MIRA INFORM REPORT

 

 

Report Date :

21.02.2014

 

IDENTIFICATION DETAILS

 

Name :

S. EJAZUDDIN & CO.

 

 

Registered Office :

1st Floor, Zia Plaza, Altaf Hussain Road, P.O. Box No. 5629, Karachi-74200,

 

 

Country :

Pakistan

 

 

Date of Incorporation :

1948

 

 

Legal Form :

Partnership

 

 

Line of Business :

Subject is engaged in import, indenting & trading of Healthcare Products, Finished Pharmaceuticals & Medical Equipments

 

 

No. of Employees :

120

 

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

 

 

 

 

Company name and address

                       

S. EJAZUDDIN & CO.

 

Registered Address

1st Floor, Zia Plaza, Altaf Hussain Road, P.O. Box No. 5629, Karachi-74200, Pakistan

                       

Tel #

92 (21) 32625979, 32628908

Fax #

92 (21) 32629716

Email

seconaz@cyber.net.pk

 

 

Description Of Business

 

a.

Nature of Business       

Engaged in import, indenting & trading of Healthcare Products, Finished Pharmaceuticals & Medical Equipments

b.

Year Established

1948

c.

National Tax No.

0276261 - 7

 

 

Branches

 

(1) 236/C, Block II, P.E.C.H.S. Sharah-e-Qaideen, Karachi, Pakistan.

 

(2) 237/A, Block II, P.E.C.H.S. Sharah-e-Qaideen, Karachi, Pakistan.

 

(3) 115-Shadman, Lahore, Pakistan.

 

(4) House No. 13-l, 8/3, Islamabad, Pakistan.

 

(5) House No. 65, Street No. 14, Defence Colony, Peshawar, Pakistan.

 

 

Legal Status

           

Subject was established as a family partnership business in 1948

 

 

Details of Managing Partner / Partners

 

Names             

Nationality

Address

Occupation

Designation

Mr. Mumtazuddin Ferozuddin

 

 

 

Mr. Mehtabuddin Ferozuddin

 

 

 

Mr. Mohd. Sohail Ferozuddin

 

 

 

Mr. Nazimuddin Ferozuddin

 

 

 

Mr. Taufiq Ferozuddin

 

 

 

Mr. Sultan Ahmad

 

 

Mr. Shafiuddin Ferozuddin

Pakistani

 

 

 

Pakistani

 

 

 

Pakistani

 

 

 

Pakistani

 

 

 

Pakistani

 

 

 

Pakistani

 

 

Pakistani

 

94, Overseas Co-operative Housing Society, Karachi

 

323 / 7 /III, D.M.C.H.S. Karachi.

 

 

423/III D.M.C.H.S. Karachi.

 

57 /III Faran Co-operative Housing Society, Karachi.

 

94, Overseas Co-operative Housing Society, Karachi.

 

423/III D.M.C.H.S. Karachi.

 

323 / 7 /III, D.M.C.H.S. Karachi.

Business

 

 

 

Business

 

 

 

Business

 

 

 

Business

 

 

 

Business

 

 

 

Business

 

 

Business

Managing Partner

 

 

Partner

 

 

 

Partner

 

 

 

Partner

 

 

 

Partner

 

 

 

Partner

 

 

Partner

 

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

None

           

B.         Associated Companies

 

(1) Hospital Supply Corporation, Pakistan.

(2) Otsuka Pakistan Limited, Pakistan.

(3) Efroze Pharmaceuticals Limited, Pakistan.

(4) Health Care Products, Pakistan.

(5) Uniferoz, Pakistan.

(6) May Marketing Enterprises, Pakistan.

(7) S. S. Medico, Pakistan.

(8) Multitech Marketing Services, Pakistan.

(9) Efroze Chemical Industries (Pvt) Limited, Pakistan.

Business Activities

 

Engaged in import, indenting & trading of Healthcare Products, Finished Pharmaceuticals & Medical Equipments

 

 

Number of Employees

 

120

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2012

400,000,000/- (Estimated)

 

 

Principals (Foreign)

 

CHINA NATIONAL SHANGHAI PHARMACEUTICAL CORP, CHINA.

BOEHRINGER OF WEST GERMANY.

AMERICAN HOSPITAL SUPPLY CORP., U.S.A.

HUNTOIL CO., U.S.A.

DIFCO LABORATORY, U.S.A.

NYMA, HOLLAND.

FUJI KOKI SINGAPORE PTE. LTD, SINGAPORE.

BRACCO INTERNATIONAL B.V., NETHERLAND.

E-Z-EM INC, U.S.A.

(10) MEDIVATORS, U.S.A.

(11) JMS SINGAPORE PTE LIMITED, SINGAPORE

 

 

Customers

 

Mainly Army Hospitals & Institutions, Private & Government Hospitals, Clinical Laboratories etc

 

 

Bankers

           

(1) Habib Bank Limited, Pakistan.

(2) MCB Bank Limited, Pakistan.

(3) Habib Metropolitan Bank Limited, Pakistan.

(4) Standard Chartered Bank, Pakistan.

(5) Allied Bank Limited, Pakistan.

(6) United Bank Limited, Pakistan.

 

 

Financial Position

 

Sound

 

 

Mode of Payment

 

Payments would be made through L/C, D/A, D/P basis

 

 

Memberships

 

Karachi Chamber of Commerce & Industry.(KCCI)

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupees

US Dollar

1

          Rs. 105.60

UK Pound

1

          Rs. 176.80

Euro

1

          Rs. 144.75

 

 

Comments

 

Company and its sponsors are well established from decades and resourceful in their fields. Staff employed is reasonably skilled. Payments to creditors are reported as normal. 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.62.28

UK Pound

1

Rs.103.84

Euro

1

Rs.85.70

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.