MIRA INFORM REPORT

 

 

Report Date :

26.11.2014

 

IDENTIFICATION DETAILS

 

Name :

HALEEB FOODS LIMITED

 

 

Registered Office :

E-Floor, Ali Tower, M.M. Alam Road, Gulberg, Lahore

 

 

Country :

Pakistan

 

 

Date of Incorporation :

1984

 

 

Legal Form :

Non-Listed  Public Limited Company

 

 

Line of Business :

Subject is engaged in Processing of Dairy & Food Products

 

 

No of Employees :

200

 

 

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 :

Slow but correct

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Pakistan

B2

B1

 

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

Business Name

 

HALEEB FOODS LIMITED

 

 

Full Address       

 

Registered Address

E-Floor, Ali Tower, M.M. Alam Road, Gulberg, Lahore, Pakistan

                       

Tel #

92 (42) 111-135-135

Fax #

92 (42) 35785610

 

 

Short Description Of Business

 

a.

Nature of Business        

Engaged in processing of Dairy & Food Products

b.

Year Established

1984

c.

Registration #

0011501

 

Plant Locations

 

(1) 62-KM, Multan Road, BhaiPheru, Pakistan.

(2) 22-KM, KLP Road, Rahim Yar Khan, Pakistan.

 

 

Auditors

 

Hameed Chaudhry & Co.

(Chartered Accountants)

5th Floor, Karachi Chamber, Hasrat Mohani Road, Karachi, Pakistan

 

 

Legal Status

 

Subject Company was established as a Non-Listed Public Limited Company in 1984

 

 

Authorized Capital 

Rs. 300,000,000/- divided into 30,000,000 shares of Rs. 10/- each

Issued & Paid up Capital

Rs. 137,280,000/- divided into 13,728,000 shares of Rs. 10/- each

 

 

Details of Directors

 

Names

Designation

Mr. Mohammad Imran Amjad

 

Mr. Ilyas M. Chaudhry

 

Mr. Mian Mohammad Amjad

 

Mrs. Nasrin Ilyas

 

Mr. Saqib Ali

 

Mr. Mian Yasir Mehmood

 

Mr. Mohammad Ishaque Khan

 

Mr. Mian Aamer Mahmood

 

Mr. Hasan Bilgrami

 

Mr. Syed Amir Ali

 

Mr. Haroon Niazi

Chief Executive

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

 

Shareholders                

 

Names

No. of Shares

Mr. Ilyas M. Chaudhry

 

Mrs. Nasrin Ilyas

 

Mr. Mian Mohammad Amjad

 

Mrs. Zarina Said

 

Mr. Tahir Said

 

Mrs. Naseem Amjad

 

Mr. Ch. Mohammad Younas

 

Mr. Mian Zahid Said

 

Mrs. Sobia Saqib

 

Mrs. Sana Yasir

 

Mr. Mian Arif Said

 

Mr. Mian Zahir Said

 

Mr. Mian Ahmed Said

 

Mrs. Amna  Majid Aziz

 

Mrs. Namrin Qamar

 

Mr. Mohamed Ishaque Khan

9,158,593

 

1,650,000

 

58,634

 

395,749

 

29,040

 

47,394

 

89,364

 

99,673

 

743,700

 

743,700

 

104,346

 

104,346

 

104,346

 

52,206

 

52,800

 

6,600

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

None

           

B.         Associated Companies

 

None

 

 

Business Activities

 

The Company is engaged in processing of Dairy & Food Products.

 

It sells against cash term basis to its local customers.

 

It’s mainly import from European Countries, China, Korea, Singapore, Saudi Arabia & Malaysia.

 

Its major customers are Distribution Companies, Retail & Wholesale Market in major cities of Pakistan.

 

Subject operates from caption leased office premises of area measuring 1,000 Sq. Feet situated at commercial area of Lahore.

 

Subject employs about 200 persons in its set up.

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2012

550,000,000/- (Estimated)

 

 

Annual Production Volume

 

Annual production volume is indeterminable as its multi products and involves various process of manufacturing

 

 

Trade Suppliers (Foreign)

 

Subject mainly import from Companies belongs to European Countries, China, Korea, Singapore, Saudi Arabia & Malaysia

 

 

Bankers

 

Standard Chartered Bank, Pakistan.

Habib Metropolitan Bank Limited, Pakistan.

MCB Bank Limited, Pakistan.

Meezan Bank Limited, Pakistan.

Askari Bank Limited, Pakistan.

 

(Total mortgage obtained PKR 6,246,867,439/-)

 

 

Memberships

 

Lahore Chamber of Commerce & Industry.(LCCI)

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 102.75

UK Pound

1

           Rs. 160.75

Euro

1

           Rs. 127.35

 

 

Comments

 

Subject Company was established in 1984 and is engaged in processing of Dairy & Food Products. Overall reputation is satisfactory. Trade relations are reported as fair. 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.61.92

UK Pound

1

Rs.97.12

Euro

1

Rs.76.93

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

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.