|
Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
MANHATTAN PHARMA (MP) |
|
|
|
|
Registered Office : |
209/3-B, Sector-5, Korangi Industrial Area Karachi 74900 |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year of Establishment : |
1978 |
|
|
|
|
Legal Form : |
Unregistered Partnership Firm (URF), |
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|
|
|
Line of Business : |
Manufacturing of medicines for poultry & livestock |
|
|
|
|
No. of Employees : |
45 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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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 |
|
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
MANHATTAN PHARMA (MP)
|
Business Name |
Manhattan Pharma (MP) |
|
Address |
209/3-B, Sector-5, Korangi Industrial Area Karachi 74900, Pakistan. |
|
Telephone |
(+92) (21) 35052673, 35052674, 35070768, 35070349 |
|
Fax |
(+92) (21) 35052696 |
|
Email |
|
|
Website |
|
|
Business activities |
Manufacturing of medicines for poultry & livestock |
The business is stated to be a Unregistered Partnership Firm (URF),
which was established some 30 years back. Exact year of establishment could not
be confirmed from market sources. Please note that registering a partnership
business with Registrar of Firms is not a mandatory requirement for running the
business therefore mostly the partnerships are unregistered.
|
Authorized |
N/A |
|
Issued, Subscribed & Paid-Up |
N/A |
|
Who Started |
|
|
When Started |
1978 |
|
Change in Management |
No Change |
|
Year of change |
No Change |
|
Change in Legal Status |
No Change |
|
Year of change |
No Change |
|
Name |
Number of Shares |
Nationality |
National ID Number |
|
Mr. Shakeel Hashmi |
Not Disclosed Not Disclosed |
Pakistani Pakistani |
Not Disclosed Not Disclosed |
|
Mr. Aqueel Hashmi |
Not Disclosed |
Pakistani |
Not Disclosed |
|
Name |
Position in organization |
Qualification |
Years in employment |
|
Managing Partner |
Not Disclosed |
Not Disclosed |
The core business focus of MP is Manufacturing and marketing of
medicines for poultry & livestock. MP Manufacturers, Marketing &
Exporter of Medicines for Poultry and Livestock
Products
Livestock: CHLOFEN 20%
Injectable Solution, DEXA-MAN Injectable Solution, DICLOCAM Injectable
Solution, EMITRYL FORTE Injectable Solution, Endasite Suspension, IVOROK I %
Injectable Solution, IVOROK-PLUS Injectable Solution, Laxinex-Plus Suspension,
Levaclose-C Suspension, MEPRA-MAN Injectable Solution, MP - GENTA 10%
Injectable Solution, Nitronil Injectable Solution, O.T.Dexa Injectable
Solution, Pararok Dewormer Suspension, Phenacol Injectable Solution, Predison
Injectable, Terra Rok-M 20% Injectable Solution, Trirok Injectable Suspension,
Trirok Suspension (Co-Trimazine), Virmrok Suspension.
Poultry: Anaquin 20% Oral Solution, Angara Vac M,
Angara Vac M, Bactinil 12% Powder W/S, Coliman 20% Oral Solution, Coxin Plus,
Darviquin Liquid, Diurile Powder W/S, Emadek Water Soluble Powder, Emitryl 10%
Oral Solution, Emitryl Forte Injectable Solution, Emitryl Forte 20% Oral
Solution, Emsol Super Water Soluble Powder, Emitryl 10% Oral Solution, Emitryl
Forte Injectable Solution, Emitryl Forte 20% Oral Solution, Emsol Super Water
Soluble Powder, Eryman-200 Water Soluble Powder, Gumborok Water Soluble Powder,
Mp - Genta 10% Injectable Solution, N.C.Done – M Oral Powder W/S, Pencine Oral
Powder W/S, Sindox Oral Powder W/S, Terra M -200 Feed Premix, Tycolidone Oral
Powder W/S, Tylosol 20% Oral Solution, Virmrok Suspension, Zerocox Solution,
Purchases (Incl.
Imports)
|
Imports from |
Not Disclosed |
|
Importing terms |
Not Disclosed |
|
Local |
All over Pakistan |
|
Local buying terms |
Not Disclosed |
Sales (Incl.
Exports)
|
Exports to |
Zimbabwe, Sudan, Saudi Arabia, Kenya, Bahrain, South Africa. |
|
Exporting terms |
Not Disclosed |
|
Local % |
Not Disclosed |
|
Local selling terms |
Not Disclosed |
Type of Customers
|
Wholesalers & Retailers |
|
Nature of
employment |
Current Year |
Previous Year |
|
Permanent |
45 |
45 |
|
Contractual |
Undetermined |
Undetermined |
|
Daily wages |
Undetermined |
Undetermined |
|
Total |
45 |
45 |
|
Head office Address Owned / Rented Area (approx) |
209/3-B, Sector-5, Korangi Industrial Area Karachi 74900, Pakistan. Undetermined Undetermined |
|
Factory Address Owned / Rented Area (approx) |
As above Undetermined Undetermined |
Few manufacturers and a player in the same line of business were
contacted to get a feedback about MP, 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 disclosed by the contact person or identified during
investigation. |
|||
Business performance could not be analyzed as the contact person
declined to share financial information.
Annual revenue USD
1.5 Million (approx)
Certifications
ISO Certificated
Associations
Korangi
Association of Trade & Industry
Pakistan Poultry Association
Pakistan Business Forum
|
Contact person |
Mr. Shakeel Hashmi |
|
Position |
Partner |
|
Comments |
Mr. Shakeel Hashmi confirmed business operations
and business information however; he declined to share financial information.
|
.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.