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Report Date : |
06.03.2014 |
IDENTIFICATION DETAILS
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Name : |
BRIOGENE (PVT) LIMITED |
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Registered Office : |
303, 3rd Floor, Progressive Centre, Plot No. 30-A, Block 6, P.E.C.H.S., Karachi |
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Country : |
Pakistan |
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Date of Incorporation : |
2012 |
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Com. Reg. No.: |
0080681 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is principally engaged in the import & marketing of
diagnostic products of Qiagen |
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No. of Employees : |
22 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 |
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Restricted |
C2 |
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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 |
BRIOGENE (PVT) LIMITED
|
Registered
Address |
|
303, 3rd Floor, Progressive Centre, Plot No. 30-A, Block 6,
P.E.C.H.S., Karachi, Pakistan |
|
Tel # |
92 (21) 34559046, 34559047 |
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Fax # |
92 (21) 34322380 |
|
a. |
Nature of Business |
The Company is principally engaged in the import & marketing of
diagnostic products of Qiagen |
|
b. |
Year Established |
2012 |
|
c. |
Registration # |
0080681 |
(1) G3, Building No. 3/4, Hussain Street, Near Ayesha Masjid, Old Muslim
Town, Lahore, Pakistan
(2) House No. 4, Airport Villas, Link Road, Chaklala,
Rawalpindi, Pakistan
|
S.M Rehan & Co. (Chartered Accountants) Suite No. 515, 5th Floor, Progressive Plaza, Beaumont Road,
Karachi, Pakistan |
|
Subject Company was established as a Private Limited Company in 2012 |
|
6. |
Authorised Capital |
Rs. 50,000,000/- |
|
|
Issued & Paid up Capital |
Rs. 50,000,000/- |
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Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Javed Ghulam Muhammad Mr. Saleem Hamed Mr. Kamran Nishat Mr. Raymond Simkins |
Pakistani Pakistani Pakistani Pakistani |
303, 3rd Floor, Progressive Centre, Plot No. 30-A, Block 6,
P.E.C.H.S., Karachi 303, 3rd Floor, Progressive Centre, Plot No. 30-A, Block 6,
P.E.C.H.S., Karachi 303, 3rd Floor, Progressive Centre, Plot No. 30-A, Block 6,
P.E.C.H.S., Karachi 303, 3rd Floor, Progressive Centre, Plot No. 30-A, Block 6,
P.E.C.H.S., Karachi |
Business Business Business Business |
Chief Executive Director Director Director |
|
Names |
No. of Shares |
|
Mr. Javed Ghulam Muhammad Mr. Saleem Hamed Mr. Kamran Nishat Mr. Raymond Simkins Getz Bros & Co. (BVI) Inc, U.K. |
1,750,000 500,000 1 1 2,749,998 |
Subsidiary
None
Associated
Companies
- Do -
Subject Company is principally engaged in the import & marketing of
diagnostic products of Qiagen.
It’s mainly import through L/C, D/P basis.
It sells its product through cash / credit terms to its local customers.
Its main customers are Private & Government Hospitals, Distribution
Companies, Private Companies etc.
Subject operates from caption leased office premises situated at
commercial area of Karachi.
Subject employs about 22
persons in its set up.
|
Year |
In Pak Rupees |
|
2013 |
20,000,000/- (Estimated) |
|
Subject mainly import from Companies belongs to European Countries,
China, Korea, Singapore, Taiwan & Malaysia |
|
(1) Bank Alfalah Limited, Pakistan. (2) Askari Bank Limited, Pakistan. (3) Faysal Bank Limited, Pakistan. (4) Habib Bank Limited, Pakistan. |
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 105.55 |
|
UK Pound |
1 |
Rs. 175.65 |
|
Euro |
1 |
Rs. 144.25 |
Subject Company was established in 2012 and is engaged in import &
marketing of diagnostic products of Qiagen
in Pakistan. Overall reputation is normal. 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.61.86 |
|
|
1 |
Rs.103.06 |
|
Euro |
1 |
Rs.84.92 |
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 |
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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 |
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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.