MIRA INFORM REPORT

 

 

Report Date :           

03.01.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

IDEAL RICE INDUSTRIES (PVT.) LIMITED 

 

 

Formerly Known As :

LILLY TEXTILES (PVT) LIMITED

 

 

Registered Office :

1088, Jail Road, Faisalabad

 

 

Country :

Pakistan

 

 

Year of Establishment :

2004

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Processing & Export of Rice

 

 

No. of Employees :

210

 

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 – 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

 

IDEAL RICE INDUSTRIES (PVT.) LIMITED

(FORMERLY: LILLY TEXTILES (PVT) LIMITED)

 

 

Full Address       

 

Registered Address

1088, Jail Road, Faisalabad, Pakistan

                       

Tel #

92 (41) 32634902, 32626833

Fax #

92 (41) 32626833

Email

zafar.bhatti@idealsm.com

 

 

Short Description Of Business

 

a.

Nature of Business        

Processing & Export of Rice

b.

Year Established

2004

c.

National Tax #

0047943

 

 

Branches

 

In Lahore at present

 

 

Factory Location

 

Is located at industrial estate of Faisalabad

 

 

Auditors

           

Hyder Bhimji & Co.

(Chartered Accountants)

206, 1st Floor, Business Center, New Civil Lines, Faisalabad, Pakistan.

 

 

 

Legal Status            

 

Subject Company was established as a Private Limited Company in 2004

 

 

Authorized Capital

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

Issued & Paid up Capital

Rs. 60,000/- divided into 6,000 shares of Rs. 10/- each

 

 

Details of Management

 

Names

Designation

Mr. Amjad Saeed

 

Mr. Muhammad Saeed

 

Mr. Umer Saeed

 

Mr. Ahsan Saeed

 

Mr. Khizar Saeed

 

Miss Robina Amjad

Chief Executive

 

Director

 

Director

 

Director

 

Director

 

Director

 

 

Shareholders                

 

Names of Shareholders

No of Shares

Mr. Amjad Saeed

 

Mr. Muhammad Saeed

 

Mr. Umer Saeed

 

Mr. Ahsan Saeed

 

Mr. Khizar Saeed

 

Miss Robina Amjad

1,000

 

1,000

 

1,000

 

1,000

 

1,000

 

1,000

 

 

Associated Companies

 

None

 

Business Activities

 

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 / credit 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 10,000 Sq. Yards which is situated at industrial area of Faisalabad.

 

Subject employs about 210 persons in its set up.

 

 

Actual Production Capacity

 

Basis - 40.m.ton/hour rice processing capacity    

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2009

300,000,000/- (Estimated)

 

 

Customers

 

Mainly Buying Agencies, Distributors, Trading Companies etc

 

 

Bankers

 

·         Faysal Bank Limited, Pakistan.

·         The Bank of Punjab, Pakistan.

·         Habib Bank Limited, Pakistan.

·         Faysal Bank Limited, Pakistan.  

·         United Bank Limited, Pakistan.           

 

 

 

Financial Position

 

Sound  

 

 

Memberships

 

·         Rice Exporters Association of Pakistan.(REAP)

·         Faisalabad Chamber of Commerce & Industry.(FCCI)

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

            Rs. 89.90

UK Pound

1

            Rs. 139.00

Euro

1

            Rs. 116.00

 

 

Comments

 

Subject Company was established in 2004 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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.30

UK Pound

1

Rs.82.66

Euro

1

Rs.68.91

 

 

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.