|
Report Date : |
07.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
STANLEY PHARMACEUTICALS (PVT.) LIMITED (SPPL) |
|
|
|
|
Registered Office : |
Plot 84-B Hayatabad Industrial Estate, Jamrud Road, Peshawar |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
15.01.1996 |
|
|
|
|
Legal Form : |
Private Limited Company |
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|
|
|
Line of Business : |
Manufacturing of Pharmaceutical products |
|
|
|
|
No. of Employees : |
80 |
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Pakistan |
B2 |
B2 |
|
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 |
STANLEY
PHARMACEUTICALS (Pvt.) LIMITED (SPPL)
|
Business Name |
STANLEY PHARMACEUTICALS (PVT.) LIMITED (SPPL) |
|
Address |
Registered
Address: Plot 84-B Hayatabad Industrial Estate,Jamrud Road, Peshawar |
|
Telephone |
(+92) (91) 5817468 (+92)(91) 5817469 |
|
Fax |
(+92) (91) 5818963 |
|
Email |
|
|
Website |
|
|
Business activities |
Manufacturing of Pharmaceutical products |
Registry Details
|
CRO Registration Number |
0036045 |
|
Date of Registration |
January 15, 1996 |
Other registry
& certification details:
|
Current Legal Form |
Private Limited Company |
|
National Tax Registration Number |
0709000-5 |
|
Date of Registration |
July 06, 1996 |
|
GST Registration Number |
0501300401455 |
|
Date of Registration |
November 10, 1997 |
|
Chamber of Commerce & Industry |
Peshawar Chamber of Commerce & Industries |
|
ISO Certification |
Undetermined |
|
Other certifications |
Undetermined |
Capital
|
Type |
No. of Shares |
Par Value |
Total Value |
|
Authorized |
100,000 |
100 |
10,000,000 |
|
Issued, Subscribed & Paid-Up |
100,000 |
100 |
10,000,000 |
History
|
Who started |
Mr. Tilla Muhammad |
|
When started |
January 15, 1996 |
|
Change in management |
None |
|
Year of change |
N/A |
|
Change in legal status |
None |
|
Year of change |
N/A |
|
Change in business name |
None |
|
Year of change |
N/A |
|
Name |
Number of Shares |
Nationality |
Appointment Date
(Last) |
|
Mr. Zia Muhammad |
20,268 |
Pakistani |
October 31, 2011 |
|
Mr. Tilla Muhammad |
17,727 |
Pakistani |
October 31, 2011 |
|
Mr. Riaz Muhammad |
17,727 |
Pakistani |
October 31, 2011 |
|
Other share holder |
|
|
|
|
Mrs. Shehnaz |
15,606 |
|
|
|
Mrs. Nagina Riaz |
15,606 |
|
|
|
Mrs. Nagina Zia |
13,066 |
|
|
|
Total |
100,000 |
|
|
|
Name |
Position in organization |
Qualification |
Years in
employment |
|
Mr. Tilla Muhammad |
Chief Executive Officer |
Undetermined |
Undetermined |
|
Mr. Zia Muhammad |
Managing Director |
Master |
Undetermined |
|
Statutory offices |
Name of service
provider |
|
Statutory Auditors |
M/s. Rafaqat Babar & Co Chartered Accountants |
|
Legal Advisory Services |
Ms. Sherin Khan |
|
Bank name |
Approved financing
limits PKR |
|
Habib Bank Ltd |
Rs. 24,520,547 |
|
Habib Bank Ltd |
Rs. 20,000,000 |
|
Habib Bank Ltd |
Rs. 3,161,250 |
|
Bank Alfalah Ltd |
Depository relation |
|
NIB Bank Limited |
Depository relation |
The core business focus of SPPL
is manufacturing of pharmaceutical products.
Products:
Purchases (Incl.
Imports)
|
Imports from |
UK, Italy, USA |
|
Importing terms |
L/C |
|
Local |
All over Pakistan |
|
Local buying terms |
Cash and Credit of 30-45 days |
Sales (Incl.
Exports)
|
Exports to |
Afghanistan |
|
Exporting terms |
N/A |
|
Local |
(All over Pakistan) |
|
Local selling terms |
Cash and Credit of 45-60 Days |
|
Nature of employment |
Current Year |
Previous Year |
|
All Staff |
80 |
80 |
|
Total |
80 |
80 |
|
Head office Address Owned / Rented Area (approx.) |
84-B Hayatabad Industrial Estate Jamrud Road Peshawar Leased Undetermined |
|
Factory Address Owned / Rented Area (approx.) |
84-B Hayatabad Industrial Estate Jamrud Road Peshawar Leased Undetermined |
2 buyers were contacted to get a feedback about SPPL and its products. All the feedback
was found Satisfactory and no disputes or untoward events including complaints
about quality of products were reported/ identified during inquiry.
|
Business Name |
City |
Line of Business |
Percentile of Shareholding |
|
Undetermined |
|||
|
Particulars |
30-Jun-13 |
30-Jun-12 |
% Change |
|
|
|
|
|
|
Current assets |
73,863,715 |
64,786,441 |
14.01 |
|
Current liabilities |
56,862,125 |
55,889,305 |
1.74 |
|
Working capital |
17,001,590 |
8,897,136 |
91.09 |
|
|
|
|
|
|
Non-current assets |
62,666,326 |
63,074,004 |
(0.65) |
|
Long term liabilities |
7,261,320 |
8,283,330 |
(12.34) |
|
Net worth |
55,405,006 |
54,790,674 |
1.12 |
|
|
|
|
|
|
Turnover |
463,641,515 |
443,571,587 |
4.52 |
|
Gross Profit |
135,805,869 |
130,480,339 |
4.08 |
|
EBIT |
16,452,588 |
16,029,499 |
2.64 |
|
Profit / (Loss) before tax |
11,880,510 |
11,707,979 |
1.47 |
|
Statutory Provision |
843,516 |
- |
|
|
Provision for taxation |
2,318,208 |
- |
|
|
Profit / (Loss) after tax |
8,718,786 |
11,707,979 |
(25.53) |
|
Creditors |
41,653,554 |
30,481,533 |
36.65 |
|
Stock in Trade |
27,588,169 |
30,986,771 |
(10.97) |
|
Cash & bank balances |
12,556,173 |
5,024,585 |
149.89 |
|
Advanced, Deposit & Prepayments |
33,470,022 |
28,625,691 |
16.92 |
|
Growth trend |
|
|
|
|
Sales growth (%) |
4.52% |
|
|
|
Gross profit growth (%) |
4.08% |
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
Current ratio |
1.30 |
1.16 |
|
|
Quick ratio |
1.29 |
1.16 |
|
|
Total liabilities to net worth ratio (%) |
115.74 |
117.12 |
|
|
|
|
|
|
|
Profitability |
|
|
|
|
Return on sales (%) |
1.88 |
2.64 |
|
|
Return on net worth (%) |
15.74 |
21.37 |
|
|
|
|
|
|
|
Contact person |
Mr. Abdullah |
|
Position |
Admin Manager |
|
Contact Person Comments |
Mr. Abdullah confirmed business operations, business information and
shared financial information. |
|
Analyst’s Observations/ comments |
The office comprised of fourteen air-conditioned rooms, with fifteen
computers and average office furniture. Sixty to Seventy employees were present in the office premises at the
time of physical visit. Different Pharmaceutical Products were observed at site. SPPL have employed skilled and educated staff working for the company. The concern have installed the latest machinery for the production of
its product hence producing quality products. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.50 |
|
|
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.