MIRA
INFORM REPORT
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Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
DIC PAKISTAN LIMITED |
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Registered Office : |
4th Floor, The Forum, Suite # 416
to 422, G-20, Khayaban-e-Jami, Block-9, Clifton, Karachi, |
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Country : |
Pakistan |
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Date of Incorporation : |
1994 |
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Com. Reg. No.: |
0031824 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing, Processing & Selling of
Finished & Semi Finished Inks |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
DIC PAKISTAN LIMITED
Address
Registered Address
4th Floor,
The Forum, Suite # 416 to 422, G-20, Khayaban-e-Jami, Block-9, Clifton,
Karachi, Pakistan
Tel 92 (21) 5874047,
5874048, 5874049
Fax 92 (21) 5860251
Email dic@khi.wol.net.pk
Short Description Of
Business
Nature of Business Manufacturing, Processing & Selling of
Finished & Semi Finished Inks
Year Established 1994
Registration # 0031824
Branches
Address Shahrah-Roomi, P.O. Amer
Sidhu, Lahore-54760, Pakistan
Tel # 92 (42) 5822178,
5822180
Fax # 92 (42) 5822176
Factory Location
Address Plot # 06, Sector # 28, Korangi
Industrial Area, Karachi, Pakistan
Tel # 92 (21) 6028323,
5440113
Fax # 92 (21) 5066327
Auditors
A.F. Ferguson & Co.
(Chartered Accountants)
505 – 509, Alfalah Building, Shahrah-e-Azam,
Lahore, Pakistan
Legal Status
Subject Company was incorporated as a public
unlisted company in 1994
Authorized &
Issued & Paid up Capital
AUTHORIZED CAPITAL Rs. 75,000,000/- divided into 7,500,000 shares of 10/- each
ISSUED & PAID UP CAPITAL Rs. 61,424,960/- divided into 6,142,496
shares of Rs. 10/- each
Details of Directors
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Names |
Designation |
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Mr. Mujeeb Rashid Mr. Syed Aslam Mehdi Mr. Syeda Henna Babar Ali Mr. Munawar Hussain Babary Mr. Masayuki Saito Mr. Paul Koek Mr. Hisato Tanemura |
Chief Executive Director Director Director Director Director Director |
Categories of
Shareholders
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Categories |
No of Shares Held |
Percentage (%) |
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Individuals Joint Stock Companies Foreign Company |
7,872 3,372,750 2,761,874 |
0.13 54.91 44.96 |
Holding Companies
(1) Packages Limited, Pakistan.
(2) DIC Asia
Pacific Pte. Limited, Singapore.
Business Activities
Manufacturing, Processing & Selling of Finished
& Semi Finished Inks
Number of Employees
More than 250
Actual Capacity &
Production
The capacity and production of the company’s
plant is indeterminable as it is multi-product and involves varying processes
of manufacture.
Annual Sales Volume
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Years |
In Pak Rupees |
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2005 2006 |
737,756,000/- 853,225,000/- |
Customers
All over in
Pakistan.
Bankers
MCB Bank Limited, Pakistan.
ABN AMRO Bank, Pakistan.
Faysal Bank Limited, Pakistan.
Habib Metropolitan Bank Limited, Pakistan.
Habib Bank Limited, Pakistan.
Saudi Pak Commercial Bank Limited, Pakistan.
Soneri Bank Limited, Pakistan.
Business Review
The period under review has shown considerable improvement in the
results of the Company in comparison with the previous year ended 31st
December, 2005. The net sales for the year were Rs. 853,225,000 as compared to
Rs. 737,756,000/- in the previous year.
Foreign Exchange
Rates
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Currency |
Unit |
Pakistani Rupee |
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US Dollar |
1 |
Rs. 62.90 |
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UK Pound |
1 |
Rs. 123.15 |
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Euro |
1 |
Rs. 91.60 |
Comments
Subject Company is well known and directors are resourceful and
experienced businessmen. Trade relations are reported as fair. Payments to creditors etc are reported as
normal. The Company can be considered for normal business dealings at usual
trade terms and conditions.
BALANCE SHEET
AS
AT DECEMBER 31, 2006
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2006 |
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2005 |
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Note |
(Rupees in
thousand) |
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EQUITY AND
LIABILITIES |
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SHARE CAPITAL
AND RESERVES |
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Authorised
capital |
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7,500,000 (2005: 7,500,000) ordinary
shares |
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of Rs. 10/- each |
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75,000 |
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75,000 |
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Issued,
subscribed and paid-up capital |
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6,142,496 (2005: 6,142,496) ordinary
shares |
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of Rs. 10/- each |
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5 |
61,425 |
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61,425 |
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Unappropriated profit |
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137,364 |
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68,550 |
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198,789 |
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129,975 |
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DEFERRED
LIABILITIES |
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6 |
10,925 |
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13,423 |
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CURRENT
LIABILITIES |
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Finances under mark-up arrangements -
secured |
7 |
119,679 |
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204,102 |
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Creditors, accrued and other liabilities |
8 |
60,281 |
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58,265 |
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Provision for taxation |
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3,092 |
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3,085 |
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183,052 |
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265,452 |
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CONTINGENCIES
AND COMMITMENTS |
9 |
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392,766 |
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408,850 |
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2006 |
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2005 |
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Note |
(Rupees in
thousand) |
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ASSETS |
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NON-CURRENT
ASSETS |
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Property, plant and equipment |
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10 |
85,692 |
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86,915 |
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Intangible assets |
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11 |
70 |
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140 |
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Capital work in progress |
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10,686 |
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1,095 |
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Long term loans and deposits |
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12 |
579 |
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613 |
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97,027 |
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88,763 |
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CURRENT ASSETS |
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Stores and spares |
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13 |
1,207 |
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1,463 |
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Stock in trade |
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14 |
176,465 |
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210,398 |
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Trade debts |
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15 |
110,578 |
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92,027 |
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Loans, advances, deposits, prepayments and |
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other liabilities |
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16 |
6,456 |
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4,082 |
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Cash and bank balances |
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17 |
1,033 |
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12,117 |
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295,739 |
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320,087 |
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392,766 |
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408,850 |
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. |
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%)