MIRA
INFORM REPORT
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Report Date : |
05.09.2007 |
IDENTIFICATION DETAILS
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Name : |
NIMIR CHEMICALS PAKISTAN
LIMITED |
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Registered Office : |
51-N, Industrial Area,
Gulberg II, |
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Country : |
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Year of Incorporation : |
1989 |
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Com. Reg. No.: |
0020644 |
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Legal Form : |
Unquoted Public Limited Company |
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Line of Business : |
Manufacture and Marketing
of Chemicals |
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
NIMIR CHEMICALS PAKISTAN LIMITED
Full Address
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Registered Address |
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51-N, Industrial
Area, Gulberg II, |
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Tel |
92 (42) 5718001 -
09 (9 Lines) |
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Fax |
92 (42) 5718013 |
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Short Description Of
Business
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Nature of Business |
Manufacture and Marketing of Chemicals |
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Year Established |
1989 |
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Registration # |
0020644 |
Factory Location
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Address |
14.8 Km, Sheikhpura - |
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Tel # |
92 (4931) 882202 |
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Fax # |
92 (4931) 882203 |
Auditors
Ford Rhodes Sidat Hyder and Comapny
(Chartered
Accountants)
Legal Status
Subject was established as an Unquoted Public Limited Company in 1989
Capital
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AUTHORISED CAPITAL |
Rs.
1,850,000,000/- divided into 370,000,000 shares of Rs. 5/- each |
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ISSUED & PAID UP CAPITAL |
Rs. 850,408,835/-
divided into 170,081,767 shares of Rs. 5/- each |
Details of Directors
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Names |
Address |
Occupation |
Designation |
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Mr. Abdul Jalil Jamil Mr. Louis Tucker Link Mr. Sheikh Amar Hameed Mr. Tasneem Noorani Mr. Salim Adaya Mr. Zafar Mahmood Mr. Umar Iqbal |
14-Gulberg-V, Dormy Looge, 17-A/3, 19-Tariq Block, New
A-23, Street H, KDA
Scheme # 1, 239-F/I, 124-A, PCSIR
Housing Society, |
Business Business Business Business Business Business Business |
Chief Executive Director Director Director Director Director Director |
Shareholders
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Name |
No. of Shares |
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M/s Knightsbridge Chemicals Limited Mr. Salim Adaya M/s Commonwealth Development Corporation Mr. Irfan Anwar Mr. Sheikh Amar Hameed Mrs. Sameera Ansari Mrs. Souriya Anwar Mr. Tariq Jamil Mr. Hoshidar P. Kotwal Mr. Abdul Jalil Jamil Mr. Javed S. Arif Mr. Umar Iqbal Mr. Shamshad A. Naushahi Mr. Khalid Mehmood Khan Mr. Zafar S. Qidwai Mr. Zafar Mahmood Mr. Kamal Nasir-ud-Din |
142,965,513 22,024,128 4,118,333 450,000 200,000 183,333 100,000 40,000 160 100 100 35 20 15 10 10 10 |
Associates
SUBSIDIARY
None
ASSOCIATED COMPANIES
(1)
Nimir
Industrial Chemicals Limited,
(2)
Nimir
Resins Limited,
(3)
Alpha
Resources (Pvt) Limited,
(4)
Polyron
Limited,
(5)
Ahmad
Adaya & Co. (Pvt) Limited,
(6)
Trade
Matrix (Pvt) Limited,
Business Activities
Subject Company is engaged in the business as manufacture and marketing of Chemicals.
It purchases raw material against L/C basis.
It sells against cash / credit basis. Whereas incase of exports, payment would be accepted through L/C basis.
It’s mainly export to Fareast and the South African region.
It’s mainly import from China & India.
Its’ major customers are Traders, Retailers, Buying Agencies etc.
Subject operates from caption leased bungalow premises of area measuring 1,200 Sq Yard which is situated in commercial area.
Subject employs about 450 persons in its set up.
Annual Production
Capacity
NCPL is the only
manufacturer of pthalic anhydride in
Trade Suppliers
(Foreign)
(1) ICC CHEMICAL
CORPORATION,
(2) FSM ENTERPRISES,
U.A.E.
