MIRA INFORM REPORT

 

 

Report Date :

30.11.2012

 

IDENTIFICATION DETAILS

 

Name :

YOUNG’S (PRIVATE) LIMITED

 

 

Registered Office :

230-E-A, (2), Block-2, P.E.C.H.S, Karachi

 

 

Country :

Pakistan

 

 

Date of Incorporation :

1988

 

 

Reg. No.:

0050556

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture & Marketing of Food & Allied Products

 

 

No. of Employees :

180

 

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:

Not Available (In absence of financials, no credit limit could be recommended.)

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

(31.03.2011)

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

 

 

                                   

Company Name

 

YOUNG’S (PRIVATE) LIMITED

 

 

Full Address       

 

Registered Address

Factory Address

230-E-A, (2), Block-2, P.E.C.H.S, Karachi, Pakistan

C 1(D)-3, Sector 16, Korangi Industrial Area 74000 Karachi, Pakistan.

                       

Tel #

92 (21) 34521387, 34521388

 

Tel #

92 (21) 35069572

Fax #

92 (21) 34521380

 

Fax #

92 (21) 35069573

Email

 info@youngsfood.com

 

Website

www.youngsfood.com

 

 

 

Short Description Of Business

 

a.

Nature of Business        

Manufacture & Marketing of Food & Allied Products

b.

Year Established

1988

c.

Registration #

0050556

 

 

Legal Advisor

 

Professional Management Solutions

1st Floor, Aleem Centre, Main Rashid Minhas Road, Block 5, Gulshan-e-Iqbal, Karachi, Pakistan

 

 

Legal Status       

           

Subject Company was established as a Proprietorship Business in 1988. In May, 2005 it was converted to Private Limited Company

 

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

Issued & Paid up Capital                        Rs. 49,999,960/- divided into 4,999,996 shares of Rs. 10/- each

 

 

Details of Management

 

Names

Nationality

Address

Occupation

Designation

Mr. Sohail Younus

 

 

 

Mr. Mansoor Ahmed

 

 

 

Mr. Muneer Ahmed

 

 

 

Mr. Atif Ahmed

Pakistani

 

 

 

Pakistani

 

 

 

Pakistani

 

 

 

Pakistani

 

284-B, Block 3, K.A.E.C.H.S., Karachi

 

D-21, Block 1, K.A.E.C.H.S., Karachi

 

D-21, Block 1, K.A.E.C.H.S., Karachi

 

D-21, Block 1, K.A.E.C.H.S., Karachi

Business

 

 

 

Business

 

 

 

Business

 

 

 

Business

 

Chief Executive

 

 

 

Director

 

 

 

Director

 

 

 

Director

 

 

Shareholders                

 

Names

No. of Shares

Mr. Sohail Younus

 

Mr. Mansoor Ahmed

 

Mr. Muneer Ahmed

 

Mr. Atif Ahmed

2,249,999

 

1,249,999

 

749,999

 

749,999

 

 

Associated Companies

 

(1) Young’s Global (Private) Limited, Pakistan.

(2) Shangrila Products, Pakistan.

 

 

Products

 

Mayonnaise, Chicken Spread, Sandwich Spread, Garlic Spread, Chocolate Spreade, Natural Honey, Soya Sauce, Hot/Chilli Sauce, Vinegars, Pickles, Tomato Ketchup & Mustard Oil.

 

 

Number of Employees

 

180

           

 

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

Year ended June 2012

380,000,000/- (Estimated)

 

 

Customers

 

Currently in over 80 geographical areas are including Metropolitan cities, large cities and small towns spanning in all four provinces of Pakistan.

 

 

Exporting Countries

 

Mainly to GCC and USA. Recently started exporting to Australia and West African countries.

 

 

Bankers

 

MCB Bank Limited, Pakistan.

Bank Al-Falah Limited, Pakistan.

Habib Metropolitan Bank Limited, Pakistan.

Meezan Bank Limited, Pakistan.

Soneri Bank Limited, Pakistan.

United Bank Limited, Pakistan.

KASB Bank Limited, Pakistan.

 

 

Financial Position

 

Sound

 

 

Memberships

 

Karachi Chamber of Commerce & Industry.(KCCI)

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupees

US Dollar

1

           Rs. 96.90

UK Pound

1

           Rs. 152.80

Euro

1

           Rs. 123.10

 

 

Company Information

 

Youngs Food Products was established in 1988 and since then it has been providing food across the globe of excellent taste and quality. In line with its expansion strategy, HBG Holdings, the Dubai-headquartered, consumer products group, recently signed an exclusive distribution deals with the subject company. Young’s Food Products will now be marketed and distributed by HBG, adding a new dimension to HBG’s extensive portfolio of some of the best name brands in the world  including Kraft Foods, Unilever, Kellogg’s, Wrigley, Heinz, Chupa Chups, Hero, California Gardens, Diamond, Sanita, Najjar Coffee. Under the terms of this agreement, HBG will exclusively market and distribute the company’s ‘French’ brand of mayonnaise, chicken and sandwich spreads and honey along with its ‘Shangrila’ brand of exquisite Oriental sauces from the South East and a wide variety of exotic pickles, across the UAE, Oman, Jordan and Qatar.

 

 

Comments

 

Subject Company was established in 1988 and is engaged in manufacture & marketing of Food Products. Directors of the Company are reported as experienced & resourceful businessmen. Company can be considered for normal business dealings at usual trade terms and conditions.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.20

UK Pound

1

Rs.88.37

Euro

1

Rs.71.47

 

 

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%)

 

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.