MIRA INFORM REPORT

 

 

Report No. :

304844

Report Date :

28.01.2015

 

IDENTIFICATION DETAILS

 

Name :

EXPRESS PUBLICATIONS (PVT.) LIMITED

 

 

Formerly Known As :

Century Publications (Pvt) Limited

 

 

Registered Office :

Plot No. 5, Expressway, Before Defence View Project, Off: Korangi Road, Karachi

 

 

Country :

Pakistan

 

 

Year Established :

1998

 

 

Com. Reg. No.:

0038866

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Subject is engaged in Printing & Publishing Business.

 

 

No. of Employee :

100

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

                                   

EXPRESS PUBLICATIONS (PVT.) LIMITED

 

 

Full Address       

 

Registered Address

Plot No. 5, Expressway, Before Defence View Project, Off: Korangi Road, Karachi, Pakistan

                       

Tel #

92 (21) 35800051

Fax #

92 (21) 35800050

 

 

Short Description Of Business

 

a.

Nature of Business       

Engaged in Printing & Publishing business

b.

Year Established

1998

c.

Registration #

0038866

 

 

Auditors

 

BDO Ebrahim & Co.

(Chartered Accountants)

2nd Floor, Block C, Lakson Square, Building No. 1, Sarwar Shaheed Road, Karachi, Pakistan

 

 

Legal Status

           

Subject Company was established as a Private Limited Company in 1998 by the name of Century Publications (Pvt) Limited. In April 2014 its name was changed to Express Publications (Pvt) Limited

 

 

 

6.

Authorized Capital    

Rs. 5,000,000/-

 

Issued & Paid up Capital

Rs. 5,000,000/-

 

 

Details of Management

 

Names

Designation

Mr. Sultan Ali Lakhani

 

Mr. Bilal Ali Lakhani

 

Mr. Aijaz-Ul-Haque

Chief Executive

 

Director

 

Director

 

 

Shareholders                

 

Names

No. of Shares

Mr. Sultan Ali Lakhani

 

Mr. Bilal Ali Lakhani

 

Mr. Aijaz-Ul-Haque

499,000

 

100

 

900

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

           

Associated Companies

           

(1) Accuray Surgicals Limited, Pakistan.

(2) Century Insurance Company Limited, Pakistan.

(3) Century Paper & Board Mills Limited, Pakistan.

(4) Century Power Generation Limited, Pakistan.

(5) Clover Pakistan Limited, Pakistan.

(6) Colgate Palmolive Pakistan Limited, Pakistan.

(7) Cyber Internet Services (Pvt) Limited, Pakistan.

(8) Merit Packaging Limited, Pakistan.

(9) Premier Fashions (Pvt) Limited, Pakistan.

(10) Reliance Chemicals Limited, Pakistan.

(11) Siza (Pvt) Limited, Pakistan.

(12) Siza Commodities (Pvt) Limited, Pakistan.

(13) Siza Services (Pvt) Limited, Pakistan.

(14) Tritex Cotton Mills Limited, Pakistan.

 

 

Business Activities

 

Engaged in Printing & Publishing Business

 

 

Number of Employees

 

100

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2013

200,000,000/- (Estimated)

 

 

Trade Suppliers (Foreign)

 

Subject mainly import printing machines from Companies belongs to China, Korea, Taiwan, Japan, Singapore & European Countries             

 

 

Customers

 

Many Private Companies, Manufacturing Companies etc

 

 

Bankers

 

KASB Bank Limited, Pakistan.

Atlas Bank Limited, Pakistan.

Habib Bank Limited, Pakistan.

Faysal Bank Limited, Pakistan.

(Total Mortgage Obtained PKR: 302,688,600/-)

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

          Rs. 101.60

UK Pound

1

          Rs. 152.25

Euro

1

          Rs. 113.50

 

 

  

Comments

 

Subject Company was established in 1998 and is engaged in Printing & Publishing business. 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. 61.46

UK Pound

1

Rs. 92.76

Euro

1

Rs. 69.03

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

ASH

 

 

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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