MIRA
INFORM REPORT
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Report Date : |
27th February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
FATIMA FERTILIZER COMPANY LIMITED |
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Registered Office : |
2nd Floor, Trust Plaza, L. M. Q. Road, Multan, Pakistan |
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Country : |
Pakistan |
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Date of Incorporation : |
2004 |
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Com. Reg. No.: |
00000001427 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Engaged in the process of setting-up Plants to produce Urea, Nitro
Phosphate (NP & NPK) and Calcium Ammonium Nitrate (CAN) – the four main
types of fertilizers used in Pakistan |
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
FATIMA FERTILIZER COMPANY LIMITED
Full Address
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Registered Address |
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2nd Floor, Trust Plaza, L. M. Q. Road, Multan, Pakistan |
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Tel |
92
(61) 4512032, 4512031 |
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Fax |
92
(61) 4511677 |
Short Description Of Business
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a. |
Nature of Business |
Is in the process of
setting-up Plants to produce Urea, Nitro Phosphate (NP & NPK) and Calcium
Ammonium Nitrate (CAN) – the four main types of fertilizers used in Pakistan |
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b. |
Year Established |
2004 |
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c. |
Registration # |
00000001427 |
Plant Location
Mouza Khuda Bux,
Sadiqabad, Rahim Yar
Khan,
Pakistan
Auditors
Hameed Chaudri & Co.
(Chartered Accountants)
Legal Status
Subject Company was established as an Unquoted Public Limited Company in 2004
Details of Directors
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Names |
Designation |
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Mr. Fawad Ahmed Mukhtar Mr. Fazal Ahmed Sheikh Mr. Faisal Mukhtar Mrs. Farrukh Mukhtar M. Nasir Butt Mr. Iftikhar Mahmood Baig Mr. Amanullah |
Chief Executive Director Director Director Director Director Company Secretary |
Shareholders
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Names |
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Mr. Fawad Ahmed Mukhtar Mr. Fazal Ahmed Sheikh Mr. Faisal Mukhtar Mrs. Farrukh Mukhtar |
Associates
A. Subsidiary
None
B. Associated Companies
1.
Fatima Sugar Mills
Limited, Pakistan.
2.
Reliance Exports
Limited, Pakistan.
3.
Gadoon Packing
(Pvt) Limited, Pakistan.
4.
Fazal Weaving Mills
Limited, Pakistan.
5.
Fatima Fibres
Limited, Pakistan.
6.
Reliance Fabrics
Limited, Pakistan.
7.
Reliance Weaving
Mills Limited, Pakistan.
8.
Fazal Cloth Mills
Limited, Pakistan.
9.
Reliance
Commodities (Pvt) Limited, Pakistan.
10. Farrukh Trading Company, Pakistan.
11. Fatima Trading Company, Pakistan.
12. Mukhtar Trading Company, Pakistan.
Products
Is in the process of setting-up Plants
to produce Urea, Nitro Phosphate (NP & NPK) and Calcium Ammonium Nitrate
(CAN) - the four main types of fertilizers used in Pakistan.
Number of Employees
53
Annual Production Volume
Subject Company has a designed capacity of producing 1500
tons per day. The urea plant is expected to start production in 2009
Annual Sales Volume
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Year |
In Pak Rupees |
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2006 |
Not ascertained as the subject company urea
plant is expected to start production in 2009 |
Agencies (Foreign)
(1) KAWASAKI
PLANT SYSTEMS LTD, JAPAN.
(2) SOJITZ CORPORATION, JAPAN.
Bankers
- Allied Bank of Pakistan Limited, Pakistan.
- Askari Commercial Bank Limited, Pakistan.
- Habib Bank Limited, Pakistan.
- Habib Metropolitan Bank Limited, Pakistan.
- MCB Bank Limited, Pakistan.
- Faysal Bank Limited, Pakistan.
