MIRA
INFORM REPORT
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Report Date : |
31.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SANDAL DYESTUFF INDUSTRIES LIMITED |
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Registered Office : |
Room # 305-308, 2nd Floor, Business Centre, 8/8
New Civil Lines, Faisalabad |
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Country : |
Pakistan |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
1991 |
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Com. Reg. No.: |
0023216 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacture of Textile Dyes
& Chemicals |
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
SANDAL DYESTUFF INDUSTRIES LIMITED
Full Address
Registered Address
Room # 305-308, 2nd Floor, Business Centre, 8/8
New Civil Lines, Faisalabad, Pakistan
Tel 92 (41) 2633074, 2601048,
2601087
Fax 92 (41) 2617940
Email www.sandalds.com
Short Description Of Business
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Nature of Business |
Manufacture of Textile Dyes
& Chemicals |
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Year Established |
1991 |
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Registration # |
0023216 |
Factory Location
Chak 160/RB, Sangla Hill Road,
Chak Jhumra, Faisalabad,
Pakistan
Branches
In Lahore, Karachi,
Faisalabad & Islamabad
Auditors
M. Yousuf Adil Saleem & Co.
(Chartered
Accountants)
Legal Status
Subject Company was incorporated as a Public Limited Company in 1991
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Authorized Capital |
Rs. 600,000,000/- divided into 60,000,000 shares of Rs. 10/- each |
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Issued & Paid up Capital |
Rs. 200,000,000/- divided into 20,000,000 shares
of Rs. 10/- each |
Details of Directors
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Names |
Designation |
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Mr. Ch. Muhammad Ali Mr. Ch. Usman Ali Mr. Misbah Ud Din Zaighum Dr. Salah-Ud-Din Munam Mr. Saif-Ud-Din Moazzam Mst. Nasim Akhtar Mst. Sadaqat Begum Mr. Muhammad Wasif |
Chief Executive Director Director Director Director Director Director Director |
Shareholders
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Name |
No. of Shares |
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Mr. Ch. Muhammad Ali Mr. Ch. Usman Ali Mst. Nasim Akhtar Mst. Janat Bibi Dr. Salah Ud Din Munam Mr. Saif Ud Din Moazzam Mr. Misbah Ud Din Zaighum Mrs. Saira Saif Mst. Sadaqat Begum Mrs. Alia Begum Mrs. Anees Zubaida Mrs. Talat Nasim M/s Sandalbar Enterprises (Pvt) Ltd Miss Summera Kaukab Miss Uasma Raza Mr. Tahir Ali Mr. Shamim Akhtar Mr. Muhammad Kashif Miss Tayyaba Noureen Miss Sumra Shaukat Miss Surrya Begum Mrs. Fareeha Shoukat Mrs. Asia Arshad Mrs. Memoona Saleem Mrs. Akhtar Shoukat Mrs. Monazza Shoukat Mr. Muhammad Attif Mrs. Ruqayya Begum Mr. Zeeshan Muzammil Mrs. Salma Begum Miss Saleha Ali Mr. Muhammad Wasif Mrs. Saira Ali Mr. Ayzed Raza Mrs. Hummera Kaukab Mrs. Bushra Naz Mr. Malik Muhammad Gulzar |
3,670,535 1,100,500 500,000 480,000 1,110,000 1,238,490 2,121,975 580,000 500,000 294,000 560,000 550,000 2,574,500 240,000 230,000 240,000 220,000 200,000 230,000 215,000 195,000 215,000 215,000 250,000 250,000 240,000 100,000 205,000 185,000 110,000 185,000 150,000 205,000 140,000 190,000 110,000 200,000 |
Associates
A. Subsidiary
None
B. Associated Companies
Sandalbar Enterprises (Private) Limited, Pakistan.
Products
Manufacture of Textile Dyes & Chemicals
Number of Employees
398
Plant Capacity
Plant Capacity
Reactive Dyes 2400 M.T./Year
Pigment Emulsions For Textiles 3000 M.T./Year
Direct Dyes 500 M.T./Year
Acid Dyes 500 M.T./Year
Pigment Powder 500 M.T./ Year
Acrylic Binders 5000 M.T./Year
Copper Pthalocyanines 500 M.T./ Year
Pig Powder Paints/inks 200 M.T./ Year
Pigment Emulsions For Paints/Inks 200 M.T./ Year
Annual Sales Volume (Last Two
Years)
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Years |
In Pak Rupees |
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2005 2006 |
750,886,704/- 1,018,921,675/- |
Customers
Various local & International
Exporting Countries
Mainly to Iran, Turkey, Egypt, Spain, Morocco, South Africa,
Australia & Bangladesh.
