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Report No. : |
337979 |
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Report Date : |
27.08.2015 |
IDENTIFICATION DETAILS
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Name : |
ENGRO EXIMP (PVT) LIMITED |
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|
|
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Registered Office : |
7th & 8th Floors, The Harbor Front Building, HC No. 3, Marine Drive, Block 4, Clifton, Karachi |
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Country : |
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Financials (as on) : |
31.12.2014 |
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|
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Year of Establishment : |
2003 |
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Com. Reg. No.: |
0044849 |
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Legal Form : |
Private Limited Company |
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|
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Line of Business : |
The Company imports & sells different
types of fertilizers and other related products. The Company is also engaged
in rice business whereby bulk quantities of unprocessed rice and paddy are
procured from local suppliers processed and packed for selling locally as
well as for export to foreign buyers. |
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|
|
|
No. of Employees : |
180 |
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 |
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Status : |
Satisfactory |
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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 |
ENGRO EXIMP
(PVT) LIMITED |
|
Registered
Address |
|
7th & 8th
Floors, The Harbor Front Building, HC No. 3, Marine Drive, Block 4, Clifton, Karachi,
Pakistan |
|
Tel # |
92 (21) 35297501 (10 Lines) |
|
Fax # |
92 (21) 35810669 |
|
a. |
Nature of Business |
The Company
imports & sells different types of fertilizers and other related products.
The Company is also engaged in rice business whereby bulk quantities of
unprocessed rice and paddy are procured from local suppliers processed and
packed for selling locally as well as for export to foreign buyers |
|
b. |
Incorporated |
2003 |
|
c. |
Registration No. |
0044849 |
|
In Lahore at present |
|
A.F. Ferguson & Co. (Chartered Accountants) State Life Building No. 1-C, I.I.Chundrigar
Road, Karachi, Pakistan |
|
Subject Company was established as a Private Limited Company in 2003 |
|
Authorized Capital |
Rs. 1,251,000,000/-
divided into 125,100,000 shares of Rs. 10/- each |
|
Issued & Paid up Capital |
Rs. 1,141,400,000/- divided
into 114,140,000 shares of Rs. 10/- each |
|
Names |
Designation |
|
Mr. Abdul Samad Khan Mr. Abdul Samad Dawood Mr. Imran Anwar Mr. Ruhail Muhammad Mr. Shahzada Dawood Mr. Shamsuddin Ahmad Shaikh Mr. Syed Khalid Siraj Subhani |
Chief Executive Director Director Director Director Director Director |
|
Names |
No. of Shares |
|
Engro Corporation Limited, Pakistan Mr. Shamsuddin Ahmad Shaikh Mr. Ruhail Muhammad Mr. Syed Khalid Siraj Subhani Mr. Muhammad Aliuddin Ansar Mr. Shahzada Dawood Mr. Abdul Samad Khan Mr. Imran Anwar Mr. Abdul Samad Dawood Mr. Isfandyar Shaheen |
114,139,992 1 1 1 1 1 1 1 1 1 |
A. Parent Company
(1) Engro Corporation Limited, Pakistan
B. Subsidiary Companies
|
(1) Engro Vopak
Terminal Limited, Pakistan. (2) Engro Fertilizers
Limited, Pakistan. (3) Engro Foods
Limited, Pakistan. (4) Engro Innovation Automation
(Private) Limited, Pakistan. (5) Engro Avanceon
Limited, Pakistan. (6) Engro PowerGen
Limited, Pakistan. (7) Engro Energy
(Private) Limited, Pakistan. (8) Engro Management Services (Private)
Limited, Pakistan. (9) Engro Eximp
Agriproduct (Pvt) Limited,
Pakistan. |
The Company imports & sells different
types of fertilizers and other related products. The Company is also engaged in
rice business whereby bulk quantities of unprocessed rice and paddy are procured
from local suppliers processed and packed for selling locally as well as for
export to foreign buyers.
It purchases raw materials against L/C, D/A, D/P basis to its
trade suppliers globally.
It sells against Cash term basis to its domestic customers.
It’s mainly import from China, U.A.E., Malaysia, Korea, Taiwan, Japan
& European Countries.
Its major customers are Private
Companies, Wholesale Markets & Retailers in all over Pakistan.
Subject operates from caption leased office premises situated at
commercial area of Karachi.
Subject employs about 180
persons in its set up.
|
Years |
In Pak Rupees |
|
2013 2014 |
25,156,255,000/- 26,207,406,000/- |
Various international belongs to China, U.A.E., Malaysia, Korea, Taiwan,
Japan & European Countries
|
(1) JS Bank Limited, Pakistan. (2) Soneri Bank
Limited, Pakistan. (3) Bank Alfalah
Limited, Pakistan. (4) NIB Bank Limited,
Pakistan. (5) Habib Bank
Limited, Pakistan. (6) HSBC Bank Middle
East Limited, Pakistan. (7) MCB Bank Limited,
Pakistan. (8) Faysal Bank
Limited, Pakistan. (9) Bank Alhabib
Limited, Pakistan. (10) Askari Bank
Limited, Pakistan. (11) Habib
Metropolitan Bank Limited, Pakistan. |
·
KCCI
·
FPCCI
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 103.70 |
|
UK Pound |
1 |
Rs. 161.60 |
|
Euro |
1 |
Rs. 114.50 |
Subject Company is well known and
directors are reported as resourceful and experienced businessmen. Trade
relations are reported as fair. 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.66.16 |
|
|
1 |
Rs.103.88 |
|
Euro |
1 |
Rs.75.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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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.