	Subsidiary	Longmont, CO	United States	Biotechnology and Drugs	14.3	16
Pfizer Animal Health	Branch	Salisbury, MD	United States	Biotechnology and Drugs	6.0	7
Pfizer Holding France (S.C.A.)	Subsidiary	Paris	France	Biotechnology and Drugs		14
Pfizer Pgm	Subsidiary	Poce Sur Cisse	France	Biotechnology and Drugs	166.4	671
Pfizer International Operations	Subsidiary	Paris	France	Computer Services	221.4
Rivepar	Subsidiary	Montrouge	France	Business Services	14.8
Pharmacia Laborbedarf und Medizintechnik GmbH	Subsidiary	Ratingen, Nordrhein-Westfalen	Germany	Personal and Household Products		12
Pfizer Canada	Subsidiary	North York, ON	Canada	Biotechnology and Drugs	12.7	10
Pfizer Inc	Branch	Cambridge, MA	United States	Personal and Household Products	17.1	7
Pfizer Inc	Branch	Washington, DC	United States	Biotechnology and Drugs	3.1	7
Greenstone LLC	Subsidiary	Peapack, NJ	United States	Biotechnology and Drugs		7
Pfizer Canada	Subsidiary	West Kelowna, BC	Canada	Personal and Household Products	11.1	6
Pfizer Canada	Subsidiary	Calgary, AB	Canada	Personal and Household Products	11.1	6
Pfizer Canada	Subsidiary	Elmsdale, NS	Canada	Personal and Household Products	11.1	6
Pfizer Canada	Subsidiary	Saint-Laurent, QC	Canada	Personal and Household Products	11.1	6
Pfizer Canada	Subsidiary	Mississauga, ON	Canada	Personal and Household Products	10.9	6
Pfizer Inc	Branch	Sacramento, CA	United States	Biotechnology and Drugs	4.5	5
Pharmacia Popular Inc	Subsidiary	Brooklyn, NY	United States	Biotechnology and Drugs	3.2	4
Pfizer Inc	Branch	Nashville, TN	United States	Biotechnology and Drugs	2.0	2
Pfizer Inc	Branch	Montpelier, VT	United States	Biotechnology and Drugs	1.6	2
Pfizer Holding Italy S.p.A.	Subsidiary	Rome	Italy	Biotechnology and Drugs	0.0	2
Pfizer Italia SRL	Subsidiary	Roma, Roma	Italy	Biotechnology and Drugs	2,001.1	2,083
Pfizer Canada	Subsidiary	Strathmore, AB	Canada	Personal and Household Products	1.8	1
Pfizer Canada	Subsidiary	Montmagny, QC	Canada	Personal and Household Products	1.8	1
Pfizer Inc	Branch	Fairmont, WV	United States	Biotechnology and Drugs	1.1	1
Pfizer Inc	Branch	Portage, MI	United States	Biotechnology and Drugs	1.1	1
Pfizer Inc	Branch	Novi, MI	United States	Biotechnology and Drugs	1.1	1
Pfizer Inc	Branch	Eden Prairie, MN	United States	Biotechnology and Drugs	0.8	1
Pfizer Asia Manufacturing Pte. Ltd.	Subsidiary	Singapore	Singapore	Biotechnology and Drugs	934.9
Wyeth Pharmaceutical Co., Ltd.	Subsidiary	Suzhou, Jiangsu	China	Biotechnology and Drugs	241.5
Wyeth Pharmaceutical Co., Ltd.	Branch	Suzhou, Jiangsu	China	Nonclassifiable Industries
Neusentis Ltd.	Subsidiary	Sandwich	United Kingdom	Business Services	129.7
Pharmacia Ltd.	Subsidiary	Sandwich	United Kingdom	Business Services	60.5
Pharmacia Uk Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Pharmacia Animal Health Ltd.	Subsidiary	Crawley	United Kingdom	Nonclassifiable Industries
Pharmacia Searle Ltd.	Subsidiary	Sandwich	United Kingdom	Business Services
G. D. Searle & Co. Ltd.	Subsidiary	Sandwich	United Kingdom	Biotechnology and Drugs
Pharmacia Africa Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Pharmacia Laboratories Ltd.	Subsidiary	Sandwich	United Kingdom	Nonclassifiable Industries
Farmitalia Carlo Erba Ltd.	Subsidiary	Sandwich	United Kingdom	Biotechnology and Drugs
Mpp Trustee Ltd.	Subsidiary	Sandwich	United Kingdom	Nonclassifiable Industries
Pfizer Pharmaceuticals B.V.	Subsidiary	Capelle Aan Den Ijssel, Zuid-Holland	Netherlands	Miscellaneous Financial Services	0.4
Pfizer Distribution Services	Subsidiary	Puurs	Belgium	Personal and Household Products	0.0
Pfizer Venezuela, S.A.	Subsidiary	Caracas, Distrito Capital	Venezuela	Biotechnology and Drugs
Pfizer Ireland Pharmaceutics	Subsidiary	Ringaskiddy, Co Cork	Ireland	Biotechnology and Drugs
Pfizer Leasing Uk Ltd.	Subsidiary	Sandwich	United Kingdom	Nonclassifiable Industries
Pfizer S.A.	Subsidiary	Lima	Peru	Personal and Household Products
Wyeth (H.K.) Limited	Subsidiary	Island East	Hong Kong	Personal and Household Products
Warner-Lambert Pottery Road Limited	Subsidiary		Ireland	Commercial Banks
Pfizer Holding Ventures	Subsidiary	Dublin	Ireland	Commercial Banks
Paris Montrouge II SARL	Subsidiary	Paris	France	Real Estate Operations
Laboratorios Parke Davis, S.L.	Subsidiary	Alcobendas	Spain	Biotechnology and Drugs
AC Acquisition Holding Company	Subsidiary	Wilmington, DE	United States	Biotechnology and Drugs
Embrex Poultry Health, LLC	Subsidiary	Maxton, NC	United States	Biotechnology and Drugs
Pfizer, spol. s r.o.	Subsidiary	Prague	Czech Republic	Biotechnology and Drugs
Pfizer Laboratories (Pty) Limited	Subsidiary	Sandton	South Africa	Biotechnology and Drugs
Wyeth Consumer Healthcare Pty. Limited	Subsidiary	Baulkham Hills, Baulkham Hills	Australia	Biotechnology and Drugs
Excaliard Pharmaceuticals, Inc.	Subsidiary	Carlsbad, CA	United States	Biotechnology and Drugs
Pfizer Specialty Uk Ltd.	Subsidiary	Sandwich	United Kingdom	Nonclassifiable Industries
Pfizer Services 1	Subsidiary	Paris	France	Computer Services
Nextwave Pharmaceuticals, Inc.	Subsidiary	Cupertino, CA	United States	Biotechnology and Drugs
Rovifarma S.A.	Subsidiary	Madrid	Spain	Biotechnology and Drugs
Pfizer Pharmaceuticals Israel Ltd.	Subsidiary	Herzliyya, Pituach	Israel	Biotechnology and Drugs
Invicta Farma, S.A.	Subsidiary	Alcobendas	Spain	Biotechnology and Drugs
PanServ Personalberatungs-und Anzeigenservice GmbH	Subsidiary	Freiburg	Germany	Business Services
Pfizer International LLC	Subsidiary	New York, NY	United States	Biotechnology and Drugs
Pfizer Overseas LLC	Subsidiary	New York, NY	United States	Biotechnology and Drugs
Paris Montrouge II (Nederland) B.V.	Subsidiary	Capelle aan den IJssel	Netherlands	Real Estate Operations
Pfizer Products Inc.	Subsidiary	Groton, CT	United States	Biotechnology and Drugs
Pfizer Limited	Subsidiary	Tadworth	United Kingdom	Biotechnology and Drugs
Yusafarm D.O.O.	Subsidiary	Belgrade	Serbia	Biotechnology and Drugs
Pfizer Australia Investments Pty. Ltd.	Subsidiary	Sydney, NSW	Australia	Biotechnology and Drugs
Pfizer Australia Holdings Pty Limited	Subsidiary	Sydney, NSW	Australia	Biotechnology and Drugs
Ahp Holdings Pty. Limited	Subsidiary
Wyeth Pharmaceuticals (Singapore) PTE. LTD.	Subsidiary	Singapore	Singapore	Biotechnology and Drugs
Quigley Company, Inc.	Subsidiary	Vanderbilt, MI	United States	Investment Services
Pfizer Polska Sp. z.o.o.	Subsidiary	Warsaw	Poland	Biotechnology and Drugs
Pfizer Romania SRL	Subsidiary	Bucharest	Romania	Biotechnology and Drugs
Pfizer Products India Private Limited	Subsidiary	Mumbai, Maharashtra	India	Biotechnology and Drugs
Pfizer Manufacturing Ireland	Subsidiary	Dublin	Ireland	Biotechnology and Drugs
Fort Dodge Animal Health Philippines, Inc.	Subsidiary	Mandaluyong	Philippines	Biotechnology and Drugs
Embrex De Mexico S. de R.L. de C.V.	Subsidiary	Queretaro	Mexico	Biotechnology and Drugs
Pharmacia (South Africa) (Pty) Ltd	Subsidiary	Sandton	South Africa	Biotechnology and Drugs
Pfizer Biotech Corporation	Subsidiary	Taipei	Taiwan	Biotechnology and Drugs
Wyeth Whitehall Export GmbH	Subsidiary	Vienna	Austria	Biotechnology and Drugs
Orfi-Farma S.L.	Subsidiary	San Sebastian	Spain	Biotechnology and Drugs
Wyeth Nutritional (China) Co., Ltd.	Subsidiary	Suzhou, Jiangsu	China	Biotechnology and Drugs
Pfizer International Trading (Shanghai) Limited	Subsidiary	Shanghai	China	Biotechnology and Drugs
Pfizer Luxembourg SARL	Subsidiary	Luxembourg	Luxembourg	Biotechnology and Drugs
Pfizer Gyogyszerkereskedelmi Korlatolt Felelossegu Tarsasag	Subsidiary	Budapest	Hungary	Personal and Household Products	178.9	173
Wyeth Kereskedelmi Es Szolgaltato Korlatolt Felelossegu Tarsasag	Subsidiary	Budapest	Hungary	Miscellaneous Capital Goods	29.3	2
Pfizer - S.G.P.S., LDA	Subsidiary	Porto Salvo, Oeiras	Portugal	Commercial Banks	0.0
Pfizer Cia. Ltda.	Subsidiary	Quito	Ecuador	Biotechnology and Drugs
Laboratorios Ayerst-Hormona S.A.	Subsidiary	Bogota, Cundinamarca	Colombia	Biotechnology and Drugs
Wyeth (Malaysia) SDN. BHD.	Subsidiary	Petaling Jaya, Slg	Malaysia	Biotechnology and Drugs
Pfizer International Corporation	Subsidiary	Dubai	United Arab Emirates	Biotechnology and Drugs
Pfizer Holdings Ireland	Subsidiary
Pfizer SAS	Subsidiary	Paris	France	Biotechnology and Drugs	2,789.9	1,499
Zoetis Belgium	Subsidiary	Louvain-La-Neuve	Belgium	Biotechnology and Drugs	130.7	260
Pfizer Sante Familiale	Subsidiary	Paris	France	Personal and Household Products	53.2	74
Pfizer BV	Subsidiary	Capelle aan den IJssel	Netherlands	Personal and Household Products	329.6	350
Laboratorios Pfizer, Lda.	Subsidiary	Carnaxide, Porto Salvo	Portugal	Biotechnology and Drugs	315.2	200
Pfizer Oy	Subsidiary	Helsinki	Finland	Personal and Household Products	189.1	174

