MIRA INFORM REPORT

 

 

Report Date :

15.07.2011

 

IDENTIFICATION DETAILS

 

Name :

NIMIR CHEMICALS PAKISTAN LIMITED

 

 

Registered Office :

51-N, Industrial Area, Gulberg II, Lahore

 

 

Country :

Pakistan

 

 

Year of Establishment :

1989

 

 

Com. Reg. No.:

0020644

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Manufacture & Marketing of Chemicals

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

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

 

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

 

Business Name

 

NIMIR CHEMICALS PAKISTAN LIMITED

 

 

Full Address       

 

Registered Address

51-N, Industrial Area, Gulberg II, Lahore, Pakistan

                       

Tel #

92 (42) 35718001 - 09 (9 Lines)

Fax #

92 (42) 35718013

Email

nimirpk@brain.net.pk

 

 

Short Description Of Business

 

Nature of Business        

Manufacture & Marketing of Chemicals

Year Established

1989

Registration #

0020644

 

 

Factory Location

 

Address

14.8 Km, Sheikhpura - Faisalabad Road, Munza Bhikhi, Distt. Sheikhupura, Pakistan

Tel #

92 (4931) 882202

Fax #

92 (4931) 882203

 

 

Auditors

           

Ford Rhodes Sidat Hyder & Co.

(Chartered Accountants)

Mall View Building, 4-Bank Square, Lahore, Pakistan

 

 

Legal Status       

           

Subject was established as an Unquoted Public Limited Company in 1989

 

 

 

Authorised Capital           

Rs. 1,850,000,000/- divided into 370,000,000 shares of Rs. 5/- each

Issued & Paid up Capital

Rs. 850,408,835/- divided into 170,081,767 shares of Rs. 5/- each

 

 

Details of Directors

 

Names

Address

Occupation

Designation

Mr. Abdul Jalil Jamil

 

 

Mr. Louis Tucker Link

 

 

 

 

Mr. Sheikh Amar Hameed

 

 

 

Mr. Tasneem Noorani

 

 

 

Mr. Salim Adaya

 

 

 

Mr. Zafar Mahmood

 

 

Lt. Gen (R) Syed Arif Hasan

14-Gulberg-V, Lahore

 

Dormy Looge, Portwall Drive WentworthVirginia Water, GU25, U.K

 

17-A/3, Abid Majeed Road, Lahore

 

19-Tariq Block, New Garden Town, Lahore

 

A-23, Street H, KDA Scheme # 1, Karachi

 

239-F/I, Wapda Town, Lahore

 

124-A, PCSIR Housing Society, Lahore

Business

 

 

Business

 

 

 

 

Business

 

 

 

Business

 

 

 

Business

 

 

 

Business

 

 

Business

 

Chief Executive

 

 

Director

 

 

 

 

Director

 

 

 

Director

 

 

 

Director

 

 

 

Director

 

 

Director

 

 

Shareholders

 

Name

No. of Shares

M/s Knightsbridge Chemicals Limited

 

Mr. Salim Adaya

 

M/s Commonwealth Development Corporation

 

Mr. Irfan Anwar

 

Mr. Sheikh Amar Hameed

 

Mrs. Sameera Ansari

 

Mrs. Souriya Anwar

 

Mr. Tariq Jamil

 

Mr. Hoshidar P. Kotwal

 

Mr. Abdul Jalil Jamil

 

Mr. Javed S. Arif

 

Mr. Umar Iqbal

 

Mr. Shamshad A. Naushahi

 

Mr. Khalid Mehmood Khan

 

Mr. Zafar S. Qidwai

 

Mr. Zafar Mahmood

 

Mr. Kamal Nasir-ud-Din

142,965,513

 

22,024,128

 

 

4,118,333

 

450,000

 

200,000

 

183,333

 

100,000

 

40,000

 

160

 

100

 

100

 

35

 

20

 

15

 

10

 

10

 

10

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

                        None                                             

           

B.         Associated Companies

 

(1)     Nimir Industrial Chemicals Limited, Pakistan.

(2)     Nimir Resins Limited, Pakistan.

(3)     Alpha Resources (Pvt) Limited, Pakistan.

(4)     Polyron Limited, Pakistan.

(5)     Ahmad Adaya & Co. (Pvt) Limited, Pakistan.

(6)     Trade Matrix (Pvt) Limited, Pakistan.

 

 

Business Activities

 

Subject Company is engaged in the business as manufacture & marketing of Chemicals.

 

It purchases raw material against L/C, D/A, D/P basis.

 

It sells against cash / credit basis. Whereas incase of exports, payment would be accepted through L/C basis.

 

It’s mainly export to Fareast and the South African region.

 

It’s mainly import from China & India.

 

Its’ major customers are Traders, Retailers, Buying Agencies etc.

 

Subject operates from caption leased bungalow premises of area measuring 1,200 Sq Yard which is situated in commercial area.

 

Subject employs about 420 persons in its set up.

 

 

Annual Production Capacity

           

NCPL is the only manufacturer of pthalic anhydride in Pakistan with a recently expanded capacity of 14,000 TPA.

 

 

Trade Suppliers (Foreign)

           

(1) ICC CHEMICAL CORPORATION, U.S.A.

(2) FSM ENTERPRISES, U.A.E.

(3) RELIANCE INDUSTRIES LIMITED, INDIA.

 

 

Annual Sales Volume

           

Year

In Pak Rupees

2009

2,500,000,000/- (Estimated)

 

 

Bankers

 

(1)     The Bank of Punjab, Pakistan.

(2)     Silk Bank Limited, Pakistan.

(3)     MCB Bank Limited, Pakistan.

(4)     Bank Alfalah Limited, Pakistan.

(5)     Faysal Bank Limited, Pakistan.

(6)     Habib Bank Limited, Pakistan.

 

 

 

Memberships

 

·         Lahore Chamber of Commerce & Industry.(LCCI)

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 85.95

UK Pound

1

           Rs. 137.70

Euro

1

           Rs. 120.50

 

 

Comments

 

Subject Company enjoys good reputation in Pakistan business circle. Directors are reported as qualified, experienced & resourceful businessmen. Trade relations are reported as fair. Subject 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.44.53

UK Pound

1

Rs.71.80

Euro

1

Rs.63.15

 

 

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.