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Report Date : |
14.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
PFIZER PAKISTAN LIMITED (PPL) |
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Formerly Known As : |
PARKE DAVIS & COMPANY LTD |
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Registered Office : |
12- Dockyard Road, West Wharf Karachi- 74000 |
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Country : |
Pakistan |
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Financial (as on) : |
30.06.2013 |
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Date of Incorporation : |
10.12.1960 |
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Com. Reg. No.: |
0001223 |
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Legal Form : |
Public Limited |
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Line of Business : |
Manufacturer of Medicines |
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No. of Employees : |
1000 |
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 |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Pakistan |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
|
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 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 |
PFIZER PAKISTAN
LIMITED (PPL)
|
Business Name |
Pfizer Pakistan Ltd. (PPL) (formerly Parke Davis & Company Ltd) |
|
Address |
12- Dockyard Road, West Wharf Karachi- 74000 |
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Telephone |
(+92) (21) 32200121-5, 32570621-5 |
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Fax |
(+92) (21) 32310051 |
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Website |
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Business activities |
Manufacturer of Medicines |
Registry Details
|
CRO Registration Number |
0001223 |
|
Date of Registration |
December 10, 1960 |
Other registry &
certification details:
|
Current Legal Form |
Public Limited |
|
National Tax Registration Number |
0711606-3 |
|
Date of Registration |
October 25, 1995 |
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GST Registration Number |
Undetermined |
|
Date of Registration |
Undetermined |
|
Chamber of Commerce & Industry |
Karachi Chamber of Commerce & Industries |
|
ISO Certification |
Undetermined |
Capital
|
Type |
No. of Shares |
Par Value |
Total Value |
|
Authorized |
Rs. 20,000,000 |
Rs. 10 |
Rs. 200,000,000 |
|
Issued, Subscribed & Paid-Up |
Rs. 3,295,924 |
Rs. 10 |
Rs. 32,959,240 |
History
|
Who started |
Mr. John J Powers Jr. Laid |
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When started |
December 10, 1960 |
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Change in management |
None |
|
Year of change |
N/A |
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Change in legal status |
None |
|
Year of change |
N/A |
|
Change in business name |
Parke Davis & Company Ltd. to Pfizer Pakistan Ltd. |
|
Year of change |
2010 |
|
Name |
Number of Shares |
Nationality |
Appointment Date
(Last) |
|
Mr. Iqbal Bengali |
1 |
Pakistani |
April 19, 2008 |
|
Mr. Badaruddin F. Vellani |
1 |
Pakistani |
April 19, 2008 |
|
Syed Ali Asghar Naqvi |
Undetermined |
Pakistani |
September 19, 2013 |
|
Mr. Iftikhar Soomro |
1 |
Pakistani |
September 19, 2013 |
|
S.M. Wajeehuddin |
Undetermined |
Pakistani |
September 19, 2013 |
|
Syed Tilal Safdar |
Undetermined |
Pakistani |
September 19, 2013 |
|
Name |
Position in organization |
Qualification |
Years in employment |
|
Dr. Farid Khan |
CEO |
Undetermined |
Undetermined |
|
Mr. Rehan |
Finance Manager |
Undetermined |
Undetermined |
|
Mr. S.M. Wajeehuddin |
Company Secretary |
Undetermined |
Undetermined |
|
Statutory offices |
Name of service
provider |
|
Statutory
Auditors |
M/s KPMG Taseer Hadi & Co Chartered Accountants |
|
Legal
Advisory Services |
M/s Rizvi, Isa, Afridi & Angel Law Associates |
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Bank name |
Approved financing
limits PKR |
|
Deutsche Bank AG |
420,000,000 |
|
Standard
chartered bank ltd |
225,460,000 |
|
Citi
Bank NA |
Depository relation |
The core business focus of PPL is Manufacturing, Distribution and Marketing of Pharmaceutical Products.
Pfizer Pakistan has been working for the health and well-being of people in Pakistan since 1959. Pfizer Inc. Chief Executive, Mr. John J Powers Jr. Laid the foundations for the first plant to be established in the industrial port area of West Wharf on 5th of February, 1959. The first collaboration was with local distributor, Dumex which led to the distribution of Pfizer products as manufacturing fully started in the year 1961.
Pfizer Pakistan has always remained instrumental in addressing the healthcare challenges faced by the country, meeting them by providing the expertise the company holds in this sector.
