MIRA INFORM REPORT

Report Date :

31.07.2014

IDENTIFICATION DETAILS

Name :	NABIQASIM INDUSTRIES (PVT) LIMITED

Registered Office :	Fifth Floor, Commerce Centre, Hasrat Mohani Road, Karachi

Country :	Pakistan

Year of Establishment :	1967

Com. Reg. No.:	0002384

Legal Form :	Private Limited Company

Line of Business :	Manufacture and Marketing of Pharmaceutical Products

No of Employees :	305

RATING & COMMENTS

MIRA’s Rating :

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Pakistan

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 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

NABIQASIM INDUSTRIES (PVT) LIMITED

Full Address

Registered Address	Factory Address
Fifth Floor, Commerce Centre, Hasrat Mohani Road, Karachi, Pakistan	17/27, Korangi Industrial Area, Karachi, Pakistan

Tel #	92 (21) 32633569, 32633590, 32636919, 32629882	Tel #	92 (21) 35066324, 35066316, 35066948, 35061748
Fax #	92 (21) 32636313	Fax #	92 (21) 35061793
Website	www.nabiqasim.com

Short Description Of Business

a.	Nature of Business	Manufacture & Marketing of Pharmaceutical Products
b.	Year Established	1967
c.	Registration #	0002384

Legal Status

Subject Company was incorporated as a Private Limited Company in 1967

Auditors

Muhammad Farooq & Co.

(Chartered Accoutants)

208 - 209, Dada Chambers, Near M.W. Tower, Karachi, Pakistan

Authorized Capital	Rs. 100,000,000/- divided into 1,000,000 shares of Rs. 100/- each
Issued & Paid up Capital	Rs. 50,000,000/- divided into 500,000 shares of Rs. 100/- each

Details of Management

Names

Designation

Dr. Abdul Majid

Mrs. Saleha Sultana

Mr. Muhammad Ali Majid

Mr. Muhammad Abdullah Majid

Mrs. Humera Jawwad

Mr. Chaudhry Faqir Muhammad

Mrs. Sajida Sultana

Chief Executive

Director

Shareholders

Names

No. of Shares

Dr. Abdul Majid

Mrs. Saleha Sultana

Mr. Mohammad Ali Majid

Mr. Mohammad Abdullah Majid

Mrs. Humaira Jawwad

Mr. Chaudhry Faqir Mohammad

Mrs. Saeeda Bano

Mrs. Amenah Raza

Mrs. Sara Omer

Mr. Humayun Mohammad

Mr. Chaudhry Mukhtar Ahmed

Mrs. Sajida Sultana

Mr. Chaudhry Rehmat Ali

Mrs. Shamim Lateef

Mrs. Ashraf Begum

Mr. Faqir Mohammad Anjum

Mr. Ghulam Rasool

Mst. Umree

Mrs. Kulsoom Akhtar

Mrs. Haneefa Bibi

Mrs. Shamim Akhtar

Mrs. Hameeda Bibi

Mr. Shahid Mehmood

Mr. Zahid Mehmood

Mr. Irfan Mehmood

140,504

51,766

25,933

39,275

7,198

25,933

8,876

23,006

61,741

8,993

6,440

6,859

1,968

1,119

984

2,259

Associated Companies

Faiz Laboratories.

Eastern Trade & Distribution.

Stancos (Pvt.) Limited.

Surge Laboratories (Pvt.) Limited.

Products

ALBACT TABS, ALLERGEX SYRUP, ARTHROFEN TAB, BIOLYSINE SYRUP, CLOMITAB TABS, COLOSPAS TABS, COMYCETIN EAR DROPS, COMYCETIN EYE DROPS, CORTEC TABS, CORTI DROPS, DEMOSPORIN CREAM, DEMOSPORIN SOLUTION, DEPRICAP CAPSULES, DETOXICOL SYRUP, DYSEN FORTE TABS, GLANDEN E2, GYNOSPORIN VAGINAL CREAM, GYNOSPORIN TABS, ISOZIDE SYP, KLEEN ENEMA, LOPROT CAPSULES, NORMITABS TAB, OPTISOL EYE DROPS, OTOSOL EAR DROPS, PEPTICURE TABS, PIROXIDEN GEL, RELAXITAL TABS, ULCIFAM

Number of Employees

305

Annual Sales Volume

Year	In Pak Rupees
2013	3,500,000,000/- (Estimated)

Trade Suppliers (Foreign)

(1) MANTENA LABORATORIES LIMITED, INDIA.

(2) BINDER GMBH, GERMANY.

(3) TANGSHAN HONGFU MACHINERY AND ELECTRONIC CO., CHINA.

Annual Production Volume

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

Exporting Countries

Mainly to Asian, Africa & Middle East Countries

Bankers

(1) Soneri Bank Limited, Pakistan.

(2) Standard Chartered Bank, Pakistan.

(3) Habib Bank Limited, Pakistan.

(4) Dubai Islamic Bank Pakistan Limited, Pakistan.

(5) Bank Alhabib Limited, Pakistan.

(6) Citibank N.A., Pakistan.

Financial Position

Sound

Memberships

Pakistan Pharmaceutical Manufacturers Association.

Karachi Chamber of Commerce & Industry.

Federation Pakistan Chamber of Commerce & Industry.

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 98.90
UK Pound	1	Rs. 167.60
Euro	1	Rs. 132.85

Comments

Subject Company was established in 1967 and is engaged in manufacture & marketing of Pharmaceutical Products. Directors are reported as resourceful and experienced businessmen. Trade relations are reported as fair. 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.60.15
UK Pound	1	Rs.101.92
Euro	1	Rs.80.64

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	SHG

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%)

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