MIRA INFORM REPORT

 

 

Report Date :

11.12.2012

 

IDENTIFICATION DETAILS

 

Name :

K.S. SULEMANJI ESMAILJI & SONS (PVT) LIMITED

 

 

Registered Office :

Plot No. L-14, Block 21, F.B. Industrial Area, Scheme No. 16, Karachi

 

 

Country :

Pakistan

 

 

Year of Establishment :

1975

 

 

Com. Reg. No.:

0004716

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

manufacture & marketing of Food Products

 

 

No. of Employees :

202 employees

 

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 :

1,00,000 USD

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 – June 30th, 2012

                                                   

Country Name

Previous Rating

(31.03.2012)

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

Business Name

 

K.S. SULEMANJI ESMAILJI & SONS (PVT) LIMITED

 

 

Full Address       

 

Registered Address & Factory

Plot No. L-14, Block 21, F.B. Industrial Area, Scheme No. 16, Karachi, Pakistan

                       

Tel #

92 (21) 111-577-577

Fax #

92 (21) 36374811

 

 

Short Description Of Business

 

a.

Nature of Business       

Engaged in manufacture & marketing of Food Products

b.

Year Established

1975

c.

Registration #

0004716

 

 

Branches

 

In Lahore at present

 

 

Auditors

 

Ernst & Young Ford Rhodes Sidat Hyder

(Chartered Accountants)

Progressive Plaza, Beaumont Road, Karachi, Pakistan

 

 

Legal Status

 

Subject Company was established as a Private Limited Company in 1975

 

Authorised Capital    

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

Issued & Paid up Capital

Rs. 238,000,000/- divided into 23,800,000 shares of Rs. 10/- each

 

Details of Directors

 

Names

Nationality

Address

Occupation

Designation

Mr. Saifuddin Akberali

 

 

 

Mr. Murtaza Zainuddin

Pakistani

 

 

 

 

Pakistani

 

 

 

Plot No. L-14, Block 21, F.B. Industrial Area, Scheme No. 16, Karachi

 

Plot No. L-14, Block 21, F.B. Industrial Area, Scheme No. 16, Karachi

Business

 

 

 

 

Business

 

 

 

Chief Executive

 

 

 

 

Director

 

 

 

 

Shareholders                

 

Names

No. of Shares

Mr. Saifuddin Akberali

 

Mr. Anwarali

 

Mr. Fakhruddin

 

Ms. Bilquis Akbarali

 

Ms. Zarina

 

Ms. Khatoon Sulemanji

 

Ms. Samina

 

Ms. Khatoon Zainuddin

 

Ms. Salma Anwarali

 

Ms. Bilquis Shabbir

 

Mr. Murtaza Zainuddin

 

Mr. Ali Asghar

 

Mr. Zainuddin

 

Mr. Mustafa Shabbir

 

Mr. Mujtaba Saifuddin

 

Mr. Muzaffar Esmail

 

Mr. Nooruddin Esmail

 

Ms. Malaika Asgharali

 

Mr. Hamid Zainuddin

18,845,612

 

828,675

 

108,000

 

216,000

 

111,488

 

49,500

 

97,088

 

121,500

 

225,000

 

450,000

 

640,800

 

153,000

 

337,500

 

337,500

 

337,500

 

180,135

 

180,135

 

90,067

 

490,500

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

                        None                                            

           

B.         Associated Companies

 

            - Do -

 

 

Business Activities

 

Subject Company is engaged in the business as manufacture & marketing of Food Products including Pasta, Chips, Snacks, Biscuits & Cereals.

 

It purchases raw material against L/C, T.T. basis.

 

It sells against Cash / Credit terms.

 

It’s mainly import from China, India, Vietnam, Canada, Australia.

 

Its major customers are Distributors mainly exist at all major cities of Pakistan.

 

Subject operates from caption leased office premises of area measuring 2 Acres which is situated at industrial area.

 

Subject employs about 202 persons in its set up.

 

 

Annual Production Volume

 

The capacity and production of the company’s plant is indeterminable as it is multi-product and involves varying processes of manufacture

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2011

200,000,000/- (Estimated)

 

 

Trade Suppliers

(Foreign)

 

Various international belongs to China, India, Vietnam, Canada, and Australia

 

 

Bankers

 

Habib Bank Limited, Pakistan.

MCB Bank Limited, Pakistan.

United Bank Limited, Pakistan.

Bank Alfalah Limited, Pakistan.

Soneri Bank Limited, Pakistan.

Bank Alhabib Limited, Pakistan.

 

 

Memberships

 

l  Karachi Chamber of Commerce & Industry.(KCCI)

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 97.15

UK Pound

1

           Rs. 154.70

Euro

1

           Rs. 125.30

 

 

Credit Limit

 

1,00,000 USD

 

Comments

 

Subject Company was established in 1975 and is engaged in manufacture & marketing of Food Products. Market reputation is satisfactory. Trade relations are reported as fair. 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.54.34

UK Pound

1

Rs.87.09

Euro

1

Rs.70.13

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.