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Report Date : |
31.08.2014 |
IDENTIFICATION DETAILS
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Name : |
THE SEARLE COMPANY LIMITED |
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Formerly Known As : |
SEARLE PAKISTAN LIMITED |
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Registered Office : |
1st Floor, |
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Country : |
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Financials (as on) : |
30.06.2013 (Unconsolidated ) |
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Date of Incorporation : |
05.10.1965 |
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Com. Reg. No.: |
0002161 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
· Manufacturer of Pharmaceutical Products and a low calorie sweetener and also engaged in the sale of foods and consumer items. ·
Subject also provides services relating to
manufacturing of Pharmaceutical Products for other Companies |
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No. of Employees |
490 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (Without Financial) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 saless 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 |
THE SEARLE
COMPANY LIMITED
(FORMERLY: SEARLE PAKISTAN LIMITED)
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Registered
Address |
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1st Floor, N.I.C.
Building, Abbasi Shaheed Road, Karachi, Pakistan |
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Tel # |
92
(21) 35674321 - 35674328 (8 Lines) |
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Fax # |
92
(21) 35687693 |
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URL : |
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Manufacturing Unit
32 KM Multan Road, Lahore, Pakistan
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a. |
Nature of Business |
Manufacturing of
Pharmaceutical Products and a low calorie sweetener and also engaged in the
sale of foods and consumer items. The Company also provides services relating
to manufacturing of Pharmaceutical Products for other Companies |
|
b. |
Incorporation Date |
05.10.1965 |
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c. |
Registration # |
0002161 |
Product details
·
Allergy / Cough / Cold
·
Analgesics / Muscle Relaxants
·
Antibiotics / Anti-Malarial
·
Cardiovascular
·
Consumer IBL Brands
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Endocrinology / Metabolism
·
Gastrointestinal
·
Gynecology / Urology
·
Nutritional & Healthcare
·
Neurology / Psychiatry
·
Orthopedics / Rheumatology
·
Probiotics Supplements
·
Respiratory
·
Vitamins Supplements
·
IV Solutions
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Address |
F-319, S.I.T.E., Karachi, Pakistan |
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Tel # |
92 (21) 32578001 - 32578007 (7
Lines) |
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Fax # |
92 (21) 32564667 |
|
Grant Thornton
Anjum Asim Shahid Rahman (Chartered Accountants) |
Searle Pakistan Limited (the Company) was incorporated in Pakistan as a
private limited company in October 1965. In November 1993, the Company was
converted to a public limited company. Its shares are quoted on Karachi and
Islamabad stock exchanges of Pakistan
|
Names |
Designation |
|
Mr.
Rashid Abdulla Mr.
S. Nadeem Ahmed Mr.
Zubair Palwala Mr.
Munis Abdullah Mr.
Asad Abdulla Mr.
Ayaz Abdulla Mr.
Adnan Asdar Ali |
Chairman CEO & Managing Director Director Director Director Director Director |
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Categories |
Shareholding (%) |
|
Directors,
CEO and their spouse and minor children Associated
Companies, undertakings and related parties NIT & ICP Public
Sector Companies Banks, DFIs
and NBFIs Insurance
Companies Modarabas Mutual
Funds General
Public Others |
0.06 55.96 2.95 4.53 0.10 3.23 2.60 7.41 21.38 1.77 |
A. Subsidiary
(1)
IBL HealthCare (Private) Limited, Pakistan
B. Associated
Companies
(1) International Brands
Limited, Pakistan.
(2)
First IBL Modaraba, Pakistan.
(3)
First UDL Modaraba, Pakistan.
Manufacturing of Pharmaceutical Products and a low calorie
sweetener and also engaged in the sale of foods and consumer items. The Company
also provides services relating to manufacturing of Pharmaceutical Products for
other Companies
490
Installed
capacity Actual Actual
per annum Production
Production
(Based on Eight hours) 2013 2012
(‘000) (‘000) (‘000)
Liquid (Bottles) 8,000 37,291 45,078
Tablets (numbers) 440,000 1,413,391 1,653,198
Capsules (numbers) 45,000 62,820 52,133
Sachets (numbers) 19,200 16,717 28,024
Pouches (numbers) - 1,354 734
Injectibles (numbers) 5,280 19,875 15,600
Jars
(numbers) - 414 1,179
The current actual production capacity of Capsules
and Sachets was under utilized on account of lower demand.
|
Year |
In Pak Rupees |
|
2013 |
5,149,798,000/- |
(Foreign)
· GD SEARLE, U.S.A.
· SANOFI AVENTIS, U.S.A.
· GRUNENTHAL, GERMANY.
· 3M PHARMACEUTICALS, U.S.A.
· FOREST LABORATORIES UK LIMITED. U.K.
· ORION, FINLAND.
· LISA PHARMA, ITALY.
· MEAD JOHNSON & COMPANY, U.S.A.
· INTERSURGICAL LIMITED, U.K.
Mainly exist at major
cities of Pakistan
Mainly to Sri
Lanka, Sudan, Ethiopia, Kenya, Uganda, Yemen, Bangladesh, Myanmar, Tanzania
(1) Habib Bank Limited,
Pakistan.
(2) National Bank of
Pakistan.
(3) Soneri Bank Limited,
Pakistan.
(4) Standard Chartered
Bank, Pakistan.
(5) Citibank N.A.,
Pakistan.
(6) Habib Metropolitan
Bank Limited, Pakistan.
(7) Faysal Bank Limited,
Pakistan.
(8) Allied Bank Limited,
Pakistan.
Company has been able to grow saless from 5.7 billion to 6.0 billion, an
increase of 6.3% (2012: 16.0%). The decrease in percentage growth is mainly due
to our increased focus on high margin brands also resulting in a gross margin
of 45.0% as compared to 41.5% last year.
Group’s strong sales base and focused management provides a clear
platform for growth, with 2014 making a start of what should be a series of
growth years for the group. The management of the group is working diligently
to overcome challenges and achieve its medium and long term goals. The medium
term objectives include continued focus on producing high quality products that
meet the demand of health professionals and patients. We are committed to
provide accurate health information, safety and protection, clean environment,
medical education and health care to Pakistan and Global Markets.
Searle Pakistan
Limited (SPL) was incorporated in Pakistan as a Private Limited Company on
October 5, 1965 as a subsidiary of G.D. Searle & Co., U.S.A. Today, Searle
is one of the leading pharmaceutical companies in Pakistan having two
state-of-the art manufacturing facilities in Lahore, and Karachi, Pakistan. The
manufacturing plant based in Karachi is one of the most modern in the country.
We have consistently invested heavily in new technologies and the latest
production & quality control equipment, which is the driving force behind
the consistently high quality of Searle products.
· Pakistan Pharmaceutical Manufacturers Association.
·
Karachi Chamber of Commerce & Industry.
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Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 100.20 |
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UK Pound |
1 |
Rs. 165.00 |
|
Euro |
1 |
Rs. 138.00 |
Subject Company enjoys good reputation in Pakistan business circle. Directors of the Company are reported as qualified, experienced and resourceful businessmen. Payments are usually correct and as per commitments. 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.60.48 |
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|
1 |
Rs.100.35 |
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Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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.