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Report Date : |
03.09.2013 |
IDENTIFICATION DETAILS
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Name : |
ENVOY PHARMACEUTICALS (PVT) LIMITED |
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Registered Office : |
21 KM, IIyas Chowk, Old Muslim Town, Lahore |
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Country : |
Pakistan |
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Year of Establishments: |
2003 |
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Com. Reg. No.: |
0046231 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
manufacturer & marketing of Pharmaceutical Products. |
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No. of Employees : |
84 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
ENVOY PHARMACEUTICALS (PVT) LIMITED
|
Registered Address
& Factory |
|
21 KM, IIyas Chowk, Old Muslim Town, Lahore, Pakistan |
|
Tel # |
92 (42) 37542171, 37542170 |
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Fax # |
92 (42) 7542170 |
Note:
The subject registered address has been changed from 27 K.M., Multan Road, Lahore, Pakistan to above mentioned address.
|
a. |
Nature of Business |
Engaged in manufacture and sale of
Pharmaceutical Products |
|
b. |
Year Established |
2003 |
|
c. |
Registration # |
0046231 |
In Karachi at present
Muhammad Arshad
(Chartered
Accountants)
102-Nawab Plaza,48-Main Shadman, Lahore, Pakistan
Subject Company was established as a Private Limited Company
in 2003
Authorized Capital |
Rs. 10,000,000/- divided into 100,000 shares of Rs. 100/- each |
|
Issued & Paid up Capital |
Rs. 10,000,000/- divided into 100,000 shares of Rs. 100/- each |
|
Names |
Designation |
|
Mr. Syed Qulb-i-
Hussain Mr. Syed Ijaz
Hussain Naqvi Mr. Zafar Abbas
Bhatti Mr. Ejaz Malik Mr. Ghawas Bashir Mr. Imran Hameed |
Chief Executive Director Director Director Director Director |
|
Names |
No. of Shares |
|
Mr. Syed Qulb-i-
Hussain Mr. Syed Ijaz
Hussain Naqvi Mr. Zafar Abbas
Bhatti Mr. Ejaz Malik Mr. Ghawas Bashir Mr. Imran Hameed |
20,000 10,000 10,000 20,000 15,000 25,000 |
Engaged in
manufacture and sale of Pharmaceutical Products by its brand names of ACCION,
AKURATE, ANCIP, ANXILENT, BELEVO, BEPRIDE, BRILGEN, CEFARID, CINCLAR, CINSPAR,
DESGEN, DOLOCALM, ELEVER, EMAGE, ENSPOR, EPIMAX, FACTIFLOX, FLURIDOL, GENPROX,
GINOBAL, HEPTOGEN, KOMBAT, KUMAND, MINOBAL, MYKUIN, MYLIDE, MYODINE, NEOART,
NEONIR, NOVAGESIC, OMETOR, ORLICAL, OSTALEND, PANPRA, PELOXIN, RABIPRA,
RABITON, RENOCIT, SERIDEF
84
The capacity and production of the company’s plant is
indeterminable as it is multi-product and involves varying processes of
manufacture
|
Year |
In Pak Rupees |
|
2011 |
100,000,000/- (Estimated) |
(Foreign)
Subject mainly import from Companies belongs to China, Korea & India
Mainly exist at major cities of Pakistan
·
United Bank
Limited, Pakistan.
·
Standard
Chartered Bank, Pakistan.
·
MCB Bank
Limited, Pakistan.
·
Habib Bank
Limited, Pakistan.
·
Faysal Bank
Limited, Pakistan.
· Pakistan Pharmaceutical Manufacturers Associations.
·
Lahore Chamber of Commerce & Industry.
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 104.00 |
|
UK Pound |
1 |
Rs. 161.00 |
|
Euro |
1 |
Rs. 138.25 |
Subject Company was
established in 2003 and is engaged in manufacture & marketing of
Pharmaceutical Products. Overall reputation is satisfactory. Trade relations are
reported as fair. Subject can be considered for normal business dealings at
usual trade terms and conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.86 |
|
UK Pound |
1 |
Rs.102.52 |
|
Euro |
1 |
Rs.87.06 |
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 |
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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.