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Report Date : |
04.09.2013 |
IDENTIFICATION DETAILS
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Name : |
BROOKES PHARMA (PVT) LTD. (BPL) |
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Formerly Known As : |
Brookes Pharmaceutical Laboratories (Pak.) Ltd.) |
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Registered Office : |
Plot # 58, Sector # 15, Korangi Industrial Area, Karachi |
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Country : |
Pakistan |
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Date of Incorporation : |
18.12.1984 |
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Com. Reg. No.: |
0012508 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
· Manufacturers of Pharmaceutical Products manufacturer of medicines in various forms such as tablets,
capsules, pellets, gels, injectibles, granules, suspensions and syrups |
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No. of Employees : |
600 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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.
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Source : CIA |
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Business Name |
BROOKES PHARMA (PVT) LTD. (BPL) (Formerly
Brookes Pharmaceutical
Laboratories (Pak.) Ltd.) |
|
Address |
Plot # 58, Sector # 15, Korangi Industrial Area, Karachi
Pakistan |
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Telephone |
9221-35066280/81/82 |
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Fax |
9221-35060005 |
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Email |
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Website |
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Business activities |
Manufacturers of Pharmaceutical Products |
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CRO Registration
Number |
0012508 |
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Date of
Registration |
Dec. 18, 1984 |
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Current Legal Form |
Private Limited |
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National Tax Registration Number |
0709947-9 |
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Date of Registration |
January 1996 |
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GST Registration Number |
1202300000164 |
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Date of Registration |
July 1996 |
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Authorized |
55,000,000 Divided into 5,500,000 Shares @ PKR 10 each |
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Issued, Subscribed & Paid-Up |
51,480,000 Divided into 5,148,000 Shares @ PKR 10 each |
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Name |
Age |
Nationality |
Experience
in related field |
|
Mr. Abdul Haseeb
Khan |
Not disclosed |
Pakistani |
Not disclosed |
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Mr. Nadeem Khan |
Not disclosed |
Pakistani |
Not disclosed |
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Mr. Waseem I.
Khan |
Not disclosed |
Pakistani |
Not disclosed |
|
Mr. Saleem Khan |
Not disclosed |
Pakistani |
Not disclosed |
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Mrs. Ishrat
Haseeb |
Not disclosed |
Pakistani |
Not disclosed |
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Mrs. Farhat
Nadeem |
Not disclosed |
Pakistani |
Not disclosed |
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Mrs. Nudrat Khan |
Not disclosed |
Pakistani |
Not disclosed |
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Mrs. Roohi Saleem |
Not disclosed |
Pakistani |
Not disclosed |
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Name Position in organization |
Age Qualification |
Years
of experience |
Experience
in related field |
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Abdul Haseeb Khan Chief Executive Officer |
Not disclosed |
Not disclosed |
Not disclosed |
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Farrukh M. Mirza Chief Finance Officer |
Not disclosed |
Not disclosed |
Not disclosed |
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Farrukh M. Mirza Company Secretary |
Not disclosed |
Not disclosed |
Not disclosed |
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Statutory offices |
Name of service
provider |
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Statutory Auditors |
Bilwani & Co. Chartered Accountants |
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Legal Advisory Services |
M/s Ata-ur-Rehman & Co. Law Associates |
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Faysal Bank |
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Askari Bank |
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Citibank |
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HabibMetro Bank |
The core business focus of BPL is Manufacturing
of Pharmaceutical Products. BPL manufactures medicines in various forms
i.e. tablets, capsules, pellets, gels, injectibles, granules, suspensions and
syrups. The product lines covers gastro-entomology, anesthesia, dermatology,
cardiology, NSAID and antiseptic drugs.
Product names are:
· Acuron IV Injection (Atracurium Besylate)
Hypozam IM/IV Injection
(Midazolam)
Neo-Choline Injection
(Neostigmine Methylsulphate)
Pancron Injection
(Pancuronium Bromide)
Pyrolate Injection
(Glycopyrrolate)
Neo-Pyrolate
Glycopyrrolate
Sensocain Spinal
(Bupivacaine Hcl in
Dextrose Injection USP)
Sensocain Spinal
(Bupivacaine Hydrochloride)
Phlogin
Ponsac
Arnil (Diclofenac Sodium)
Antibiotics
Quinox (Ofloxacin)
Ryxon Injection
(Ceftriaxone Sodium USP)
Gen-Levo (Levofloxacin)
Gen-Cipro (Ciprofloxacin
USP)
Pyodine (Povidone -
lodine)
Antichol (simvastatin)
Coram (Amlodipine)
Coryton (Losartan
potassium)
Lace (lisinopril, USP)
Dermatology
Oxoferin (Topical
Solution) (Tetrachlorodecaoxide)
Contractubex Gel
Minoxin (Minoxidil 2%)
Viru-Merz (Tromantadine)
Levocit (Levocetirizine
Dihydrochloride)
Pimpal (Adapalene)
ISO-A (Isotretinoin)
Clovirex (Aciclovir BP)
Tezole Tablets / Cream
(Ketoconazole)
Hepato Protective Drugs
Hepa Merz
PK-Merz (Amantadine
Sulphate)
B - Lact Syrup (Lactulose
Solution USP)
Mucolytic
Dostin
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Imports from |
Europe (Mostly Germany) , China, & Taiwan |
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Importing terms |
L/C |
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Local % |
Negligible |
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Local buying terms |
N/A |
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Exports to |
Nil |
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Exporting terms |
N/A |
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Local % |
100% sales in Pakistan – Nationwide |
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Exporting terms |
N/A |
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Local selling terms |
Cash and Credit of 30 Days |
Distributors
The company has plans for expansion and is prepared to make further
headways in other countries as it revamps and upgrades its operations with the
constructions of a whole new production unit.
BPL is also engaged in third party manufacturing for companies,
including reputed multinationals.
Brookes is an ISO 9001, ISO 14001, SA 8000 and OHSAS 18001 certified
company. It is further upgrading its operations to get one more certification
of ISO 17025.
Brookes is an environment friendly organization, which meets all the
NEQS parameters of its effluent and emissions.
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Nature of employment |
Current Year |
Previous Year |
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Permanent |
600 |
600 |
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Contractual |
Nil |
Nil |
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Daily wages |
Nil |
Nil |
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Total |
600 |
600 |
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Head office Address Owned / Rented Area (approx) |
Plot # 58, Sector # 15, Korangi Industrial Area, Karachi
Pakistan Stated to be owned 60,000 Sq. Ft. |
Several distributors and a player in the same line of
business were contacted to get a feedback about BPL, its products and
sponsors. All the feedback were found Satisfactory and no disputes or untoward events
including complaints about quality of products were reported/ identified during
inquiry.
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Business
Name |
City |
Line
of Business |
Percentile
of Shareholding |
|
Merz & Co. |
Undetermined |
Undetermined |
Undetermined |
Business performance could not be analyzed as the contact person declined to share financial information.
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Contact person |
Mr. Abdul Kaleem |
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Position |
Manager Accounts |
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Comments |
Mr. Abdul Kaleem confirmed business operations and business
information however; he declined to share financial information. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.89 |
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UK Pound |
1 |
Rs.103.95 |
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Euro |
1 |
Rs.88.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.