|
Report No. : |
329759 |
|
Report Date : |
04.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
ARDIN PHARMACEUTICALS |
|
|
|
|
Registered Office : |
Plot No. 56, Sector 27, Korangi Industrial Area, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year Established
: |
1997 |
|
|
|
|
Legal Form : |
Partnership Business |
|
|
|
|
Line of Business : |
Subject is engaged in manufacture &
marketing of Pharmaceutical Products |
|
|
|
|
No. of Employee : |
68 |
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 |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 exportshas 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 themid-2000’s, 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 sectorsin 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 |
ARDIN
PHARMACEUTICALS
|
Registered
Address & Factory |
|
Plot No. 56, Sector 27, Korangi Industrial Area, Karachi,
Pakistan |
|
Tel # |
92 (21) 35122054, 35122055 |
|
Fax # |
92 (21) 35122055 |
|
a. |
Nature of Business |
Engaged in
manufacture & marketing of Pharmaceutical Products |
|
b. |
Year Established |
1997 |
|
None |
|
Subject Company was established as a Partnership business in 1997 |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Sheikh Shafiuddin Mr. Saeed Taqi |
Pakistani Pakistani |
Plot
No. 56, Sector 27, Korangi Industrial Area, Karachi Plot
No. 56, Sector 27, Korangi Industrial Area, Karachi |
Business Business |
Managing Partner Partner |
A. Subsidiary
None
B. Associated
Companies
- Do -
(1) Subject Company is engaged in manufacture & marketing of Pharmaceutical Products.
(2) It purchases raw materials against L/C, D/A basis.
(3) Its sales its products through cash term basis to its domestic customers.
(4) Its mainly import from China, Korea, India, Hong Kong & Malaysia
(5) Its major customers are Distribution Companies, Pharmacies etc.
(6) Subject operates from caption leased factory premises situated at industrial area of Karachi.
(7) Subject employs about 68 persons in its set up.
|
Year |
In Pak Rupees
|
|
2013 |
60,000,000/- (Estimated) |
|
The capacity and
production of the company’s plant is indeterminable as it is multi-products
and involves various processes of manufacturing |
Bank Al-Habib Limited, Pakistan.
MCB Bank Limited, Pakistan.
Askari Bank Limited, Pakistan.
Meezan Bank Limited, Pakistan.
·
KCCI
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 102.45 |
|
UK Pound |
1 |
Rs. 161.10 |
|
Euro |
1 |
Rs. 115.10 |
Subject Company was established in 1997 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.63.40 |
|
|
1 |
Rs.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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.