PPL provide access to safe, innovative and affordable medicines to millions of Pakistanis. Having a portfolio of medicines that prevent, treat and cure diseases across a range of therapeutic areas allows Pfizer Pakistan to enjoy the reputation of being a leading drug maker in the country.
Pfizer’s Pakistan affiliate provides livelihoods to thousands of households directly and indirectly and employs over 1000 people. The Pakistan affiliate is also responsible for managing distribution networks in Afghanistan.
Products:
Anne French
Fibre Ispaghol
Chap Stick
Alpha Balm
Purchases (Incl. Imports)
|
Imports from |
China, India |
|
Importing terms % |
L/C |
|
Local % |
Sindh – Punjab |
|
Local buying terms |
Cash and Credit of 30 days |
Sales (Incl. Exports)
|
Exports to |
Afghanistan |
|
Exporting terms |
Advance Basis |
|
Local (100%) |
All over Pakistan |
|
Local selling terms |
Cash and Credit of 30 Days |
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Nature of
employment |
Current Year |
Previous Year |
|
All Staff |
1000 |
Undetermined |
|
Total |
1000 |
Undetermined |
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Head office Address Owned / Rented Area (approx) |
12- Dockyard Road, West Wharf Karachi- 74000. Undetermined Undetermined |
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Warehouse address Owned / Rented Area (approx) |
S-33, Hawkes bay Road, SITE Karachi, Pakistan Undetermined Undetermined |
|
Regional Office Owned / Rented Area (approx) |
Industrial Triangle Kahuta Road Islamabad. Undetermined Undetermined |
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Plant address Owned / Rented Area (approx) |
B-2 Site, Karachi. Undetermined Undetermined |
Six distributors were
contacted to get a feedback about PPL, its products and sponsors. 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 |
|
None |
|||
|
Particulars |
30-Jun-13 |
30-Jun-12 |
% Change |
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|
(Rs. 000) |
|
|
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Current assets |
5,019,389 |
4,901,885 |
2.40 |
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Current liabilities |
(957,866) |
(1,013,142) |
(5.46) |
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Working capital |
4,061,523 |
3,888,743 |
4.44 |
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Non-current assets |
1,058,907 |
913,212 |
15.95 |
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Long term liabilities |
(109,059) |
(72,160) |
51.13 |
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Net worth |
5,011,371 |
4,729,795 |
5.95 |
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Turnover |
6,333,350 |
5,731,783 |
10.50 |
|
Gross Profit |
1,973,807 |
1,976,612 |
(0.14) |
|
EBIT |
1,072,788 |
1,039,439 |
3.21 |
|
Profit / (Loss) before tax |
866,847 |
794,928 |
9.05 |
|
Provision for taxation |
(238,063) |
(379,831) |
(37.32) |
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Profit / (Loss) after tax |
628,784 |
415,097 |
51.48 |
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|
|
|
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Creditors |
957,866 |
1,013,142 |
(5.46) |
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Debtors |
484 |
- |
|
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Cash & bank balances |
2,394,505 |
2,413,681 |
(0.79) |
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Growth trend |
|
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Sales growth (%) |
10.50% |
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Gross profit growth (%) |
-0.14% |
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Solvency |
|
|
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Current ratio |
5.24 |
4.84 |
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Quick ratio |
3.16 |
3.03 |
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Total liabilities to net worth ratio (%) |
21.29 |
22.95 |
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Profitability |
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Return on sales (%) |
9.93 |
7.24 |
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Return on net worth (%) |
12.55 |
8.78 |
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|
Contact person |
Mr. Rehan |
|
Position |
Finance Manager |
|
Contact Person Comments |
Mr. Rehan confirmed business operations and business information however; he refused to share financial information. |
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Analyst’s Observations/ comments |
The office of the concern was well established with all the necessary facilities for this kind of business. Fifty to fifty five employees were present in the office. Samples of medicines were observed at the office of the concern. Office is located in main industrial area of Karachi. Pharmacia Pakistan (Pvt.) Ltd merged into Parke Davis in January 2007 and later in 2010 the name was changed to Pfizer Pakistan Ltd. Pfizer Pakistan Ltd. also acquired Pfizer Laboratories Ltd in 2009. Satisfactory Stocks of Medicine were inspected at the time of visit. Signboard was placed in the factory. All machines were observed in working condition. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.27 |
|
|
1 |
Rs.103.47 |
|
Euro |
1 |
Rs.84.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.