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MIRA
INFORM REPORT
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Report Date : |
05.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
TAPAL TEA (PVT)
LIMITED |
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Registered Office : |
Plot # 40, Sector 15, Korangi Industrial
Area, Karachi |
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Country : |
Pakistan |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
1979 |
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Com. Reg. No.: |
0006795 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Blending and Packaging of Tea |
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 : |
No Complaints |
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Litigation : |
Clear |
Business Name
TAPAL TEA (PVT)
LIMITED
Full Address
Registered Address & Factory
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Plot # 40, Sector 15, Korangi Industrial Area, Karachi, Pakistan. |
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Tel |
92 (21) 5063891 - 94 (4 Lines) |
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Fax |
92 (21) 5063890 |
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Email |
Short Description Of Business
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Nature of Business |
Engaged in
Blending & Packaging of Tea |
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Year Established |
1979 |
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Registration # |
0006795 |
Branches
In all major cities including Karachi, Lahore,
Rawalpindi & Multan
Auditors
KPMG Taseer Hadi
& Co.
(Chartered Accountants)
First Floor, Sheikh
Sultan Trust Building No. 2, Beaumont Road, Karachi, Pakistan
Legal Status
Subject Company was established as a Private Limited Company in 1979
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Authorized Capital |
Rs. 500,000,000/- divided into 5,000,000
shares of Rs. 100/- each |
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Issued & Paid up Capital |
Rs. 300,000,000/- divided into 3,000,000 shares
of Rs. 100/- each |
Details of Directors
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Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Aftab F. Tapal Mr. Faizullah A. Tapal |
Pakistani Pakistani |
D-61, Block 7, Kehkashan, Clifton, Karachi D-61, Block 7, Kehkashan, Clifton, Karachi |
Business Business |
Chief Executive Director |
Shareholders
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Names |
No. of Shares |
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Mr. Aftab F. Tapal Mr. Faizullah A. Tapal Mrs. Amina F. Tapal Mrs. Rashida A. Tapal Miss. Kumail A. Tapal Miss Maria A. Tapal Miss Mehvish A. Tapal |
1,200,000 150,000 150,000 500,000 500,000 250,000 250,000 |
Associates
A. Subsidiary
None
B. Associated Companies
Tapal Energy (Pvt)
Limited, Pakistan.
Tapal Enterprises
(Pvt) Limited, Pakistan.
Products
Engaged in
Blending & Packaging of Tea by its brand names of TAPAL
DANEDAR, TAPAL ICE TEA, TAPAL FAMILY MIXTURE, TAPAL CHENAK, TAPAL MEZBAN, TAPAL
TEZDUM
Number of Employees
297
Annual Production Volume
Annual production volume is indeterminable as
it multiproducts and involves various process of manufacturing
Annual Sales Volume (Last Two
Years)
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Years |
Rupees in ‘000 |
|
2006 2007 |
5,445,460 6,157,697 |
Suppliers (Foreign)
TEA IMPORTERS INC, MOMBASA.
WILLIAMSON TEA KENYA LIMITED, MOMBASA.
KENYA TEA DEVELOPMENT AGENCY, MOMBASA.
KIBENA TEA LIMITED, DARESSALAM.
Customers
Various
local & International
Bankers
ABN AMRO Bank, Pakistan.
Faysal Bank Limited, Pakistan.
Standard Chartered Bank, Pakistan.
Habib Metropolitan Bank Limited, Pakistan.
MCB Bank Limited, Pakistan.
Foreign Exchange Rates
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Currency |
Unit
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Pakistani Rupee |
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US Dollar |
1 |
Rs. 69.60 |
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UK Pound |
1 |
Rs. 136.50 |
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Euro |
1 |
Rs. 108.20 |
Comments
Subject
Company was established in 1979 and is engaged in Blending & Packaging of Tea. Chief Executive as well as
director is reported as qualified, resourceful and experienced businessmen. Trade
relations are reported as fair. Subject can be considered for normal business
dealings at usual trade terms and conditions.