Future Outlook
In recent reports, management comprehensively brought to notice the problems of textile industry on account of consistently increasing input costs and declining competitive position in international market. The industry has not yet been provided with the needed relief package to become competitive. Its regional competitors are enjoying subsidies/incentives in shape of interest rate subsidy, duty draw backs, fuel and electricity subsidies, zero rated taxes and levies and duty free import of machinery and raw material. It would like to reiterate here that Government must immediately provide the needed incentives/subsidies to improve the competitive position of textile industry in general and ready made Garment segment of this industry in particular which could in turn would boost up the whole chain of textile. The future of textile industry is hugely dependent upon the provision of similar subsidies which are currently available to regional competitors.
Bankers
MCB Bank Limited, Pakistan.
Faysal Bank Limited,
Pakistan.
Standard Chartered Bank,
Pakistan.
Habib Bank Limited,
Pakistan.
Bank Al-Habib Limited,
Pakistan.
Bank of Punjab, Pakistan.
Saudi Pak Commercial Bank
Limited, Pakistan.
KASB Bank Limited,
Pakistan.
Memberships
Federation Pakistan Chamber of Commerce & Industry.
Faisalabad Chamber of Commerce & Industry.
Foreign Exchange Rates
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Currency |
Unit |
Pakistani Rupee |
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US Dollar |
1 |
Rs. 61.05 |
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UK Pound |
1 |
Rs.121.90 |
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Euro |
1 |
Rs. 89.50 |
Comments
Subject Company was established in 1991 and is engaged in manufacture of Textile Dyes & Chemicals. Market reputation is good. Trade relations are reported as fair. The Company can be considered for normal business dealings at usual trade terms and conditions.
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SANDAL
DYESTUFF INDUSTRIES LIMITED |
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BALANCE
SHEET AS AT JUNE 30, 2006 |
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2006 |
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2005 |
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2006 |
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2005 |
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Rupees) |
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Rupees) |
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SHARE
CAPITAL AND RESERVES |
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NON-CURRENT
ASSETS |
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Authorised
capital |
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Fixed
assets |
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224,729,347 |
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220,115,363 |
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60,000,000
ordinary shares of Rs. 10 each |
600,000,000 |
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600,000,000 |
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Long
term investment |
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18,450,000 |
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18,450,000 |
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Long
term deposits |
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1,652,919 |
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6,662,359 |
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Issued,
subscribed and paid-up capital |
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200,000,000 |
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200,000,000 |
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244,832,266 |
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245,227,722 |
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Reserves |
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134,765,338 |
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113,836,728 |
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334,765,338 |
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313,836,728 |
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NON-CURRENT
LIABILITIES |
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Long
term loans |
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506,100,991 |
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535,912,080 |
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CURRENT
ASSETS |
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Liabilities
against assets subject to finance |
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lease |
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1,896,024 |
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3,667,051 |
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Stores
and spares |
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11,476,819 |
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10,319,839 |
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Deferred
liability |
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Stock
in trade |
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345,902,287 |
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409,533,367 |
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Deferred
taxation |
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26,645,092 |
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24,443,789 |
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Trade
debts |
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438,310,486 |
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328,103,239 |
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534,642,107 |
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564,022,920 |
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Advances,
deposits, prepayments and |
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other
receivables |
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153,680,811 |
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118,072,353 |
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Short
term investment |
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101,008,113 |
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CURRENT
LIABILITIES |
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Cash
and bank balances |
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8,200,851 |
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11,560,014 |
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1,058,579,367 |
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877,588,812 |
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Short
term borrowings |
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268,398,331 |
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149,406,819 |
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Current
portion of long term liabilities |
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51,785,158 |
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15,199,366 |
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Creditors,
accrued and other liabilities |
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106,709,427 |
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68,264,395 |
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Provision
for taxation |
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7,111,272 |
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12,086,306 |
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434,004,188 |
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244,956,886 |
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CONTINGENCIES
AND COMMITMENTS |
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1,303,411,633 |
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1,122,816,534 |
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1,303,411,633 |
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1,122,816,534 |
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SANDAL DYESTUFF
INDUSTRIES LIMITED |
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PROFIT AND LOSS ACCOUNT |
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FOR THE YEAR ENDED JUNE
30, 2006 |
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2006 |
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2005 |
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Rupees |
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Sales |
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1,018,921,675 |
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750,886,704 |
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Cost of sales |
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858,480,987 |
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622,871,633 |
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Gross Profit |
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160,440,688 |
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128,015,071 |
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Other operating
income |
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Gain on disposal
of fixed assets |
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622,430 |
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160,440,688 |
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128,637,501 |
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Selling and
distribution expenses |
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77,845,123 |
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64,688,817 |
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Administrative
expenses |
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35,500,482 |
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34,203,619 |
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Other operating
expenses |
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1,691,504 |
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1,115,340 |
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Finance cost |
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18,206,233 |
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7,438,256 |
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133,243,342 |
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107,446,032 |
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Profit for the
year before taxation |
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27,197,346 |
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21,191,469 |
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Provision for
taxation |
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7,276,849 |
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5,649,147 |
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Profit for the
year after taxation |
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19,920,497 |
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15,542,322 |
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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%)