Competitors Report

CompanyName	Location	Employees	Ownership
Ccl Pharmaceuticals	Lahore, Pakistan		Private
Efroze Chemicals Industries (Private) Ltd.	Karachi, Pakistan		Private
Macleods Pharmaceuticals Limited	Mumbai, India		Private
Pharmevo (Pvt.) Ltd.	Karachi, Pakistan		Private
Shifa International Hospitals Limited	Islamabad, Pakistan	1,139	Public

Executives Report

Board of Directors

Name	Title	Function
Abdul Majeed	Chairman of the Board, Chief Executive Officer	Chairman
Biography: Mr. Abdul Majeed has been Chairman of the Board and Chief Executive Officer of Wyeth Pakistan Ltd since August 17, 2011. He joined the Company's Board on October 20, 2009. He is Chairman of the Executive Committee and of the Share Transfer Committee of the Company.
Iqbal Bengali	Director	Director/Board Member
Iftikhar Ahmed Jafri	Director	Director/Board Member
Husain Lawai	Director	Director/Board Member
Education: Institute of Business Administration, Karachi, MBA
Maqbool Rahimtoola	Director	Director/Board Member
Iftikhar A. A. Soomro	Non-Executive Director	Director/Board Member
Badaruddin F. Vellani	Director	Director/Board Member
S. M. Wajeehuddin	Director of Finance, Company Secretary, Director	Director/Board Member
Biography: Mr. S. M. Wajeehuddin has been Director of Finance, Company Secretary and Director of Wyeth Pakistan Ltd since March 30, 2010. He is Member of the Executive Committee and the Share Transfer Committee of the Company.

