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Report No. : |
304061 |
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Report Date : |
24.01.2015 |
IDENTIFICATION DETAILS
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Name : |
GLAXOSMITHKLINE PAKISTAN LIMITED |
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Formerly Known As : |
GLAXO WELLCOME PAKISTAN LIMITED |
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Registered Office : |
35-Dockyard Road, West Wharf, Karachi -
74000 |
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Country : |
Pakistan |
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Date of Incorporation : |
1948 |
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Com. Reg. No.: |
00000304 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture and Marketing of research based
ethical specialties, other pharmaceutical, animal health and consumer health
care products. |
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No. of Employee : |
2,055 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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-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.
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Source
: CIA |
GLAXOSMITHKLINE PAKISTAN LIMITED
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Registered
Address |
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35-Dockyard Road, West Wharf, Karachi -
74000, Pakistan |
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Tel # |
92 (21) 32315101 - 8 & 32315478 - 82 |
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Fax # |
92 (21) 32311105 & 32314898 |
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Address |
F/268, S.I.T.E., P.O. Box No. 3686, Karachi, Pakistan |
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Tel # |
92 (21) 32570665 - 9 & 32564355 - 65 |
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Fax # |
92 (21) 32564749 & 32564729 |
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Address |
19.5 KM, Ferozpur Road, P.O. Box 244, Lahore, Pakistan |
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Tel # |
92 (42) 35811931 – 4 |
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Fax # |
92 (42) 35811940 |
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Address |
D/43, Textile Avenue, S.I.T.E., P.O. Box No. 3686, Karachi, Pakistan |
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Tel # |
92 (21) 32578600 – 9 |
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Fax # |
92 (21) 32563668 |
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a. |
Nature of Business |
Manufacture and Marketing of research based
ethical specialties, other pharmaceutical, animal health and consumer health
care products. |
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b. |
Year Established |
1948 |
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c. |
Registration # |
00000304 |
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A. F. Ferguson & Co. (Chartered Accountants) |
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The company is incorporated in Pakistan as a limited liability company
and is listed on the Karachi and Lahore Stock Exchanges of Pakistan. |
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The Company’s name changed from “Glaxo
Wellcome Pakistan Limited” to “GlaxoSmithKline Pakistan Limited”. The change
takes place following the legal merger of the business of M/S Smith Kline
& French of Pakistan Limited and Beecham Pakistan (Private) Limited with
Glaxo Wellcome Pakistan Limited in 2002. |
|
Names |
Designation |
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Mr. Renaud Savary Mr. Salman Burney Mr. Husain Lawai Mr. Mehmood Mandviwala Mr. David Cooper Ms. Fariha Salahuddin Mr. Yahya Zakaria |
Chairman Chief Executive Director Director Director Director Director |
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Categories |
Shareholding (%) |
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Individuals Investment Companies Insurance Companies Joint Stock Companies Financial Institutions Associated Companies Central Depository Company (b) Others |
1.94 0.00 0.00 0.01 0.00 82.59 15.45 0.01 |
GlaxoSmithKline plc incorporated in United Kingdom is the parent
company. As at December 31, 2004, GlaxoSmithKline International Luxembourg and
SmithKline Beecham Intercredit, B.V. Netherlands (subsidiaries of the parent
company), and their nominees held 40,385,875 and 28,454,363 shares of Rs. 10
each respectively.
AUGMENTIN, AMOXIL, AMPICLOX,
CEPOREX, BACTROBAN, SEPTRAN, PENBRITIN, ZINACEF, ZINNAT, FORTUM, FLOXY,
ORBENIN, WELLCODOX, SYRAPRIM, PANADOL, CALPOL, DICOFEN, EMPIRIN COMPOUND,
IODEX, SERETIDE, VENTIDE, VENTOLIN, FLIXOTIDE, BECONASE, SEREVENT, BECOTIDE,
AMPHYLL, AVANDIA, ZANTAC, TAGAMET, MARZINE, MILK OF MAGNESIA, SEROXAT, IMIGRAN,
REQUIP, LAMICTAL, KEMADRIN, MIGRIL, EGERIX –B, HAVRIX, INFANRIX, TRITANRIX,
FLUARIX, HIBERIX TYPHERIX, VARILRIX, PRIORIX, FEFOL-VIT, REVITALE-M,
REVITALE-B, STARVITS, CYTACON, UNIPLEX, CYTAMEN, WELLCOSINE, CYTEXIN, ZEFFIX,
VALTREX, ZOVIRAX, HEPSERA, BETNESOL, CORTISPORIN, POLYFAX, BETNESOL, OTOSPORIN,
LIDOSPORIN, ACTIFIED, PIRITON, ACTIDIL, CUTIVATE, BETNOVATE, POLYFAX, CICATRIN,
LOTRIX, PILZCIN, BETNELAN, FURACIN, SILVATE, LANOXIN, ANGISED, HALFAN, DEPENDAL-M,
FUROXONE, TRACRIUM, HYCAMTIN, ZOFRAN, ZYLORIC, IMURAN, THYROXIN, RELIFEX,
AQUAFRESH, MACLEANS, SENSODYNE, HORLICKS, ENO.
2,055
The capacity and production of the company’s
plant is indeterminable as it is multi-product and involves varying processes
of manufacture.
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(1) F/268, S.I.T.E., P.O. Box No. 3686, Karachi. (2) Cordeiro House, Plot No. 27, Kot Lakhpat Industrial Estate, Kot Lakhpat, Lahore. (3) Plot No. 77/80, Block ‘B’, Friends Co-operative Housing Society, Akhuwat Nagar, Shahrah-e-Tasneem, Airport Road, Sukkur. (4) Aleem House, Plot No. 409, Sector 1-9, Industrial Area, Islamabad. (5) Islam-ud-din House, Mehmood Kot, Bosan Road, Multan. (6) D’souza House, Nasirpur, Near Abid Flour Mills, G.T. Road, Peshawar. |
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Exports, which mainly comprised of Betnovate Cream, Actified Syrups and Septran, were to Adechsa-Switzerland and Glaxo Wellcome Sri Lanka. |
(1) The Royal Bank of Scotland,
Pakistan.
(2) Citibank NA, Pakistan.
(3) Habib Bank Limited, Pakistan.
(4) Standard Chartered Bank, Pakistan.
(5) HSBC Bank Middle East Limited, Pakistan.
(6) Soneri Bank Limited, Pakistan.
(7) Bank Alfalah Limited, Pakistan.
Regular
A
number of new and innovative research based pharmaceuticals products are under
registration and launch.
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Currency |
Unit |
Pakistani
Rupee |
|
US Dollar |
1 |
Rs. 101.45 |
|
UK Pound |
1 |
Rs. 153.55 |
|
Euro |
1 |
Rs. 117.00 |
Subject Company is well known and directors are resourceful and experienced businessmen. Trade relations are
reported as fair. Payments to creditors etc are reported as normal. 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.61.49 |
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|
1 |
Rs.92.16 |
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Euro |
1 |
Rs.69.61 |
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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Report Prepared
by : |
DPT |
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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not recommended |
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-- |
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.