MIRA INFORM REPORT

 

 

Report No. :

307887

Report Date :

18.02.2015

 

IDENTIFICATION DETAILS

 

Name :

AGRO PROCESSORS & ATMOSPHERIC GASES (PVT.) LIMITED

 

 

Registered Office :

F-392, S.I.T.E., Near KESC Turbine Station, Karachi

 

 

Country :

Pakistan

 

 

Financials (as on) :

30.06.2014

 

 

Date of Incorporation :

1980

 

 

Com. Reg. No.:

0008060

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Engaged in manufacture & marketing of Vegetable Ghee & Cooking Oil. Also engaged in import of Edible Oil, Palm Oil

 

 

No. of Employee :

165

 

 

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 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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-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

 

                                   

AGRO PROCESSORS & ATMOSPHERIC GASES (PVT.) LIMITED

 

 

Full Address       

 

Registered Address

F-392, S.I.T.E., Near KESC Turbine Station, Karachi, Pakistan

                       

Tel #

92 (21) 32581307, 32574818

Fax #

92 (21) 32574818

Email

agro@khi.comsats.net.pk

 

 

Short Description Of Business

 

a.

Nature of Business        

Engaged in manufacture & marketing of Vegetable Ghee & Cooking Oil. Also engaged in import of Edible Oil, Palm Oil

b.

Year Established

1980

c.

Registration #

0008060

 

 

Branches

           

None

 

 

Auditors

 

BDO Ebrahim & Co.

(Chartered Accountants)

 

 

Legal Status

 

Subject Company was established as a Private Limited Company in 1980

 

 

 

6.

Authorized Capital     

Rs. 200,000,000/-

 

Issued & Paid up Capital

Rs. 150,000,000/-

 

 

Details of Directors

 

Names

Nationality

Address

Occupation

Designation

Mr. Abdul Aziz Rafiq

 

 

 

 

Mr. Rafiq Ghulam Hussain

 

 

 

Mr. Nadir Nizar Ghulam Hussain

 

 

 

Mr. Mohammad Saleheen Siddique

 

 

 

Mr. Nizar Ghulam Hussain

Pakistani

 

 

 

 

Pakistani

 

 

 

 

Pakistani

 

 

 

 

Pakistani

 

 

 

 

Pakistani

F-392, S.I.T.E., Near KESC Turbine Station, Karachi

 

F-392, S.I.T.E., Near KESC Turbine Station, Karachi

 

F-392, S.I.T.E., Near KESC Turbine Station, Karachi

 

F-392, S.I.T.E., Near KESC Turbine Station, Karachi

 

F-392, S.I.T.E., Near KESC Turbine Station, Karachi

Business

 

 

 

 

Business

 

 

 

 

Business

 

 

 

 

Business

 

 

 

 

Business

Chief Executive

 

 

 

Director

 

 

 

 

Director

 

 

 

 

Director

 

 

 

 

Director

 

 

Shareholders                

 

Names

No. of Shares

Mr. Muhammad Din Siddique

 

Mr. Rafiq Ghulam Hussain

 

Mr. Nizar Ghulam Hussain

 

Mr. Abdul Aziz Rafiq

 

Mr. Mohammad Saleheen Siddique

 

Mr. Abdul Ali Rafiq

 

Mr. Nadir Nizar Ghulam Hussain

 

Mr. Ahmad Aziz Ghulam Hussain

 

Mrs. Razia Ghulam Hussain

 

Mr. Rashid Siddique

 

Mr. Sajid Siddique

 

Mr. Nasir Siddique

 

Mr. Amyn Abdul Aziz

 

Mrs. Rozina Ali

 

Mrs. Rabia Ghulam Ali

 

Mr. Noor Mohammad

 

Mrs. Sadiqa Saleheen Siddique

 

Mrs. Erum Anees Vayani

 

Mrs. Shabnam Amin Vayani

 

Mrs. Amina Nadir Ghulam Hussain

3,003

 

1

 

278,519

 

132,629

 

94,796

 

129,757

 

1

 

176,420

 

21,600

 

4,796

 

47,716

 

50,088

 

135,377

 

22,200

 

12,000

 

60

 

9,600

 

115,656

 

120,038

 

145,743

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

None

           

B.         Associated Companies

 

- Do -

 

 

Business Activities

 

Subject Company is engaged in manufacture of manufacture & marketing of Vegetable Ghee & Cooking Oil. Also engaged in import of Edible Oil, Palm Oil.

 

Payments would be made through L/C, D/P basis.

 

It sells its product through cash term basis to its local customers.

 

It’s mainly import from Malaysia, Singapore, Indonesia, Hong Kong, Japan & Korea.

 

Its major customers are Distribution Companies, Trading Companies, Private Companies etc.

 

Subject operates from caption leased factory premises situated at industrial area of Karachi

 

Subject employs more than 165 persons in its set up.

 

 

Annual Sales Volume

 

Years

In Pak Rupees

2013

2014

5,340,756,878/-

5,711,178,750/-

 

 

Trade Suppliers (Foreign)

           

(1) MEWAH OILS SDN BHD, MALAYSIA.

(2) WILMAR TRADING PTE LTD, SINGAPORE.

 

 

Annual Production Volume

 

34,408 Tons per annum for Vegetable Ghee, Cooking Oil & Margarine

 

 

Bankers

 

(1) Bank Alfalah Limited, Pakistan.

(2) Soneri Bank Limited, Pakistan.

(3) Bank Al-Habib Limited, Pakistan.

(4) Meezan Bank Limited, Pakistan.

(5) Askari Bank Limited, Pakistan.

 

(Total Mortgage obtained PKR: 4,355,000,000/-)

 

 

Memberships

 

Karachi Chamber of Commerce & Industry. (KCCI)

 

 

Foreign Exchange Rates

 

Currency

Unit

Pakistani Rupee

US Dollar

1

         Rs. 101.70

UK Pound

1

         Rs. 152.75

Euro

1

         Rs. 115.00

 

 

Comments

 

Subject Company was established in 1980 and is engaged in manufacture of Vegetable Ghee & Cooking Oil. Also engaged in import of Edible Oil, Palm Oil 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.62.20

UK Pound

1

Rs.96.00

Euro

1

Rs.71.00

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.