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Report Date : |
03.03.2014 |
IDENTIFICATION DETAILS
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Name : |
WELMARK PHARMACEUTICALS |
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Registered Office : |
Plot # 122, Block B, Phase V, Hattar Industrial Estate, District
Haripur |
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Country : |
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Date of Incorporation : |
2007 |
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Legal Form : |
Proprietorship |
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Line of Business : |
Manufacture & Marketing of
Pharmaceutical Products |
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No. of Employees : |
50 persons |
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 |
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Payment Behaviour : |
Slow but Correct |
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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 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 |
WELMARK PHARMACEUTICALS
|
Registered
Address |
|
Plot # 122, Block B, Phase V, Hattar Industrial Estate, District
Haripur, Pakistan |
|
Tel # |
92 (995) 617176 |
|
Fax # |
92 (995) 617176 |
|
Email |
|
a. |
Nature of Business |
Manufacture & Marketing of
Pharmaceutical Products |
|
b. |
Year Established |
2007 |
|
Address |
308, 3rd Floor, Royal Centre,
Fazal-e-Haq Road, Blue Area, Islamabad, Pakistan |
|
Tel # |
92 (51) 2512609, 2279442 |
|
Fax # |
92 (51) 8314607 |
Subject Company was established as a Proprietorship business in 2007
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Zulfiqar Abbasi |
Pakistani |
Plot # 122, Block B, Phase V, Hattar Industrial Estate, District
Haripur |
Business |
Proprietor |
None
Subject Company is engaged in manufacture
& marketing of Pharmaceutical Products.
Local sales are mostly on credit terms basis to its local customers.
It’s mainly import from China, Korea, Germany, India & Taiwan.
Its major customers are Distribution Companies, Pharmacies &
Hospitals etc.
Subject operates from caption leased factory premises situated at
industrial area of Hattar, Khyber Pakhtoonkwa.
Subject employs about 50 persons in its set up.
|
Year |
In Pak Rupees |
|
2012 |
15,000,000/- (Estimated) |
The capacity and production
of the Company’s plant is indeterminable as it is multi-product and involves varying processes
of manufacture.
Subject mainly import from Companies belongs to China, Korea, Germany, India & Taiwan
(1) Habib Bank Limited,
Pakistan.
(2) United Bank
Limited, Pakistan.
(3) Allied Bank
Limited, Pakistan.
(4) The Bank of Khyber,
Pakistan.
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 105.65 |
|
UK Pound |
1 |
Rs. 176.00 |
|
Euro |
1 |
Rs. 145.00 |
Subject Company was established in 2007 and
is engaged in manufacture & marketing of Pharmaceutical Products. Trade relations
are not known. Company is not well known in the local businesses. Such as
conducting business activity with the subject is considered to be a trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.07 |
|
|
1 |
Rs.103.61 |
|
Euro |
1 |
Rs.85.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.