Executives

Name	Title	Function
Abdul Majeed	Chairman of the Board, Chief Executive Officer	Chief Executive Officer
Biography: Mr. Abdul Majeed has been Chairman of the Board and Chief Executive Officer of Wyeth Pakistan Ltd since August 17, 2011. He joined the Company's Board on October 20, 2009. He is Chairman of the Executive Committee and of the Share Transfer Committee of the Company.
Khwaja Bakhtiar Ahmed	Company Secretary	Administration Executive
S. M. Wajeehuddin	Director of Finance, Company Secretary, Director	Company Secretary
Biography: Mr. S. M. Wajeehuddin has been Director of Finance, Company Secretary and Director of Wyeth Pakistan Ltd since March 30, 2010. He is Member of the Executive Committee and the Share Transfer Committee of the Company.
Abdul Naseer	Technical Director	Engineering/Technical Executive

Significant Developments

Wyeth Pakistan Ltd Announces Change Of Chairman And Chief Executive Officer

Jun 25, 2013

Wyeth Pakistan Ltd announced that Mr. Abdul Majeed has decided to take early retirement and has therefore resigned from the office of the Chairman of the Board of Directors, and as the Chief Executive Officer, and as a Director, of Wyeth Pakistan Limited with immediate effect, that is, 25th June 2013. The Board of Directors will consider and decide on the replacement for Mr. Majeed and the Company will inform the Exchanges accordingly.

Wyeth Pakistan Ltd Not To Pay Interim Dividend

Mar 29, 2013

Wyeth Pakistan Ltd announced that no interim cash dividend was declared for the three months period ended February 28, 2013.

Wyeth Pakistan Ltd Announces Dividend

Feb 21, 2013

Wyeth Pakistan Limited announced that it will pay PKR 80 per share as dividend for the fiscal year ended November 30, 2012 to shareholders whose names appear in the Register of Members on March 20, 2013. It paid PKR 40 per share as dividend for the fiscal year ended November 30, 2011.

Nestle Pakistan Ltd Completes Acquisition of Nutrition Business from Wyeth Pakistan Ltd

Dec 03, 2012

Nestle Pakistan Ltd announced that pursuant to the global closing of the acquisition of Pfizer Nutrition business by Nestle SA on November 30, 2012, the local transfer of Pfizer Nutrition business from Wyeth Pakistan Ltd to the Company has been completed with the total consideration of the equivalent of USD 2 million.

Wyeth Pakistan Ltd Sells Nutrition Business To Nestle Pakistan Limited

Oct 18, 2012

Wyeth Pakistan Ltd announced that it has decided to sell the Nutrition business carried out by the Company (including its inventory and related assets and goodwill) to Nestle Pakistan Limited for a total consideration of the equivalent of USD 2 million (approximately PKR 190 million). The sale is expected to be completed later in October after completing all necessary regulatory formalities.

Wyeth Pakistan Ltd Not To Pay Q3 2012 Dividend

Sep 26, 2012

Wyeth Pakistan Ltd announced that no interim cash dividend was declared for the nine months period ended August 31, 2012.