Pool Reactor Plant In Pakistan
With Stamicarbon's Technology
Pakistan's Multan-based Fatima Fertilizer Company Ltd is to build 1500 tons per day urea plant in Sadiqabad in central Pakistan. The urea plant will be Pakistan's first plant incorporating Stamicarbon's Urea 2000plusTM technology, featuring a Pool Reactor. The first type of this plant was commissioned in 1998 in the Netherlands. Since then, Pool Reactor plants, as well as large Pool Condenser plants, have proven to provide the best that urea technology can offer in terms of low investment, low operational cost and high reliability of operation. The plant also features the use of Safurex® stainless steel for the entire synthesis section. This material is highly resistant against corrosion, even in complete absence of oxygen, which is a common need with conventionally used steel materials. Superior strength characteristics of Safurex® also allow for lower-weight equipment. The plant will be built by Japan's Kawasaki Heavy Industries Group company Kawasaki Plant Systems Ltd and Sojitz Corporation. Kawasaki Plant Systems will deliver the equipment and engineering of the urea plant with Stamicarbon design. The urea plant is expected to start production in 2009. Its establishment fits well in the Pakistani government's program to increase the domestic fertilizer production capacity to meet the demands by agriculture, which is the country's major domestic industry. Stamicarbon's urea synthesis technology has been licensed for design and construction of most of contracted / built urea grass root projects in the past years, e.g.
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CNOOC |
China |
2700 tons per day |
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PIDMCO (NPC) |
Iran |
3250 tons per day |
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QAFCO |
Qatar |
3200 tons per day |
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Turkmenistan Fertilizer & Chemicals |
Turkmenistan |
1050 tons per day |
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KPIC |
Iran |
2000 tons per day |
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SAFCO IV |
Saudi Arabia |
3250 tons per day |
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EFC II |
Egypt |
1925 tons per day |
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AlexFert |
Egypt |
1925 tons per day |
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PIDMCO II (NPC) |
Iran |
3250 tons per day |
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Helwan |
Egypt |
1925 tons per day |
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Mopco |
Egypt |
1925 tons per day |
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Fatima Fertilizer Company |
Pakistan |
1500 tons per day |
Memberships
·
Federation of Pakistan Chamber of Commerce &
Industry.(FPCCI)
·
International Fertilizer Industry Association.(IFIA)
Foreign Exchange Rates
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Currency |
Unit |
Pakistani Rupee |
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US Dollar |
1 |
Rs. 60.67 |
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UK Pound |
1 |
Rs. 118.60 |
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Euro |
1 |
Rs. 79.50 |
Group Profile
Fatima Group is one of the leading business organizations in Pakistan. The Sponsors have been engaged in industrial and trading business since 1936 and, over the years the market reputation, financial standing and strength of the group has grown enormously. Presently the Fatima Group is operating export oriented Sugar Mills, a Textile Division consisting of Weaving Mills with 320 modern looms, 3 Spinning Mills consisting about 200,000 spindles, Cotton ginning unit and two large Trading companies engaged in international trading of cotton, sugar, molasses and other commodities. Total employee base of the Group is over 7000. The Directors of the group companies are energetic, highly qualified and well experienced in organizing, operating and managing large industrial units and commercial business. They have close business relations with the leading world trading houses. The Group has recorded tremendous achievements in all fields and trade. The sales turnover has increased sharply as compared to initial years and has acquired a sound segment in global trade. During the last few years Fatima Group has made large and constant investment with regards to quality of their products.
Comments
Fatima Group of Companies enjoys good reputation in
the Pakistan business circle. All the directors of the Company are reported as
qualified, experienced and resourceful businessmen. Payments are usually
Correct and as per commitments. 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%)
PRIVATE & CONFIDENTIAL : This information
is provided to you at your request, you having employed MIPL for such purpose.
You will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You
will hold the information in strict confidence, and shall not reveal it or make
it known to the subject persons, firms or corporations or to any other. MIPL
does not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions