MIRA INFORM REPORT

 

 

Report Date :           

03.01.2012

 

IDENTIFICATION DETAILS

 

Name :

KRAFT FOODS PAKISTAN LIMITED 

 

 

Formerly Known As :

CADBURY PAKISTAN LIMITED

 

 

Registered Office :

5th Floor, Tower “B”, World Trade Centre, Khayaban-e-Roomi, Clifton, Karachi

 

 

Country :

Pakistan

 

 

Year of Establishment :

1983

 

 

Com. Reg. No.:

0010247

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Manufacturing & Trading of Confectionery and related food Products

 

 

No. of Employees :

165

 

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

 

KRAFT FOODS PAKISTAN LIMITED

(FORMERLY: CADBURY PAKISTAN LIMITED)

 

 

Full Address       

 

Registered Address

5th Floor, Tower “B”, World Trade Centre, Khayaban-e-Roomi, Clifton, Karachi, Pakistan

                       

Tel #

92 (21) 35865281 - 85 (5 Lines)  

Fax #

92 (21) 35361512

Email

www.kraftfoods.com

 

 

Short Description Of Business

 

a.

Nature of Business        

Manufacturing & Trading of Confectionery and related food Products

b.

Year Established

1983

c.

Registration No.

0010247

 

 

Factory Location

           

Plot # A-60, H.I.T.E., Lasbela,

Baluchistan, Pakistan.

 

 

Auditors

 

KPMG Taseer Hadi & Co.

(Chartered Accountants)

Sheikh Sultan Trust Building No. 2, Beaumont Road, Karachi, Pakistan

 

 

Legal Status

 

Subject Company was established as a Public Limited Company in 1983 by the name of Cadbury Pakistan Limited. In 2011 its name was changed to “KRAFT FOODS PAKISTAN LIMITED”

 

 

 

Authorized Capital

Rs. 900,000,000/- divided into 90,000,000 shares of Rs. 10/- each

Issued & Paid up Capital

Rs. 801,037,380/- divided into 80,103,738 shares of Rs. 10/- each

 

 

Details of Directors

 

Names

Designation

Mr. Muhammad Amin

 

Mr. Muhammad Asdaf

 

Mr. Ahmar Iqbal

 

Mr. Ian Buchan

Chief Executive

 

Director

 

Director

 

Director

 

 

Shareholders                 

 

Names

Number of Shares

Trebor International Limited, United Kingdom

 

Cadbury Schweppes Overseas Limited, London

 

Mr. Muhammed Amin

 

Mr. Muhammad Asdaf

 

Mrs. Joanna Mary Bennett

 

Mr. Ahmar Iqbal

 

1,095,746

 

 

79,007,986

 

3

 

1

 

1

 

1

 

 

Holding Companies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

 

·         Cadbury Schweppes Overseas Limited, U.K.

·         Trebor International Limited, U.K.

 

Business Activities

 

Manufacturing & trading of confectionery and related food products. As at December 31, 2009 Cadbury Schweppes Overseas Limited (CSOL)  (Parent Company), a company incorporated in United Kingdom, owns 98.63% shares of the Company.   The board of directors of Cadbury Plc unanimously recommended Cadbury Plc Shareholders, to accept the terms of the final offer made by Kraft Foods Inc to acquire the entire share capital of Cadbury Plc. The offer was accepted by a majority of the shareholders of Cadbury Plc on February 2, 2010. Accordingly Kraft Foods Inc would become the ultimate holding Company of Cadbury Pakistan Limited when the transaction is completed.

 

 

Number of Employees

 

165      

 

 

Annual Production Volume

 

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

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2009

2010

1,653,388,435/-

2,169,954,854/-

 

 

Trade Suppliers (Foreign)

 

Various international belongs to Europe, China, Taiwan, Korea & Japan

 

 

Customers

 

Mainly Distributors, Retailers, Trading Companies etc

 

Bankers

 

·         MCB Bank Limited, Pakistan.

·         Bank Alfalah Limited, Pakistan.

·         Habib Bank Limited, Pakistan.

·         Bank Alhabib Limited, Pakistan.

·         Faysal Bank Limited, Pakistan.

·         Royal Bank of Scotland, Pakistan.

·         Dubai Islamic Bank, Pakistan.

 

 

Future Outook

 

Sales momentum is expected to continue in the year 2011. However the margin will remain under pressure due to high commodity prices, inflation in the country and weak rupee. We plan to take aggressive price increases, improve sales mix and have a strong cost reduction program to improve margins.

 

 

Memberships

 

·         Karachi Chamber of Commerce & Industry.(KCCI)

·         Federation Pakistan Chamber of Commerce & Industry.(FPCCI)

 

 

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 is well known and directors are resourceful and experienced businessmen. Market reputation is good. Payments to creditors etc are reported as normal. 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.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%)

 

 

 

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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.