MIRA INFORM REPORT

 

 

Report Date :

16.04.2014

 

IDENTIFICATION DETAILS

 

Name :

AGP (PVT) LIMITED

 

 

Registered Office :

B-23, S.I.T.E., Karachi, Pakistan

 

 

Country :

Pakistan

 

 

Date of Incorporation :

1957

 

 

Com. Reg. No.:

0000908

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture & Marketing of Pharmaceutical Products

 

 

No. of Employees

249

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Pakistan

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately  High Risk

C1

High Risk

 

C2

Very High Risk

 

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 was 6.6% in 2013, 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. 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 the following two years, 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 3.5% per year from 2008 to 2013. 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

 

AGP (PVT) LIMITED

 

 

Full Address       

 

Registered Address & Factory

B-23, S.I.T.E., Karachi, Pakistan

                       

Tel #

92 (21) 111-247-247, 32565694

Fax #

92 (21) 32570689

 

 

Short Description Of Business

 

a.

Nature of Business        

Manufacture & Marketing of Pharmaceutical Products

b.

Year Established

1957

c.

Registration #

0000908

 

 

Branches

           

In Hyderabad, Sukkur, Quetta, Multan, Faisalabad, Lahore, Gujranwala, Rawalpindi & Peshawar

           

 

Auditors

 

Ernst & Young Ford Rhodes Sidat Hyder

(Chartered Accountants)

601-603, Progressive Plaza, Beaumont Road, Karachi, Pakistan

 

 

Legal Status

 

Subject Company was established as a Private Limited Company in 1957

 

Authorized Capital     

Rs. 300,000,000/- divided into 300,000 shares of Rs. 1000/- each

Issued & Paid up Capital

Rs. 6,580,000/- divided into 6,580 shares of Rs. 1000/- each

 

 

Details of Directors

           

Names

Nationality

Address

Occupation

Designation

Mrs. Nusrat Munshi

 

 

 

 

 

Mr. Asif Gohar

 

 

 

 

 

Mr. Marzook Mahfooz

Pakistani

 

 

 

 

 

Pakistani

 

 

 

 

 

Pakistani

 

 

Flat No. A-50, Galaxy Skyline, Plot No. 28-A, Phase VI, D.H.A., Karachi

 

6-A/II, 10th South Street Extension, Defence Housing Authority, Karachi

 

5/A, 11th South Street Extension, Defence Housing Authority, Karachi

Business

 

 

 

 

 

Business

 

 

 

 

 

Business

 

 

Chief Executive

 

 

 

 

 

Director

 

 

 

 

 

Director

 

 

Shareholders                

           

Names

No. of Shares

Mr. Asif Gohar

 

Mr. Marzook Mahfooz

 

Pharmonte Limited, Switzerland

4,995

 

5

 

1,580

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

None                                            

           

B.         Associated Companies

 

(1)     Sanofi Aventis Pakistan Limited, Pakistan.

(2)     The Anglo French Drug Company Pakistan (Pvt) Limited, Pakistan.

(3)     Eli Lilly Gohar (Private) Limited, Pakistan.

(4) Avery Scales (Pvt) Limited, Pakistan.

(5) AGT Systems (Pvt) Limited, Pakistan.

(6) Trade Wind Associates (Pvt) Limited, Pakistan.

(7) Bayer CropScience (Pvt) Limited, Pakistan.

(8) Ali Gohar & Company (Pvt) Limited, Pakistan.

           

 

Products

 

ACTI-5, ADAMON, ALGOCIN, ANAFORTAN, ASTELIN, BETADINE, CHYMORAL, CONTROLOC, CROMETIN A, CROZYL, CYTEAL, DOLOFEN, DOLOFLAM, EKSALB, ENZAR, GLUCONORM, GROFENAC, HAPRO, LUCAST, MAGNOPYROL, MAGNUS, MAXNA, MELFAX, MERLON, MIKAN, CONTINUS, NEOGENE, OSLIN, OSSOPAN 800, PANTOLAX,  PERMIXON, PHYLLOCONTIN, POSTERISAN FORTE, PROCLOR, PROLIXAN, RHINOLAST, RIGIX, RIOPAN 800, RUBIFER, SINAXAMOL PLUS, SINUPRET, SOMATOSAN, SPASLER, SPASLER NEO, TARDYFERON, TEBOKAN FORTE, THEOPLUS, TRICEF, UROMITEXAN, URSOFALK, VITARNIN, VIVIOPTAL

 

 

Number of Employees

 

249

 

 

Actual Capacity & Production

 

The capacity and production of the Company’s plant is indeterminable as it is multi-product and involves varying processes of manufacture.

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2013

700,000,000/- (Estimated)

 

 

Trade Suppliers (Foreign)

 

(1) ALEMBIC LIMITED, INDIA.

(2) AUROBINDO PHARMA LIMITED, INDIA.

(3) CIPLA LIMITED, INDIA.

(4) DEPA PHARMACEUTICAL ACTIVE MATERIAL INC, TURKEY.

(5) JUPITER BIOSCIENCE LIMITED, INDIA.

(6) KAIRAV CHEMICALS LIMITED, INDIA.

(7) LUPIN CHEMICALS LIMITED, THAILAND.

(8) NITSON LABORATORIES, INDIA.

(9) POL PHARMA S.A., POLAND.

(10) PCAS PHARMA SYNTHESIS, FRANCE.

(11) RASULA PHARMA & FINE CHEMICALS, INDIA.

(12) RANBAXY LABORATORIES LIMITED, INDIA.

(13) SCHWARZ PHARMA, IRELAND.

(14) WOCKHARDT LIMITED, INDIA.

 

 

Distributors Network

 

Mainly exist at major cities of Pakistan

 

 

Bankers

 

(1) Allied Bank Limited, Pakistan.

(2) Habib Bank Limited, Pakistan.

(3) KASB Bank Limited, Pakistan.

(4) Bank Alfalah Limited, Pakistan.

 

(Total Mortgage obtained PKR: 840,010,000/-)

 

 

Memberships

 

·         Karachi Chamber of Commerce & Industry.(KCCI)

·         Pakistan Pharmaceutical Manufacturers Association.(PPMA)

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 98.50

UK Pound

1

           Rs. 164.00

Euro

1

           Rs. 135.00

 

 

Comments

 

Subject Company was established in 1957 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.60.26

UK Pound

1

Rs.100.70

Euro

1

Rs.83.27

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

PDT

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.