MIRA
INFORM REPORT
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Report Date : |
11.06.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
5-S, 2nd Floor, Gulberg Centre, |
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Country : |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
L-1054/20010302 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacture & local Trading of Yarn. Also engaged in import
of Spinning Machineries and Textile Raw Materials |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Regular |
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Litigation : |
Clear |
Business Name
Full Address
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Registered Address |
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5-S, 2nd Floor, Gulberg Centre, Main
Boulevard, Gulberg III, Lahore, Pakistan |
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Tel |
92 (42) 5759313,
5714675, 5750676, 5873485, +923008455975 |
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Fax |
92 (42) 5714679 |
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Short Description Of
Business
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Nature of Business |
Manufacture & local Trading of Yarn. Also engaged in import of Spinning Machineries, Textile Raw Materials |
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Year Established |
2001 |
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Registration # |
L-1054/20010302 |
Factory Location
1.7 K.M Off
Chak No 65, Raiwind,
Auditors
Mohammad Tahir Warraich
(Chartered Accoutants)
139-M, Marghzar Officer Colony,
Legal Status
Subject Company was established as a Private Limited Company in 2001
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Authorised
Capital |
Rs. 10,000,000/-
divided into 100,000 shares of Rs. 100/- each |
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Issued & Paid up Capital |
Rs. 1,500,000/-
divided into 15,000 shares of Rs. 100/- each |
Details of Directors
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Names |
Nationality |
Address |
Occupation |
Designation |
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Mr. Amjad Taj Khan Mr. Asad Taj Khan Mr. Azhar Taj Khan |
Pakistani Pakistani Pakistani |
221-S, LCCHS Lahore (Cantt). 221-S, LCCHS Lahore (Cantt). 111-S, LCCHS Lahore (Cantt). |
Business Business Business |
Chief Executive Director Director |
Shareholders
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Names |
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Mr. Azhar Taj Khan Mr. Asad Taj Khan Mr. Amjad Taj Khan |
Associates
Subsidiary
None
Associated Companies
(1) Silver Strings Textile (Private) Limited,
Business Activities
(1) Subject Company is engaged in manufacture & local trading of Yarn. Also engaged in import of Spinning Machineries, Textile Raw Materials.
(2) It purchases against L/C, D/A basis.
(3) It sells against
Cash / Credit Terms to local markets of
(4) Its major customers are Traders, Apparel & Garment Units, Buying Agencies etc.
(5) Subject operates from caption leased office premises of area measuring 1,260 sq.ft. which is situated in commercial area.
(6) Subject employs about 75 persons in its set up.
Annual Production
Volume (If Applicable)
The annual production volume is indeterminable as it mainly depends upon the requirement from local manufacturing units, buying agencies and market demand.
Annual Sales Volume
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Year |
In Pak Rupees |
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2006 |
70,000,000/- (Estimated) |
Agencies (Foreign)
Not disclosed by the Chief Executive
Bankers and their
address
Bank Alhabib Limited, Gulberg Branch,
Allied Bank
Limited, Gulberg Branch,
(Mortgage obtained PKR 72,000,000/-)
SME Bank Limited, Gulberg Branch,
(Mortgage obtained PKR 33,000,000/-)
Memberships
Foreign Exchange
Rates
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Currency |
Unit |
Pakistani Rupee |
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US Dollar |
1 |
Rs. 60.83 |
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UK Pound |
1 |
Rs. 119.80 |
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Euro |
1 |
Rs. 81.30 |
Comments
Subject Company was established in 2001 and is engaged in manufacture & local trading of Yarn. Also engaged in import of Spinning Machineries, Textile Raw Materials. Directors are reported as resourceful and experienced businessmen. Trade relations are reported as fair. The Company can be considered for normal business dealings at usual trade terms and conditions.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)