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TAPAL TEA
(PRIVATE) LIMITED |
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PROFIT &
LOSS ACCOUNT |
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FOR THE YEAR ENDED
JUNE 30, 2007 |
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Note |
2007 |
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2006 |
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(Rupees in '000) |
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Sales - net |
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21 |
6,157,697 |
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5,445,460 |
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Cost of sales |
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22 |
4,805,637 |
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4,217,089 |
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1,352,060 |
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1,228,371 |
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Administrative and general expenses |
23 |
147,574 |
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118,034 |
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Selling and distribution expenses |
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24 |
809,643 |
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646,140 |
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Finance costs |
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25 |
8,846 |
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3,222 |
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Workers' profit participation fund |
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19,966 |
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24,870 |
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Workers' welfare fund |
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26 |
7,586 |
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8,929 |
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993,615 |
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801,195 |
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358,445 |
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427,176 |
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Other income |
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27 |
17,244 |
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36,739 |
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Share of profit / (loss) from an
associated company |
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3,663 |
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(305) |
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Profit before
taxation |
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379,352 |
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463,610 |
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Taxation - current |
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28 |
131,000 |
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163,000 |
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- prior year |
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28 |
- |
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(1,530) |
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- deferred |
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28 |
412 |
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5,223 |
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131,412 |
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166,693 |
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Profit after
taxation |
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247,940 |
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296,917 |
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(Rupees) |
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Earnings per
share - basic and diluted |
29 |
82.65 |
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98.97 |
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TAPAL TEA (PVT)
LIMITED |
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BALANCE SHEET AS
AT JUNE 30, 2007 |
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Note |
2007 |
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2006 |
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(Rupees in '000) |
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SHARE CAPITAL
AND RESERVES |
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Authorised
capital |
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5,000,000 ordinary shares of Rs. 100 each |
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(2006: 5,000,000 ordinary shares of Rs.
100 each |
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500,000 |
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500,000 |
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Issued, subscribed and paid-up capital |
5 |
300,000 |
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300,000 |
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General reserve |
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25,000 |
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25,000 |
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Unappropriated profit |
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1,335,618 |
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1,087,678 |
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1,660,618 |
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1,412,678 |
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LIABILITIES AGAINST
ASSETS SUBJECT TO |
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FINANCE LEASE |
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6 |
- |
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540 |
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DEFERRED TAX
LIABILITY - net |
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7 |
18,657 |
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18,245 |
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CURRENT LIABILITIES |
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Current maturity of liabilities against
assets |
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subject to finance lease |
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6 |
540 |
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1,351 |
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Short term running finance under |
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mark-up arrangements - secured |
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8 |
5,599 |
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43,782 |
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Due to directors |
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9 |
384 |
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224 |
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Creditors, accrued expenses and other
liabilities |
10 |
230,062 |
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165,360 |
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255,242 |
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229,502 |
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CONTINGENCIES
AND COMMITMENTS |
11 |
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1,915,860 |
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1,642,180 |
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Note |
2007 |
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2006 |
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(Rupees in '000) |
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FIXED ASSETS -
TANGIBLE |
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Operating fixed assets - at cost less |
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accumulated depreciation |
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12 |
489,109 |
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381,563 |
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Capital work in progress |
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13 |
80,822 |
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56,547 |
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569,931 |
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438,110 |
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INVESTMENT IN AN
ASSOCIATED COMPANY |
14 |
4,012 |
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- |
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LONG TERM LOANS |
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15 |
17,840 |
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27,167 |
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LONG TERM
DEPOSITS |
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16 |
1,121 |
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1,141 |
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CURRENT ASSETS |
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Stock in trade |
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17 |
863,801 |
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973,656 |
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Trade debts - unsecured |
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18 |
57,891 |
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31,971 |
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Current maturities of long term loans |
15 |
14,574 |
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14,802 |
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Advances, deposits, prepayments and other |
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receivables |
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19 |
71,982 |
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78,226 |
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Cash and bank balances |
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20 |
314,708 |
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77,107 |
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1,322,956 |
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1,175,762 |
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1,915,860 |
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1,642,180 |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.21 |
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UK Pound |
1 |
Rs.85.72 |
|
Euro |
1 |
Rs.67.92 |
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%)