MIRA INFORM
REPORT
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Report Date : |
23.04.2011 |
IDENTIFICATION DETAILS
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Name : |
BERGER PAINTS PAKISTAN LIMITED |
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Registered Office : |
D-31, South Avenue,
S.I.T.E., Karachi |
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Country : |
Pakistan |
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Financials (as on) : |
30.06.2010 |
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Year of Establishment : |
1950 |
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Com. Reg. No.: |
0000358 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturing of paints, varnishes and other related items |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Pakistan |
b2 |
b2 |
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Risk Category |
ECGC
Classification |
|
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
BERGER PAINTS PAKISTAN LIMITED
Full
Address
|
Registered
Address |
|
D-31, South Avenue,
S.I.T.E., Karachi, Pakistan. |
|
Tel # |
92 (21)
111-237-437 |
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Fax # |
92 (21) 32561069,
32562090 |
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Website |
Short
Description Of Business
|
a. |
Nature of Business |
Manufacturing of paints,
varnishes and other related items |
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b. |
Year Established |
1950 |
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c. |
Registration # |
0000358 |
Branches
In Lahore, Islamabad, Rawalpindi, Faisalabad, Peshawar, Quetta, Multan
& Hyderabad
Auditors
A.F. Ferguson &
Co.
(Chartered Accountants)
Legal
Status
The company was incorporated in Pakistan on March 25, 1950 as a private limited company under the Companies Act, 1913 and was subsequently converted into a public limited company. The Company is listed on the Karachi and Islamabad stock exchanges.
Details
of Chairman/Directors
|
Names |
Designation |
|
Mr. Sikander Dada Dr. Mahmood Ahmad Mr. Maqbool H. H. Rahimtoola Mr. C.H. Clover Mr. Ilyas Sharif Mr. Muhammad Naseem Mr. Hamid Masood Sohail Mr. N.K. Shahani |
Chairman Chief Executive Director Director Director Director Director Director |
Categories
of Shareholders
|
Categories of
Shareholding |
Percentage (%) |
|
Individuals Investment Companies Insurance Companies Joint Stock Companies Financial Institutions Cooperative Societies Associated Others |
37.061 .003 1.235 3.516 6.105 .003 52.050 0.028 |
Holding
Company
The holding
company of Berger Paints Pakistan Limited is M/s Slotrapid limited which is
incorporated in the B.V.I.
Associates
A. Subsidiary
(1) Berger DPI Pakistan Limited.
B. Associated Companies
(1) Berdex
Construction Chemicals (Private) Limited.
(2) Buxly Paints
Limited.
(3) Canadian Metal
Containers (Private) Limited.
Products
Berger Robbialac Color Bank, Timbercoat and Textured effects are some of Berger’s highly successful products.
Number
of Employees
500
Annual
Sales Turnover (Last 2 Years)
|
Years |
In Pak Rupees |
|
2009 2010 |
3,580,302,000/- 3,359,276,000/- |
Production
Capacity
2010 2009
(Litres in thousand)
Actual
production 32,192
33,312
Note :
The capacity of
the plant is indeterminable because it is a multi product plant involving varying
processes of manufacturing. Actual production includes resin production of
7.790 million litres (2009: 6.885 million litres) which is used in the
manufacturing of the final product.
Clientele
(Pakistan Based)
Mainly Automobile
Assemblers, Distribution Companies, Trading Companies etc
Bankers
(1) Habib Bank Limited, Pakistan.
(2) Habib Metropolitan Bank Limited,
Pakistan.
(3) Citibank N. A., Pakistan.
(4) The Royal Bank of Scotland, Pakistan.
(5) United Bank Limited, Pakistan.
(6) MCB Bank Limited, Pakistan.
(7) JS Bank
Limited, Pakistan.
Financial
Position
Sound
Financial
Overview
The financial year 2010 under review was once again assailed by a period
of turbulence and economic uncertainty and turmoil in the country. Almost all
businesses were adversely affected by unabated power shortages and galloping
inflation. The problems further compounded by deteriorating law and order
situation especially in the central and northern parts of the country.
Continued political instability in the country and post flood situation will
further adversely effect the business environment. The paint industry which is
largely dependent on the construction and real estate development businesses
was not immune to these pressures. The performance of your company should,
therefore, be seen in the light of the business environment which prevailed
during the financial year under report.
Company
Profile
BERGER has been
associated with paint manufacturing for almost two centuries. The company started its
operation in Pakistan in 1950 and introduced premium quality paints in the
country for the first time. It has met the growing demand through regular
extensions in its products range and has continued to attract a healthy market
share, maintaining a high reputation for consistent quality. BERGER PAINTS PAKISTAN became a public
limited company in 1974. Slotrapid Limited, a U.K. based company is the holding
company of BERGER PAINTS PAKISTAN
LIMITED. In 1993, BERGER entered a technical collaboration agreement with
Nippon Paint Company of Japan. Nippon is acknowledged as one of the most
sophisticated paint manufacturers in the world and ranks among the leaders of
the paint industry. This collaboration has enabled BERGER to develop automotive
and industrial paints conforming to exacting international standards. Berger
Paints has also entered collaboration for decorative paints with Berger
International Limited, one of the top 20 paint companies in the world. The
Berger Paints Pakistan Limited Head Office is located in Karachi. The Company
has regional offices in Lahore and Islamabad and a wide network of
distributors/dealers and sales personnel in all major urban centers of the
country.
Foreign
Exchange Rates
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 84.20 |
|
UK Pound |
1 |
Rs. 138.19 |
|
Euro |
1 |
Rs. 122.13 |
Comments
Subject Company enjoys good reputation in
the International Business Community, Worldwide. Subject is primarily engaged in
manufacturing of paints, varnishes and other related items.
Payments to creditors etc are reported as normal. Company can be considered for
normal business dealings at usual trade terms and conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.30 |
|
UK Pound |
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
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 |
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.