MIRA INFORM REPORT

 

 

Report Date :

08.05.2014              

 

IDENTIFICATION DETAILS

 

Name :

GETZ PHARMA (PRIVATE) LIMITED

 

 

Formerly Known As :

SAITEX PHARMACEUTICALS (PRIVATE) LIMITED

 

 

Registered Office :

Plot # 29 / 30, Sector - 27, Korangi Industrial Area, Karachi,

 

 

Country :

Pakistan

 

 

Date of Incorporation :

1983

 

 

Com. Reg. No.:

0010979

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacture & Marketing of Pharmaceutical Products

 

 

No. of Employees :

310

 

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 :

Good

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

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate 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

 

 

 

NOTE

 

In absence of financials, no credit limit could be recommended.

 

 

Company name and address

 

GETZ PHARMA (PRIVATE) LIMITED

 

 

Full Address       

 

Registered Address & Factory

Plot # 29 / 30, Sector - 27, Korangi Industrial Area, Karachi, Pakistan

                       

Tel #

92 (21) 111-111-511

Fax #

92 (21) 35057595

Email

kmahmood@getzpharma.com

 

 

Short Description Of Business

 

a.

Nature of Business       

Manufacture & Marketing of Pharmaceutical Products

b.

Year Established

1983

c.

Registration #

0010979

 

 

Branches

 

In Lahore, Islamabad, Rawalpindi & Multan

 

                       

Auditors

 

Ford Rhodes Sidat Hyder & Co.

(Chartered Accountants)

7th Floor, Progressive Plaza, Beaumont Road, Karachi, Pakistan

 

 

Legal Status

 

Subject Company was established by the name of “SAITEX PHARMACEUTICALS (PRIVATE) LIMITED” in 1983 then afterwards its name was changed to “GETZ PHARMA (PRIVATE) LIMITED”

 

 

6.

Authorized Capital    

Rs. 150,000,000/- divided into 1,500,000 shares of Rs. 100/- each

 

Issued & Paid up Capital

Rs. 102,300,000/- divided into 1,023,000 shares of Rs. 100/- each

 

 

Details of Directors

 

Names

Nationality

Address

Occupation

Designation

Mr. Khalid Mahmood

 

 

Mr. Raymond Simkins

 

 

Pakistani

 

 

 

British

 

 

 

House # 65/1, 3rd Street, Phase-V, D.H.A., Karachi

 

Plot # 29 / 30, Sector - 27, Korangi Industrial Area, Karachi

Business

 

 

 

Business

 

 

 

Chief Executive

 

 

Director

 

 

 

 

 

Shareholders                

 

Names

No. of Shares

M/s Development Holdings Asia Limited, Ansbacher House, 2nd Floor, East & Shirley Streets, North P.O. Box N-9934, Nassau, Bahamas

 

Mr. Khalid Mahmood

 

 

 

1,022,999

 

1

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

None                                            

           

 

B.         Associated Companies

 

(1) Getz Health (Private) Limited, Pakistan.         

 

 

Products / Brands

 

ADVANT, ALLERGET, ALSEF, ASACOL, CELBEXX, CLARITEK, COLPERMIN, ETIDOXINE, EZITA, FEXET, GETIFLOX, GETRYL, HILER, LEFLOX, LILAC, LIPIGET, MALTOFER, MONTIGET, NEXUM, PANSLAY, PANTRA, PRAZ, RAPIGET, RIBAZOLE, RISEK, SETNIZOLE, TRUPRIL, UNIFERON, ZOLID

 

 

Number of Employees

 

310

 

 

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

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2012 - 2013

9,000,000,000/- (Estimated)

 

 

Trade Suppliers (Foreign)

           

(1) CAPSUGEL (THAILAND) CO. LIMITED, THAILAND.

(2) MARS FINE CHEMICALS, SINGAPORE.

(3) ALCAN PACKAGING INC, GERMANY.

 

 

Distributors

 

Mainly exist at major cities of Pakistan

 

 

Bankers

 

(1) Soneri Bank Limited, Pakistan.

(2) Standard Chartered Bank Pakistan Limited, Pakistan.

(3) Faysal Bank Limited, Pakistan.

(4) HSBC Bank Middle East Limited, Pakistan.

(5) Bank Alfalah Limited, Pakistan.

(6) Habib Bank Limited, Pakistan.

 

 

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. 99.50

UK Pound

1

         Rs. 167.10

Euro

1

         Rs. 137.50

 

 

Comments

 

Subject is a well-established Company having fine track. 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.60.04

UK Pound

1

Rs.101.97

Euro

1

Rs.83.58

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.