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MIRA
INFORM REPORT
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Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
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Name : |
GELCAPS ( |
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Registered Office : |
A / 9, |
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Country : |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
08.01.1984 |
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Com. Reg. No.: |
7769 / 19840107 |
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Legal Form : |
Unquoted Public Limited Company. |
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Line of Business : |
Manufacturers of Gelatin Capsules. |
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 |
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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
GELCAPS
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Full Address
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Registered Address |
Factory Address |
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A/9, |
Plot No. B-43, H.I.T.E., District Lasbela, |
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Tel |
92 (21) 5872941-4 Lines 92 (21) 5872898 |
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Tel |
92 (202) 32434, 32903, 33068 |
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Fax |
92 (21) 5872892 |
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Fax |
92 (202) 32513, 33145 |
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Website |
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Short Description Of Business
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Nature of Business |
Manufacturers of Gelatin Capsules. |
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Year Established |
1984 |
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Registration # |
7769/19840107
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Branches
In
Auditors
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KPMG Taseer Hadi & Co. (Chartered Accountants) |
LEgal Status
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Gelcaps ( |
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Authorised Capital |
Rs. 500,000,000/- divided into 50,000,000 shares of Rs. 10/- each |
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Issued & Paid up Capital |
Rs. 137,000,000 divided into 13,700,000 shares of Rs. 10/- each |
Details of Directors
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Names |
Designation |
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Mr. Shamsuddin Ibrahim Mr. Sadruddin Hashwani Mr. Murtaza S. Hashwani Mr. Vazir Ali F. Mohammad Mr. Shiraz Noordini Mr. Syed Aslam Ali Mr. Akhtar Bawany Mr. Ejaz Akhtar Ansari |
Chief Executive Director Director Director Director Director Director Director |
Categories of Shareholders
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Shareholders |
Number of Share Held |
Percentage (%) |
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Individuals Joint Stock Companies Financial Institutions |
4,160,500 7,539,500 2,000,000 |
30.37 55.03 14.60 |
Associates
(1)
Pearl
Continental Hotel,
(2)
Pearl
Continental Hotel,
(3)
Pearl
Continental Hotel,
(4)
Pearl
Continental Hotel,
(5)
Pearl
Continental Hotel, Bhurban.
(6)
Karachi
Marriot Hotel,
(7)
Islamabad
Marriot Hotel,
(8)
Orient
(9)
Zaver
Petroleum Corporation Limited,
(10)
(11)
Zaver Mining Company,
(12)
Pearls
(13)
Trans-Air Travels (Pvt) Limited,
(14)
Hasan Ali & Company (Pvt) Limited,
(15)
Genesis Trading (Pvt) Limited,
(16)
Net-21 (Pvt) Limited,
(17)
Hashoo International (Pvt) Limited.
(18)
Hashoo Private Limited,
(19)
Associated Builders (Pvt) Limited,
(20)
Murtaza Construction Company (Pvt) Limited,
(21)
(22)
Hashwani Sales & Service (Pvt) Limited,
(23)
Hashoo Holdings (Private) Limited.
Product/Services
Principal activity of the company is to manufacture and sell empty hard gelatin capsules.
Number of Employees
125
Plant Capacity & Production
2006 2005
Capsules in thousand)
Capacity - rated 1,400,000 1,400,000
Normal Capacity 1,300,000 1,067,000
Production - net 1,117,844 931,374
Utilization 86% 87%
The company operates triple shift on 24 hours basis.
Annual Sales Volume (Last 2
Years)
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Years |
In Pak Rupees |
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2005 2006 |
119,528,755 135,786,945 |
Customers
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Various Local. |
Business Review
This year was marked with increasing product price, rising raw material cost, positive response for exports, capacity enhancement activities and efforts to control under invoicing. The Company participated in the Arab Health Conference, UAE resultantly many companies are approaching continuously for export inquiries. The Company has signed an agreement with a Malaysian Company for export of approximately 850 million capsules per annum (five containers per month). The first order has been received in June 2006. Due to efficient marketing campaign, success was marked to re-gain lost orders. In order to meet the growing demand, the company has decided to go into expansion by installing two more new state of art Technophar machines of Canadian and for financing the project; the Company has applied for making IPO for Rs. 200.0 million.
Production
The Company produced 1,117 million capsules against 941 for
year 2005, registering an increase of 18.7%. During the year the breakdown of
old machines continued which effected the production but this deficiency was
covered by a new line purchased from from
Future Outlook
The Political situation in the region, though improving, largely remains uncertain. It is expected to that the economic activity in the country will continue to improve in the ensuing years. It welcome recent step of custom authorities of fixing the valuation rates for imported capsules. This will largely help in curbing the under invoicing activity, improving the government tax collection and strengthening the local manufacturers. Present capsule market is increasing rapidly and noted at approximately 4.0 billion per annum. After installation of two new machines, annual installed capacity will further increase from 1.4 billion capsules to 2.2 billion capsules. Increased capacity will help the Company to overcome capacity constraint, better overhead absorption and increase its market share. The un-predicted fuel charges, corresponding increase in freight and other charges, rupee dollar parity for export market will remain crucial in achieving the desired results of the Company. It expect that the capacity utilization will be improved thereby enabling us to achieve better results.
Bankers
Habib Bank Limited.
Habib Metropolitan Bank Limited.
Bank Alfalah Limited.
Soneri Bank Limited.
PICIC Commercial Bank Limited.
ABN Amro Bank.
Foreign Exchange Rates
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Currency |
Unit |
Pakistani Rupee |
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US Dollar |
1 |
Rs. 60.90 |
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1 |
Rs. 122.20 |
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Euro |
1 |
Rs. 82.60 |
Comments
Hashoo Group of
Companies enjoys excellent credibility in the
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GELCAPS ( |
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PROFIT & LOSS
ACCOUNT |
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FOR THE YEAR ENDED 30
JUNE, 2006 |
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Note |
2006 |
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2005 |
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Sales - net |
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17 |
135,786,945 |
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119,528,755 |
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COST OF SALES |
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18 |
106,922,614 |
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97,625,365 |
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GROSS PROFIT |
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28,864,331 |
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21,903,390 |
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OPERATING EXPENSES |
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Administrative expenses |
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19 |
9,908,050 |
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7,504,291 |
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Selling and distribution expenses |
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21 |
6,201,799 |
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3,309,917 |
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Financial charges |
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22 |
1,093,129 |
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1,866,939 |
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17,202,978 |
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12,681,147 |
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OPERATING
PROFIT |
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11,661,353 |
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9,222,243 |
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OTHER INCOME |
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23 |
1,420,655 |
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2,884,736 |
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13,082,008 |
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12,106,979 |
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OTHER CHARGES |
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24 |
845,495 |
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771,073 |
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PROFIT BEFORE
TAXATION |
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12,236,513 |
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11,335,906 |
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TAXATION |
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25 |
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- Current
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1,254,218 |
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- Deferred |
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3,616,585 |
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3,156,739 |
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4,870,803 |
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3,156,739 |
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PROFIT FOR
THE YEAR |
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7,365,710 |
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8,179,167 |
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EARNING PER
SHARE OF Rs. 10 EACH |
Rupees |
0.54 |
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0.60 |
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The annexed notes form an integral part
of these financial statements. |
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