MIRA INFORM REPORT

Report Date :

27.12.2014

IDENTIFICATION DETAILS

Name :	SIZA INTERNATIONAL (PVT) LIMITED
Registered Office :	18 K.M. Main Ferozepur Road, Lahore
Country :	Pakistan
Year of Establishments :	1978
Com. Reg. No.:	0006462
Legal Form :	Private Limited Company
Line of Business :	Engaged in Manufacture & marketing of Different Pharmaceutical class like Anti Biotic, Anti Malarials, Anti-Rheumatic, Antihistamine, Narcotic Analgesic, Non Steroidal Respiratory Anti Inflamatory, Quinolones, Vitamins, Phenothiazine, Hypolipidaemics, Muscle Relaxant, Amoebicide, Calcium-Antagonist & Cardio Selective Beta Blocker
No of Employees :	165

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Pakistan	b1	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 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.

Source : CIA

Business Name

SIZA INTERNATIONAL (PVT) LIMITED

Full Address

Registered Address

18 K.M. Main Ferozepur Road, Lahore, Pakistan

Tel #	92 (42) 35811172, 35711369, 35763431
Fax #	92 (42) 35812052
Email	factory@sizafac.brain.net.pk

Short Description Of Business

a.	Nature of Business	Engaged in Manufacture & marketing of Different Pharmaceutical class like Anti Biotic, Anti Malarials, Anti-Rheumatic, Antihistamine, Narcotic Analgesic, Non Steroidal Respiratory Anti Inflamatory, Quinolones, Vitamins, Phenothiazine, Hypolipidaemics, Muscle Relaxant, Amoebicide, Calcium-Antagonist & Cardio Selective Beta Blocker
b.	Year Established	1978
c.	Registration #	0006462

Branches

65/2 Syed Maratib Ali Road,
FCC, Gulberg IV, Lahore, Pakistan

Auditors

Arshad Raheem & Co.

(Chartered Accountants)

39-Link Farid Kot Road, Lahore, Pakistan

Legal Status

Subject Company was established as a Private Limited Company in 1978

Authorized Capital	Rs. 30,000,000/- divided into 300,000 shares of Rs. 100/- each
Issued & Paid up Capital	Rs. 16,875,200/- divided into 168,752 shares of Rs. 100/- each

Details of Directors

Names	Designation
Mr. Khawaja Muhammad Zahid Mr. Muhammad Saboor Mr. Muhammad Waqas Rehan Mr. Muhammad Saeed Mr. Muhammad Sadiq Mr. Khawaja Raza Zahid Mr. Khawaja Muhammad Arif Mr. Khawaja Muhammad Asif Razee	Chief Executive Director Director Director Director Director Director Director

Shareholders

Names	No. of Shares
Mr. Khawaja Muhammad Zahid Mr. Muhammad Saboor Mr. Muhammad Waqas Rehan Mr. Muhammad Saeed Mr. Muhammad Sadiq Mr. Khawaja Raza Zahid Mr. Khawaja Muhammad Arif Mr. Khawaja Muhammad Asif Razee Mr. Muhammad Iqbal Mrs. Misbah Arif	24,688 26,709 10 19,219 19,219 17,500 36,813 1,250 19,219 4,125

Associates

A. Subsidiary

None

B. Associated Companies

(1) Lahore Medical Instruments (Pvt) Limited, Pakistan.

Business Activities

Manufacture & marketing of different pharmaceutical class like Anti Biotic, Anti Malarials, Anti-Rheumatic, Antihistamine, Narcotic Analgesic, Non Steroidal Respiratory Anti Inflamatory, Quinolones, Vitamins, Phenothiazine, Hypolipidaemics, Muscle Relaxant, Amoebicide, Calcium-Antagonist & Cardio Selective Beta Blocker with their brand names of ADOLAN, AHYAL, ALEREAS, ALODINE, ALOVAC, AMOR, AMRX, AMYLINE, ANASYNTH, APAROX, AQUASIN, ASMATOL, ASTEMINE, ASTHANIL, AVITA, BIKIL, BISON, CLOPAN, CLOTRIMA, CONVUL, CYPRODIN, DEOCALM, DEVOM, DIABETA, DIPYRON, DUPOPHEN, ELOVIR, EMETIL, EMOTIVAN, EPINAT, GARAN, IMIDOL, INDOCIN, LIMBAR, LIVIAT, LOMPER, LORICIN, LOXAT, MAVEST, MAYADIL, MEGAVIT, METROZIL, MEXAIR, NAUSIN, NEOLOX, NEOSTIG, NIFELAT, NOCTRUM, NUMBAIX, OBRAMYCIN, PARACETAMOL, PRAVA, RANITIDE, RHEUMATIN, ROTAVIT, SAURAN, SIZADOX, SOLVEIN, SOPRA, STYFEN, SUCFATE, WORMAZOLE, XIVAL, ZEEFRA, ZEMYCARD

Number of Employees

165

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	260,000,000/- (Estimated)

Trade Suppliers

(Foreign)

(1) BASELL POLYOLEFINS, BELGIUM.

(2) SHADONG PHARMACEUTICALS, CHINA.

Distributors Network

Mainly exist at major cities of Pakistan

Bankers

(1) MCB Bank Limited, Pakistan.

(2) Habib Bank Limited, Pakistan.

(3) Bank Alfalah Limited, Pakistan.

(4) Faysal Bank Limited, Pakistan.

(5) United Bank Limited, Pakistan.

Memberships

· Lahore Chamber of Commerce & Industry.(LCCI)

· Pakistan Pharmaceutical Manufacturers Association.(PPMA)

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 100.75
UK Pound	1	Rs. 157.25
Euro	1	Rs. 123.00

Comments

Subject Company was established in 1978 and is engaged in manufacture & marketing of Pharmaceutical Products. Directors are reported as resourceful and experienced businessmen. 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.63.64
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Analysis Done by :	RAS
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.