|
Report Date : |
10.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
MATCO RICE PROCESSING (PVT) LIMITED |
|
|
|
|
Registered Office : |
L-24-1, Block 21, Federal ‘B’ Industrial
Area, |
|
|
|
|
Country : |
|
|
|
|
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Date of Incorporation : |
1990 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in Processing
& Export of Rice. |
|
|
|
|
No. of Employees : |
335 persons |
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 |
|
Maximum Credit Limit: |
USD 112,937,300 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Pakistan |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
pakistan - ECONOMIC OVERVIEW
Decades of
internal political disputes and low levels of foreign investment have led to slow
growth and underdevelopment in Pakistan. Agriculture accounts for more than
one-fifth of output and two-fifths of employment. Textiles account for most of
Pakistan's export earnings, and Pakistan's failure to expand a viable export
base for other manufactures has left the country vulnerable to shifts in world
demand. Official unemployment is 6%, but this fails to capture the true
picture, because much of the economy is informal and underemployment remains
high. Over the past few years, low growth and high inflation, led by a spurt in
food prices, have increased the amount of poverty - the UN Human Development
Report estimated poverty in 2011 at almost 50% of the population. Inflation has
worsened the situation, climbing from 7.7% in 2007 to more than 13% for 2011,
before declining to 9.3% at year-end. As a result of political and economic
instability, the Pakistani rupee has depreciated more than 40% since 2007. The
government agreed to an International Monetary Fund Standby Arrangement in
November 2008 in response to a balance of payments crisis. Although the economy
has stabilized since the crisis, it has failed to recover. Foreign investment
has not returned, due to investor concerns related to governance, energy,
security, and a slow-down in the global economy. Remittances from overseas
workers, averaging about $1 billion a month since March 2011, remain a bright
spot for Pakistan. However, after a small current account surplus in fiscal
year 2011 (July 2010/June 2011), Pakistan's current account turned to deficit
in the second half of 2011, spurred by higher prices for imported oil and lower
prices for exported cotton. Pakistan remains stuck in a low-income, low-growth
trap, with growth averaging 2.9% per year from 2008 to 2011. Pakistan must
address long standing issues related to government revenues and energy
production in order to spur the amount of economic growth that will be
necessary to employ its growing population. Other long term challenges include
expanding investment in education and healthcare, and reducing dependence on
foreign donors.
|
Source : CIA |
MATCO RICE PROCESSING (PVT) LIMITED
Registered Address
& Mill
L-24-1, Block 21, Federal ‘B’ Industrial Area,
Karachi, Pakistan
Tel #92 (21) 36323137, 36312896, 36315584,
+923018250969
Fax #92 (21) 36338819
Email matco@cyber.net.pk
|
a. |
Nature of Business |
Processing & Export of Rice |
|
b. |
Year Established |
1990 |
|
c. |
National Tax # |
0021510 |
In Lahore at present
Anjum Asim Shahid Rahman
(Chartered Accountants)
1st & 3rd Floor, Modern Motors House, Beaumont
Road, Karachi, Pakistan
Subject Company was established as a Private Limited Company in 1990
|
Authorized Capital |
Rs. 700,000,000/- divided into 70,000,000 shares
of Rs. 10/- each |
|
Issued & Paid up Capital |
Rs. 466,288,500/- divided into 46,628,850 shares
of Rs. 10/- each |
|
Names |
Designation |
|
Mr. Jawed Ali Ghouri Mr. Khalid Sarfaraz Ghouri Mr. Tariq Ghouri |
Chief Executive Director Director |
|
Names of Shareholders |
No of Shares |
|
Mr. Jawed Ali Ghouri Mr. Khalid Sarfaraz Ghouri Mr. Tariq Ghouri Mrs. Naheed Jawed Mrs. Nazhat Khalid Mrs. Sadaf Tariq Mr. Faizan Ali Ghouri |
18,216,540 13,703,670 13,718,640 285,000 285,000 270,000 150,000 |
(1) Matco Marketing Company, Pakistan.
Subject Company is engaged in Processing
& Export of Rice.
In case of export, payment would be accepted through L/C, T.T. basis.
Local sales are mostly on cash basis.
Its mainly export to Middle East & European Countries.
Its’ major customers are Traders, Retailers, Buying Agencies etc.
Subject operates from caption leased factory premises acquired more than
250,000 Sq.ft which is situated in industrial area.
Subject employs about 335 persons in its set up.
Basis - 50.m.ton/hour rice processing capacity
|
Year |
In Pak Rupees |
|
As at June 30, 2012 |
1,750,000,000/- (Estimated) |
(1) LOUIS DREYFUS OF GENEVA.
(2) ADM-RICE, INC of U.S.A.
(3) ASCOT COMMODITIES OF GENEVA.
(4) PHOENIX COMMODITIES OF THAILAND.
(5) OVLAS TRADING SA OF LEBANON.
(6) HOLBUD LIMITED OF UK.
(7) VOEST ALPINE OF AUSTRIA.
Faysal Bank Limited, Pakistan.
MCB Bank Limited, Pakistan.
Habib Metropolitan Bank Limited, Pakistan.
Habib Bank Limited, Pakistan.
KASB Bank Limited, Pakistan.
Sound
Rice Exporters Association of Pakistan.(REAP)
Federation Pakistan Chamber of Commerce & Industry.(FPCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 97.15 |
|
UK Pound |
1 |
Rs. 154.70 |
|
Euro |
1 |
Rs. 125.30 |
Subject Company was established in 1990 and is engaged in processing
& export of Rice. Payment
pattern is found to be satisfactory. Trade relations are reported as fair.
Financial position of the Company is sound and has enough resources to meet the
financial obligations. 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.54.20 |
|
|
1 |
Rs.86.99 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.