MIRA
INFORM REPORT
|
Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MEGAFEEDER (PRIVATE) LIMITED |
|
|
|
|
Registered Office : |
Gf-9, K.D.L.B. Building, West Wharf Road, P.0. Box-6187,
Karachi-74000 |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Date of Incorporation : |
2006 |
|
|
|
|
Com. Reg. No.: |
0055372 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in Cargo & Shipping Services |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Business Name
MEGAFEEDER (PRIVATE) LIMITED
Full Address
Registered Address
Gf-9, K.D.L.B. Building, West Wharf Road, P.0. Box-6187, Karachi-74000, Pakistan
Tel 92 (21) 2316889, 2316890, 2316891
Fax 92 (21) 2315729,220094
Email megafeeder@mega-in.com
Note
The Company’s registered address was changed from “16th Floor, PNSC Building M.T. Khan Road, Karachi” to “Gf-9, K.D.L.B. Building, West Wharf Road, P.0.
Box-6187, Karachi”
Short Description Of Business
|
Nature of Business |
Engaged in Cargo & Shipping Services |
|
Year Established |
2006 |
|
Registration # |
0055372 |
Branches
In Lahore, Islamabad & Faisalabad
Agency Network
In Dubai (Port Rashid), Jebel Ali, Abu Dhabi, Sharjah,
Khorfakkan, Fujairah, Ajman, Um Al Qawain & Dammam
Auditors
M/s Mohammad Bilal & Co.
(Chartered Accountants)
Trade Avenue, Hasrat Mohani Road, I.I. Chundrigar Road,
Karachi, Pakistan
Legal Status
Subject Company was established as a Private Limited Company in 2006
|
Authorized Capital |
Rs. 500,000,000/-
divided into 50,000,000 shares of Rs. 10/- each |
|
Issued & Paid up Capital |
Rs. 20,000/- divided into
2,000 shares of Rs. 10/- each |
Details of Directors
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Habibullah Khan Mrs. Nusrat Khan Mr. Abdul Aziz Arain |
Pakistani Pakistani Pakistani |
H. No. 16, Street 17, Khayaban-e- Tauheed, D.H.A., Karachi H. No. 16, Street 17, Khayaban-e- Tauheed,
D.H.A., Karachi D-190, Block 7, Gulshan-e-Iqbal, Karachi |
Business Business Service |
Chief Executive Director Company’s Secretary |
Shareholders
|
Names |
No. of Shares |
|
Mr. Habibullah Khan Mrs. Nusrat Khan |
1,000 1,000 |
Associates
A. Subsidiary
None
B. Associated Companies
Inshipping (Pvt) Limited,
Pakistan
Inservey Pakistan (Pvt) Limited, Pakistan.
Megaimpex Pakistan (Pvt) Limited, Pakistan.
Megatech (Pvt) Limited, Pakistan.
Megatrans Pakistan (Pvt) Limited, Pakistan.
MSC Pakistan (Pvt) Limited, Pakistan.
Forbes Campbell & Co (Pvt) Limited, Pakistan.
Megatravel Pakistan (Pvt) Limited, Pakistan.
Seacon (Pvt) Limited, Pakistan.
Sealog (Pvt) Limited,
Pakistan.
Seaexpress (Pvt) Limited,
Pakistan.
Forbes Logistics (Pvt)
Limited, Pakistan.
Megarail (Pvt) Limited,
Pakistan.
Forbes Shipping Company
(Pvt) Limited, Pakistan.
Business Activities
Mega-feeder is a recent service being develop on behalf of Government of Pakistan to meet current upstage in trade volume between the SAARC countries and Gulf- Upper Gulf with proposed joint venture with Pakistan National Shipping and other regional countries (CSCL, SCI etc) to facilitate the SAARC initiate and inter port movement between Pakistan, India, Bangladesh, Srilanka, Nepal and Gulf states based on trade agreement covering certain MFN status with pre-trade initiate by each countries Government. This operation in handed under large Feeder operating via QICT to Iran, Gulf, India, and Srilanka. In the initial operation stage and managed operated by Star Feeder, Orient Shipping. Service, Dubai for all QICT Gulf Service (QGS) /QICT India Service (QIS) etc. Service as new feeder hub under branding of Mega-Feeder with joint cooperation on commercials variable routes.
Number of Employees
30 - 40
Annual Revenue Income
|
Year |
In Pak Rupees |
|
2006 - 2007 |
Not ascertained as the subject has commenced business in 2006 onwards |
Customers
(1) Abbott Laboratories Pakistan Limited, Pakistan.
(2) Clariant Pakistan Limited, Pakistan.
(3) Hilton Pharma (Pvt) Limited, Pakistan.
(4) Aventis Pharma Pakistan Limited, Pakistan.
(5) Novartis Pharma Limited, Pakistan.
(6) Barrett Hodgson Pakistan (Pvt) Limited, Pakistan.
(7) Fauji Fertilizer Limited, Pakistan.
(8) Fauji Fertilizer Bin Qasim Limited, Pakistan.
Bankers
(1) United Bank Limited, Corporate
Branch, State Life Building # 1, I.I.
Chundrigar Road, Karachi, Pakistan.
(Mortgage obtained PKR 395,000,000/-)
Foreign Exchange Rates
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 60.88 |
|
UK Pound |
1 |
Rs. 127.80 |
|
Euro |
1 |
Rs. 89.20 |
Comments
Subject Company was established in 2006 and is engaged in Cargo
& Shipping Services. Subject is a new company but group as a whole enjoys good
reputation internationally as well as in Pakistan. Trade relations are reported
as fair. The Company can be considered for normal business dealings at usual
trade terms and conditions.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)