Wyeth Pakistan Limited Not To Pay Q2 2012 Dividend

Jul 26, 2012

Wyeth Pakistan Limited announced that no interim cash dividend was declared or recommended for the second quarter and six month period ended May 31, 2102.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	30-Nov-2012	30-Nov-2011	30-Nov-2010	30-Nov-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	11 Months	12 Months
UpdateType/Date	Updated Normal 30-Nov-2012	Restated Normal 30-Nov-2012	Reclassified Normal 30-Nov-2011	Updated Special 30-Nov-2009	Updated Normal 31-Dec-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	92.689391	86.03526	85.037309	81.26489	70.718347
Auditor		KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	A F Ferguson & Co.
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	33.9	33.7	-	-	-
Gross Revenue	-	-	29.9	30.0	35.2
Sales Returns and Allowances	-	-	-2.1	-0.8	-0.7
Excise Tax Receipts	-	-	-0.7	-0.8	-0.8
Revenue	33.9	33.7	27.2	28.4	33.7
Other Revenue	-	-	-	-	0.0
Other Revenue, Total	-	-	-	-	0.0
Total Revenue	33.9	33.7	27.2	28.4	33.7
Cost of Revenue	26.1	25.1	21.5	22.2	23.7
Excise Taxes Payments	-	-	-	-	0.0
Cost of Revenue, Total	26.1	25.1	21.5	22.2	23.7
Gross Profit	7.9	8.6	5.7	6.2	10.0
Selling/General/Administrative Expense	5.1	5.5	1.4	1.7	1.8
Labor & Related Expense	-	-	2.3	2.6	2.4
Advertising Expense	-	-	1.4	1.8	2.1
Total Selling/General/Administrative Expenses	5.1	5.5	5.2	6.0	6.2
Depreciation	-	-	0.1	0.1	0.1
Depreciation/Amortization	-	-	0.1	0.1	0.1
Investment Income - Operating	-	-	0.0	0.1	0.9
Interest/Investment Income - Operating	-	-	0.0	0.1	0.9
Interest Expense (Income) - Net Operating Total	-	-	0.0	0.1	0.9
Impairment-Assets Held for Use	-	-	-	0.4	0.1
Impairment-Assets Held for Sale	-	-	-	-	0.0
Unusual Expense (Income)	-	-	-	0.4	0.1
Other Operating Expense	0.5	0.4	0.0	0.0	0.3
Other, Net	-0.4	-0.5	-	-	-
Other Operating Expenses, Total	0.1	-0.1	0.0	0.0	0.3
Total Operating Expense	31.3	30.5	26.9	28.9	31.4
Operating Income	2.6	3.2	0.3	-0.5	2.3
Interest Expense - Non-Operating	-	-	-	0.0	0.0
Interest Expense, Net Non-Operating	-	-	-	0.0	0.0
Interest Income - Non-Operating	-	-	0.1	0.0	0.8
Interest/Investment Income - Non-Operating	-	-	0.1	0.0	0.8
Interest Income (Expense) - Net Non-Operating	0.0	0.0	0.0	0.0	0.0
Interest Income (Expense) - Net Non-Operating Total	0.0	0.0	0.1	0.0	0.8
Gain (Loss) on Sale of Assets	-	-	0.0	0.0	0.0
Other Non-Operating Income (Expense)	-	-	0.1	0.1	0.2
Other, Net	-	-	0.1	0.1	0.2
Income Before Tax	2.6	3.2	0.5	-0.4	3.2
Total Income Tax	1.2	1.4	0.2	0.7	1.2
Income After Tax	1.4	1.7	0.3	-1.1	2.0
Net Income Before Extraord Items	1.4	1.7	0.3	-1.1	2.0
Discontinued Operations	0.6	0.3	-	-	-
Total Extraord Items	0.6	0.3	-	-	-
Net Income	2.1	2.0	0.3	-1.1	2.0
Income Available to Common Excl Extraord Items	1.4	1.7	0.3	-1.1	2.0
Income Available to Common Incl Extraord Items	2.1	2.0	0.3	-1.1	2.0
Basic/Primary Weighted Average Shares	1.4	1.4	1.4	1.4	1.4
Basic EPS Excl Extraord Items	1.00	1.23	0.22	-0.75	1.44
Basic/Primary EPS Incl Extraord Items	1.46	1.43	0.22	-0.75	1.44
Dilution Adjustment	-	-	0.0	0.0	0.0
Diluted Net Income	2.1	2.0	0.3	-1.1	2.0
Diluted Weighted Average Shares	1.4	1.4	1.4	1.4	1.4
Diluted EPS Excl Extraord Items	1.00	1.23	0.22	-0.75	1.44
Diluted EPS Incl Extraord Items	1.46	1.43	0.22	-0.75	1.44
Dividends per Share - Common Stock Primary Issue	0.86	0.46	0.12	0.00	3.54
Gross Dividends - Common Stock	-	0.7	0.2	0.0	5.0
Interest Expense, Supplemental	-	-	-	0.0	0.0
Depreciation, Supplemental	-	-	0.5	0.4	0.5
Total Special Items	-	-	0.0	0.4	0.1
Normalized Income Before Tax	2.6	3.2	0.5	0.0	3.3
Effect of Special Items on Income Taxes	-	-	0.0	0.1	0.0
Inc Tax Ex Impact of Sp Items	1.2	1.4	0.2	0.8	1.2
Normalized Income After Tax	1.4	1.7	0.3	-0.8	2.1
Normalized Inc. Avail to Com.	1.4	1.7	0.3	-0.8	2.1
Basic Normalized EPS	1.00	1.23	0.22	-0.58	1.46
Diluted Normalized EPS	1.00	1.23	0.22	-0.58	1.46
Rental Expenses	-	-	0.1	0.1	0.1
Advertising Expense, Supplemental	-	-	1.4	1.8	2.1
Normalized EBIT	2.6	3.2	0.3	0.0	3.3
Normalized EBITDA	2.6	3.2	0.8	0.4	3.8
Current Tax - Domestic	-	-	0.3	0.7	1.1
Current Tax - Other	-	-	0.0	0.0	0.1
Current Tax - Total	-	-	0.3	0.7	1.2
Deferred Tax - Domestic	-	-	-0.1	0.0	0.0
Deferred Tax - Total	-	-	-0.1	0.0	0.0
Income Tax - Total	-	-	0.2	0.7	1.2
Interest Cost - Domestic	-	-	0.3	0.3	0.2
Service Cost - Domestic	-	-	0.1	0.1	0.1
Expected Return on Assets - Domestic	-	-	-0.3	-0.3	-0.3
Actuarial Gains and Losses - Domestic	-	-	0.0	0.0	0.0
Domestic Pension Plan Expense	-	-	0.1	0.0	0.0
Defined Contribution Expense - Domestic	-	-	0.2	0.2	0.2
Total Pension Expense	-	-	0.2	0.1	0.2
Total Plan Interest Cost	-	-	0.3	0.3	0.2
Total Plan Service Cost	-	-	0.1	0.1	0.1
Total Plan Expected Return	-	-	-0.3	-0.3	-0.3

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	30-Nov-2012	30-Nov-2011	30-Nov-2010	30-Nov-2009	31-Dec-2008
UpdateType/Date	Updated Normal 30-Nov-2012	Updated Normal 30-Nov-2011	Updated Normal 30-Nov-2010	Updated Normal 30-Nov-2009	Updated Normal 31-Dec-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	96.56604	88.705	85.735	83.515	79.125
Auditor		KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	A F Ferguson & Co.
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash	-	0.0	0.0	0.0	0.3
Short Term Investments	-	1.0	3.1	0.5	1.5
Cash and Short Term Investments	-	1.0	3.1	0.5	1.8
Accounts Receivable - Trade, Gross	-	0.6	0.8	3.4	3.1
Provision for Doubtful Accounts	-	-0.1	-0.2	-0.1	-0.1
Trade Accounts Receivable - Net	-	0.5	0.6	3.3	3.2
Other Receivables	-	0.6	0.8	0.3	0.3
Total Receivables, Net	-	1.1	1.4	3.6	3.5
Inventories - Finished Goods	-	2.9	3.4	4.5	3.7
Inventories - Work In Progress	-	0.9	0.8	0.8	0.5
Inventories - Raw Materials	-	10.3	4.7	4.2	4.7
Inventories - Other	-	0.1	1.0	0.1	0.7
Total Inventory	-	14.2	9.8	9.6	9.6
Prepaid Expenses	-	0.0	0.0	0.0	0.0
Discontinued Operations - Current Asset	-	-	-	-	0.0
Other Current Assets	-	1.4	1.9	1.3	1.2
Other Current Assets, Total	-	1.4	1.9	1.3	1.2
Total Current Assets	-	17.7	16.2	15.1	16.1
Buildings	-	0.1	0.1	0.1	0.1
Machinery/Equipment	-	4.0	4.0	4.1	4.9
Construction in Progress	-	0.0	0.0	0.0	0.0
Leases	-	0.5	0.5	0.5	0.9
Property/Plant/Equipment - Gross	-	4.6	4.6	4.7	5.9
Accumulated Depreciation	-	-3.1	-2.9	-2.5	-3.0
Property/Plant/Equipment - Net	-	1.5	1.7	2.2	2.9
LT Investments - Other	-	0.0	0.0	0.0	0.0
Long Term Investments	-	0.0	0.0	0.0	0.0
Note Receivable - Long Term	-	0.1	0.1	0.1	0.1
Deferred Income Tax - Long Term Asset	-	0.1	0.1	-	-
Other Long Term Assets, Total	-	0.1	0.1	-	-
Total Assets	-	19.4	18.1	17.4	19.1
Accounts Payable	-	3.2	3.9	2.9	2.9
Accrued Expenses	-	1.7	1.6	1.0	0.7
Notes Payable/Short Term Debt	-	0.0	0.0	0.0	0.0
Dividends Payable	-	0.0	0.0	0.0	0.0
Customer Advances	-	0.5	0.2	0.0	0.0
Other Payables	-	0.6	0.4	1.6	1.0
Other Current Liabilities	-	0.1	0.2	-	-
Other Current liabilities, Total	-	1.3	0.8	1.6	1.1
Total Current Liabilities	-	6.2	6.3	5.6	4.7
Total Long Term Debt	-	0.0	0.0	0.0	0.0
Total Debt	-	0.0	0.0	0.0	0.0
Deferred Income Tax - LT Liability	-	-	0.0	0.1	0.1
Deferred Income Tax	-	-	0.0	0.1	0.1
Total Liabilities	-	6.2	6.3	5.6	4.8
Common Stock	-	1.6	1.7	1.7	1.8
Common Stock	-	1.6	1.7	1.7	1.8
Retained Earnings (Accumulated Deficit)	-	11.6	10.1	10.1	12.5
Total Equity	-	13.2	11.8	11.8	14.3
Total Liabilities & Shareholders’ Equity	-	19.4	18.1	17.4	19.1
Shares Outstanding - Common Stock Primary Issue	-	1.4	1.4	1.4	1.4
Total Common Shares Outstanding	-	1.4	1.4	1.4	1.4
Employees	-	279	304	341	344
Number of Common Shareholders	-	705	682	672	628
Deferred Revenue - Current	-	0.5	0.2	0.0	0.0
Pension Obligation - Domestic	-	2.7	2.6	2.3	2.1
Plan Assets - Domestic	-	2.9	2.8	2.6	2.6
Funded Status - Domestic	-	0.2	0.2	0.3	0.5
Total Funded Status	-	0.2	0.2	0.3	0.5
Debt Securities % - Domestic	-	96.67%	95.64%	66.02%	91.66%
Other Investments % - Domestic	-	3.33%	4.36%	33.98%	8.34%
Total Plan Obligations	-	2.7	2.6	2.3	2.1
Total Plan Assets	-	2.9	2.8	2.6	2.6

