MIRA INFORM REPORT

Report Date :

17.08.2011

IDENTIFICATION DETAILS

Name :	BUSH BOAKE ALLEN PAKISTAN (PVT) LIMITED

Registered Office :	Azzainab Court, Campbell Street, Karachi

Country :	Pakistan

Date of Incorporation :	1991

Com. Reg. No.:	0023810

Legal Form :	Private Limited Company

Line of Business :	Import, Manufacturing & Distribution of Flavours, Food Colours & Fragrances

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 :	Good

Payment Behaviour :	Usually Correct

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Pakistan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

Business Name

BUSH BOAKE ALLEN PAKISTAN (PVT) LIMITED

Full Address

Registered Address

Azzainab Court, Campbell Street, Karachi, Pakistan

Tel	92 (21) 32628213, 326237720
Fax	92 (21) 32626035
Email	saifuddin@aally.biz

Short Description Of Business

a.	Nature of Business	Import, Manufacturing & Distribution of Flavours, Food Colours & Fragrances
b.	Year Established	1991
c.	Registration #	0023810

Branches

None

Auditors

A.F. Ferguson & Co.

(Chartered Accountants)

State Life Building 1-C, Off I.I. Chundrigar Road, Karachi, Pakistan

Legal Status

Subject Company was established as a Private Limited Company in 1991

Authorised Capital	Rs. 10,000,000/- divided into 100,000 shares of Rs. 100/- each
Issued & Paid up Capital	Rs. 4,690,000/- divided into 46,900 shares of Rs. 100/- each

Details of Directors

Names

Designation

Mr. Saifuddin H. Bandukwala

Mr. Hamza A. Bandukwala

Mr. David Neil Ellison

Mr. Jeroen Henricus Maria Van Noorden

Chief Executive

Director

Shareholders

Names

No. of Shares

Mr. Saifuddin H. Bandukwala

Bandukwala Flavours (Pvt) Limited, Pakistan

A. Boake Roberts & Company (Holding) Limited

23,448

Associates

A. Subsidiary

None

B. Associated Companies

(1) Abdoolally Moosabhoy & Sons, Pakistan.

Products

Import, Manufacturing & Distribution of Flavours, Food Colours & Fragrances

Number of Employees

Annual Sales Volume

Year	In Pak Rupees
2009	100,000,000/- (Estimated)

Trade Suppliers

(Foreign)

Subject mainly import raw material from Companies belongs to Europe, India, Malaysia, U.K.

Customers

Mainly Food Companies, Trading Companies etc

Bankers

· Habib Metropolitan Bank Limited, Pakistan.

· Meezan Bank Limited, Pakistan.

· KASB Bank Limited, Pakistan.

· MCB Bank Limited, Pakistan.

· Bank Alfalah Limited, Pakistan.

Memberships

· Karachi Chamber of Commerce & Industry.

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 86.35
UK Pound	1	Rs. 141.00
Euro	1	Rs. 124.20

Comments

Subject Company was established in 1991 and is engaged in import, manufacturing & distribution of Flavours, Food Colours & Fragrances. Market reputation is satisfactory. Trade relations are reported as fair. Subject can be considered for normal business dealings at usual trade terms and conditions.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.25
UK Pound	1	Rs.73.88
Euro	1	Rs.65.06

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	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
----	NB	New Business	----

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.