|
Report Date : |
31.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
FESTEL
LABORATORIES |
|
|
|
|
Registered Office : |
Link |
|
|
|
|
Country : |
|
|
|
|
|
Year of Establishment : |
2008 |
|
|
|
|
Legal Form : |
Partnership Business |
|
|
|
|
Line of Business : |
Manufacture and marketing of Pharmaceutical
Products |
|
|
|
|
No of Employees : |
48 persons |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Pakistan |
B2 |
B1 |
|
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 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 |
FESTEL LABORATORIES
Registered Address
& Factory
Link Khattarband Road, Thokar Niaz Baig, Multan Road,
Lahore, Pakistan
Tel # 92 (42)
35420919, 35423433, 37532759, 37532773
Fax # 92 (42)
35432482
|
a. |
Nature of Business |
Manufacture & Marketing of Pharmaceutical Products |
|
b. |
Year Established |
2008 |
None
Subject Company was established as a Partnership business in 2008
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Amir Jahangir Mr. Azam Jahangir |
Pakistani Pakistani |
Link Khattarband Road, Thokar Niaz Baig, Multan Road,
Lahore Link Khattarband Road, Thokar Niaz Baig, Multan Road,
Lahore |
Business Business |
Managing Partner Partner |
A. Subsidiary
None
B. Associated
Companies
(1) Apex
Pharmaceuticals, Pakistan.
(1) Subject Company is engaged in manufacture & marketing of Pharmaceutical Products.
(2) It purchases raw material
against D/A, D/P basis
(3) It sells against Cash /
Credit term basis to its local customers.
(4) Its mainly import from Companies belongs to China, Korea, India & European Countries
(5) Its major customers are Distribution
Companies, Pharmacies etc.
(6) Subject operates from caption leased factory premises situated at
industrial area of Lahore.
(7) Subject employs about 48
persons in its set up.
|
Year |
In Pak Rupees |
|
2013 |
26,000,000/- (Estimated) |
The capacity and production of the company’s
plant is indeterminable as it is multi- product and involves various processes
of manufacture.
Habib Metropolitan Bank Limited, Pakistan.
MCB Bank Limited, Pakistan.
United Bank Limited, Pakistan.
Bank Alfalah Limited, Pakistan.
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 102.25 |
|
UK Pound |
1 |
Rs. 168.00 |
|
Euro |
1 |
Rs. 134.00 |
Subject Company was established in 2008 and
is engaged in manufacture & marketing of Pharmaceutical Products. 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.60.47 |
|
|
1 |
Rs.100.35 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SHG |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.