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	30-Nov-2012	30-Nov-2011	30-Nov-2010	30-Nov-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	11 Months	12 Months
UpdateType/Date	Updated Normal 30-Nov-2012	Updated Normal 30-Nov-2011	Updated Normal 30-Nov-2010	Updated Normal 30-Nov-2009	Updated Normal 31-Dec-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	92.689391	86.03526	85.037309	81.26489	70.718347
Auditor		KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	A F Ferguson & Co.
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	-	3.5	0.5	-0.4	3.2
Depreciation	-	0.3	0.5	0.4	0.5
Depreciation/Depletion	-	0.3	0.5	0.4	0.5
Unusual Items	-	0.0	0.0	0.4	0.1
Other Non-Cash Items	-	0.4	0.3	0.1	-0.7
Non-Cash Items	-	0.4	0.3	0.5	-0.7
Accounts Receivable	-	0.4	1.8	-0.4	-1.5
Inventories	-	-5.7	-0.7	-0.6	-2.8
Other Assets	-	0.0	0.0	0.0	-0.1
Accounts Payable	-	0.2	0.9	1.2	-0.5
Other Operating Cash Flow	-	-0.8	-0.8	-0.9	-0.5
Changes in Working Capital	-	-5.8	1.2	-0.7	-5.4
Cash from Operating Activities	-	-1.6	2.5	-0.2	-2.4
Purchase of Fixed Assets	-	-0.2	-0.1	-0.3	-0.7
Capital Expenditures	-	-0.2	-0.1	-0.3	-0.7
Sale of Fixed Assets	-	0.0	0.0	0.1	0.1
Other Investing Cash Flow Items, Total	-	0.0	0.0	0.1	0.1
Cash from Investing Activities	-	-0.2	-0.1	-0.2	-0.6
Cash Dividends Paid - Common	-	-0.2	0.0	-0.9	-6.0
Total Cash Dividends Paid	-	-0.2	0.0	-0.9	-6.0
Cash from Financing Activities	-	-0.2	0.0	-0.9	-6.0
Net Change in Cash	-	-2.0	2.4	-1.3	-9.0
Net Cash - Beginning Balance	-	2.8	0.4	1.7	10.9
Net Cash - Ending Balance	-	0.8	2.8	0.4	2.0
Cash Taxes Paid	-	1.1	0.9	0.9	1.3

