MIRA INFORM
REPORT
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Report Date : |
07.08.2010 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL REFINERY LIMITED |
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Registered Office : |
7-B, Korangi Industrial Area, |
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Country : |
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Financials (as on) : |
30.06.2009 |
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Year of Establishment : |
1963 |
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Com. Reg. No.: |
0001747 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturing,
Production & Sale of large range of Petroleum Products |
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 |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Business Name
NATIONAL REFINERY LIMITED
Full Address
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Registered Address |
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7-B, Korangi Industrial Area, |
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Tel # |
92 (21)
111-675-675 |
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Fax # |
92 (21) 5054663,
5060122 |
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Email |
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Short Description Of Business
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a. |
Nature of Business |
Manufacturing, Production
& Sale of large range of Petroleum Products |
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b. |
Year Established |
1963 |
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c. |
Registration # |
0001747 |
Factory Location
In
Auditors
A.F. Ferguson &
Co.
(Chartered Accountants)
Legal Status
Subject Company was incorporated as a Public Limited Company in 1963
Details of Directors
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Names |
Designation |
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Dr. Ghaith R. Pharaon Mr. Laith G. Pharaon Mr. Wael G. Pharaon Mr. Shuaib A. Malik Mr. Tarik Kivanc Mr. Firasat Ali Mr. Abdus Sattar |
Chairman Director Director Chief Executive Director Director Director |
Shareholders
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Name of Shareholders |
Shareholding (%) |
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Associated
Companies Individuals Investment
Companies Financial
Institutions Joint Stock
Companies Modarabas and
Mutual Funds Insurance
Companies Charitable Trusts Other |
50 10.80 0.46 16.25 2.80 0.34 4.99 0.24 14.12 |
Associates
A. Subsidiary
None
B. Associated
Companies
(1) Attock Petroleum
Limited,
(2) Attock Refinery Limited,
(3) Pakistan Oilfields
Limited,
(4) Attock Cement
Limited,
(5)
Business Activities
Manufacturing, Production & Sale of large range of
Petroleum Products. The refinery complex of the Company comprises of three
refineries consisting of two lube refineries, commissioned in 1966 and 1985 and
a fuel refinery added to the complex in 1977
Number of Employees
More than 600
Capacity
Annual
designed
throughput Actual throughput
capacity 2009 2008
( In Metric Tons)
Fuel section - throughput 2,710,500 2,423,683 2,733,797
of crude oil
Lube Section – throughput
of reduced crude oil 620,486 673,666 707,388
Annual Sales Volume
|
Years |
In Pak Rupees |
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2008 2009 |
146,233,271,000/- 140,112,250,000/- |
Bankers
(1) MCB Bank Limited,
(2) Bank Alfalah
Limited,
(3) Habib Bank Limited,
(4) Bank Alhabib
Limited,
(5) Faysal Bank Limited,
(6) The Royal Bank of
(7) Standard Chartered
Contribution to national
exchequer
During the financial year, the Company contributed Rs. 31.6 billion to the national exchequer in the shape of direct and indirect taxes and earned valuable foreign exchange of US $ 175 million through the export of Naptha and lube base oil.
Memberships
·
Federation
Foreign Exchange Rates
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Currency |
Unit |
Pakistani Rupee |
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US Dollar |
1 |
Rs. 85.60 |
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1 |
Rs. 129.80 |
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Euro |
1 |
Rs. 109.49 |
Comments
Subject Company is well known and directors are resourceful
and experienced businessmen. Payments to creditors etc are reported as normal.
The Company can be considered good for normal business dealings at usual trade
terms and conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.02 |
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1 |
Rs.73.21 |
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Euro |
1 |
Rs.60.70 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.