|
Report Date : |
01.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
GLITZ PHARMA |
|
|
|
|
Registered Office : |
Office # 205, 2nd Floor, Muhammadi Plaza, College Road, Rawalpindi, |
|
|
|
|
Country : |
Pakistan |
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|
|
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Date of Incorporation : |
2003 |
|
|
|
|
Legal Form : |
Partnership |
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|
|
|
Line of Business : |
Manufacture & Marketing of
Pharmaceutical Products |
|
|
|
|
No. of Employees : |
52 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
B2 |
B1 |
|
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 |
GLITZ PHARMA
|
Registered
Address |
|
Office # 205, 2nd Floor, Muhammadi Plaza, College Road,
Rawalpindi, Pakistan |
|
Tel # |
92 (51) 5552613, 5552487 |
|
Fax # |
92 (51) 5540314 |
|
Email |
|
a. |
Nature of Business |
Manufacture
& Marketing of Pharmaceutical Products |
|
b. |
Year Established |
2003 |
|
c. |
National Tax # |
2261415 |
Plot No. 265, Industrial
Triangle,
Kahuta Road,
Islamabad,
Pakistan
|
Subject Company was established as a Partnership business in 2003 |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Chaudhry Munawar Hussain Mr. Ejaz Munawar |
Pakistani Pakistani |
Office # 205, 2nd
Floor, Muhammadi Plaza, College Road, Rawalpindi Office # 205, 2nd
Floor, Muhammadi Plaza, College Road, Rawalpindi |
Business Business |
Managing Partner Partner |
A. Subsidiary
None
B. Associated Companies
(1) Medicamp Distributors, Pakistan.
(1) Subject
Company is engaged in manufacture & marketing of Pharmaceutical Products by
its brand names of ACUPAZ, AMITIN,
ANAFRIL, BAVER,
CLATZ,
DRYGLIT, EGER, ESGLIT, ESOGLIT, G-COBAL, GALAXY, GEROX.
(2)
It purchases raw material against D/A, D/P basis.
(3)
Its mainly import from China, India, Korea & European Countries.
(4) Its’ major
customers are Distribution Companies, Traders, Pharmacies & Hospitals
located at major cities of Pakistan.
(5) Subject
operates from caption leased office premises of area measuring 800 Sq.ft which is
situated at commercial area.
(6)
Subject employs about 52
persons in its set up.
|
Year |
In Pak Rupees
|
|
2012 |
38,000,000/- (Estimated) |
|
The capacity and production of the company’s plant is indeterminable as it is multi- product and involves various processes of manufacture. |
(1) ROQUETTE INTERNATIONAL, FRANCE.
(2) NORTH CHINA PHARMACEUTICAL GROUP, CHINA.
MCB Bank Limited,
Pakistan.
(2) Bank Alfalah Limited,
Pakistan.
(3) Askari Commercial
Bank Limited, Pakistan.
(4) Standard
Chartered Bank, Pakistan..
Rawalpindi Chamber of Commerce & Industry.(RCCI)
Pakistan Pharmaceutical Manufacturers Association.(PPMA)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 103.20 |
|
UK Pound |
1 |
Rs. 166.25 |
|
Euro |
1 |
Rs. 131.15 |
Subject Company was established in 2003 and is engaged in
manufacture & marketing of Pharmaceutical Products. 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.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.77.19 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.