|
Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
MONDELEZ PAKISTAN |
|
|
|
|
Formerly Known As : |
KRAFT FOODS PAKISTAN LIMITED |
|
|
|
|
Registered Office : |
5th Floor, Tower “B”, World Trade Centre,
Khayaban-e-Roomi, Clifton, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Establishments: |
1983 |
|
|
|
|
Com. Reg. No.: |
0010247 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturer
& trader of confectionery
and related food products. |
|
|
|
|
No. of Employees : |
132 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
under 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 almost 12% for 2011, before declining to 10% in
2012. 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 fiscal year 2012,
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
about 3% per year from 2008 to 2012. 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 and
rapidly urbanizing population, more than half of which is under 22. Other long
term challenges include expanding investment in education and healthcare,
adapting to the effects of climate change and natural disasters, and reducing
dependence on foreign donors.
|
Source
: CIA |
MONDELEZ
PAKISTAN (FORMERLY:KRAFT FOODS PAKISTAN LIMITED)
|
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.mdlz.com |
|
a. |
Nature of Business |
Manufacturing & Trading of Confectionery and related food
Products |
|
b. |
Year Established |
1983 |
|
c. |
Registration No. |
0010247 |
Plot # A-60, H.I.T.E., Lasbela,
Baluchistan, Pakistan.
KPMG Taseer Hadi & Co.
(Chartered
Accountants)
Sheikh Sultan Trust Building No. 2, Beaumont Road, Karachi,
Pakistan
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 |
|
Names |
Designation |
|
Mr. Muhammad Amin Mr. Muhammad Asdaf Mr. Ahmar Iqbal Mr. Ian Buchan |
Chief Executive Director Director Director |
|
Names |
No. 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 |
· Cadbury Schweppes Overseas Limited, U.K.
·
Trebor International Limited, U.K.
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.
132
The capacity and production of the company’s plant is
indeterminable as it is multi-product and involves varying processes of
manufacturing.
|
Year |
In Pak Rupees |
|
2012 |
5,011,942,898/- |
(Foreign)
Various international belongs to Europe, China, Taiwan, Korea & Japan
Mainly Distributors,
Retailers, Trading Companies etc
·
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.
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.
·
Karachi Chamber of Commerce & Industry.(KCCI)
·
Federation
Pakistan Chamber of Commerce & Industry.(FPCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 104.00 |
|
UK Pound |
1 |
Rs. 161.00 |
|
Euro |
1 |
Rs. 138.25 |
Subject Company is well known and directors are resourceful and experienced businessmen. Market reputation is satisfactory. 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.68.36 |
|
UK Pound |
1 |
Rs.106.03 |
|
Euro |
1 |
Rs.91.47 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.