MIRA INFORM REPORT

Report Date :

22.05.2008

IDENTIFICATION DETAILS

Name :	AKBARI STORES (PRIVATE) LIMITED

Registered Office :	Akbari Gate, Akbari Building, 53-Circular Road, Lahore

Country :	Pakistan

Date of Incorporation :	1948

Com. Reg. No.:	00002559

Legal Form :	Private Limited Company

Line of Business :	Import and Sale of Chemicals and Dyes.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

Business Name

AKBARI STORES (PRIVATE) LIMITED

Full Address

Registered Address

Akbari Gate, Akbari Building, 53-Circular Road, Lahore, Pakistan.

Tel #	92 (42) 7639515, 7639511, 7640723, 7659171
Fax #	92 (42) 7654253
Email	abari@paknet4.ptc.pk

Short Description Of Business

Nature of Business	Import & Sale of Chemicals & Dyes.
Year Established	Business Started in 1948 (Private Limited Company incorporated in 1990).
Registration #	00002559

Branches

Address	1467-1472, Adamjee Road, Cantt, Rawalpindi, Pakistan.
Tel #	92 (51) 5568169, 5568245
Fax #	92 (51) 5567973
Email	asl@wol.net.pk

Address	Usman-e-Ghani Street, Jodia Bazar, Karachi, Pakistan.
Tel #	92 (21) 2419521, 2440291
Fax #	92 (21) 2440586

Ware Houses

4 in Lahore, 1 each in Karachi & Islamabad.

Legal Status

Private Limited Company with no Joint Venture/no Licensing from anywhere.

Authorized Capital	Rs. 5,000,000 divided into 50,000 shares of Rs. 100/- each.
Issued & Paid up Capital	Rs. 1,380,000 divided into 13,800 shares of Rs. 100/- each.

Details of Directors

Names

Nationality

Address

Occupation

Designation

Mr. Sadiq Ali

Mr. Naseer Akber

Mr. F. E. Akber

Mr. Zafar ul Aleem

Mr. Wasi Ahmad

Pakistani

Akbari Gate, Akbari Building, Lahore

Business

Chairman

Director

Chief Executive

Director

Details of Shareholders

Names

No. of Shares

Mr. Sadiq Ali

Mr. Naseer Akber

Mr. F. E. Akber

Mr. Zafar ul Aleem

Mr. Wasi Ahmad

Mrs. Moonim Akbar

4,350

250

1,500

1850

1,500

Associated Companies

(1) Alpha Traders, Pakistan.

(2) Hamdard Chemicals, Pakistan.

(3) Akbari Chemical Industries, Pakistan.

(4) Akbari Paper Stores, Pakistan.

Product/Services

All sorts of Industrial Chemicals & Dyes for Leather Tanneries, Textile Industry, Sugar Industry, Pharmaceutical Industry, Food, Oil/Lubricant, Paint Industry, Sewerage Industry, etc.

Number of Employees

Annual Sales Volume (In Pak Rupees)

PKR 320,000,000/- (Estimated)

Trade Suppliers (Foreign)

(1) China National Corporation, China.

(2) Hung Sun Trading Company, Hong Kong.

(3) Henan Billions Chemicals Co. Ltd, China.

(4) Sinochem Hebei Import & Export Corporation, China.

(5) Red Carnation Gums Ltd, United Kingdom.

Note :

Subject Company also import from Korea & Taiwan.

Imported Products

Sulphuric Acid, Hydrogen Per oxide, Acetic Acid, Oxalic Acid, P.V.A., etc.

Bankers & their addresses

Muslim Commercial Bank Limited, Circular Road Branch, Lahore, Pakistan.

(2) MCB Bank Limited, Jodia Bazar Branch, Karachi, Pakistan.

Financial Position

Sound

Market Reputation of Directors

Very Good

Payment Reputation

Good, mostly they purchase on cash terms

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 69.90
UK Pound	1	Rs. 136.60
Euro	1	Rs. 109.45

Comments

No professional set-up witnessed. All the work is being done by them. Party is sound and well established. They are the largest stockists of various chemical items in the local market. 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%)

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