MIRA INFORM REPORT
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Report Date : |
06.12.2011 |
IDENTIFICATION DETAILS
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Name : |
AMIN FABRICS LIMITED |
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Registered Office : |
1st Floor,
Ocean Centre, 40 - Talpur Road, Karachi |
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Country : |
Pakistan |
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Financials (as on) : |
30.06.2010 |
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Year of Establishment : |
1993 |
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Com. Reg. No.: |
0029679 |
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Legal Form : |
Non-Listed Public Limited Company |
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Line of Business : |
Manufacture & Marketing of Jute Goods |
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No. of Employees
: |
180 Persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Poor |
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Payment
Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Pakistan |
b2 |
b2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Business Name
AMIN FABRICS LIMITED
Full Address
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Registered Address |
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1st Floor, Ocean Centre, |
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Tel # |
92 (21) 32413271,
32414087, 32414778, 32414779 |
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Fax # |
92 (21) 32411686 |
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Email |
Short Description Of Business
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a. |
Nature of Business |
Manufacture & Marketing of Jute Goods |
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b. |
Year Established |
1993 |
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c. |
Registration # |
0029679 |
Factories Location
·
Aminabad, Kotri,
·
1 K.M., Muridke Sheikhupura Road, District
Sheikhupura, Punjab, Pakistan,
Auditors
Riaz Ahmad & Company
(Chartered
Accountants)
108, 1st Floor, Park Avenue, Block 6, P.E.C.H.S., Shahrah-e-Faisal, Karachi, Pakistan
Legal Status
Subject Company was established as a Non-Listed Public Limited Company in 1993
Authorized Capital |
Rs. 200,000,000/-
divided into 20,000,000 shares of Rs. 10/- each |
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Issued & Paid up Capital |
Rs.
113,969,400/- divided into 11,396,940 shares of Rs. 10/- each |
Details of Directors
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Names |
Designation |
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Mr. Abdul Khaliq Mr. Abdul Basit Mr. Fahim Khan Mr. Stuart Fairweather Mr. Abdul Baseer Mr. Javed Hassan Mr. Muhammad Yaqoob |
Chief Executive Director Director Director Director Director Director |
Categories of Shareholders
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Categories |
Shareholding (%) |
|
Individuals Investment Companies Insurance Companies Joint Stock Companies Others |
91.45 0.02 0.01 7.09 1.43 |
Associated Companies
·
Mohamad Amin Bros (Pvt) Limited,
· Amin Jute Mills Limited, Pakistan.
· Adamjee Sons Limited, Pakistan.
·
Interfinco Limited, Pakistan.
Business Activities
Subject Company is engaged in manufacture & marketing of Jute Goods.
It’s mainly import Textile Raw Materials, Machineries through L/C, D/A basis.
It sells its products through cash / credit basis to its local customers.
Its main customers are Textile Mills, Garment & Apparel Industries, Trading Companies etc.
Subject operates from caption leased office premises measuring 1,200 Sq.ft. which is situated at commercial area of Karachi.
Subject employs more than 180 persons in its set up.
Annual Sales Volume
|
Years |
In Pak Rupees |
|
2009 2010 |
230,508,751/- 308,185,561/- |
Plant Capacity & Actual
Production
2010
Continued Discontinued
Operations
Operations
Jute Synthetics
Capacity subject to
production pattern
(In Metric Tons)
10,050 --
Actual Production (In Metric Tons) 2,830 --
Installed Looms 157 --
Looms operated 112 --
Worked Looms (Average) 65 --
Looms acquired on
operating lease 96 --
Bankers
(1) Bank Al-Habib
Limited,
(2) Habib Bank Limited,
(3) Bank Alfalah
Limited,
(4) MCB Bank Limited,
(5) United Bank Limited, Pakistan.
Memberships
·
·
Pakistan Jute Manufacturers Association.(PJMA)
Foreign Exchange Rates
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Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 87.60 |
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|
1 |
Rs. 136.40 |
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Euro |
1 |
Rs. 116.80 |
Comments
Subject Company was established in 1993 and is engaged in manufacture & marketing of Jute Goods Products. 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.51.40 |
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UK Pound |
1 |
Rs.80.20 |
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Euro |
1 |
Rs.68.92 |
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 |
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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---- |
NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.