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Report No. : |
336128 |
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Report Date : |
17.08.2015 |
IDENTIFICATION DETAILS
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Name : |
PAK ETHANOL (PVT) LIMITED |
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|
|
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Registered Office : |
2nd Floor Block 4, Hockey Club of Pakistan Stadium, Liaquat Barracks, Karachi |
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Country : |
Pakistan |
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Year of Establishment : |
2010 |
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|
|
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Com. Reg. No.: |
0073288 |
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|
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Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Manufacture & Sale of Power Ethanol. |
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|
|
|
No. of Employees : |
189 |
RATING & COMMENTS
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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 |
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|
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Payment Behaviour : |
No Complaints |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Pakistan |
B1 |
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-fourth of output and two-fifths of
employment. Textiles account for most of Pakistan's export earnings, and
Pakistan's failure to diversify its exportshas left the country vulnerable to
shifts in world demand. Official unemployment was 6.9% in 2014, but this fails
to capture the true picture, because much of the economy is informal and
underemployment remains high. Pakistan’s human development continues to lag
behind most of the region.. As a result of political and macroeconomic
instability, the Pakistani rupee has depreciated more than 40% since 2007. The
government agreed to an International Monetary Fund Standby Arrangement in
November 2008 to preventa balance of payments crisis, but the IMF ended the
Arrangement early because of Pakistan’s failure to implement required reforms.
The economy has stabilized, it continues to underperform and foreign investment
has not returned to levels seen during themid-2000’s, due to investor concerns
related to governance, electricity shortages, , and a slow-down in the global
economy. Remittances from overseas workers, averaging more than$1 billion a
month, remain a bright spot for Pakistan. After a small current account surplus
in fiscal year 2011 (July 2010/June 2011), Pakistan's current account turned to
a deficit where it remained through 2014, spurred by higher prices for imported
oil and lower prices for exported cotton. In September 2013, after facing balance
of payments concerns, Pakistan entered into a three-year, $6.7 billion IMF
Extended Fund Facility. The Sharif government has since made modest progress
implementing fiscal and energy reforms, and in December 2014 the IMF described
Pakistan’s progress as “broadly on track.” Pakistan remains stuck in a
low-income, low-growth trap, with growth averaging about 3.5% per year from
2008 to 2014. Pakistan must address long standing issues related to government
revenues and the electricity and natural gas sectorsin 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 |
PAK ETHANOL
(PVT) LIMITED |
|
Registered
Address |
|
2nd Floor Block 4, Hockey Club of
Pakistan Stadium, Liaquat Barracks, Karachi, Pakistan. |
|
Tel # |
92 (21) 111-666-447 |
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Fax # |
92 (21) 35680533 |
|
a. |
Nature of Business |
Engaged in
manufacture & sale of Power Ethanol |
|
b. |
Year Established |
2010 |
|
c. |
Registration # |
0073288 |
|
Plant is located at Matli, District
Badin, Sindh, Pakistan |
|
Hyder Bhimji & Co. (Chartered
Accountants) 2nd Floor, Standard Insurance House, I.I. Chundrigar Road,
Karachi, Pakistan |
|
Subject Company was established as a Private Limited Company in 2010 |
|
Authorised Capital |
Rs. 200,000,000/- divided into 2,000,000 shares
of Rs. 100/- each |
|
Issued & Paid up Capital |
Rs. 200,000,000/- divided into 2,000,000
shares of Rs. 100/- each |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Khawaja Mustafa Zulqarnain Majid Mr. Khawaja Abdul Ghani |
Pakistani Pakistani |
2nd Floor Block 4, Hockey Club of Pakistan Stadium, Liaquat
Barracks, Karachi 2nd Floor Block 4, Hockey Club of Pakistan Stadium, Liaquat
Barracks, Karachi |
Business Business |
Chief Executive Director |
|
Names |
No. of Shares |
|
Mr. Khawaja Anver Majid Mr. Khawaja Abdul Ghani Majid Mr. Khawaja Mustafa Z. Majid |
936,350 555,161 508,489 |
A. Subsidiary
None
B. Associated Companies
(1)
Ansari Sugar Mills, Pakistan
(2)
Khoski Sugar Mills, Pakistan
(3)
New Dadu Sugar Mills, Pakistan.
(4)
Chambar Sugar Mills, Pakistan.
(5)
Larr Sugar Mills, Pakistan.
(6)
Omni Power, Pakistan.
(7)
Shikarpur Power, Pakistan.
(8)
Omni Aviation, Pakistan.
(9) National Gases, Pakistan.
(10) Bawany Sugar Mills, Pakistan.
(11) Naudero Sugar Mills, Pakistan.
(12) Tando Allayar Sugar Mills, Pakistan.
(13) New Thatta Sugar Mills, Pakistan.
(14) Omni (Pvt) Limited, Pakistan.
(15) Dadu Energy, Pakistan.
(16) TCB Aviation, Pakistan.
(17) Omni Polymer Packages, Pakistan.
(18) Orient Automotive Industries, Pakistan.
Subject Company is engaged in manufacture
& sale of Power Ethanol.
It’s mainly import through L/C, D/P basis to its trade suppliers
globally.
It’s mainly export its products to Far East Countries
It sells its products through cash / credit term basis in domestic
markets of Pakistan.
Its importing countries are China, Korea, Taiwan, Japan & European
Countries.
Its main customers are
Manufacturing Companies, Private Companies etc.
Subject operates from caption leased office & factory premises
situated at commercial & industrial centers of Karachi & Sindh
Subject employs about 189 persons in its set up.
|
Year |
In Pak Rupees |
|
2014 |
250,000,000/-
(Estimated) |
125,000 liters Per Day
|
Subject mainly import from Companies belongs to China, Korea, Taiwan,
Japan & European Countries |
|
(1) Summit Bank Limited, Pakistan. (2) Silk Bank Limited, Pakistan. (3) Bank Alfalah Limited, Pakistan. (4) Sindh Bank Limited, Pakistan. (5) Faysal Bank Limited, Pakistan. |
The Omni Group is one of the leading business conglomerates in Pakistan. The Group was established in 1980's as an agricultural, industrial & serviced oriented entity. The Group has diversified interests in manufacturing industry with emphasis on Sugar, Rice, various grades of ethanol, Polypropylene Bags & power generation. Additionally, the Group also has interests in aviation sector where they currently hold General Sales Agency for Srilankan Airlines, Sudan Airways & Air Malawi.
·
KCCI
·
FPCCI
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 102.90 |
|
UK Pound |
1 |
Rs. 158.25 |
|
Euro |
1 |
Rs. 112.00 |
Subject Company was established in 2010 and is engaged in manufacture & sale of Power Ethanol. 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.64.92 |
|
|
1 |
Rs.101.44 |
|
Euro |
1 |
Rs.72.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.