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Report No. : |
357016 |
|
Report Date : |
28.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
FESTEL LABORATORIES |
|
|
|
|
Registered Office : |
Link Khattarband Road, Thokar Niaz Baig, Multan Road, Lahore |
|
|
|
|
Country : |
Pakistan |
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|
|
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Year of Establishment : |
2008 |
|
|
|
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Legal Form : |
Partnership |
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|
|
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Line of Business : |
Manufacture & Marketing of Pharmaceutical Products |
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|
|
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No. of Employees : |
45 |
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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|
|
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Payment Behaviour : |
No Complaints |
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|
|
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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 |
|
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-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 |
|
Business Name |
FESTEL LABORATORIES |
|
Registered
Address & Factory |
|
Link Khattarband Road, Thokar Niaz Baig, Multan Road, Lahore, Pakistan |
|
Tel # |
92 (42) 35420919, 35423433, 37532759,
37532773 |
|
Fax # |
92 (42) 35432482 |
|
a. |
Nature of Business |
Manufacture
& Marketing of Pharmaceutical
Products |
|
b. |
Year Established |
2008 |
|
None |
|
Subject Company was established as a Partnership business in 2008 |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Amir Jahangir Mr. Azam Jahangir |
Pakistani Pakistani |
Link Khattarband
Road, Thokar Niaz Baig, Multan Road, Lahore Link Khattarband
Road, Thokar Niaz Baig, Multan Road, Lahore |
Business Business |
CEO / Managing
Partner Partner |
A. Subsidiary
None
B. Associated Companies
(1) Apex
Pharmaceuticals, Pakistan.
(1) Subject
Company is engaged in manufacture & marketing of Pharmaceutical Products.
(2) It purchases raw material
against D/A, D/P basis.
(3) It sells against cash /
credit term basis to its domestic customers.
(4) Its import
globally from Companies belongs to China, Korea, India & European Countries
(5) Its major
customers are Distribution Companies,
Pharmacies etc.
(6) Subject
operates from caption leased factory premises situated at industrial area of
Lahore.
(7) Subject employs about 45 persons in its set up.
|
Year |
In Pak Rupees
|
|
2014 |
29,000,000/- (Estimated) |
|
The capacity and
production of the company’s plant is indeterminable as it is multi- product and
involves various processes of manufacture. |
(1)
Habib Metropolitan Bank
Limited, Pakistan.
(2)
MCB Bank Limited, Pakistan.
(3)
United Bank Limited,
Pakistan.
(4)
Bank Alfalah Limited,
Pakistan.
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 106.20 |
|
UK Pound |
1 |
Rs. 158.20 |
|
Euro |
1 |
Rs. 115.00 |
Subject Company was established in 2008 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.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
PAK |
1 |
Rs.0.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
-- |
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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.