(3) RELIANCE
INDUSTRIES LIMITED,
Bankers
(1)
The
Bank of
(2)
Crescent
Commercial Bank Limited,
(3)
Saudi
Pak Commercial Bank Limited,
(4)
Bank
Alfalah Limited,
(5)
Faysal
Bank Limited,
(6)
Bank
Alhabib Limited,
Memberships
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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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UK Pound |
1 |
Rs. 124.00 |
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Euro |
1 |
Rs. 83.65 |
Comments
Subject Company enjoys good reputation in Pakistan business circle.
Directors are reported as qualified, experienced & resourceful businessmen.
Trade relations are reported as fair. Subject Company can be considered for normal
business dealings at usual trade terms and conditions.
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NIMIR CHEMICALS
PAKISTAN LIMITED |
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PROFIT &
LOSS ACCOUNT |
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FOR THE YEAR
ENDED DECEMBER 31, 2006 |
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Note |
2006 |
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2005 |
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Rupees |
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Sales |
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20 |
1,842,776,658 |
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1,338,679,616 |
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Cost of sales |
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21 |
(1,631,922,619) |
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(1,198,247,987) |
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Gross profit |
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210,854,039 |
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140,431,629 |
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Administrative, selling and general
expenses |
22 |
(65,443,782) |
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(46,412,038) |
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Operating profit |
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145,410,257 |
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94,019,591 |
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Financial charges |
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23 |
(73,457,710) |
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34,047,891 |
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Other expenses |
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24 |
(6,078,279) |
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(8,731,813) |
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Other income |
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25 |
5,822,406 |
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13,176,038 |
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Profit before
taxation |
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71,696,674 |
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64,415,925 |
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Taxation |
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26 |
(8,062,900) |
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(6,728,446) |
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Profit after
taxation |
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63,633,774 |
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57,687,479 |
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Unappropriated profit brought forward |
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177,888,658 |
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120,201,179 |
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Unappropriated
profit carried forward |
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241,522,432 |
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177,888,658 |
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Earnings per share
– basic |
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0.37 |
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0.34 |
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NIMIR CHEMICALS PAKISTAN
LIMITED |
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BALANCE SHEET |
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AS AT DECEMBER 31, 2006 |
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2006 |
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2005 |
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2006 |
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2005 |
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Rupees |
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Rupees |
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EQUITY AND LIABILITIES |
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NON CURRENT ASSETS |
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SHARE CAPITAL AND RESERVES |
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TANGIBLE FIXED ASSETS |
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Authorized capital |
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370,000,000 (2005: 370,000,000) ordinary
shares |
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Property, plant and equipment |
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1,336,702,725 |
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875,573,273 |
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of Rs. 5/- each |
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1,850,000,000 |
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1,850,000,000
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Capital work in progress |
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9,021,362 |
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207,740,508 |
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1,345,724,087 |
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1,083,313,781 |
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Issued, subscribed and paid-up capital |
850,408,835 |
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850,408,835 |
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Capital reserves |
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31,412,747 |
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31,412,747 |
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Long term deposits |
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11,554,686 |
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11,780,616 |
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Unappropriated profit |
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241,522,432 |
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177,888,658 |
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1,123,344,014 |
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1,059,710,240 |
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NON CURRENT LIABILITIES |
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CURRENT ASSETS |
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Loans from parent company - unsecured |
80,036,250 |
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78,658,125 |
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Stores and spares |
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34,134,549 |
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33,171,170 |
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Long
term loans - secured |
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245,042,869 |
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262,589,220 |
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Stock in trade |
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255,920,160 |
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238,247,873 |
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Trade debts |
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287,152,063 |
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175,337,697 |
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Liabilities against assets subject to
finance lease |
- |
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560,593 |
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Advances, deposits, prepayments and other |
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receivables |
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46,265,305 |
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37,840,042 |
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CURRENT LIABILITIES |
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Cash and bank balances |
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35,276,315 |
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160,253,125 |
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658,748,392 |
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644,849,907 |
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Current maturity: |
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-
Loan from parent company - Unsecured |
41,923,750 |
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11,236,875 |
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-
Long term loans - secured |
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86,250,000 |
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11,250,000 |
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Liabilities against assets subject to finance lease |
- |
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8,567,472 |
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Short term finances-secured |
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334,572,619 |
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108,779,753 |
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Creditors, accrued and other liabilities |
104,857,663 |
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198,592,026 |
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567,604,032 |
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338,426,126 |
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2,016,027,165 |
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1,739,944,304 |
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2,016,027,165 |
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1,739,944,304 |
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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%)