MIRA INFORM REPORT

 

 

Report Date :           

24.08.2011

 

IDENTIFICATION DETAILS

 

Name :

GELCAPS (PAKISTAN) LIMITED

 

 

Registered Office :

A/9, Mohammad Ali Bogra Road, Bath Island, Karachi-75530

 

 

Country :

Pakistan

 

 

Financials (as on) :

30.06.2009

 

 

Year of Establishment :

1984

 

 

Com. Reg. No.:

0011113

 

 

Legal Form :

Unquoted Public Limited Company

 

 

Line of Business :

Manufacturers of Gelatin Capsules

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Pakistan

b2

b2

 

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

 

GELCAPS (PAKISTAN) LIMITED

 

 

Full Address       

 

Registered Address

Factory Address

A/9, Mohammad Ali Bogra Road, Bath Island, Karachi-75530, Pakistan

Plot No. B-43, H.I.T.E., District Lasbela, Baluchistan, Pakistan

                       

Tel

92 (21) 35872941-44 (4 Lines)

92 (21) 35872898

 

Tel

92 (202) 32434, 32903, 33068

Fax

92 (21) 35872892

 

Fax

92 (202) 32513, 33145

 

 

Short Description Of Business

 

a.

Nature of Business           

Manufacturers of Gelatin Capsules.

b.

Year Established

1984

c.

Registration #

0011113

(Old Registration No. was 7769/19840107)  

 

 

 

 

 

Branches

 

In Lahore & Islamabad                

 

 

Auditors

 

KPMG Taseer Hadi & Co.

(Chartered Accountants)

 

 

Legal Status

 

Gelcaps (Pakistan) Limited was incorporated in Pakistan on 08 January 1984 as an unquoted public limited company. The company commenced production on 1st July 1994.

 

 

 

Authorized Capital

Rs. 500,000,000/- divided into 50,000,000 shares of Rs. 10/- each

Issued & Paid up Capital

Rs. 137,000,000 divided into 13,700,000 shares of Rs. 10/- each

 

 

Details of Directors

 

Names

Designation

Mr. Khalid Mumtaz Malik

 

Mr. Sadruddin Hashwani

 

Mr. Murtaza S. Hashwani

 

Mr. Vazir Ali F. Mohammad

 

Mr. Shiraz Noordin

 

Mr. Akhtar Bawany

 

Mr. Mustansir Zakir

Chief Executive

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

 

Categories of Shareholders                

 

Shareholders

Number of Share Held

Percentage (%)

Individuals

 

Joint Stock Companies

 

Financial Institutions

4,160,500

 

7,539,500

 

2,000,000

30.37

 

55.03

 

14.60

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

             None                                               

           

 

B.         Associated Companies

 

(1)     Pearl Continental Hotel, Karachi.

(2)     Pearl Continental Hotel, Lahore.

(3)     Pearl Continental Hotel, Rawalpindi.

(4)     Pearl Continental Hotel, Peshawar.

(5)     Pearl Continental Hotel, Bhurban.

(6)     Karachi Marriot Hotel, Karachi.

(7)     Islamabad Marriot Hotel, Islamabad.

(8)     Orient Petroleum, Pakistan.

(9)     Zaver Petroleum Corporation Limited, Pakistan.

(10) Zaver Chemical, Pakistan.

(11) Zaver Mining Company, Pakistan.

(12) Pearls Tours & Travels (Pvt) Limited, Pakistan.

(13) Trans-Air Travels (Pvt) Limited, Pakistan.

(14) Hasan Ali & Company (Pvt) Limited, Pakistan.

(15) Genesis Trading (Pvt) Limited, Pakistan.

(16) Net-21 (Pvt) Limited, Pakistan.

(17) Hashoo International (Pvt) Limited.

(18) Hashoo Private Limited, Pakistan.

(19) Associated Builders (Pvt) Limited, Pakistan.

(20) Murtaza Construction Company (Pvt) Limited, Pakistan.

(21) Cera-e-Noor, Pakistan.

(22) Hashwani Sales & Service (Pvt) Limited, Pakistan.

(23) Hashoo Holdings (Private) Limited.

 

 

Product/Services

 

Principal activity of the company is to manufacture and sell empty hard gelatin capsules.

 

 

Number of Employees

 

132

 

 

Plant Capacity & Production

 

                                                                                                2009                      2008           

                                                                                                (Capsules in thousand)

 

           

            Capacity - rated                                             2,494,861  2,494,861           

            Normal Capacity                                                        2,370,118            2,370,118

            Production - net                                             1,303,000  1,539,716         

            Utilization                                                                            55%                       65%

 

           

            The company operates triple shift on 24 hours basis.

 

 

 

Annual Sales Volume (Last 2 Years)

 

Years

In Pak Rupees

2008

2009

174,040,558/-

190,596,364/-

 

 

Customers

 

Various Local.

 

 

Business Review

 

In 2008-09 Gelcaps (Pakistan) Limited produced about 1.303 billion capsules and made a loss of about Rs. 37.324 million after charging depreciation of Rs. 39.732 million. It means GPL has not made cash loss in 2008-09.

 

 

Future Outlook

 

After installation of two new machines, annual installed capacity has increased to 2.2. billion capsules. Increased capacity will help the Company to overcome capacity constraint, better overhead absorption and increased its market share.

 

 

Bankers

 

·         Habib Bank Limited, Pakistan.

·         Habib Metropolitan Bank Limited, Pakistan.

·         Bank Alfalah Limited, Pakistan.

·         Soneri Bank Limited, Pakistan.

·         PICIC Commercial Bank Limited, Pakistan.

·         The Royal Bank of Scotland, Pakistan.

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 86.55

UK Pound

1

           Rs. 142.20

Euro

1

           Rs. 124.10

 

Comments

 

Hashoo Group of Companies enjoys excellent credibility in the Pakistani Business Circle. Group is engaged in diversified activities, which include Pharmaceutical, Power Generation, Hotels, Chemical, Mining, Construction & Information Technology etc. All the directors are reported as resourceful and experienced businessmen. Subject Company can be considered good for normal business dealings at usual trade terms and conditions.

 

 

           

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.69

UK Pound

1

Rs.75.29

Euro

1

Rs.65.77

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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