MIRA
INFORM REPORT
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Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
NOBLE FOAM (PRIVATE) LIMITED |
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Registered Office : |
T-31, New Industrial Area, Mirpur (AJK) |
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Country : |
Pakistan |
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Date of Incorporation : |
2002 |
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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 : |
Regular |
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Litigation : |
Clear |
Business Name
NOBLE FOAM (PRIVATE) LIMITED
Full Address
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Registered Address
& Factory |
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T-31, New Industrial Area, Mirpur (AJK), Pakistan |
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Tel |
92 (58610) 34580, 34582, 34583 |
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Fax |
92 (58610) 34581 |
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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 |
2002 (Incorporated in Azad Jammu Kashmir, Mirpur) |
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Corporate Office
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Address |
Al-Khair House, 43-T, Gulberg II, Lahore, Pakistan |
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Tel # |
92 (42) 111-111-043 |
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Fax # |
92 (42) 5716588, 5753719 |
Auditors
Tahir Siddiqi & Co.
(Chartered
Accountants)
Legal Status
Subject Company was established as a Private Limited Company in 2002
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Authorised Capital |
Rs. 30,000,000/- |
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Issued & Paid up Capital |
Rs. 25,000,000/- |
Details of Chief
Executive / Directors
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Names |
Nationality |
Address |
Occupation |
Designation |
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Mr. Jazib Iqbal Subhani Mr. Sheikh Ali Afzal |
Pakistani Pakistani |
924-Z, D.H.A., Lahore 220-L, D.H.A., Lahore |
Business Business |
Chief Executive Director |
Shareholders
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Names |
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Mr. Jazib Iqbal Subhani Mr. Sheikh Ali Afzal |
Associated Companies
Al-Khair Gadoon Limited, Pakistan.
Al-Khair Mirpur (Private) Limited, Pakistan.
Al-Khair Soft (Private) Limited, Pakistan.
Al-Khair Boards (Private) Limited, Pakistan.
Al-Khair Overseas (Private) Limited, Pakistan
Business Activities
Subject Company is engaged in the business as manufacture & marketing of Foam Products, Mattresses, Cushions & Pillows.
Its main brands are Five Star Special, Climax Special, Decent, Eagle, Margalla, Vicky, Marshall, Novelty, Commando, Fuji, Sky, Flexi, Seven Star Special, Star, Seven Star Plus etc.
It sells against Cash / Credit terms.
It purchases raw material through L/C basis.
Subject operates from caption leased office premises of area measuring 700 Sq.Yards which is situated in commercial area.
Subject employs about 102 persons in its set up.
Annual Sales Volume
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Year |
In Pak Rupees |
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2005 |
50,000,000/- (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) Allied Bank Limited, G.T. Road Branch, Peshawar, Pakistan
(2) Soneri Bank Limited, Liberty Market, Gulberg Branch, Lahore, Pakistan.
Foreign Exchange
Rates
|
Currency |
Unit |
Pakistani Rupee |
|
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
Al-Khair Group enjoys good reputation in the Pakistan Business Circle. Chief Executive as well as director of the Company is reported as resourceful and experienced businessmen. Trade relations are reported as fair. Subject 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%)