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Nov-2012	30-Nov-2011	30-Nov-2010	30-Nov-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	11 Months	12 Months
UpdateType/Date	Updated Normal 30-Nov-2012	Restated Normal 30-Nov-2012	Reclassified Normal 30-Nov-2011	Updated Special 30-Nov-2009	Updated Normal 31-Dec-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	92.689391	86.03526	85.037309	81.26489	70.718347
Auditor		KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	A F Ferguson & Co.
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	33.9	33.7	-	-	-
Sales	-	-	29.9	30.0	35.2
Discounts and Commission	-	-	-1.5	-0.6	-0.7
Returns	-	-	-0.6	-0.3	0.0
Net Provisions for Expired Stocks	-	-	-	-	0.0
Sales Tax	-	-	-0.3	-0.4	-0.4
Federal Excise Duty	-	-	-0.3	-0.4	-0.4
Total Revenue	33.9	33.7	27.2	28.4	33.7
Cost of Goods Sold	26.1	25.1	21.5	22.2	23.7
Distribution Cost	4.3	4.5	1.0	1.1	1.2
Administrative & Selling Expense	0.8	1.0	0.5	0.5	0.6
Other Operating Income	-0.4	-0.5	-	-	-
Other Expenses	0.5	0.4	0.0	0.0	0.3
Salaries	-	-	2.3	2.6	2.4
Depreciation	-	-	0.1	0.1	0.1
Advertisement	-	-	1.4	1.8	2.1
Sales Tax	-	-	-	-	0.0
Impairment Loss	-	-	-	-	0.0
Non Current Assets Written Off	-	-	-	0.0	0.0
Property written Off	-	-	-	0.4	0.0
Exchange Loss	-	-	0.0	0.1	0.9
Workers Profit Participation Fund	-	-	0.0	-	-
Workers Welfare Fund	-	-	0.0	-	-
Total Operating Expense	31.3	30.5	26.9	28.9	31.4
Gain on Disposal of Assets	-	-	0.0	0.0	0.0
Profit on Deposit Account	-	-	0.1	0.0	0.8
Other Income	-	-	0.1	0.1	0.2
Interest on Workers's Participatn Fund	-	-	-	0.0	0.0
Mark-up on Running Finance	-	-	0.0	0.0	0.0
Financial Cost	0.0	0.0	0.0	0.0	0.0
Net Income Before Taxes	2.6	3.2	0.5	-0.4	3.2
Provision for Income Taxes	1.2	1.4	0.2	0.7	1.2
Net Income After Taxes	1.4	1.7	0.3	-1.1	2.0
Net Income Before Extra. Items	1.4	1.7	0.3	-1.1	2.0
Discontinued Operations	0.6	0.3	-	-	-
Net Income	2.1	2.0	0.3	-1.1	2.0
Income Available to Com Excl ExtraOrd	1.4	1.7	0.3	-1.1	2.0
Income Available to Com Incl ExtraOrd	2.1	2.0	0.3	-1.1	2.0
Basic Weighted Average Shares	1.4	1.4	1.4	1.4	1.4
Basic EPS Excluding ExtraOrdinary Items	1.00	1.23	0.22	-0.75	1.44
Basic EPS Including ExtraOrdinary Items	1.46	1.43	0.22	-0.75	1.44
Dilution Adjustment	-	-	0.0	0.0	0.0
Diluted Net Income	2.1	2.0	0.3	-1.1	2.0
Diluted Weighted Average Shares	1.4	1.4	1.4	1.4	1.4
Diluted EPS Excluding ExtraOrd Items	1.00	1.23	0.22	-0.75	1.44
Diluted EPS Including ExtraOrd Items	1.46	1.43	0.22	-0.75	1.44
DPS-Common Stock	0.86	0.46	0.12	0.00	3.54
Gross Dividends - Common Stock	-	0.7	0.2	0.0	5.0
Normalized Income Before Taxes	2.6	3.2	0.5	0.0	3.3
Inc Tax Ex Impact of Sp Items	1.2	1.4	0.2	0.8	1.2
Normalized Income After Taxes	1.4	1.7	0.3	-0.8	2.1
Normalized Inc. Avail to Com.	1.4	1.7	0.3	-0.8	2.1
Basic Normalized EPS	1.00	1.23	0.22	-0.58	1.46
Diluted Normalized EPS	1.00	1.23	0.22	-0.58	1.46
Interest Expense	-	-	-	0.0	0.0
Advertising & Sales Promotion	-	-	1.4	1.8	2.1
Depreciation	-	-	0.5	0.4	0.5
Rent	-	-	0.1	0.1	0.1
Current Tax	-	-	0.3	0.7	1.1
Current Tax -Prior Year	-	-	0.0	0.0	0.1
Current Tax - Total	-	-	0.3	0.7	1.2
Deferred Tax	-	-	-0.1	0.0	0.0
Deferred Tax - Total	-	-	-0.1	0.0	0.0
Income Tax - Total	-	-	0.2	0.7	1.2
Service Cost - Gratuity	-	-	0.1	0.1	0.1
Interest Cost - Gratuity	-	-	0.2	0.2	0.1
Expected Return on Assets - Gratuity	-	-	-0.2	-0.1	-0.1
Actuarial Gain/Loss - Gratuity	-	-	0.0	0.0	0.0
Service Cost - Pension	-	-	0.0	0.0	0.0
Interest Cost - Pension	-	-	0.1	0.1	0.1
Expected Return on Assets - Pension	-	-	-0.2	-0.2	-0.2
Actuarial Gain/Loss - Pension	-	-	0.0	0.0	0.0
Domestic Pension Plan Expense	-	-	0.1	0.0	0.0
Contribution to Grat. & Pension Fund	-	-	0.2	-	-
Defined Contribution Plans - Prov. Fund	-	-	-	0.1	0.1
Defined Contribution Plans - Grat. Fund	-	-	-	0.1	0.1
Total Pension Expense	-	-	0.2	0.1	0.2
Discount Rate - Pension	-	-	14.00%	12.75%	15.00%
Expected Rate of Return - Pension	-	-	14.00%	12.75%	15.00%
Compensation Rate - Pension	-	-	11.75%	12.75%	15.00%
Discount Rate - Gratuity	-	-	14.00%	12.75%	15.00%
Expected Rate of Return - Gratuity	-	-	14.00%	12.75%	15.00%
Compensation Rate - Gratuity	-	-	11.75%	12.75%	15.00%

Annual Balance Sheet

Financials in: USD (mil)

