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Report Date : |
15.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
S J & G FAZUL ELLAHIE (PVT) LTD (SJG) |
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Registered Office : |
17, Maqbolabad Cooperative Housing Society, Block 7 & 8, Lal Mohammad Choudhry Road, Karachi, 75350 |
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Country : |
Pakistan |
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Date of Incorporation : |
25.06.1957 |
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Com. Reg. No.: |
0000881 |
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Legal Form : |
Private Limited |
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Line of Business : |
Manufacturer of Medicines |
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No. of Employees : |
800 |
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 |
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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 – 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 |
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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 |
S J & G FAZUL
ELLAHIE (PVT) LTD (SJG)
|
Business Name |
S J & G Fazul Ellahie (Pvt.) Ltd. (SJG) |
|
Address |
Registered Address: E-46 S.I.T.E, Karachi Factory Address: E-46 S.I.T.E, Karachi |
|
Telephone |
(+92) (21) 38798291, 021-111-754-754 |
|
Fax |
(+92) (21) 34528709 |
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|
|
|
Website |
www.sjgfazulellahie.com (under construction) |
|
Business activities |
Manufacturer of Medicines |
Registry Details
|
CRO Registration Number |
0000881 |
|
Date of Registration |
June 25, 1957 |
Other registry &
certification details:
|
Current Legal Form |
Private Limited |
|
National Tax Registration Number |
0711914-3 |
|
Date of Registration |
January 28, 1996 |
|
GST Registration Number |
1100300400882 |
|
Date of Registration |
July 18, 1996 |
|
Chamber of Commerce & Industry |
Karachi Chamber of Commerce & Industries |
|
ISO Certification |
None |
Capital
|
Type |
No. of Shares |
Par Value |
Total Value |
|
Authorized |
100,000 |
100 |
10,000,000 |
|
Issued, Subscribed & Paid-Up |
74,000 |
100 |
7,400,000 |
History
|
Who started |
Undetermined |
|
When started |
June 25, 1957 |
|
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. Khalil-ur-Rehman |
18,715 |
Pakistani |
October 31,2011 |
|
Mr. Imran Khalil |
17,686 |
Pakistani |
October 31,2011 |
|
Mr. Adnan Khalil |
17,686 |
Pakistani |
October 31,2011 |
|
Mr. Rehan Khalil |
17,686 |
Pakistani |
October 31,2011 |
|
Other share holder |
|
|
|
|
Mrs. Shafiqun Nisa |
882 |
|
|
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Mst. Asia Begum |
773 |
|
|
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Mst. Nargis Begum |
572 |
|
|
|
Total |
74,000 |
|
|
|
Name |
Position in organization |
Qualification |
Years in employment |
|
Mr. Khalil-ur-Rehman |
CEO |
Undetermined |
Undetermined |
|
Mr. Aamir |
Accountant |
Undetermined |
Undetermined |
|
Statutory offices |
Name of service
provider |
|
Statutory
Auditors |
M/s
Raza Siddiqui & Co Chartered
Accountants |
|
Legal
Advisory Services |
Malik
Nazar Abbas Law
Associates |
|
Bank name |
Approved financing
limits PKR |
|
MCB
Bank Limited |
223,000,000 |
The core businesses focus of SJG is Manufacturing & Distribution of Medicine.
Purchases (Incl. Imports)
|
Imports from |
USA, China, Europe |
|
Importing terms % |
L/C |
|
Local % |
Sindh-Punjab |
|
Local buying terms |
Cash and Credit of 30 days |
Sales (Incl. Exports)
|
Exports to |
None |
|
Exporting terms |
N/A |
|
Local % |
Sindh-Punjab |
|
Local selling terms |
Cash and Credit of 30-45 Days |
|
Nature of
employment |
Current Year |
Previous Year |
|
All Staff |
800 |
750 |
|
Total |
800 |
750 |
|
Head office/Factory Address Owned / Rented Area (approx) |
E-46 S.I.T.E, Karachi. Undetermined Undetermined |
|
Registered Address Owned / Rented Area (approx) |
17, Maqbolabad Cooperative Housing Society, Block 7 & 8, Lal Mohammad Choudhry Road, Karachi, 75350. Undetermined Undetermined |
Two customers/
competitor were contacted
to get a feedback about SJG, 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 |
|
Pharma Glass |
Karachi |
Manufacturers of Glass bottles for medicines |
Undetermined |
|
Uni Fazal Corporation |
Karachi |
Distributor of Pharmaceutical products |
Undetermined |
|
Father and Sons Pvt. Ltd |
Karachi |
Indenter of Pharmaceutical products |
Undetermined |
|
New Medical Store |
Karachi |
Medical Store |
Undetermined |
The contact person
decline to share financial information.
|
Contact person |
Mr. Aamir |
|
Position |
Accountant |
|
Contact Person Comments |
Mr. Aamir confirmed business operations and business information however; he refused to share financial information. |
|
Analyst’s Observations/ comments |
We visited the inquiry address only to find that all the employees have been shifted to the factory address but the inquiry address still belongs to SJG. Fifty to Fifty five employees were present in the office (Factory). Signboard was placed at entrance of the factory. Factory is located in the main industrial area of Karachi with the presence of other competitors as well. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
|
|
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.85.18 |
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 |
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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 |
|
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.