|
Report Date : |
03.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
FOZAN PHARMACEUTICAL INDUSTRIES (PVT) LTD (FPI) |
|
|
|
|
Registered Office : |
36-A Hayatabad Industrial Estate, Jamrud Road Peshawar |
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|
|
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Country : |
Pakistan |
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|
|
|
Financials (as on) : |
30.06.2013 |
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|
|
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Date of Incorporation : |
24.08.2000 |
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|
|
|
Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Manufacturing of different
Pharmaceutical products |
|
|
|
|
No. of Employees : |
100 |
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 |
FOZAN PHARMACEUTICAL
INDUSTRIES (PVT) LTD (FPI)
|
Business Name |
Fozan Pharmaceutical Industries (Pvt.) Ltd (FPI) |
|
Address |
Registered
Address: 36-A Hayatabad Industrial Estate, Jamrud Road Peshawar |
|
Telephone |
(+92) (91) 5822236 |
|
Fax |
(+92) (91) 5822283 |
|
Email |
|
|
Website |
None |
|
Business activities |
Manufacturing - Pharmaceutical |
Registry Details
|
CRO Registration Number |
0041630 |
|
Date of Registration |
August 24,2000 |
Other registry
& certification details:
|
Current Legal Form |
Private Limited Company |
|
National Tax Registration Number |
2218716-2 |
|
Date of Registration |
December 8, 2004 |
|
GST Registration Number |
0501300407564 |
|
Date of Registration |
June 29, 2005 |
|
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 |
80,000 |
100 |
8,000,000 |
History
|
Who started |
Mr. Syed Muhammad Ijaz |
|
When started |
June 29,2005 |
|
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. Syed Muhammad Ijaz |
10,000 |
Pakistani |
18 Oct 2010 |
|
Mr. Muhammad Naveed |
9000 |
Pakistani |
18 Oct 2010 |
|
Mr. Syed Muhammad Arshad |
4000 |
Pakistani |
18 Oct 2010 |
|
Other share holder |
|
|
|
|
Syed Gulnaz Begum |
10000 |
|
|
|
Syeda Taiba Bibi |
9000 |
|
|
|
Syed Muhammad Faisal |
6000 |
|
|
|
Syed Muhammad Fahad |
6000 |
|
|
|
Syeda Mahnoor |
6000 |
|
|
|
Syed Muhammad Saeed |
6000 |
|
|
|
Syeda Sarwat |
4000 |
|
|
|
Syed Ahmed Shah Hasani |
2000 |
|
|
|
Syed Muhammad Hasani |
2000 |
|
|
|
Wasila Hasani |
2000 |
|
|
|
Syed Abdul Malik Hasani |
2000 |
|
|
|
Syeda Tuba Hasani |
2000 |
|
|
|
Total |
80,000 |
|
|
|
Name |
Position in organization |
Qualification |
Years in
employment |
|
Mr. Syed Muhammad Ijaz |
CEO |
Undetermined |
Undetermined |
|
Mr. Ajamal |
Finance Manager |
Not disclosed |
One Month |
|
Statutory offices |
Name of service
provider |
|
Statutory Auditors |
M/s Shahid Waheed Yonus Jamil Chartered Accountants |
|
Legal Advisory Services |
Not disclosed |
|
Bank name |
Approved
financing limits PKR |
|
NIB Bank |
Depository relation |
|
Meezan Bank |
Depository relation |
|
Bank Of Khyber |
Rs. 10 Million |
The core business of FPI is
manufacturing of different Pharmaceutical products.
Products:
Purchases (Incl.
Imports)
|
Imports from |
Indian,Chaina,Itlay |
|
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 (%) |
% not disclosed but working All over Pakistan) |
|
Local selling terms |
Cash and Credit of 45-60 Days |
|
Nature of
employment |
Current Year |
Previous Year |
|
All Staff |
100 |
100 |
|
Total |
100 |
100 |
|
Head office & Factory
Address Owned / Rented Area (approx) |
36-A Hayatabad Industrial Estate Jamrud Road Peshawar Leased None Disclosed |
Two customers were contacted to get feedback about FPI, its products and sponsors.
According to them they have been purchasing products from FPI for some time now
and the quality of the products is outstanding, they further told us that FPI’s
services are up to the mark and they wish to continue the trade relationship in
future. All the feedback was found Satisfactory and no disputes or untoward
events including complaints about quality of products were reported/ identified
during inquiry.
|
Particulars |
30-Jun-13 |
30-Jun-12 |
% Change |
|
|
|
|
|
|
Current assets |
49,715,540 |
41,563,072 |
19.61 |
|
Current liabilities |
(4,632,903) |
(12,196,088) |
(62.01) |
|
Working capital |
45,082,637 |
29,366,984 |
53.51 |
|
|
|
|
|
|
Non-current assets |
32,806,064 |
36,311,096 |
(9.65) |
|
Net worth |
77,888,701 |
65,678,080 |
18.59 |
|
|
|
|
|
|
Turnover |
46,452,598 |
35,716,836 |
30.06 |
|
Gross Profit |
23,850,004 |
17,491,748 |
36.35 |
|
EBIT |
13,121,722 |
6,674,070 |
96.61 |
|
Profit / (Loss) before tax |
12,210,621 |
9,983,417 |
22.31 |
|
Provision for taxation |
- |
(1,747,089) |
(100.00) |
|
Profit / (Loss) after tax |
12,210,621 |
8,236,328 |
48.25 |
|
|
|
|
|
|
Creditors |
2,599,512 |
9,995,105 |
(73.99) |
|
Debtors |
34,281,761 |
24,724,838 |
38.65 |
|
Cash & bank balances |
985,258 |
1,150,255 |
(14.34) |
|
|
|
|
|
|
Growth trend |
|
|
|
|
Sales growth (%) |
30.06% |
|
|
|
Gross profit growth (%) |
36.35% |
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
Current ratio |
10.73 |
3.41 |
|
|
Quick ratio |
8.31 |
2.35 |
|
|
Total liabilities to net worth ratio (%) |
5.95 |
18.57 |
|
|
|
|
|
|
|
Profitability |
|
|
|
|
Return on sales (%) |
26.29 |
23.06 |
|
|
Return on net worth (%) |
15.68 |
12.54 |
|
|
Contact person |
Mr. Muhammad Naveed |
|
Position |
Managing Director |
|
Contact Person Comments |
1). Mr. Muhammad Naveed confirmed business operations and business
existence. |
|
Analyst’s Observations/ comments |
The office comprised of twelve 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. We also observed that the company has a very good reputation in the
vicinity and the local market. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.90 |
|
|
1 |
Rs.102.74 |
|
Euro |
1 |
Rs.85.16 |
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.