	30-Nov-2011	30-Nov-2010	30-Nov-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 30-Nov-2011	Updated Normal 30-Nov-2010	Updated Normal 30-Nov-2009	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	88.705	85.735	83.515	79.125	61.625
Auditor	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Spares	0.2	0.2	0.0	0.0	0.0
Raw & Packaging Material	10.3	4.7	4.2	4.7	4.3
Work-in-progress	0.9	0.8	0.8	0.5	0.5
Finished Goods	2.9	3.4	4.5	3.7	3.4
Stock-in-transit	0.2	1.2	0.3	0.9	1.2
Provision for Obsolete Stocks	-0.3	-0.4	-0.2	-0.2	-0.2
Trade Debts	0.6	0.8	3.4	3.1	2.3
Provision for Doubtful Debts	-0.1	-0.2	-0.1	-0.1	-0.1
Loans, Advances, Deposits , Prepayments	0.4	0.7	0.2	0.2	0.2
Deposits & Prepayments	0.1	0.2	0.2	0.2	0.1
Prepayment	0.0	0.0	0.0	0.0	0.0
Interest Accrued	0.0	0.0	0.0	0.0	0.1
Other Receivable	0.1	0.1	0.1	0.1	0.1
Margin Deposits	0.2	0.2	0.1	0.0	0.1
Due from Related	-	-	0.0	0.1	0.1
Taxation	1.3	1.7	1.2	1.0	1.2
Short term Investment	-	-	0.0	1.1	11.7
Deposit Account	0.8	2.8	0.4	0.3	-
Cash & Bank Balances	0.0	0.0	0.0	0.3	0.8
Asset Held for Sale	-	-	-	0.0	0.1
Total Current Assets	17.7	16.2	15.1	16.1	25.9
Leasehold Land	0.0	0.0	0.0	0.0	0.0
Factory on Leasehold Land	0.5	0.5	0.5	0.9	0.9
Improvements on Warehouse	0.1	0.1	0.1	0.1	0.1
Plant & Machinery	2.5	2.5	3.0	3.3	4.2
Furniture, Fixture & Equipment	0.3	0.3	0.1	0.2	0.2
Vehicles	0.5	0.5	0.5	0.6	0.5
Office Equipment	0.7	0.7	0.5	0.8	1.0
Depreciation	-3.1	-2.9	-2.5	-3.0	-3.9
Capital Work-in-progress	0.0	0.0	0.0	0.0	0.5
Long Term Loans & Deposits	0.1	0.1	0.1	0.1	0.1
Deposits	0.0	0.0	0.0	0.0	0.0
Deferred Taxation	0.1	0.1	-	-	-
Total Assets	19.4	18.1	17.4	19.1	29.7
Creditors	3.2	3.9	2.9	2.9	4.5
Accrued liabilities	1.7	1.6	1.0	0.7	0.8
Advance from Customer	0.5	0.2	0.0	0.0	0.0
Payable to Gratuity Fund	0.1	0.0	-	-	-
Sales Tax	0.0	0.0	0.0	0.0	0.0
Unclaimed dividend	0.0	0.0	0.0	0.0	0.0
Provision for Sales returns	0.1	0.2	-	-	-
Others	0.6	0.4	1.6	1.0	1.2
Total Current Liabilities	6.2	6.3	5.6	4.7	6.6
Deferred Taxation	-	0.0	0.1	0.1	0.1
Total Liabilities	6.2	6.3	5.6	4.8	6.7
Share Capital	1.6	1.7	1.7	1.8	2.3
General Reserve	9.4	10.6	10.9	11.8	17.4
Other	0.2	0.2	0.2	0.1	0.1
Unappropriated Profit	2.0	-0.7	-1.0	0.6	3.1
Total Equity	13.2	11.8	11.8	14.3	22.9
Total Liabilities & Shareholders' Equity	19.4	18.1	17.4	19.1	29.7
S/O-Common Stock	1.4	1.4	1.4	1.4	1.4
Total Common Shares Outstanding	1.4	1.4	1.4	1.4	1.4
Deferred Revenue - Current	0.5	0.2	0.0	0.0	0.0
Full-Time Employees	279	304	341	344	357
Shareholders	705	682	672	628	649
Projected Benefit Obligation - Gratuity	1.2	1.1	1.3	1.2	1.4
FV of Plan Assets - Gratuity	1.3	1.3	1.2	1.1	1.4
Funded Status - Gratuity	0.1	0.2	-0.1	-0.1	0.1
Projected Benefit Obligation - Pension	1.5	1.4	1.0	0.9	1.4
FV of Plan Assets - Pension	1.6	1.5	1.5	1.5	1.9
Funded Status - Pension	0.2	0.1	0.4	0.6	0.5
Total Funded Status	0.2	0.2	0.3	0.5	0.6
Discount Rate - Pension	13.00%	14.00%	12.75%	15.00%	10.00%
Expected Rate of Return - Pension	13.00%	14.00%	12.75%	15.00%	10.00%
Compensation Rate - Pension	10.75%	11.75%	12.75%	15.00%	10.00%
Discount Rate - Gratuity	13.00%	14.00%	12.75%	15.00%	10.00%
Expected Rate of Return - Gratuity	13.00%	14.00%	12.75%	15.00%	10.00%
Compensation Rate - Gratuity	10.75%	11.75%	12.75%	15.00%	10.00%
Debt Securities % - Pension	96.67%	95.64%	66.02%	91.66%	95.61%
Other Investments % - Pension	3.33%	4.36%	33.98%	8.34%	4.39%

Annual Cash Flows

Financials in: USD (mil)

	30-Nov-2011	30-Nov-2010	30-Nov-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	11 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 30-Nov-2011	Updated Normal 30-Nov-2010	Updated Normal 30-Nov-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	86.03526	85.037309	81.26489	70.718347	60.729836
Auditor	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	3.5	0.5	-0.4	3.2	5.9
Depreciation	0.3	0.5	0.4	0.5	0.4
Equity Based Payments	0.0	0.0	0.1	0.0	0.0
Write Back of Obsolete Stock	0.9	0.3	0.0	0.0	0.0
Provision fof Doubtful Debts	-0.1	0.2	-	-	0.0
Provision for Expired Stock Claims	-0.1	0.0	0.0	0.0	-0.1
Non Current Assets Written off	-	-	0.0	0.0	0.0
Fixed Assets Written Off	-	0.0	0.4	0.0	0.0
Impairment Loss	-	-	-	0.0	0.1
Lease Finance Charges	-	-	-	-	0.0
Gain on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Profit On Deposit Accounts	-0.3	-0.1	0.0	-0.8	-1.0
Loan to Provident Fund	-	-	-	-	0.0
Spares	0.0	-0.1	0.0	0.0	0.0
Stock-in-Trade	-5.7	-0.6	-0.6	-2.8	0.8
Trade Debts	0.1	2.5	-0.4	-1.5	-0.5
Loans & Advances	0.2	-0.5	0.0	-0.1	0.0
Deposits & Prepayments	0.0	0.0	0.0	-0.1	-0.1
Other Receivables	0.1	-0.2	0.0	0.0	0.3
Creditors	0.2	0.9	1.2	-0.5	-0.1
Profit on Deposit Accounts	0.3	0.1	0.1	0.8	1.0
Income Tax Paid	-1.1	-0.9	-0.9	-1.3	-1.1
Financial Charges Paid	-	-	-	-	0.0
LT Loans & Deposits	0.0	0.0	0.0	0.0	0.0
LT Deposits	0.0	0.0	0.0	0.0	0.0
Cash from Operating Activities	-1.6	2.5	-0.2	-2.4	5.8
Capital Expenditure	-0.2	-0.1	-0.3	-0.7	-1.3
Sale of Fixed Assets	0.0	0.0	0.1	0.1	0.1
Disposal of Non Current Assets	-	-	0.0	0.1	0.0
Cash from Investing Activities	-0.2	-0.1	-0.2	-0.6	-1.3
Dividend Paid	-0.2	0.0	-0.9	-6.0	-1.7
Assets Subject to Finance Lease	-	-	-	-	0.0
Cash from Financing Activities	-0.2	0.0	-0.9	-6.0	-1.7
Net Change in Cash	-2.0	2.4	-1.3	-9.0	2.8
Net Cash-Beginning Balance	2.8	0.4	1.7	10.9	9.9
Net Cash- Ending Balance	0.8	2.8	0.4	2.0	12.7
Cash Interest Paid	-	-	-	-	0.0
Cash Taxes Paid	1.1	0.9	0.9	1.3	1.1

