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Report No. : |
351988 |
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Report Date : |
01.12.2015 |
IDENTIFICATION DETAILS
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Name : |
RECKITT BENCKISER PAKISTAN LIMITED |
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Registered Office : |
9th Floor, Q M Building,
Plot No. BC-15, Block-7, Clifton, Karachi |
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Country : |
Pakistan |
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Date of Incorporation : |
1952 |
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Com. Reg. No.: |
0000479 |
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Legal Form : |
Public Limited Company (Not listed at any stock exchange of
Pakistan) |
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Line of Business : |
Subject is engaged in manufacturing
and marketing of consumer household and pharmaceutical products |
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|
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No. of Employee : |
360 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Pakistan |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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-fourth of output and two-fifths of employment. Textiles account for most of Pakistan's export earnings, and Pakistan's failure to diversify its exports has left the country vulnerable to shifts in world demand. Official unemployment was 6.9% in 2014, but this fails to capture the true picture, because much of the economy is informal and underemployment remains high. Pakistan's human development continues to lag behind most of the region.. As a result of political and macroeconomic instability, the Pakistani rupee has depreciated more than 40% since 2007. The government agreed to an International Monetary Fund Standby Arrangement in November 2008 to preventa balance of payments crisis, but the IMF ended the Arrangement early because of Pakistan's failure to implement required reforms. The economy has stabilized, it continues to underperform and foreign investment has not returned to levels seen during the mid-2000s, due to investor concerns related to governance, electricity shortages, , and a slow-down in the global economy. Remittances from overseas workers, averaging more than$1 billion a month, remain a bright spot for Pakistan. After a small current account surplus in fiscal year 2011 (July 2010/June 2011), Pakistan's current account turned to a deficit where it remained through 2014, spurred by higher prices for imported oil and lower prices for exported cotton. In September 2013, after facing balance of payments concerns, Pakistan entered into a three-year, $6.7 billion IMF Extended Fund Facility. The Sharif government has since made modest progress implementing fiscal and energy reforms, and in December 2014 the IMF described Pakistan's progress as "broadly on track." Pakistan remains stuck in a low-income, low-growth trap, with growth averaging about 3.5% per year from 2008 to 2014. Pakistan must address long standing issues related to government revenues and the electricity and natural gas sectors 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 |
RECKITT
BENCKISER PAKISTAN LIMITED
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Registered Address & Factory |
|
9th Floor, Q M Building,
Plot No. BC-15, Block-7, Clifton, Karachi, Pakistan |
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Tel # |
92 (21) 111-232-323 |
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Fax # |
92 (21) 35682886 |
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Website |
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a. |
Nature of Business |
Engaged in manufacturing and marketing
of consumer household and pharmaceutical products |
|
b. |
Year Established |
1952 |
|
c. |
Registration No. |
0000479 |
In Karachi, Lahore & Islamabad
Plot # F-18, S.I.T.E., Karachi,
Pakistan
|
A.F. Ferguson & Co. (Chartered Accountants) |
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Public Limited Company (Not listed at any stock exchange of
Pakistan) |
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Authorized Capital |
Rs.
500,000,000/- divided into 50,000,000 shares of Rs. 10/- each |
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Issued & Paid up Capital |
Rs.
49,004,630/- divided into 4,900,463 shares of Rs. 10/- each |
|
Names |
Designation |
|
Mr. Tahir Malik Mr. Aslam Khaliq Mr. Paolo Borghesi Mr. Roopak Taneja Mr. Sheikh Humayun Aslam Mr. Faisal Usmani |
Chief Executive Director Director Director Director Director |
|
Categories |
Percentage (%) |
|
Individuals Modarabas Joint Stock Companies Others Financial Institutions |
1.40 0.00 98.58 0.00 0.02 |
Reckitt Benckiser
PLC, U.K. is the holding company of Reckitt Benckiser
Pakistan Limited
(Shares held 98.55%)
Engaged in manufacturing and marketing
of consumer household and pharmaceutical products
360
|
Mainly to Gulf & Far East Countries |
The capacity and production of the
company’s plant is indeterminable as it is multi-products and involves various
processes of manufacture
|
Year |
In Pak Rupees |
|
2012 |
9,251,918,000/- |
|
Mainly Government & Private
Hospitals, Pharmacies, Distribution Companies |
|
(1) Citibank
N.A., Pakistan. (2) HSBC Bank
Middle East Limited, Pakistan. (3) MCB Bank Limited,
Pakistan. (4) Habib Bank
Limited, Pakistan. (5) Standard
Chartered Bank, Pakistan. (6) Soneri Bank
Limited, Pakistan. (7) Faysal Bank
Limited, Pakistan. (8) Bank
Alfalah Limited, Pakistan. |
Management finally believes in Company brands
having the potential to continue its growth momentum and gain market share. At
the same time business risks in both operating and economic environment will
remain counterfeits of its popular brands and illegal imports continue to
impact revenue. Management would continue to drive the key performance
indicators, take strategic decisions which can give competitive advantage to
the business and drive a robust cost saving agenda.
Pakistan Pharmaceutical Manufacturers Association.(PPMA)
Karachi Chamber of Commerce & Industry.(KCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 105.90 |
|
UK Pound |
1 |
Rs. 161.50 |
|
Euro |
1 |
Rs. 113.50 |
Subject Company enjoys good reputation
internationally as well as in Pakistan. Directors of the Company are reported
as qualified, experienced and resourceful businessmen. 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.66.81 |
|
|
1 |
Rs.100.37 |
|
Euro |
1 |
Rs.70.68 |
|
PKR |
1 |
Rs.0.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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.