MIRA INFORM REPORT

 

 

Report Date :

03.07.2014

 

IDENTIFICATION DETAILS

 

Name :

SAMI PHARMACEUTICALS (PRIVATE) LIMITED

 

 

Registered Office :

34-C, Block-6, P.E.C.H.S., Karachi

 

 

Country :

Pakistan

 

 

Date of Incorporation :

1971

 

 

Com. Reg. No.:

0003496

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture & Marketing of Pharmaceutical Products

 

 

No. of Employees :

210

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Pakistan

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 was 6.6% in 2013, 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. 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 the following two years, 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 3.5% per year from 2008 to 2013. 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

Business Name

 

SAMI PHARMACEUTICALS (PRIVATE) LIMITED

 

 

Full Address       

 

Registered Address

34-C, Block-6, P.E.C.H.S., Karachi, Pakistan.

                       

Tel #

92 (21) 34527490, 34527491, 34527492

Fax #

92 (21) 34549190, 34549190

Email

samikhi@cyber.net.pk

 

 

Short Description Of Business

 

a.

Nature of Business       

Manufacture & Marketing of Pharmaceutical Products

b.

Year Established

1971

c.

Registration #

0003496

 

 

Factory Location

 

Address

F-95, Off. Hub River Road, S.I.T.E., Karachi-75730, Pakistan.

Tel #

92 (21) 32578081, 32578082, 32578083

Fax #

92 (21) 32563934

 

           

Auditors

 

Mohammad Farooq & Co

(Chartered Accountants)

 

 

Legal Status

 

Subject Company was established as a Private Limited Company in 1971

 

 

6.

Authorized Capital    

Rs. 2,000,000,000/- divided into 20,000,000 shares of Rs. 100/- each

 

Issued & Paid up Capital

Rs. 1,671,100/- divided into 16,711 shares of Rs. 100/- each

 

 

Details of Directors

 

Names

Nationality

Address

Occupation

Designation

Mr. Shamim Ahmed

 

Mr. Hafiz Ferozuddin

 

 

 

Mr. Abdul Salam

Pakistani

 

 

Pakistani

 

 

 

 

Pakistani

X-37, Block-6, P.E.C.H.S., Karachi

 

29, Al Hamra Co-operative Housing Society, Shaheed-e-Millat Road, Karachi

 

373, Block-3, B.Y.J.C.H.S., Karachi

Business

 

 

Business

 

 

 

 

Business

 

Chief Executive

 

Director

 

 

 

 

Director

 

 

 

Shareholders                

 

Names

No. of Shares

Mr. Hafiz Ferozuddin

 

Mrs Rehana Khatoon

 

Mr. Amir

 

Hafiz M. Umair

 

Hafiz M. Saad

 

Mrs. Farhana

 

Mr. Shamim Ahmed

 

Mr. Junaid

 

Mr. Ovais

 

Mr. Zubair

 

Mr. Shoaib

 

Mr. Abdul Salam

 

Mrs. Humaira

 

Mrs. Imrana

 

Mrs. Ayesha Feroz

257

 

1,050

 

3,376

 

387

 

520

 

1,523

 

83

 

1,528

 

3,389

 

1,407

 

1,200

 

269

 

719

 

503

 

500

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

None                                            

           

 

B.         Associated Companies

 

            - Do -

           

 

 

Products / Brands

 

AMMOIDIN, ANTIAL, BUEPRON, CARICEF, CHYMOTRIP, CONSPIC, DICLORAN, DICLOREP, DISGREN, EUPHEN, FLAVIN, KLINT, KLINZ, LOSPAN PLUS, MOVAX, MOXYPEN, NEUCEF, NOVIDAT, OXIDIL, PACE, PENCIT, PENORIT, PERIDONE, PROVAS, PULSATE, SAMEROL, SANTOVIR, SEDIL, TEPH 20, TRIMETABOL, UHASIL, ULCERAX, ZOLEN

 

 

Number of Employees

 

210

 

 

Actual Capacity & Production

 

The capacity and production of the Company’s plant is indeterminable as it is multi-product and involves varying processes of manufacture.

 

 

Trade Suppliers (Foreign)

 

(1) IPCA LABORATORIES LIMITED, INDIA.

(2) ZHEJIANG GUOBANG PHARMACEUTICAL CO. LTD, CHINA.

(3) SHANGHAI SUNVE PHARMACEUTICAL CO. LTD, CHINA.

 

Annual Sales Volume

 

Year

In Pak Rupees

2013

580,000,000/- (Estimated)

 

 

Distributors Network

 

Mainly exist at major cities of Pakistan

 

 

Bankers

 

(1) Askari Bank Limited, Pakistan.

(2) Habib Metropolitan Bank Limited, Pakistan.

(3) Al-Baraka Islamic Bank, Pakistan.

(4) United Bank Limited, Pakistan.

(5) Soneri Bank Limited, Pakistan.

(6) Habib Bank Limited, Pakistan.

 

(Total Mortgage obtained PKR: 80,000,000/-)

 

 

Financial Position

 

Sound

 

 

Memberships

 

Pakistan Pharmaceutical Manufacturers Association.(PPMA)

Karachi Chamber of Commerce & Industry.(KCCI)

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

          Rs. 99.20

UK Pound

1

          Rs. 167.65

Euro

1

          Rs. 134.35

 

 

Comments

 

Subject is a well-established Company having fine track. Directors are reported as experienced, respectable and having satisfactory means of their own. Trade relations are reported as fair. Payments are usually correct and as per commitments. 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.59.97

UK Pound

1

Rs.102.90

Euro

1

Rs.82.02

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

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.