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MIRA INFORM REPORT
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Report Date : |
17.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
KHAS INDUSTRIES (PRIVATE) LIMITED |
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Registered Office : |
Plot # 326, Sector 7-A, Korangi Industrial Area, Karachi |
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Country : |
Pakistan |
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Year of Establishment : |
1990 |
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Com. Reg. No.: |
0021865 |
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Legal Form : |
Partnership |
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Line of Business : |
Manufacture & Export of Industrial Gloves |
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 : |
Usually Correct |
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Litigation : |
Clear |
Business Name
KHAS INDUSTRIES (PRIVATE) LIMITED
Full Address
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Registered
Address & Factory |
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Plot # 326, Sector 7-A, Korangi Industrial Area, Karachi, Pakistan |
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Tel |
92 (21) 5069971, 5069972 |
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Fax |
92 (21) 5069973, 5206473 |
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Email |
Short Description Of Business
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a. |
Nature of Business |
Manufacture & Export of Industrial Gloves |
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b. |
Year Established |
1990 |
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c. |
Registration # |
0021865 |
Branches
In Lahore at present
Auditors
M/s Mushtaq & Co.
(Chartered
Accountants)
407, Commerce Centre, Hasrat Mohani Road,
Karachi, Pakistan
Legal Status
Subject Company was
established as a Partnership business in 1971 then afterwards it was converted to
Private Limited Company
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Authorized Capital |
Rs. 40,000,000/- divided into 4,000,000 shares
of Rs. 10/- each |
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Issued & Paid up Capital |
Rs. 35,000,000/- divided into 3,500,000 shares
of Rs. 10/- each |
Details of Directors
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Names |
Nationality |
Address |
Occupation |
Designation |
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Mr. Sheikh Masood Ahmed Mr. Saqid Saeed Masood Mr. Atif Yousuf Masood |
Pakistani Pakistani Pakistani |
42-A, 3rd Sunset Street, Phase II, D.H.A., Karachi, Pakistan 42-A, 3rd Sunset Street, Phase II, D.H.A., Karachi, Pakistan 42-A, 3rd Sunset Street, Phase II, D.H.A., Karachi, Pakistan |
Business Business Business |
Chief Executive Director Director |
Shareholders
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Names of Shareholders |
No of Shares |
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Mr. Sheikh Masood Ahmed Mrs. Ayesha Zia Mr. Atif Yousuf Masood Mr. Saqib Saeed Masood |
350,000 350,000 1,400,000 1,400,000 |
Associates
A. Subsidiary
None
B. Associated
Companies
Khas (Pvt) Limited, Pakistan.
Khas Leather Products (Pvt) Limited, Pakistan.
General Leathers (Pvt) Limited, Pakistan.
Business Activities
Subject Company is engaged in the business as manufacture & export of Industrial Gloves including Driver Gloves, Canadian Riggers, Welder Gloves, Nappa Gloves, Winter Gloves, Welding Clothing by their brand name of “KHAS GLOVES”.
Its mainly export to U.S.A, Italy, Spain & Germany.
It sells its product through L/C, T.T. basis.
Its main customers are reputable companies, worldwide.
Subject operates from caption leased factory premises measuring 2 Acres of land which is situated in industrial area.
Subject employs more than 250 persons in its set up.
Annual Sales Volume
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Year |
In Pak Rupees |
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2006 |
350,000,000/-
(Estimated) |
Production Capacity & Volume
Currently Produces 3 million square feet of leather per month of which
750,000 square feet is produced exclusively for gloves. All cutting is done by clicking
presses with cutting dies while 250 stitching machines can produced a capacity
of 15,000 gloves per day.
Customers (Foreign)
(1) JUBA, SPAIN.
(2) NERI WILLIAM, ITALY.
(3) TREBES & HENNING, GERMANY.
(4) CORDOVA. USA.
Bankers
(1) Soneri Bank Limited, Pakistan.
(2) Faysal Bank Limited, Pakistan.
(3) Habib Metropolitan Bank Limited, Pakistan.
(4) Bank Alhabib
Limited, Pakistan.
Memberships
·
Korangi Tanners Association.(KTA)
·
Karachi Chamber of Commerce & Industry.(KCCI)
Foreign Exchange Rates
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Currency |
Unit |
Pakistani Rupee |
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US Dollar |
1 |
Rs. 81.00 |
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UK Pound |
1 |
Rs. 127.15 |
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Euro |
1 |
Rs. 103.30 |
Comments
Khas
Group of Companies enjoys good reputation in Pakistan Business Circle. All the directors
are reported as experienced and qualified businessmen. 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.49.46 |
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UK Pound |
1 |
Rs.73.17 |
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Euro |
1 |
Rs.62.96 |
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%)