|
Report Date : |
05.04.2014 |
Note:
The above mentioned given address was the previous address of the subject.
IDENTIFICATION DETAILS
|
Name : |
YOUNG’S (PRIVATE) LIMITED |
|
|
|
|
Registered Office : |
33-D, Block 6, PECHS, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year of Establishment : |
1988 (Proprietorship) May 2005 (Private Limited Company) |
|
|
|
|
Com. Reg. No.: |
0050556 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in Manufacturing & Marketing of
Mayonnaise, Chicken Spread, Olive Spread, Sandwich Spread, Chocolates Spread,
Natural Bee Honey |
|
|
|
|
No of Employees : |
320 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 was 6.6% in 2013, 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. 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 following two years, 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 3.5% per year from 2008 to 2013. 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 |
YOUNG’S (PRIVATE) LIMITED
|
Registered Address |
|
33-D, Block 6, PECHS, Karachi,
Pakistan |
|
Tel # |
92 (21)
111-968-647, 34521387, 34521387 |
|
Fax # |
92 (21) 34521380 |
|
Email |
Previous Address
230-E-A (2) Block 2 P E C H S Karachi, Pakistan
|
a. |
Nature of Business |
Manufacture & Marketing of Mayonnaise, Chicken Spread, Olive
Spread, Sandwich Spread, Chocolates Spread, Natural Bee Honey etc |
|
b. |
Year Established |
1988 |
|
c. |
Registration # |
0050556 |
|
Address |
C-1, (D)-3, Sector-16, Korangi Industrial Area, Karachi,
Pakistan |
|
Tel No. |
92 (21) 35069572, 35069573 |
|
Fax No. |
92 (21) 35069574 |
M. Yousuf Adil Saleem & Co.
(Chartered Accountants)
Cavish Court, A-35, Block 7 & 8, KCHSU, Shahrah-e-Faisal, Karachi,
Pakistan
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. 65,000,000/- divided into 6,500,000
shares of Rs. 10/- each |
|
Names |
Designation |
|
Mr. Sohail Younus Mr. Mansoor Ahmed Mr. Muhammad Ali Sohail Mr. Muhammad Bilal Sohail Mr. Muhammad Osman Sohail |
Chief Executive Director Director Director Director |
|
Names |
No. of Shares |
|
Mr. Sohail Younus Mr. Mansoor Ahmed Mr. Muhammad Ali Sohail Mr. Muhammad Bilal Sohail Mr. Muhammad Osman Sohail |
3,250,002 1,300,000 650,000 649,999 649,999 |
(1) Young’s Global (Private) Limited, Pakistan.
(2) Shangrila Products, Pakistan.
Mayonnaise,
Chicken Spread, Sandwich Spread, Garlic Spread, Chocolate Spreade, Natural
Honey, Soya Sauce, Hot/Chilli Sauce, Vinegars, Pickles, Tomato Ketchup &
Mustard Oil.
320
The capacity and production of the company’s
plant is indeterminable as it is multi-product and involves varying processes
of manufacture.
|
Year |
In Pak Rupees |
|
Year ended June 2013 |
1,354,287,198/- |
Note:
The above sales figure for 2013 is provided by the Management of the company. Hence financials are not provided by them due to confidentiality & privacy.
Currently in over 80 geographical areas are including
Metropolitan cities, large cities and small towns spanning in all four
provinces of Pakistan.
Mainly to GCC and USA. Recently started exporting to
Australia and West African countries.
·
MCB Bank
Limited, Pakistan.
Sound
During the financial year under review the Company has increased its
paid up capital for expansion in new lines. The management of the Company has
firm belief in God and is committed to core values of the Company in a manner
to not only retain the market but also grow its market share by expansion
locally and internationally.
|
Currency |
Unit |
Pakistani Rupees |
|
US Dollar |
1 |
Rs. 100.00 |
|
UK Pound |
1 |
Rs. 166.50 |
|
Euro |
1 |
Rs. 138.00 |
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.
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.60.32 |
|
UK Pound |
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.