MIRA INFORM REPORT

 

 

Report Date :

27.10.2008

 

IDENTIFICATION DETAILS

 

Name :

BRIGHTEX INDUSTRIES (PVT.) LIMITED

 

 

Registered Office :

24-25, Mohmand Plaza, Chowk Yadgar, Peshawar

 

 

Country :

Pakistan

 

 

Date of Incorporation :

2002

 

 

Com. Reg. No.:

0044375

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture and Marketing of Glitter Powder, Metallic Yarn and Coated Polyester Fims. Also engaged in Import of Yarn, Polyester Films

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

                       

Business Name

 

BRIGHTEX INDUSTRIES (PVT.) LIMITED

 

 

Full Address       

 

Registered Address

24-25, Mohmand Plaza, Chowk Yadgar, Peshawar, Pakistan

Tel

92 (91) 2550924, 2550028

Fax

92 (91) 2215435

Email

brightexpk@yahoo.com,

sunpol@brain.net.pk

                       

 

 

 

 

 

 

Short Description Of Business

 

Nature of Business           

Manufacture & Marketing of Glitter Powder, Metallic Yarn and Coated Polyester Fims. Also engaged in import of Yarn, Polyester Films

Year Established

2002

Registration #

0044375

 

 

Factory Location

           

Address

Plot No.19A, Hayatabad Industrial Estate, Peshawar, Pakistan

Tel #

92 (91) 2551314

Fax #

92 (91) 2215435

           

 

Auditors

           

M/s Zeeshan Ali & Co.

(Chartered Accountants)

8th Floor, State Life Building, Peshawar, Pakistan

 

 

Legal Status

 

Subject Company was established as a Private Limited Company in 2002

 

 

 

Authorized Capital

Rs. 37,500,000/- divided into 3,750,000 shares of Rs. 10/- each

Issued & Paid up Capital

Rs 35,500,000/- divided into 3,550,000 shares of Rs. 10/- each

 

 

Details of Directors

 

Names

Nationality

Address

Occupation

Designation

Mr. Farhat Qayyum Paracha

 

Mr. Hafiz Muhammad Ishaq

 

Mr. Muhammad Yahya Paracha

Pakistani

 

 

Pakistani

 

 

Pakistani

8th Floor, State Life Building, Peshawar

 

8th Floor, State Life Building, Peshawar

 

8th Floor, State Life Building, Peshawar

Business

 

 

Business

 

 

Business

 

Chief Executive

 

 

Director

 

 

Director

 

 

Shareholders                

 

Names

Mr. Farhat Qayyum Paracha

 

Mr. Hafiz Muhammad Ishaq

 

Mr. Muhammad Yahya Paracha

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

             None                                             

           

B.         Associated Companies

 

            - Do -

 

 

Products

 

Manufacture & Export of Glitter Powder, Metallic Yarn and Coated Polyester Fims. Also engaged in import of Yarn, Polyester Films

 

Number of Employees

 

70

 

 

Annual Production Volume

 

Annual production volume is indeterminable as it mainly depends upon the requirement / demand from their domestic & foreign customers.

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2006 - 2007

50,000,000/- (Estimated)

 

 

Trade Suppliers (Foreign)

 

  1. VACMET PACKAGINGS (INDIA) PVT LIMITED, INDIA.
  2. BUTALIB MOHAMMED TRADING, U.A.E.                  

 

 

Customers

 

Mainly Packaging Companies, Manufacturing Companies etc

 

 

Bankers

 

  1. Meezan Bank Limited, Pakistan.
  2. Askari Bank Limited, Pakistan.(Mortgage obtained PKR 73,000,000/-)
  3. MCB Bank Limited, Pakistan.

 

Memberships

 

·         Sarhad Chamber of Commerce & Industry. (SCCI)

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

             Rs. 82.75

UK Pound

1

  Rs. 133.00

Euro

1

  Rs. 106.00  

           

 

Comments

 

Subject Company was established in 2002 and is engaged in manufacture & marketing of Glitter Powder, Metallic Yarn and Coated Polyester Fims. Market  reputation is good. 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.49.95

UK Pound

1

Rs.79.56

Euro

1

Rs.63.65

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions