MIRA INFORM REPORT

Report Date :

29.10.2013

IDENTIFICATION DETAILS

Name :	MEDICAIDS PAKISTAN PVT LTD (MP)

Registered Office :	Plot No.10, Sector-27, Korangi Industrial Area, Karachi-74900,

Country :	Pakistan

Date of Incorporation :	02.03.1970

Com. Reg. No.:	0003085

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Medicines.

No. of Employees :	100

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
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

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

MEDICAIDS PAKISTAN PVT LTD (MP)

GENERAL INFORMATION

Business Name	Medicaids Pakistan Pvt Ltd. (MP)
Address	Plot No.10, Sector-27, Korangi Industrial Area, Karachi-74900, Pakistan.
Telephone	(+92) (21) 35051960, 35051961,35070563
Fax	(+92) (21) 35068434, 35887159
Email	medicaid@cyber.net.pk, info@medicaids.com.pk
Website	www.medicaids.com.pk
Business activities	Manufacturer of Medicines.

Registry Details

CRO Registration Number	0003085
Date of Registration	March 02, 1970

Other registry details:

Current Legal Form

Private Limited Liability Company

National Tax Registration Number

0711118-5

Date of Registration

28-Jan-1996

GST Registration Number

1100300401046

Date of Registration

22-Jul-1996

ISO Certification

ISO 9001-2008

Capital

Type	No. of Shares	Par Value	Total Value
Authorized	15,000	100	1,500,000
Issued, Subscribed & Paid-Up	13,421	100	1,342,100

History

Who started	Mr. Amjad Ali Khan
When started	March 02, 1970
Change in management	No change
Year of change	No change
Change in legal status	No change
Year of change	No change
Change in business name	No change
Year of change	No change

PRINCIPALS (SPONSORS)

Name	Number of Shares	Nationality	Appointment Date (Last)
Mr. Amjad Ali Khan	7,004	Pakistani	31 OCT 2011
Mrs. Nighat Amjad	3,421	Pakistani	31 OCT 2011
Mr. Waqas Ali Khan	2,996	Pakistani	31 OCT 2011
Total	13,421

KEY MANAGEMENT

Name	Position in organization	Qualification	Years in employment
Mr. Amjad Ali Khan	CEO	Not Disclosed	Not Disclosed
Mr. Masood	Finance Manager	Not Disclosed	Not Disclosed
Mr. Ifran	Import Manager	Not Disclosed	Not Disclosed

Statutory offices	Name of service provider
Statutory Auditors	Saghir Ahmed & Co
Legal Advisory Services	Mukhtar Ahmed Junejo Abdus Salam

BANKERS

Bank name	Approved financing limits PKR
Habib Bank Ltd	700,000
MCB Bank Ltd	3,000,000
Habib Metropolitan Bank Ltd	14,135,000
Faysal Bank Ltd	20,000,000
Total	37,835,000

DETAILS OF BUSINESS ACTIVITIES

The core business focus of MP is Manufacturing of Medicines. MP Manufactures & Markets Medicines in various forms i.e. tablets, capsules, suspension – powder & liquid.

Products are:

Eye Drops

Cevocip, Dicsod, Flometh, Foza-T, Oxacol, Timox, Tobac, Tobac-D, Prednimed

ANTI-BACTERIAL

Bioxim, Ecocef (Im), Ecocef (IV), Genixime, Genixime – DS, Vantin

CEPHALOSPORIN

Cefurox, Octadin, Zeboxil

QUINOLONES

Cevocip, Gramocin, Tefnel, Sparmed

ANTI-MALARIAL

Arteblax, Arteblax – L, Arteblax-L DS

NSAID

Dicsod, Dicsod – K, Ibufin, Mediprufen, Magix

ANTI-PEPTIC

Sucrafate, Alpazol, Esmed, Lintox, Elspar, Dart, Gastramed, Rabopep

Purchases (Incl. Imports)

Imports from	India, China, France
Importing terms	Sight L/C, D/P & Advance
Local	Pakistan – Nationwide
Local buying terms	Cash and Credit of 30 Days

Sales (Incl. Exports)

Exports to	Vietnam & Philippines
Exporting terms	Advance & Sight L/C
Local	Pakistan – Nationwide
Local selling terms	Cash and Credit of 30 Days

NUMBER OF EMPLOYEES

Nature of employment	Current Year	Previous Year
Permanent	100	100
Total	100	100

BUSINESS FACILITIES

Head office Address

Owned / Rented

Area (approx)

Plot No.10, Sector-27, Korangi Industrial Area, Karachi-74900,
Pakistan.

Undetermined

96,000 ft²

Factory Address

Owned / Rented

Area (approx)

Plot No.10, Sector-27, Korangi Industrial Area, Karachi-74900,
Pakistan.

Undetermined

96,000 ft²

MARKET REPUTATION

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.

DETAILS OF RELATED BUSINESSES

Business Name	City	Line of Business	Percentile of Shareholding
None reported by the contact person or identified during investigation.

BUSINESS PERFORMANCE

Business performance could not be analyzed as the contact person refused to share financial information.

INTERVIEW & REPORTER COMMENTS

Contact person	Mr. Ifran
Position	Import Manager
Comments	Mr. Ifran confirmed business operations and business information however; he refused to share financial information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.50
UK Pound	1	Rs.99.49
Euro	1	Rs.84.88

INFORMATION DETAILS

Report Prepared by :

NIS

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.