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MIRA
INFORM REPORT
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Report Date : |
01.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
RANA FABRICS
(PVT.) LIMITED |
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Registered Office : |
Rafhan Mills Road, Faisalabad |
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Country : |
Pakistan |
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Year of Establishment : |
1995 |
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Com. Reg. No.: |
0034225 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacture and Export of all kind of Home Textile Products |
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 : |
No Complaints |
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Litigation : |
Clear |
Business Name
RANA FABRICS
(PVT.) LIMITED
Full Address
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Registered
Address & Factory |
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Rafhan Mills
Road, Faisalabad, Pakistan |
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Tel |
92 (41) 8711142, 8711141 |
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Fax |
92 (41) 8733736 |
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Email |
Short Description Of Business
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Nature of Business |
Manufacture & Export of all kind of
Home Textile Products |
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Year Established |
1995 |
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Registration # |
0034225 |
Branches
In Lahore & Karachi
Auditors
Zahid Jamil & Co.
(Chartered
Accountants)
356/A, 2nd Floor, Al-Jamil Plaza, Small D Ground, Peoples
Colony, Faisalabad, Pakistan
Legal Status
Subject Company was established as a Private Limited Company in 1995
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Authorised Capital |
Rs. 20,000,000/- divided into 200,000 shares
of Rs. 100/- each |
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Issued & Paid up Capital |
Rs. 4,500,400/- divided into 45,004 shares of Rs. 100/- each |
Details of Directors
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Names |
Nationality |
Address |
Occupation |
Designation |
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Mr. Zahid Tauseef Mr. Arif Tauseef Mr. Asif Tauseef Mr. Atif Tauseef |
Pakistani Pakistani Pakistani Pakistani |
P-1,
Jaranwala Road, Faisalabad P-1,
Jaranwala Road, Faisalabad P-1,
Jaranwala Road, Faisalabad P-1,
Jaranwala Road, Faisalabad |
Business Business Business Business |
Chief Executive Director Director Director |
Shareholders
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Names |
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Mr. Zahid Tauseef Mr. Arif Tauseef Mr. Asif Tauseef Mr. Atif Tauseef |
Associates
A. Subsidiary
None
B. Associated Companies
Rana Hosiery & Textile Mills
Pvt.Ltd, Pakistan.
Rana
Buying House, Pakistan.
(3) Rana Export Trading House, Pakistan.
Business Activities
Subject Company is engaged in the business as manufacture & export of Home Textile Products.
Its mainly import Textile Raw Materials, Textile Machineries through L/C, D/A basis.
It sells its product through L/C, T.T. basis.
Its mainly export to U.S.A., Europe and Middle East Countries.
Its main customers are reputable companies domestic as well as international.
Subject operates from caption leased factory premises measuring 5,000 Sq.Yards which is situated in industrial area.
Subject employs about 230 persons in its set up.
Annual Sales Volume
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Year |
In Pak Rupees |
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2007 |
350,000,000/-
(Estimated) |
Actual Production Capactiy
Weaving
capacity of around 2 million meters per month (plain, dobby and jacquard
fabrics) and processing capacity of 1.7 million meters per month and producing
around 400,00 pieces of finished items (home furnishing & garments) per
month. The denim unit of the group produces around 0.7 million meters of denim
fabrics per month.
Customers (Foreign)
(1) VF CORPORATION.
(2) SEARS.
(3) RUSSELL ATHLETICS.
(4) AMERICAN EAGLE OUTFITTERS.
(5) JCPENNEY.
(6) LEE SPORTSWEAR.
(7) PHILLIPS VAN HEUSEN.
Bankers
(1) Askari Bank Limited, University Road, Faisalabad, Pakistan.
(Mortgage obtained PKR
26,000,000/-)
(2) The
Bank of Punjab, Madina Town Branch, Faisalabad, Pakistan.
(Mortgage obtained PKR 128,000,000/-)
(3) United Bank Limited, Bank Square, Faisalabad,
Pakistan.
(Mortgage obtained PKR 102,000,000/-)
Memberships
·
Faisalabad Chamber of Commerce & Industry.(FCCI)
·
All Pakistan Hosiery Manufacturers Association.(APHMA)
Foreign Exchange Rates
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Currency |
Unit |
Pakistani Rupee |
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US Dollar |
1 |
Rs. 77.60 |
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UK Pound |
1 |
Rs. 118.50 |
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Euro |
1 |
Rs. 98.20 |
Comments
Subject Company was established in 1995 and
is engaged in manufacture & export of all kind of Home Textile Products. Market reputation is good. Trade relations
are reported as fair. Company can be considered for normal business dealings at
usual trade terms and conditions.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.09 |
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UK Pound |
1 |
Rs.76.68 |
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Euro |
1 |
Rs.63.48 |
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. |
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%)