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Report No. : |
325951 |
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Report Date : |
09.06.2015 |
IDENTIFICATION DETAILS
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Name : |
SANOFI AVENTIS PAKISTAN LIMITED |
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Registered Office : |
Plot No. 23, Sector 22, Korangi Industrial Area, Karachi |
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Country : |
Pakistan |
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Year of Establishment : |
1967 |
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Com. Reg. No.: |
0002579 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacture & Marketing of
Pharmaceutical Products. |
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No. of Employees : |
700 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Pakistan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 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.
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Source
: CIA |
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Business Name |
SANOFI AVENTIS
PAKISTAN LIMITED |
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Registered
Address & Factory |
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Plot No. 23, Sector 22, Korangi Industrial
Area, Karachi, Pakistan |
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Tel # |
92 (21) 35060221, 35060235 |
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Fax # |
92 (21) 35060358, 35062830 |
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a. |
Nature of Business |
Manufacture
& Marketing of Pharmaceutical Products |
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b. |
Year Established |
1967 |
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c. |
Registration # |
0002579 |
(1) A-25,
S.I.T.E., Hyderabad, Pakistan.
(2) 13th Km.
Multan Road, Hanwarwal, Lahore, Pakistan.
(3) Plot No. 1/C-7, Industrial Area Near Bilal
Cotton Factory, Multan, Pakistan.
(4) 7th Km.
Shehbazpur Road, Rahim Yar Khan, Punjab, Pakistan.
|
Ernst & Young Ford Rhodes Sidat Hyder (Chartered
Accountants) |
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Subject Company was established as a Public Limited Company in 1967 |
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Names |
Designation |
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Mr. Syed Babar Ali Mr. Ayub Ahmed Siddiqui Mr. Arshad Ali Gohar Mr. Syed Hyder Ali Mr. Patrick Aghanian Mr. Francois Jean Louis Briens Mr. Jean-Marc Georges Mr. Mohammad Ibadullah Mr. Javed Iqbal |
Chairman Chief Executive Director Director Director Director Director Director Director |
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Categories |
Percentage |
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Directors, CEO & their Spouse &
Minor Children Associated Companies, Undertakings &
Related Parties Banks, Development Finance Institutions, Non-Banking
Financial Institutions Insurance Companies Modarabas & Mutual Funds General Public – Local Others |
14.43 73.43 --- 2.32 2.48 4.12 3.22 |
The company is a subsidiary of SECIPE, France, holding 5,099,469 (2009:
5,099,469) ordinary shares of Rs.10 constituting 52.88% of the issued share
capital of the company. The ultimate parent of the Group is sanofi aventis
S.A., France.
Manufacture & marketing of different pharmaceutical class like Anti
Biotic, Anti Malarials, Anti-Rheumatic, Antihistamine, Narcotic Analgesic, Non
Steroidal Respiratory Anti Inflamatory, Quinolones, Vitamins, Phenothiazine,
Hypolipidaemics, Muscle Relaxant etc
700
The capacity and production of the company’s
plant is indeterminable as it is multi-product and involves varying processes
of manufacturing
|
Years |
In Pak Rupees |
|
2013 2014 |
8,791,590,000/- 9,949,460,000/- |
Subject mainly import from Companies belongs to European Countries,
China, Korea, Taiwan, India
|
Mainly exist at major cities of Pakistan |
(1)
Deutsche Bank AG, Pakistan.
(2)
Citibank N.A., Pakistan.
(3)
Habib Bank Limited, Pakistan.
(4)
Standard Chartered Bank,
Pakistan.
(5)
National Bank of
Pakistan.
(6)
MCB Bank Limited,
Pakistan.
(7)
Bank of Tokyo-Mitsubishi
UFJ Limited.
(8)
Barclays Bank PLC.
The Pharmaceutical
Environment both globally and locally is posing new challenges and becoming
tougher with each passing day for the existing industry players primarily due
to patent expiration; NCE / generic registration; pricing challenges and GMP
practices etc. On the other hand it is also creating an opportunity for the
global companies in the emerging markets known as “Pharmerging Markets”.
Therefore, notwithstanding unforeseen events, we believe your company has the
potential to maintain sales growth in line with the industry trend and the
company's management is continuously focused in taking initiatives for
improving business performance as well as overall profitability.
·
Pakistan Pharmaceutical Manufacturers Associations.(PPMA)
·
Karachi Chamber of Commerce & Industry.(KCCI)
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Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 102.65 |
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UK Pound |
1 |
Rs. 156.60 |
|
Euro |
1 |
Rs. 114.10 |
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.64.11 |
|
|
1 |
Rs.97.84 |
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Euro |
1 |
Rs.71.12 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
-- |
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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.