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Nov-2012	Quarter Ending Yr Ago	Annual Year End 30-Nov-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	8.4	16.42%	33.9	8.50%	10.90%	8.34%
Operating Income1 (?)	0.4	-19.79%	2.6	-10.45%	-	-3.17%
Income Available to Common Excl Extraord Items1 (?)	0.1	-80.29%	1.4	-12.04%	-	-11.60%
Basic EPS Excl Extraord Items1 (?)	0.04	-80.30%	1.00	-12.04%	-	-11.60%
Capital Expenditures2 (?)	0.2	90.97%	-	-	-	-
Cash from Operating Activities2 (?)	1.7	-	-	-	-	-
Free Cash Flow (?)	1.4	-	-	-	-	-
Total Assets3 (?)	21.1	9.00%	-	-	-	-
Total Liabilities3 (?)	8.0	9.43%	-	-	-	-
Total Long Term Debt3 (?)	0.0	-	-	-	-	-
Total Common Shares Outstanding3 (?)	1.4	0.00%	-	-	-	-
1-ExchangeRate: PKR to USD Average for Period	95.357490	Â	92.689391	Â	Â	Â
2-ExchangeRate: PKR to USD Average for Period	91.804679	Â	Â	Â	Â	Â
3-ExchangeRate: PKR to USD Period End Date	94.561936	Â	Â	Â	Â	Â

Key Ratios
Â	30-Nov-2012	30-Nov-2011	30-Nov-2010	30-Nov-2009	31-Dec-2008
Profitability
Gross Margin (?)	23.24%	25.59%	20.80%	21.73%	29.62%
Operating Margin (?)	7.79%	9.44%	1.14%	-1.87%	6.86%
Pretax Margin (?)	7.76%	9.41%	1.87%	-1.37%	9.61%
Net Profit Margin (?)	4.20%	5.19%	1.15%	-3.77%	6.05%
Financial Strength
Interest Coverage (?)	279.49	314.61	8.71	-15.05	168.63
Current Ratio (?)	-	2.83	2.56	2.71	3.43
Long Term Debt/Equity (?)	-	0.00	0.00	0.00	0.00
Total Debt/Equity (?)	-	0.00	0.00	0.00	0.00
Management Effectiveness
Return on Assets (?)	-	9.18%	1.76%	-5.86%	8.65%
Return on Equity (?)	-	13.80%	2.66%	-8.22%	11.35%
Efficiency
Receivables Turnover (?)	-	26.57	10.91	8.00	10.79
Inventory Turnover (?)	-	2.05	2.22	2.31	2.53
Asset Turnover (?)	-	1.77	1.54	1.56	1.43

Market Valuation USD (mil)
P/E (TTM) (?)	16.81	.	Enterprise Value2 (?)	23.0
Price/Sales (TTM) (?)	0.71	.	Enterprise Value/Revenue (TTM) (?)	0.71
Enterprise Value/EBITDA (TTM) (?)	9.07	.	Market Cap1 (?)	22.6
1-ExchangeRate: PKR to USD on 14-Jun-2013	98.549680
2-ExchangeRate: PKR to USD on 30-Nov-2012	96.566040

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Nov-2012	30-Nov-2011	30-Nov-2010	30-Nov-2009	31-Dec-2008
Financial Strength
Current Ratio (?)	-	2.83	2.56	2.71	3.43
Quick/Acid Test Ratio (?)	-	0.33	0.71	0.74	1.12
Working Capital1 (?)	-	11.4	9.9	9.5	11.4
Long Term Debt/Equity (?)	-	0.00	0.00	0.00	0.00
Total Debt/Equity (?)	-	0.00	0.00	0.00	0.00
Long Term Debt/Total Capital (?)	-	0.00	0.00	0.00	0.00
Total Debt/Total Capital (?)	-	0.00	0.00	0.00	0.00
Interest Coverage (?)	279.49	314.61	8.71	-15.05	168.63
Payout Ratio (?)	85.98%	37.81%	53.73%	0.00%	246.31%
Effective Tax Rate (?)	45.84%	44.88%	38.79%	-	37.01%
Total Capital1 (?)	-	13.2	11.8	11.8	14.3
Efficiency
Asset Turnover (?)	-	1.77	1.54	1.56	1.43
Inventory Turnover (?)	-	2.05	2.22	2.31	2.53
Days In Inventory (?)	-	177.94	164.23	158.01	143.99
Receivables Turnover (?)	-	26.57	10.91	8.00	10.79
Days Receivables Outstanding (?)	-	13.74	33.46	45.61	33.84
Revenue/Employee2 (?)	-	117,152	88,637	80,984	87,573
Operating Income/Employee2 (?)	-	11,060	1,008	-1,510	6,003
EBITDA/Employee2 (?)	-	11,060	2,514	-333	7,251
Profitability
Gross Margin (?)	23.24%	25.59%	20.80%	21.73%	29.62%
Operating Margin (?)	7.79%	9.44%	1.14%	-1.87%	6.86%
EBITDA Margin (?)	7.79%	9.44%	2.84%	-0.41%	8.28%
EBIT Margin (?)	7.79%	9.44%	1.14%	-1.87%	6.86%
Pretax Margin (?)	7.76%	9.41%	1.87%	-1.37%	9.61%
Net Profit Margin (?)	4.20%	5.19%	1.15%	-3.77%	6.05%
COGS/Revenue (?)	76.76%	74.41%	79.20%	78.27%	70.44%
SG&A Expense/Revenue (?)	15.17%	16.37%	19.04%	21.27%	18.52%
Management Effectiveness
Return on Assets (?)	-	9.18%	1.76%	-5.86%	8.65%
Return on Equity (?)	-	13.80%	2.66%	-8.22%	11.35%
Valuation
Free Cash Flow/Share2 (?)	-	-1.26	1.69	-0.32	-1.94
Operating Cash Flow/Share 2 (?)	-	-1.12	1.73	-0.11	-1.50
1-ExchangeRate: PKR to USD Period End Date	-	88.705	85.735	83.515	79.125
2-ExchangeRate: PKR to USD Average for Period	-	88.705	85.735	83.515	79.125

Current Market Multiples
Market Cap/Revenue (TTM) (?)	0.71
Market Cap/EBIT (TTM) (?)	9.07
Market Cap/EBITDA (TTM) (?)	8.37
Enterprise Value/Revenue (TTM) (?)	0.71
Enterprise Value/EBIT (TTM) (?)	9.07
Enterprise Value/EBITDA (TTM) (?)	8.37

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.70
UK Pound	1	Rs.91.14
Euro	1	Rs.77.97

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.