MIRA
INFORM REPORT
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Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
MASTER FOAM (PRIVATE) LIMITED |
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Registered Office : |
Plot No.T-3, New Industrial Estate, Mirpur (AJK) |
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Country : |
Pakistan |
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Date of Incorporation : |
2000 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing of Foam and Foam Products |
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 FOAM (PRIVATE) LIMITED
Full Address
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Registered Address
& Factory |
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Plot No.T-3, New Industrial Estate, Mirpur (AJK), Pakistan |
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Tel |
92 (58610) 34474, 34475,76, 34477, 34478 |
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Fax |
92 (58610) 34479 |
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Short Description Of
Business
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Nature of Business |
Manufacturing of Foam and Foam Products |
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Year Established |
2000 (Incorporated in Mirpur, Azad Jammu Kashmir) |
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Corporate Office
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Address |
Master House, 54 -
Darul Aman Cooperative Housing Society, Karachi, Pakistan |
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Tel # |
92 (21) 4558681,
4385032, 4385033 |
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Fax # |
92 (21) 4549264 |
Auditors
Rao & Co.
(Chartered
Accountants)
4 - Karachi Chambers, Hasrat Mohani Road, Karachi, Pakistan
Legal Status
Subject Company was established as a Private Limited Company in 2000
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Authorised Capital |
Rs. 40,000,000/- |
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Issued & Paid up Capital |
Rs. 20,000,000/- |
Details of Chief
Executive / Directors
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Names |
Nationality |
Address |
Occupation |
Designation |
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Mr. Nadeem Malik Mr. Naveed Malik Mr. Najeed Malik Mrs. Jamshed Malik |
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 |
Business Business Business Business |
Chief Executive Director Director Director |
Shareholders
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Names |
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Mr. Nadeem Malik Mr. Naveed Malik Mr. Najeed Malik Mrs. Jamshed Malik |
Associated
Companies
(1) Durafoam (Pvt)
Limited, Pakistan.
(2) Master Chemicals
Limited, Pakistan.
(3) Procon Engineering
(Pvt) Limited, Pakistan.
(4) Khyber Plastic
& Polymers Inds. Limited, Pakistan.
(5) Fomulation Company (Pvt) Limited, Pakistan.
(6) Master Textile
Mills Limited, Pakistan.
(7) Master Motor
Company Limited, Pakistan.
(8) Master
Enterprises (Private) Limited, Pakistan.
(9) Procon Engineering (Private) Limited, Pakistan.
Business Activities
Subject Company is engaged in the business as manufacture & marketing of Foam & Foam Products including Foam Mattresses, Spring Mattresses, Pillows, Cushions, Seats Underlay, Master Beds etc by their brand name of “Molty Foam”
It sells against Cash.
It purchases raw material through L/C, T.T. basis.
Subject operates from caption leased office premises of area measuring 1,200 Sq.Yards which is situated in commercial area.
Subject employs about 150 persons in its set up.
Annual Sales Volume
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Year |
In Pak Rupees |
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2005 |
85,000,000/- (Estimated) |
Production Volume
The capacity and production of the company’s plant is indeterminable as it is utilized according to the demand of the products.
Authorized
Distributors
Mainly in all important cities of Pakistan
Bankers and their
addresses
(1) Bank Alhabib Limited, Pakistan.
(2) Bank Alfalah Limited, Pakistan.
(3) Faysal Bank Limited, Pakistan.
(4) Habib Metropolitan Bank Limited, Pakistan.
(5) KASB Bank
Limited, Pakistan.
Foreign Exchange
Rates
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Currency |
Unit |
Pakistani Rupee |
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US Dollar |
1 |
Rs. 60.68 |
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UK Pound |
1 |
Rs. 118.70 |
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Euro |
1 |
Rs. 80.65 |
Memberships
Sarhad Chamber of Commerce & Industry. (SCCI)
Comments
Master Group enjoys good reputation in the Pakistan Business Circle. Chief Executive as well as directors of the Company is reported as resourceful and experienced businessmen. Their market reputation is good. 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%)