|
Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
VENUS PHARMA
|
|
|
|
|
Registered Office : |
07-Fazal Elahi Market, Urdu Bazar, Lahore |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year of Establishments: |
1991 |
|
|
|
|
Legal Form : |
Partnership Concern |
|
|
|
|
Line of Business : |
Manufacturers of life saving drugs and importers of raw
materials. |
|
|
|
|
No. of Employees : |
250 |
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 |
|
Business Name |
Venus Pharma |
|
Address |
07-Fazal Elahi Market, Urdu Bazar, Lahore Factory Address: 23-K.M Multan Road, Lahore |
|
Telephone |
(+92) (42) 35966652, 359666654 |
|
Fax |
(+92) (42) 37122983 |
|
Mobile |
(+92) (321) 4646404 |
|
Email |
|
|
Website |
|
|
Business activities |
Manufacturers of life saving drugs and importers of raw
materials. |
The business is an Unregistered Partnership Firm
|
CRO Registration
Number |
Not Applicable |
|
Date of Registration |
Not Applicable |
|
Current Legal Form |
Partnership Concern |
|
National Tax
Registration Number |
2577884-6 |
|
Date of Registration |
26-Jan-2006 |
|
STRN Registration
Number |
03-90-9999-134-91 |
|
Date of Registration |
30-Mar-1996 |
|
Status |
Active taxpayer with 100% compliance rate |
|
Authorized |
Not applicable |
|
Partnership Capital |
Rs. 78,095,310 |
|
Who Started |
Mr. Pervaiz Iqbal Siddiqi |
|
When Started |
1991 |
|
Change in Management |
Nil |
|
Year of change |
Nil |
|
Change in Legal
Status |
Nil |
|
Year of change |
Nil |
(SPONSORS)
|
Name |
Age |
Nationality |
Experience in related field |
|
Mr. Pervaiz Iqbal Siddiqi |
Not Provided |
Pakistani |
22 years |
|
Mrs.
Saleem Javed |
Not Provided |
Pakistani |
House Wife |
|
Name |
Position in
organization |
Qualification |
Years in employment |
|
Mr. Pervaiz Iqbal
Siddiqi |
Managing Partner |
Graduation |
22 years |
|
Mr. Waqas Abdullah |
Manager Imports |
Graduation |
22 years |
|
Statutory
offices |
Name of service provider |
|
Statutory
Auditors |
Shafique
& Company |
|
Legal
Advisory Services |
Sheikh
Zaheer Husain Associates |
|
NIB Bank Limited-NIB House Branch, Lahore |
|
United Bank Limited-Anarkali Branch, Lahore |
Subject firm is involved in manufacturing of life saving drugs/medicines and imports of pharmaceutical raw materials.
Product names are
01) Valron P Tablets
02) Gentamicin Inj. 80Mg
03) Vicobal Inj 500Mg
|
Imports from |
China and India |
|
Importing terms |
LC |
|
Local % |
05% |
|
Local buying terms |
Cash and Credit |
|
Exports to |
Kingdom of Saudi Arabia |
|
Exporting terms |
L.C |
|
Local % |
90% |
|
Local selling terms |
Cash and Credit (30 days) |
|
Distributors and Wholesalers |
|
Nature of employment |
Current Year |
Previous Year |
|
Permanent |
100 |
80 |
|
Contractual |
150 |
100 |
|
Daily wages |
-- |
-- |
|
Total |
250 |
180 |
|
Head office Address: Owned / Rented Area (approx) |
07-Fazal Elahi Market, Urdu Bazar, Lahore Rented (Rent agreement not provided) 300 sq ft |
|
Factory/Warehouse
Address: Owned / Rented Area (approx) |
23-K.m Multan
Road, Lahore Owned (Property document
not seen) 18 kanal |
Few suppliers and a player in the same line of business were contacted to get a feedback about VP, 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 contacted person |
|||
The contact person declined to share financial statements however responded to few figures such as:
- Partners’ capital is PKR 78,095,310.00
- Revenue (year ended 2012) PKR 160,590,697.00
|
Contact person |
Mr. Waqas Abdullah |
|
Position |
Manager Imports |
|
Comments |
The contact person confirmed business information and
operations of the organization but declined to share financial statements however
Sales and Capital figures for the year 2012 is provided. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.78 |
|
|
1 |
Rs.99.06 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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.