MIRA INFORM REPORT

 

 

Report Date :           

02.02.2012

 

IDENTIFICATION DETAILS

 

Name :

NATIONAL INSECTICIDES COMPANY (PVT) LIMITED

 

 

Registered Office :

Citi Tower, 33-“A”, Block 6, P.E.C.H.S., Shahrah-e-Faisal, Karachi

 

 

Country :

Pakistan

 

 

Year of Establishment :

1969

 

 

Com. Reg. No.:

0002980

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Formulation & Repackaging of Insecticides and Pesticides Products

 

 

No. of Employees :

110

 

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 :

Good

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

NATIONAL INSECTICIDES COMPANY (PVT) LIMITED

 

 

company Address          

 

Registered Address

Citi Tower, 33-“A”, Block 6, P.E.C.H.S., Shahrah-e-Faisal, Karachi, Pakistan

                       

Tel #

92 (21) 35687171

Fax #

92 (21) 35683008

Email

jbl@jaffer.com

 

 

Short Description Of Business

 

a.

Nature of Business        

Formulation & Repackaging of Insecticides and Pesticides Products

b.

Year Established

1969

c.

Registration #

0002980

 

 

Branches

 

In Lahore, Rawalpindi, Multan, Peshawar & Quetta

 

 

Auditors

           

Ford Rhodes Sidat Hyder & Co.

(Chartered Accountants)

Progressive Plaza, Beaumont Road, Karachi, Pakistan

 

 

Legal Status       

           

Subject Company was established as a Private Limited Company in 1969

Authorized Capital

Rs. 1,500,000/-  divided into 150,000 shares of Rs. 10/- each

Issued & Paid up Capital

Rs. 1,000,000/- divided into 100,000 shares of Rs. 10/- each

 

 

Details of Directors

 

Names

Address

Occupation

Designation

Mr. Pierre G. Louis Dupont

 

 

 

 

Mr. Farid Haroon Jaffer

 

 

 

 

 

Mr. Abdul Razzak Jaffer

Citi Tower, 33-“A”, Block 6, P.E.C.H.S., Shahrah-e-Faisal, Karachi

 

Citi Tower, 33-“A”, Block 6, P.E.C.H.S., Shahrah-e-Faisal, Karachi

 

Citi Tower, 33-“A”, Block 6, P.E.C.H.S., Shahrah-e-Faisal, Karachi

Business

 

 

 

 

 

Business

 

 

 

 

 

Business

 

Chief Executive

 

 

 

 

 

Director

 

 

 

 

 

Director

 

 

 

Shareholders

 

Names

No. of Shares

Mrs. Fatima Shah

 

Mr. Farid Haroon Jaffer

 

Dr. Shahnawaz S. Jaffer

1,000

 

4,170

 

94,830

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

            None                                             

           

 

B.         Associated Companies

 

(1)     Jaffer Business Systems, Pakistan.

(2) Jaffer Brothers (Pvt) Limited, Pakistan.

(3) National Cables (Pvt) Ltd, Pakistan.

(4) Elecatom (Pvt) Ltd, Pakistan.

(5) United Spectrum (Pvt) Ltd, Pakistan.

(6) Murshid Brothers (Pvt) Limited, Pakistan.

(7) Pakistan Garrage Pvt Ltd, Pakistan.

(8) National Refrigeration Co. Pvt Ltd, Pakistan.

(9) Far East Trading Company, Pakistan.

(10) Muslim Commercial Enterprises Pvt Ltd, Pakistan.

(11) Consolidated Chemical Corporation (Pvt) Ltd, Pakistan.

(12) Shoa (Pvt) Ltd, Pakistan.

 

 

Business Activities

 

Subject Company is engaged in the business as Formulation & Repackaging of Insecticides and Pesticides Products.

 

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

 

It sells against cash / credit basis.

 

It’s mainly import from China, Austria, Holland, Australia, Canada.

 

Its’ major customers are Traders, Pesticides Companies, Government Corporations etc.

 

Subject operates from caption leased office premises of area measuring 1,600 Sq ft. which is situated in commercial area.

 

Subject employs about 110 persons in its set up.

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2009

220,000,000/- (Estimated)

 

 

Trade Suppliers

(Foreign)

 

(1) JIANJIN RENONG PESTICIDE INDUSTRY LTD, CHINA.

(2) CHINA YANSHAN UNITED FOREIGN TRADE CO, CHINA.

(3) JIANGSU KUAIDA AGROCHEMICAL CO. LTD, CHINA.

(4) RED SUN GROUP CORPORATION, CHINA.

 

 

Bankers

 

(1)     Habib Metropolitan Bank Limited, Pakistan.

(2)     The Royal Bank of Scotland, Pakistan.

(3)     Standard Chartered Bank, Pakistan.

(4)     Habib Bank Limited, Pakistan.

(5)     MCB Bank Limited, Pakistan.

(6)     Bank Alfalah Limited, Pakistan.

 

 

Memberships

 

·         Karachi Chamber of Commerce & Industry.(KCCI)

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 90.30

UK Pound

1

           Rs. 141.20

Euro

1

           Rs. 118.20

 

 

Comments

 

JAFFER GROUP OF COMPANIES is engaged in diversified activities, which includes Chemicals, Constructions, and Information Technology etc. The subject group is well known and directors are resourceful especially in Government Circles and also experienced businessmen. Their trade relations are reported as fair.  Payments to creditors etc are reported as normal. The 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.49.53

UK Pound

1

Rs.77.95

Euro

1

Rs.64.66

 

 

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.