MIRA
INFORM REPORT
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Report Date : |
06.08.2007 |
IDENTIFICATION
DETAILS
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Name : |
NIMIR CHEMICALS PAKISTAN
LIMITED |
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Registered Office : |
51-N, Industrial
Area, Gulberg II, |
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Country : |
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Year of Incorporation : |
1989 |
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Com. Reg. No.: |
0020644 |
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Legal Form : |
Unquoted Public Limited Company |
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Line of Business : |
Manufacture and
Marketing of 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 : |
Regular |
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Litigation : |
Clear |
Business Name
NIMIR CHEMICALS PAKISTAN LIMITED
Full Address
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Registered Address |
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51-N, Industrial
Area, Gulberg II, |
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Tel |
92 (42) 5718001 -
09 (9 Lines) |
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Fax |
92 (42) 5718013 |
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Short Description Of
Business
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Nature of Business |
Manufacture and Marketing of Chemicals |
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Year Established |
1989 |
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Registration # |
0020644 |
Factory Location
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Address |
14.8 Km, Sheikhpura - |
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Tel # |
92 (4931) 882202 |
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Fax # |
92 (4931) 882203 |
Auditors
Ford Rhodes Sidat Hyder and Comapny
(Chartered
Accountants)
Legal Status
Subject was established as an Unquoted Public Limited Company in 1989
Capital
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AUTHORISED CAPITAL |
Rs.
1,850,000,000/- divided into 370,000,000 shares of Rs. 5/- each |
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ISSUED & PAID UP CAPITAL |
Rs. 850,408,835/-
divided into 170,081,767 shares of Rs. 5/- each |
Details of Directors
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Names |
Address |
Occupation |
Designation |
|
Mr. Abdul Jalil Jamil
Mr. Louis Tucker Link
Mr. Sheikh Amar Hameed
Mr. Tasneem Noorani
Mr. Salim Adaya
Mr. Zafar Mahmood
Mr. Umar Iqbal |
14-Gulberg-V,
Dormy Looge, Portwall Drive WentworthVirginia Water, GU25, U.K
17-A/3,
19-Tariq Block, New
A-23, Street H, KDA
Scheme # 1,
239-F/I,
124-A, PCSIR
Housing Society, |
Business
Business
Business
Business
Business
Business
Business
|
Chief Executive
Director
Director
Director
Director
Director
Director |
Shareholders
|
Name |
No. of Shares |
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M/s Knightsbridge Chemicals Limited
Mr. Salim Adaya
M/s Commonwealth Development Corporation
Mr. Irfan Anwar
Mr. Sheikh Amar Hameed
Mrs. Sameera Ansari
Mrs. Souriya Anwar
Mr. Tariq Jamil
Mr. Hoshidar P. Kotwal
Mr. Abdul Jalil Jamil
Mr. Javed S. Arif
Mr. Umar Iqbal
Mr. Shamshad A. Naushahi
Mr. Khalid Mehmood Khan
Mr. Zafar S. Qidwai
Mr. Zafar Mahmood
Mr. Kamal Nasir-ud-Din |
142,965,513
22,024,128
4,118,333
450,000
200,000
183,333
100,000
40,000
160
100
100
35
20
15
10
10
10 |
Associates
SUBSIDIARY
None
ASSOCIATED COMPANIES
(1) Nimir Industrial Chemicals Limited, Pakistan.
(2) Nimir Resins Limited, Pakistan.
(3) Alpha Resources (Pvt) Limited, Pakistan.
(4) Polyron Limited, Pakistan.
(5) Ahmad Adaya & Co. (Pvt) Limited,
Pakistan.
(6) Trade Matrix (Pvt) Limited, Pakistan.
Business Activities
Subject Company is engaged in the business as manufacture and marketing of Chemicals.
It purchases raw material against L/C basis.
It sells against cash / credit basis. Whereas incase of exports, payment would be accepted through L/C basis.
It’s mainly export to Fareast and the South African region.
It’s mainly import from China & India.
Its’ major customers are Traders, Retailers, Buying Agencies etc.
Subject operates from caption leased bungalow premises of area measuring 1,200 Sq Yard which is situated in commercial area.
Subject employs about 450 persons in its set up.
Annual Production
Capacity
NCPL is the only
manufacturer of pthalic anhydride in
Trade Suppliers
(Foreign)
(1) ICC CHEMICAL
CORPORATION,
(2) FSM ENTERPRISES,
U.A.E.
(3) RELIANCE
INDUSTRIES LIMITED,
Bankers
(1)
The Bank of
(2) Crescent Commercial Bank Limited, Pakistan.
(3) Saudi Pak Commercial Bank Limited, Pakistan.
(4) Bank Alfalah Limited, Pakistan.
(5) Faysal Bank Limited, Pakistan.
(6) Bank Alhabib Limited, Pakistan.
Memberships
Foreign Exchange Rates
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 60.90 |
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UK Pound |
1 |
Rs. 124.00 |
|
Euro |
1 |
Rs. 83.65 |
Comments
Subject Company enjoys good reputation in Pakistan business circle.
Directors are reported as qualified, experienced & resourceful businessmen.
Trade relations are reported as fair. Subject Company can be considered for
normal business dealings at usual trade terms and conditions.
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%)