MIRA INFORM REPORT

 

 

Report Date :           

16.03.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

BIN RASHEED COLORS & CHEMICALS MANUFACTURING COMPANY (PVT) LIMITED

 

 

Registered Office :

29-G-V, Model Town, Lahore-54700

 

 

Country :

Pakistan

 

 

Year of Establishment :

2006

 

 

Com. Reg. No.:

0062400

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing of color Masterbatches and an assortment of additives for Plastic Industry

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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

 

BIN RASHEED COLORS & CHEMICALS MANUFACTURING COMPANY (PVT) LIMITED

 

 

Full Address       

 

Registered Address

29-G-V, Model Town, Lahore-54700, Pakistan

                       

Tel #

92 (42) 35885980, 35885452, 35843357

Fax #

92 (42) 35864283

 

 

Short Description Of Business

 

a.

Nature of Business        

Manufacturing of color Masterbatches and an assortment of additives for Plastic Industry under the brand name of "Aristo T"

b.

Year Established

2006

c.

Registration #

0062400

 

 

Factory Location

 

4 K.M., Raiwand Manga Road,

Lahore, Pakistan

 

 

Auditors

           

Javed Chaudhry & Co.

(Chartered Accountants)

Ahsan Chambers, 8-Syed Mauj Darya Road, Lahore, Pakistan

 

 

Legal Status       

 

Subject Company was established as a Private Limited Company in 2006

 

 

 

Authorized Capital

Rs. 7,000,000/- divided into 70,000 shares of Rs. 100/- each

Issued & Paid up Capital

Rs. 20,000/- divided into 200 shares of Rs. 100/- each

 

 

Details of Directors

 

Names

Address

Occupation

Designation

Mr. Moazam Rasheed

 

 

Mr. Mudassar Rasheed

29-G-V, Model Town, Lahore-54700, Pakistan

 

29-G-V, Model Town, Lahore-54700, Pakistan

Business

 

 

Business

 

Chief Executive

 

 

Director

 

 

 

Shareholders

 

Names

No. of Shares

Mr. Moazam Rasheed

 

Mr. Mudassar Rasheed

100

 

100

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

            None                                             

           

 

B.         Associated Companies

 

(1) Rashid Trading Co, Pakistan.

 

 

Business Activities

 

Subject Company is engaged in manufacturing of color masterbatches and an assortment of additives for Plastic Industry under the brand name of "Aristo T".

 

It purchases raw materials against D/A, D/P basis.

 

It sells against cash / credit basis to its local customers.

 

It’s mainly import from European Countries, China, Taiwan & Saudi Arabia.

 

Its’ major customers are Distribution Companies, Trading Companies etc.

 

Subject operates from caption leased factory premises situated at industrial area.

 

Subject employs about 80 persons in its set up.

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2010

70,000,000/- (Estimated)

 

 

Annual Production Volume

 

Annual production volume is indeterminable as it mainly depends upon the demand / requirements from their local customers

 

 

 

Trade Suppliers

(Foreign)

 

(1) NATIONAL PETROCHEMICAL INDUSTRIALIZATION MARKETING, SAUDI ARABIA.

 

(2) SAUDI BASIC INDUSTRIES CORPORATION, SAUDI ARABIA.

 

 

 

Bankers

 

·         Askari Commercial Bank Limited, Pakistan.

·         Habib Bank Limited, Pakistan.

·         MCB Bank Limited, Pakistan.

·         Faysal Bank Limited, Pakistan.

 

 

Memberships

 

·         Lahore Chamber of Commerce & Industry.(LCCI)

 

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 85.25

UK Pound

1

           Rs. 136.97

Euro

1

           Rs. 119.08

 

 

Comments

 

Subject Company was established in 2006 and is engaged in manufacturing of color master batches and an assortment of additives for Plastic Industry. Market reputation is satisfactory. Trade relations are reported as fair. Company can be considered for normal business dealings at usual trade terms & conditions.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.15

UK Pound

1

Rs.72.59

Euro

1

Rs.62.95

 

 

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%)

 

 

 

 

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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.