|
Report Date : |
09.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
FESTEL LABORATORIES (FL) |
|
|
|
|
Registered Office : |
Link Khattarband Road, Thokar Niaz Baig, Lahore |
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|
|
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Country : |
Pakistan |
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|
|
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Date of Incorporation : |
2005 |
|
|
|
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Legal Form : |
Not Available |
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|
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Line of Business : |
Manufacturer of Pharmaceutical Medicines and Importer Of Raw Material |
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|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
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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 |
|
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 |
FESTEL LABORATORIES (FL)
|
Business Name |
FESTEL LABORATORIES (FL) |
|
Address |
Head Office
Address: Link Khattarband Road, Thokar Niaz Baig, Lahore, Pakistan |
|
Telephone |
Not Installed |
|
Fax |
|
|
Mobile |
(+92) (300)
4322421, 0300-4831119 Mr. Rashid |
|
Email |
|
|
Website |
None |
|
Business activities |
Manufacturer of Pharmaceutical Medicines and Importer Of Raw Material |
Registry Details
FL is a proprietorship concern, registration with any regulatory body is
not mandatory.
|
CRO Registration Number |
N/A |
|
Date of Registration |
Other registry
& certification details:
|
Current Legal Form |
Not Disclosed |
|
National Tax Registration Number |
Not Disclosed |
|
Date of Registration |
Not Disclosed |
|
GST Registration Number |
Not Disclosed |
|
Date of Registration |
N/A |
|
Chamber of Commerce & Industry |
Not Disclosed |
|
Date of Registration |
N/A |
|
ISO Certification |
Not Disclosed |
|
Date of Registration |
N/A |
|
Other certifications |
Not Disclosed |
|
Date of Registration |
N/A |
Capital
|
Type |
No. of Shares |
Par Value |
Total Value |
|
Authorized |
N/A |
||
|
Issued, Subscribed & Paid-Up |
|||
History
|
Who started |
Mr. Amir Jahangir |
|
When started |
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. Amir Jahangir |
100% |
Pakistani |
Not Provided |
|
Name |
Position in organization |
Qualification |
Years in
employment |
|
Mr. Ali Rashid |
Admin Manager |
Not Provided |
Not Provided |
|
Statutory offices |
|
|
Statutory Auditors |
Not Appointed |
|
Legal Advisory Services |
Not Appointed |
|
Bank name |
Approved
financing limits |
|
Not Disclosed |
|
The primary focus of FL is to Manufacture pharmaceutical products and
import its raw material. The company is relatively new in the market and can be
said that it is still in the erection stage hence it is not possible to
ascertain the market standing of the company and its product.
Purchases (Incl.
Imports)
|
Imports from |
China and India |
|
Importing terms |
L/C Basis |
|
Local (%) |
None |
|
Local buying terms |
None |
Sales (Incl.
Exports)
|
Exports to |
None |
|
Exporting terms |
None |
|
Local (%) |
100% |
|
Local selling terms |
Not Disclosed |
|
Nature of
employment |
Current Year |
Previous Year |
|
Permanent |
Not Disclosed |
|
|
Total |
|
|
|
Head office Address Owned / Rented Area (approx) |
Link Khattarband Road, Thokar Niaz Baig, Lahore, Pakistan Details not provided. |
FL has recently been formed and is still in the erection stage hence
market reputation cannot be ascertain.
|
Business Name |
City |
Line of Business |
Percentile of
Shareholding |
|
Not Disclosed |
|||
The contact person decline to share financial information.
|
Contact person |
Mr. Ali Rashid |
|
Position |
Admin Manager |
|
Comments |
We contacted the above mentioned person he decline to provide business
information and did not confirmed business operation. We conducted the physical visit but the contact person was out of city
and no information was provided to us but he told us that they have recently
commenced the business. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.84.82 |
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.