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Report No. : |
311308 |
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Report Date : |
12.03.2015 |
IDENTIFICATION DETAILS
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Name : |
THE SEARLE COMPANY LIMITED |
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Formerly Known As : |
SEARLE PAKISTAN LIMITED |
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Registered Office : |
1st Floor, |
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Country : |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
October 1965 |
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Com. Reg. No.: |
0002161 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturing of Pharmaceutical Products and a low calorie sweetener
and also engaged in the sale of foods and consumer items. The Company also provides
services relating to manufacturing of Pharmaceutical Products for other
Companies |
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No. of Employees : |
1,516 |
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) |
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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 |
THE SEARLE COMPANY LIMITED
(FORMERLY: SEARLE PAKISTAN LIMITED)
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Registered
Address |
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1st Floor, N.I.C. Building, Abbasi Shaheed Road,
Karachi, Pakistan |
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Tel # |
92 (21) 35674321 - 35674328 (8 Lines) |
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Fax # |
92 (21) 35687693 |
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a. |
Nature of Business |
Manufacturing of Pharmaceutical Products and a low calorie sweetener and
also engaged in the sale of foods and consumer items. The Company also
provides services relating to manufacturing of Pharmaceutical Products for
other Companies |
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b. |
Year Established |
1965 |
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c. |
Registration # |
0002161 |
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Address |
F-319, S.I.T.E.,
Karachi, Pakistan |
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Tel # |
92 (21) 32578001 -
32578007 (7 Lines) |
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Fax # |
92 (21) 32564667 |
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Grant Thornton Anjum Asim Shahid Rahman (Chartered Accountants) |
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Searle Pakistan
Limited (the Company) was incorporated in Pakistan as a private limited
company in October 1965. In November 1993, the Company was converted to a
public limited company. Its shares are quoted on Karachi and Islamabad stock
exchanges of Pakistan |
|
Names |
Designation |
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Mr. Adnan Asdar
Ali Mr. Rashid
Abdulla Mr. Husain
Lawai Mr. S. Nadeem
Ahmed Mr. Zubair
Palwala Mr. Ayaz
Abdulla Mr. Asad
Abdulla Mr. Munis
Abdullah Mrs. Faiza
Naeem |
Chairman Chief Executive Officer Director Managing
Director Director Director Director Director Director |
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Categories |
Shareholding (%) |
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Directors, CEO
and their spouse and minor children Associated
Companies, undertakings and related parties Public Sector
Companies Banks,
development finance institutions, non-banking finance companies, insurance
companies, takaful, modarabas and pension funds Mutual Funds General Public Others |
0.28 55.97 2.15 6.31 7.88 27.41 |
A. Subsidiary
IBL HealthCare Limited,
Pakistan
Searle Laboratories
(Pvt) Limited, Pakistan.
Searle
Pharmaceuticals (Pvt) Limited, Pakistan.
Searle Biosciences
(Pvt) Limited, Pakistan.
B. Associated
Companies
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(1) International
Brands (Pvt) Limited, Pakistan. (2) United Brands
Limited, Pakistan. (3) Habitt, Pakistan. (4) UDL Distribution
Pakistan Limited, Pakistan. (5) International Franchises
(Pvt) Limited, Pakistan. (6) UDL Modaraba,
Pakistan. (7) International
Knitwear (Pvt) Limited, Pakistan. |
Manufacturing of Pharmaceutical Products and a low calorie sweetener and
also engaged in the sale of foods and consumer items. The Company also provides
services relating to manufacturing of Pharmaceutical Products for other
Companies
1,516
|
The capacity
and production of the Holding Company’s plants are indeterminable as these
are multi-product and involve varying processes of manufacture |
|
Years |
In Pak Rupees |
|
2013 2014 |
6,013,544,000/- 7,608,594,000/- |
GD SEARLE, U.S.A.
SANOFI AVENTIS, U.S.A.
GRUNENTHAL, GERMANY.
3M PHARMACEUTICALS, U.S.A.
FOREST LABORATORIES UK LIMITED. U.K.
ORION, FINLAND.
LISA PHARMA, ITALY.
MEAD JOHNSON &
COMPANY, U.S.A.
INTERSURGICAL LIMITED, U.K.
|
Mainly exist
at major cities of Pakistan |
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Mainly to Sri Lanka, Sudan, Ethiopia, Kenya, Uganda, Yemen,
Bangladesh, Myanmar, Tanzania |
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(1) Habib Bank Limited, Pakistan. (2) National Bank of Pakistan. (3) Soneri Bank Limited, Pakistan. (4) Standard Chartered Bank, Pakistan. (5) Citibank N.A., Pakistan. (6) Habib Metropolitan Bank Limited, Pakistan. (7) Faysal Bank Limited, Pakistan. (8) Allied Bank Limited, Pakistan. |
Life is a lesson,
understood backwards; but lived forward. The year 2014 emerged as a year making
a start, of what should be a series of growth years for the Company. We are in
almost all high-density therapeutic avenues such as Cardiovascular, Diabetes,
Orthopedics, Neurology, and Pediatrics and are constantly increasing our
presence in other therapeutic areas such as Antibiotics, Gastroenterology,
Pulmonology, Virology and Oncology. Developments in medical technology have
long been confined to procedural or pharmaceutical advances, while neglecting a
most basic and essential component of medicine: patient information management.
Searle is also continuously developing and educating its sales force to ensure
the same. Support to different NGOs and contribution in unforeseen calamities
will continue as a regular commitment to the nation of Pakistan. We must become
bigger than we have been: more courageous, greater in spirit, larger in
outlook. We are more confident than ever that Searle is well placed to succeed
in emerging markets. Searle is planning to align with global trends including
an ongoing population growth, rising demand of generic branded pharmaceuticals
and nutritional products. Searle will aggressively focus on the global market
and will primarily focus to expand the business operation in existing export
countries while looking to penetrateinto new countries as well. The company
sees huge potential for the infusion business therefore we are planning to
expand its current production capacity and by diversification into a portfolio
of IV sets and accessories. Globally there is a significant shift in R&D
from conventional pharmaceutical to Biotechnology product. So as in Pakistan,
we having a purpose built, FDA complaint state of art manufacturing facility in
which we intent to produce biological products for Oncology, Rheumatology,
Nephrology & Virology for local & international markets. When people
are emotionally motivated, they contribute and same is the case with all our
employees, partners, suppliers and customers, for which we are thankful and
expect the same zeal and zest for their contribution in future.
Searle Pakistan Limited (SPL) was incorporated in Pakistan as a Private Limited
Company on October 5, 1965 as a subsidiary of G.D. Searle & Co., U.S.A.
Today, Searle is one of the leading pharmaceutical companies in Pakistan having
two state-of-the art manufacturing facilities in Lahore, and Karachi, Pakistan.
The manufacturing plant based in Karachi is one of the most modern in the
country. We have consistently invested heavily in new technologies and the
latest production & quality control equipment, which is the driving force
behind the consistently high quality of Searle products.
Pakistan Pharmaceutical Manufacturers Association.
Karachi Chamber of Commerce & Industry.
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Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 101.85 |
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UK Pound |
1 |
Rs. 156.60 |
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Euro |
1 |
Rs. 114.10 |
Subject Company enjoys good reputation in Pakistan business circle.
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.75 |
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|
1 |
Rs.94.60 |
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Euro |
1 |
Rs.67.10 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
TPT |
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 |
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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.