|
Report Date : |
30.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
HELIX PHARMA PVT LTD (HPPL) |
|
|
|
|
Registered Office : |
A/56, Hakimsons House, Manghopir Road, S.I.T.E., Karachi-75700, |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
12.05.1960 |
|
|
|
|
Com. Reg. No.: |
0001131 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer of Pharmaceutical Product |
|
|
|
|
No. of Employees : |
675 |
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, 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 |
|
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 |
HELIX PHARMA PVT
LTD (HPPL)
|
Business Name |
Helix Pharma Pvt Ltd. (HPPL) |
|
Address |
Head Office/
Registered Address A/56, Hakimsons House, Manghopir Road, S.I.T.E., Karachi-75700,
Pakistan |
|
Telephone |
(+92) (21) 32570182-83-32568284-86 |
|
Fax |
(+92) (21) 32564393 |
|
Email |
|
|
Website |
|
|
Business activities |
Manufacturer - Pharmaceutical Products |
Registry Details
|
CRO Registration Number |
0001131 |
|
Date of Registration |
May 12, 1960 |
Other registry
& certification details:
|
Current Legal Form |
Private Limited Company |
|
National Tax Registration Number |
0710606-8 |
|
Date of Registration |
January 28,1996 |
|
GST Registration Number |
1101701000246 |
|
Date of Registration |
March 18,1996 |
|
Chamber of Commerce & Industry |
Karachi Chamber of Commerce & Industries |
|
ISO Certification |
ISO 9001:2000 |
Capital
|
Type |
No. of Shares |
Par Value |
Total Value |
|
Authorized |
20,000 |
1,000 |
20,000,000 |
|
Issued, Subscribed & Paid-Up |
10,000 |
1,000 |
10,000,000 |
History
|
Who started |
Mr. Naveed Nawazish Ali Hakim |
|
When started |
May 12, 1960 |
|
Change in management |
No change |
|
Year of change |
N/A |
|
Change in legal status |
Public Limited Company to Private Limited Company |
|
Year of change |
Undetermined |
|
Change in business name |
Hakim Sons Chemical Industries Ltd. to Helix Pharma (Pvt.) Ltd |
|
Year of change |
Undetermined |
|
Name |
Number of Shares |
Nationality |
Appointment Date
(Last) |
|
Mr. Nawazish Ali Hakim |
2,200 |
Pakistani |
31 OCT 2012 |
|
Mr. Nayyar Jahan Hakim |
2,200 |
Pakistani |
31 OCT 2012 |
|
Mr. Naveed Hakim |
2,200 |
Pakistani |
31 OCT 2012 |
|
Other share
holder |
|
|
|
|
M/s Hakim Sons (Pvt) Ltd |
3,400 |
|
|
|
Total |
10,000 |
|
|
|
Name |
Position in organization |
Qualification |
Years in
employment |
|
Mr. Naveed Nawazish Ali Hakim |
CEO |
Undetermined |
Undetermined |
|
Mr. Muhammad Amir |
Senior Accounts Manager/ Secretary |
Not disclosed |
Not disclosed |
|
Statutory offices |
Name of service
provider |
|
Statutory Auditors |
M/s BDO Ebrahim & Co Chartered Accountants |
|
Legal Advisory Services |
Syed Mehboob Rizvi Law Associates |
|
Bank name |
Approved financing
limits PKR |
|
Habib Bank Limited |
86,763,000.00 |
|
Citibank N.A. |
67,000,000.00 |
|
Habib Bank A.G. Zurich |
63,000,000.00 |
|
Habib Bank Limited |
50,000,000.00 |
|
Habib Metropolitan Bank
Limited |
24,184,000.00 |
|
MCB Bank Ltd |
Undetermined |
HPPL is a manufacturer of pharmaceutical product in Pakistan. HPPL is a
mid-sized pharmaceutical company and a distinguished member of the Hakimsons
Group founded in the year 1921. Since 1965, HPPL enjoys a technical
collaboration with Takeda Pharmaceutical Company of Japan. HPPL is a growing
company and aims to provide quality health care products at a market
competitive price.
Purchases (Incl.
Imports)
|
Imports from |
China, India |
|
Importing terms |
L/C, D.A |
|
Local |
Sindh-Punjab |
|
Local buying terms |
Cash and Credit of 30 days |
Sales (Incl.
Exports)
|
Exports to |
Afghanistan and Sri Lanka |
|
Exporting terms |
L/C |
|
Local (10%) |
Sindh-Punjab |
|
Local selling terms |
Cash and Credit of 30 Days |
|
Nature of
employment |
Current Year |
Previous Year |
|
All Staff |
675 |
|
|
Total |
675 |
Undetermined |
|
Registered Address Owned / Rented Area (approx) |
A/56, Hakimsons House, Manghopir Road, S.I.T.E., Karachi-75700,
Pakistan Owned 2 Acres |
Four suppliers and six distributors (Customers) were contacted to get a feedback about
HP, its products and sponsors. All the feedback was found Satisfactory and no
disputes or untoward events including complaints about quality of products were
reported/ identified during inquiry.
|
Business Name |
City |
Line of Business |
Percentile of
Shareholding |
|
None |
|||
|
Particulars |
30-Jun-12 |
30-Jun-11 |
% Change |
|
|
|
|
|
|
Current assets |
241,150,453 |
213,647,607 |
12.87 |
|
Current liabilities |
(234,095,543) |
(212,689,385) |
10.06 |
|
Working capital |
7,054,910 |
958,222 |
636.25 |
|
|
|
|
|
|
Non-current assets |
179,776,388 |
185,753,040 |
(3.22) |
|
Long term liabilities |
(47,267,424) |
(53,825,922) |
(12.18) |
|
Net worth |
139,563,874 |
132,885,340 |
5.03 |
|
|
|
|
|
|
Turnover |
926,228,752 |
725,066,013 |
27.74 |
|
Gross Profit |
315,374,732 |
250,460,065 |
25.92 |
|
EBIT |
30,864,771 |
32,727,630 |
(5.69) |
|
Profit / (Loss) before tax |
21,635,042 |
21,459,098 |
0.82 |
|
Provision for taxation |
(4,956,509) |
(8,585,190) |
(42.27) |
|
Profit / (Loss) after tax |
16,678,533 |
12,873,908 |
29.55 |
|
|
|
|
|
|
Creditors |
91,402,074 |
54,899,347 |
66.49 |
|
Debtors |
6,258,694 |
8,623,403 |
(27.42) |
|
Cash & bank balances |
95,354,260 |
101,095,062 |
(5.68) |
|
|
|
|
|
|
Growth trend |
|
|
|
|
Sales growth (%) |
27.74% |
|
|
|
Gross profit growth (%) |
25.92% |
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
Current ratio |
(1.03) |
(1.00) |
|
|
Quick ratio |
(1.00) |
(0.98) |
|
|
Total liabilities to net worth ratio (%) |
(201.60) |
(200.56) |
|
|
|
|
|
|
|
Profitability |
|
|
|
|
Return on sales (%) |
1.80 |
1.78 |
|
|
Return on net worth (%) |
11.95 |
9.69 |
|
|
|
|
|
|
|
Contact person |
Mr. Muhammad Amir |
|
Position |
Senior Accounts Manager/ Secretary |
|
Contact Person Comments |
Mr. Muhammad Amir
confirmed business operations and shared business information, including
financials. |
|
Analyst’s Observations/ comments |
The office was comprised of ten air-conditioned rooms, with fifteen
computers and average furniture. Sixty to sixty five employees were present in the office, busy in
their respective tasks. Samples of Medicines Products were observed at site. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.39 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.