MIRA
INFORM REPORT
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Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
MASTER LIMITED |
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Registered Office : |
Master House, 54 -
Darul Aman Cooperative Housing Society, Karachi |
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Country : |
Pakistan |
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Financials (as on) : |
30.06.2002 |
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Date of Incorporation : |
1988 |
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Com. Reg. No.: |
K-00656 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Import &
Trading of Textile Raw Materials, Chemicals |
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 : |
Usually correct |
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Litigation : |
Clear |
Business Name
MASTER LIMITED
Full Address
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Registered Address |
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Master House, 54 - Darul Aman Cooperative Housing Society, Karachi, Pakistan |
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Tel |
92 (21) 4389515,
4558681, 4385032, 4385033 |
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Fax |
92 (21) 4541974 |
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Website |
Short Description Of
Business
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Nature of Business |
Import &
Trading of Textile Raw Materials, Chemicals |
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Year Established |
1988 |
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Registration No |
K-00656 |
Branches
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Address |
82-C-1, Gulberg III, Lahore,
Pakistan |
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Tel # |
92
(42) 5392344, 5392345, 5758524, 5758525 |
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Fax # |
92
(42) 5392343 |
Auditors
M/s Rao & Co.
(Chartered
Accountants)
4 - Karachi Chambers, Hasrat Mohani Road, Karachi, Pakistan
Legal Status
Subject Company was incorporated as an unquoted limited company by the name of “Mastertex Limited” then afterwards it name was changed to “Master Limited”
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Authorised Capital |
Rs. 1,000,000/- divided into 100,000 shares of Rs. 10/- each |
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Issued & Paid up Capital |
Rs. 7,000/-
divided into 700 shares of Rs. 10/- each |
Detail of Directors
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Names |
Nationality |
Address |
Occupation |
Designation |
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Mr. Najeeb Malik Mr. Naveed Malik Mr. Nadeem Malik Mrs. Jamshed Malik Mr. Shahzad Malik Mrs. Farhat Malik Mrs. Shazia Malik |
Pakistani Pakistani Pakistani Pakistani Pakistani Pakistani Pakistani |
Plot # 75, Khayaban-e-Shaheen, Phase 6, DHA, Karachi D - 42, KDA Scheme No. 1, Karachi Plot # 321, Block K, Phase 1, L.C.C.H.S, Lahore 168/E, Block III, PECHS, Karachi House # 126-Y, Street No. 18, D.H.A., Lahore Plot # 75, Khayaban-e-Shaheen, Phase 6, DHA, Karachi Plot # 321, Block K, Phase 1, L.C.C.H.S, Lahore |
Business Business Business Business Business Business Business |
Chief Executive Director Director Director Director Director Director |
Shareholders
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Names |
No. of Shares |
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Mr. Najeeb Malik Mr. Naveed Malik Mr. Nadeem Malik Mrs. Jamshed Malik Mr. Shahzad Malik Mrs. Farhat Malik Mrs. Shazia Malik Mr. Riaz Malik |
100 100 100 50 100 100 100 50 |
Associated
Companies
Durafoam (Pvt) Limited, Pakistan.
Master Chemicals Limited, Pakistan.
Procon Engineering (Pvt) Limited, Pakistan.
Maestro Advertising (Pvt) Limited, Pakistan.
Master Textile Mills Limited, Pakistan.
Master Motor Corporation Limited, Pakistan.
Master Polymer Industries (Private) Limited, Pakistan.
Serta Pakistan (Pvt) Limited, Pakistan.
N.M. Enterprises (Pvt) Limited, Pakistan.
Master Celeste (Pvt) Limited, Pakistan.
Master Enterprises (Pvt) Limited, Pakistan.
Product/Services
Import & Trading of Textile Raw Materials & Chemicals
Number of Employees
6 – 8
Annual Sales Volume
Annual Sales Volume of this Company is very low but its Group Sales Turnover is US $ 60.00 million.
Bankers and their
addresses
Bank Alhabib Limited, Mackinnons Building, I.I. Chundrigar Road, Karachi, Pakistan.
Bank Alfalah Limited, Main Branch, I.I. Chundrigar Road,
Karachi, Pakistan.
Foreign Exchange
Rates
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Currency |
Unit |
Pakistani Rupee |
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US Dollar |
1 |
Rs. 60.76 |
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UK Pound |
1 |
Rs. 120.55 |
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Euro |
1 |
Rs. 82.00 |
Group Profile
Master Group of Industries was established in 1963 as a joint
venture with Bayer A.G. of Germany to manufacture foam mattresses. Today, the Group
is one of Pakistan's most dynamic Industrial concerns commanding well over 50% of the domestic foam market. Even
though the Group's mainstay is foam products, it as rapidly diversified into
other areas such as Textiles, Auto-motive parts, spring mattress production and
General Trading. The group has a fixed asset base of USD 20.00 million, annual
turnover of USD 60.00 million and 2500 employees. The Master Group enjoys
impeccable integrity both in the international and domestic markets.
Comments
Subject Group enjoys good reputation in Pakistan as well as in abroad. All the directors of the company are reported as qualified, resourceful and experienced businessmen. Trade relations are reported as fair. Subject can be considered for normal business dealings at usual trade terms and conditions.
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MASTER LIMITED |
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BALANCE SHEET AS
AT JUNE 30, 2002 |
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Rupees |
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Rupees |
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CAPITAL AND
LIABILITIES |
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PROPERTY &
ASSETS |
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AUTHORISED
CAPITAL |
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UNALLOCATED EXPENSES |
591,524 |
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100,000 ordinary shares of Rs. 10/- each |
1,000,000 |
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PRELIMINARY EXPENSES |
18,535 |
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ISSUED,
SUBSCRIBED & PAID UP CAPITAL |
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ADVANCES AND
DEPOSITS |
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700 ordinary shares of Rs. 10/- each |
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Industrial Estate |
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1,139,640 |
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fully paid in cash |
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7,000 |
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DUE TO
ASSOCIATED COMPANIES |
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CURRENT ASSETS |
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Master Textile Mills Limited |
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1,730,500 |
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Allied Bank of Pakistan Limited |
3,444 |
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Cash in hand |
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357 |
3,801 |
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DUE TO DIRECTORS |
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Mr. Naveed Malik |
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16,000 |
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1,753,500 |
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1,753,500 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)