MIRA INFORM REPORT

Report Date :

11.10.2014

IDENTIFICATION DETAILS

Name :	RUDOLF PAKISTAN (PVT) LIMITED

Registered Office :	122-B, Lalazar, Judicial Society, Thokar Niaz Baig, Lahore

Country :	Pakistan

Financials (as on) :	30.06.2013

Date of Incorporation :	2004

Com. Reg. No.:	0048579

Legal Form :	Private Limited Company

Line of Business :	Subject is engaged in Manufacture & Marketing of Textile / Leather Chemicals

No. of Employees :	190

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit:	USD 440000
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 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Pakistan

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

Company name

RUDOLF PAKISTAN (PVT) LIMITED

Full Address

Registered Address

122-B, Lalazar, Judicial Society, Thokar Niaz Baig, Lahore, Pakistan

Tel #	92 (42) 35311591, 35311530, +923008451923
Fax #	92 (42) 35311530

Short Description Of Business

a.	Nature of Business	Engaged in Manufacture & Marketing of Textile / Leather Chemicals
b.	Year Established	2004
c.	Registration #	0048579

Factory Location

121- Ferozepur Road, Lahore,

Pakistan

Auditors

Asjad Amin & Co.

(Chartered Accountants)

Legal Status

Subject Company was established as a Private Limited Company in 2004

Authorized Capital	Rs. 80,000,000/- divided into 800,000 shares of Rs. 100/- each
Issued & Paid up Capital	Rs. 62,000,000/- divided into 620,000 shares of Rs. 100/- each

Details of Directors

Names

Nationality

Address

Occupation

Designation

Mr. Mansoor Haider Jawaid

Mr. Ernst Wolfgang Franz Schumann

Dr. Wolfgang Schumann

Mr. Khalid Mahmood

Pakistani

German

Pakistani

122-B, Lalazar, judicial Society, Thokar Niaz Baig, Lahore

Business

Chief Executive

Director

Shareholders

Names

No. of Shares

Mr. Mansoor Haider Jawaid

Mr. Ernst Wolfgang Franz Schumann

Mr. Wolfgang Schumann

Mr. Khalid Mahmood

IB Insuirie Chemie-Beteiliguns GMBH, Germany

151,900

316,198

Associates

A. Subsidiary

None

B. Associated Companies

(1) K.K Enterprises, Pakistan

(2) ISCO Corporation, Pakistan.

Products

Engaged in Manufacture & Marketing of Textile / Leather Chemicals

Number of Employees

190

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

2012

2013

718,434,946/-

788,361,548/-

Trade Suppliers (Foreign)

Subject mainly import from China, Korea, Hong Kong, Taiwan, India, Italy & Germany

Customers

Mainly Textile Manufacturers, Leather Manufacturing Companies etc

Bankers

Faysal Bank Limited, Pakistan.

Habib Bank Limited, Pakistan.

Deutsche Bank AG, Pakistan.

Soneri Bank Limited, Pakistan.

KASB Bank Limited, Pakistan.

Memberships

Lahore Chamber of Commerce & Industry.(LCCI)

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 102.35
UK Pound	1	Rs. 164.50
Euro	1	Rs. 129.50

Comments

Subject Company was established in 2004 and is engaged in manufacture & marketing business. Overall reputation is satisfactory. Trade relations are reported as fair. Subject can be considered for normal business dealings at usual trade terms & conditions.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.16
UK Pound	1	Rs.98.62
Euro	1	Rs.77.67

INFORMATION DETAILS

Analysis Done by :	SUB

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%)

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