MIRA INFORM REPORT

 

 

Report No. :

308584

Report Date :

23.02.2015

 

IDENTIFICATION DETAILS

 

Name :

SAYYED ENGINEERS LIMITED

 

 

Registered Office :

16-L, Model Town Extension, Lahore

 

 

Country :

Pakistan

 

 

Date of Incorporation :

1965

 

 

Com. Reg. No.:

0002126

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Engaged in manufacture & marketing of Stationery Products & Writing Instruments

 

 

No. of Employee :

242

 

 

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

           

SAYYED ENGINEERS LIMITED

 

 

Full Address       

 

Registered Address

16-L, Model Town Extension, Lahore, Pakistan

                       

Tel #

92 (42) 35177610 - 14 (4 Lines)

Fax #

92 (42) 35177156

 

 

Short Description Of Business

 

a.

Nature of Business       

Engaged in manufacture & marketing of Stationery Products & Writing Instruments

b.

Year Established

1965

c.

Registration #

0002126

 

 

Factories Location

 

Sayyed has three production facilities: the main production facility is located in the city of Gujranwala about 90 km from Lahore which is the provincial capital and airport; the other two facilities are located in an industrial zone 60 km from Lahore.

 

 

Auditors

 

KPMG Taseer Hadi & Co.

(Chartered Accountants)

 

 

Legal Status

 

Subject Company was established as a Private Limited Company in 1965. In 2009, it legal status was converted to Non-Listed Public Limited Company

 

 

 

6.

Authorized Capital    

Rs. 200,000,000/- divided into 2,000,000 shares of Rs. 100/- each

 

Issued & Paid up Capital

Rs. 57,120,000/- divided into 571,200 shares of Rs. 100/- each

 

 

Details of Directors

 

Names

Designation

Mr. Irfan Saeed

 

Dr. Akmal Hussain

 

Mr. Pirzada Zahid Hasan

 

Mr. Mahtab H. Mohiuddin

 

Mr. Saeed Hasan Shah

 

Mr. Syed Asad Ali Shah

 

Mr. Syed Savail Meekal Hussain

Chief Executive

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

 

Shareholders                

 

Names

No. of Shares

Dr. Akmal Hussain

 

Mr. Syed Savail Hussain

 

Mr. Syed Abbas Hussain

 

Mr. Syed Jalal Hussain

 

Mr. Farid Hussain

 

Ms. Maryam Hussain

 

Mr. Pirzada Zahid Hasan

 

Mrs. Nur Pirzada

 

Mrs. Ayesha Pirzada Hasan

 

Ms. Amina Pirzada

 

Mrs. Maryam Aamir

 

Mr. Mahtab H. Mohiuddin

 

Mrs. Shahida Mohiuddin

 

Mr. Mahsheed Mohiuddin

 

Mrs. Mehreen Nasser

 

Mr. Pervaiz Hamid

 

Mr. Naveed Hamid

 

Mr. Javed Hamid

 

Mr. Tariq Hamid

 

Mrs. Nighat Shah

 

Ms. Shazia Shah

 

Ms. Tania Shah

 

Mr. Saeed Hasan Shah

 

Mr. Shamshad Ali

 

Mrs. Misbah Ali

 

Mr. Syed Asad Ali Shah

 

Mr. Farhed Ali Shah

 

Mrs. Samina Wasif Majeed

 

Mr. Syed Afzal Hussain Naqvi

 

Mr. Aftab Mohiuddin

 

Mr. Syed Hussain Farooq Shah

 

Mrs. Farzana Hussain Nasser

 

Mr. Syed Ismail Ali Shah

 

Mr. Imran Ali Shah

 

Mrs. Zarin Sayyida Raza

 

Dr. M. Aslam Cheema

 

Mrs. Begum Razia Munir

 

Mr. Salman Tariq

 

Ms. Maryam Tariq

 

Ms. Samina Ahmad

 

Mrs. Akhtar Gilani

 

Mrs. Rakhshanda Wasif

 

Mr. Syed Javaid Ali

 

Mrs. Saadia Qamran Mohiuddin

 

Mr. Syed Fozail Ahmed Mohiuddin

 

Mst. Sarah Fatima

 

Mst. Mahliqa Shah

 

Dr. Husnain Ali Shah

 

Mrs. Huma Ali Shah

11,406

 

21,919

 

22,228

 

22,228

 

23,006

 

12,006

 

7,587

 

36,165

 

3,389

 

3,363

 

3,363

 

12,341

 

27,317

 

3,363

 

3,363

 

3,870

 

3,870

 

3,870

 

3,870

 

32,906

 

6,752

 

6,726

 

14,972

 

18,816

 

3,339

 

20,232

 

2,785

 

16,489

 

10,319

 

7,183

 

5,350

 

10,319

 

10,319

 

10,319

 

5,160

 

5,160

 

443

 

5,159

 

5,159

 

10,319

 

5,665

 

5,758

 

20,907

 

1,140

 

2,281

 

572

 

12,232

 

115

 

56

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

None

           

B.         Associated Companies

 

(1) Sayyed Writing Instruments (Pvt) Limited, Pakistan.

(2) Sayyed Stationery (Private) Limited, Pakistan.

(3) Fastline (Pvt) Limited, Pakistan.

(4) Stellar School Systems (Pvt) Limited, Pakistan.

 

 

 

 

Business Activities

 

Subject Company is engaged in manufacture & marketing of Stationery Products & Writing Instruments.

 

It sells against Cash / Credit terms to its local customers.

 

It’s mainly import from U.SA., European Countries, China, Korea & Japan.

 

Its major customers are Distributors, Wholesalers, Educational Institutes, Retailers etc.

 

Subject operates from caption leased factory premises which is situated at industrial area of Lahore & Gujranwala.

 

Subject Company employs about 242 persons in its set up.

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2013

820,000,000/- (Estimated)

 

 

Annual Production Volume

 

Approximately 7,500,000 pieces per annum

 

 

Trade Suppliers (Foreign)

 

MIKRON, GERMANY.

ARBURG GMBH + CO KG, GERMANY

 

 

Bankers

 

Allied Bank Limited, Pakistan.

Faysal Bank Limited, Pakistan.

KASB Bank Limited, Pakistan.

Bank Alfalah Limited, Paksitan.

Habib Bank Limited, Pakistan.

 

 

Memberships

 

Lahore Chamber of Commerce & Industry.(LCCI)

 

 

Foreign Exchange Rates

 

Currency

Unit

Pakistani Rupee

US Dollar

1

          Rs. 101.60

UK Pound

1

          Rs. 155.50

Euro

1

          Rs. 115.40

 

 

Comments

 

Subject Company was established in 1965 and is engaged in manufacture & marketing of Stationery Products & Writing Instruments. Market 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.62.25

UK Pound

1

Rs.96.01

Euro

1

Rs.70.72

 

 

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.