MIRA INFORM REPORT

Report Date :

29.04.2014

IDENTIFICATION DETAILS

Name :	SEMOS PHARMACEUTICALS (PVT) LIMITED

Registered Office :	Plot # 11, Sector 12-A, North Karachi Industrial Area, Karachi

Country :	Pakistan

Year of Establishment :	1993

Com. Reg. No.:	0029890

Legal Form :	Private Limited Company

Line of Business :	Engaged in manufacturing & marketing of pharmaceutical products

No of Employees :	96

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 :	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

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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

SEMOS PHARMACEUTICALS (PVT) LIMITED

Full Address

Registered Address & Factory

Plot # 11, Sector 12-A, North Karachi Industrial Area, Karachi, Pakistan

Tel #	92 (21) 36985777, 36959167
Fax #	92 (21) 36981277
Email	semos@cyber.net.pk

Short Description Of Business

a.	Nature of Business	Manufacture & Marketing of Pharmaceutical Products
b.	Year Established	1993
c.	Registration No.	0029890

Branches

Mowlai Mansion, Abba Somar Street,

Gari Khata, M. A. Jinnah Road,

Karachi, Pakistan

Auditors

Shakir Baig & Co.

(Chartered Accountants)

Legal Status

Subject Company was established as a Private Limited Company in 1993

Authorized Capital	Rs. 30,000,000/- divided into 300,000 shares of Rs. 100/- each
Issued & Paid up Capital	Rs. 30,000,000/- divided into 300,000 shares of Rs. 100/- each

Details of Directors

Names

Nationality

Address

Occupation

Designation

Mr. Abdullah Shamim

Mrs. Aliya Shamim

Mr. Tanzil-Ur-Rehman

Pakistani

Plot # 11, Sector 12-A, North Karachi Industrial Area, Karachi

Business

Chief Executive

Director

Shareholders

Names

No. of Shares

Mr. Abdullah Shamim

Mrs. Aliya Shamim

Mr. Tanzil-Ur-Rehman

292,750

5,250

2,000

Associates

A. Subsidiary

None

B. Associated Companies

- Do -

Products

Manufacture & marketing of Pharmaceutical Products by its brand names of BESTILO, CELECOXX, CHLORPHEN IRAMINE TABS, LEXILIUM, MEFENAMIC ACID, MOVCOLM, PROMETHAZINE ELIXIR, SEMOCOF, SEMORFEN, SEMOS-C, SEMOSIL, SEMOTOX, SEMOVET-N, SEMOZOL, STOLAC, TRIMAGNA, VOLNAC

Subject product ranges includes :

· Amoebicides

Anthelmintics

Anti-Acne

Anti-Anaemics

Anti-Anaemics/Multi-Vitamins

Anti-Bacterial

Antibiotics

Anti-Coagulants / Platelet Aggregation

Anti-Depressants

Anti-Diarrhoeals

Antidotes

Antiemetics, Antinauseants & Gastoprokinetics

Anti-Histamines

Anti-Malarial

Anti-Peptic Ulcerants

Anti-Rheumatics Chest Rubs / Inhalants

Anti-Rheumatics, Systemic

Antispasmodic / Anticholinergic

Beta Blocking Agent

Bone Metabolism

Bronchodilators / Anti-Asthma

Corticosteroid Anti-Bacterial

Corticosteroid Anti-Infective

Cough Expectorant

Hypolipidemics / Anti-Atheroma

Laxative Stimulant

Muscle Relaxants

Mycolytic Agent

Non-Narcotic Analgesics

Vitamin

Number of Employees

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.

Trade Suppliers

(Foreign)

(1) COIN CHEMICAL INDUSTRIAL CO. LIMITED, SINGAPORE.

(2) SHANDONG XINHUA PHARMACEUTICAL CO. LIMITED, CHINA.

(3) SHANGHAI ESSENTIAL OILS & AROMATICS IMP & EXP, CHINA.

Annual Sales Volume

Year	In Pak Rupees
2012	180,000,000/- (Estimated)

Distributors

Mainly exist at major cities of Pakistan

Bankers

(1) Allied Bank Limited, Pakistan.

(2) United Bank Limited, Pakistan.

(3) Habib Metropolitan Bank Limited, Pakistan.

(4) Habib Bank Limited, Pakistan.

Memberships

· Pakistan Pharmaceutical Manufacturers Association.(PPMA)

Karachi Chamber of Commerce & Industry.(KCCI)

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 99.50
UK Pound	1	Rs. 167.00
Euro	1	Rs. 137.25

Comments

Subject Company was established in 1993 and is engaged in manufacture & marketing of Pharmaceutical Products. Market reputation is satisfactory. Trade relations are reported as fair. Subject can be considered for normal business dealings at usual trade terms & conditions.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.50
UK Pound	1	Rs.101.69
Euro	1	Rs.83.62

INFORMATION DETAILS

Analysis Done by :	DIV

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%)

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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.