MIRA INFORM REPORT

 

 

Report Date :

24.01.2011

 

IDENTIFICATION DETAILS

 

Name :

INDUS DYEING & MANUFACTURING COMPANY LIMITED

 

 

Registered Office :

5th Floor, Office # 508, Beaumont Plaza, Beaumont Road, Civil Lines Quarters, Karachi

 

 

Country :

Pakistan

 

 

Financials (as on) :

30.06.2009

 

 

Year of Establishment :

1957

 

 

Com. Reg. No.:

0000885

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Manufacture & Sale of Yarn & Terry Towel

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Pakistan

b2

b2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Business Name

 

INDUS DYEING & MANUFACTURING COMPANY LIMITED

 

 

Full Address       

 

Registered Address

5th Floor, Office # 508, Beaumont Plaza, Beaumont Road, Civil Lines Quarters, Karachi, Pakistan

                       

Tel #

92 (21) 35693641 - 60 (19 Lines)

Fax #

92 (21) 35693593, 35693594

 

 

Short Description Of Business

 

a.

Nature of Business           

Principal activity of the Company is to manufacture & sale of Yarn & Terry Towel

b.

Year Established

1957

c.

Registration #

0000885

 

 

Factory Location

 

Address

Ground Floor, K.D.L.B. Bldg., 59-West Wharf Road, Karachi, Pakistan

Tel #

92 (21) 32310758, 32310751

Fax #

92 (21) 32313814, 32310760

 

 

Auditors

 

M/s Yousuf Adil Saleem & Co.

(Chartered Accountants)

 

 

Legal Status

 

The Company was incorporated in Pakistan as a public limited company and is listed at Karachi Stock Exchange of Pakistan

 

 

 

Details of Directors

 

Names

Designation

Mr. Mian Mohammad Ahmed

 

Mr. Shahzad Ahmed

 

Mr. Mian Riaz Ahmed

 

Mr. Naveed Ahmed

 

Mr. Imran Ahmed

 

Mr. Irfan Ahmed

 

Mr. Kashif Riaz

 

Mr. Shafqat Masood

 

Mr. Farooq Hassan

Chairman

 

Chief Executive

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

 

Shareholders                

 

Categories

    Percentage (%)

Individuals

 

Joint Stock Companies

 

Financial Institutions

 

Insurance Companies

 

Investment Companies

 

Directors, DEO & their Spouse & minor children’s

2.26

 

1.12

 

5.90

 

2.48

 

0.01

 

 

88.23

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

                        None                                            

           

B.         Associated Companies

 

(1) Yusuf Textile Mills Limited, Pakistan.

(2) Sunrays Textile Mills Limited, Pakistan.

(3) Indus Home Limited, Pakistan.

 

 

Products

 

Principal activity of the Company is to manufacture & sale of Yarn & Terry Towel

 

 

Number of Employees

 

620

 

 

Plant Capacity & Production

 

Description

2009

2008

Spinning Unit

 

Total number of spindles installed

 

Total number of spindles worked per annum (average)

 

Number of shifts worked per day

 

Installed capacity of yarn converted into 20 counts (Lbs) based on 365 / 273 days

 

Actual production of the year after conversion into 20 counts (Lbs)

 

Ginning Unit

 

Installed capacity to produce cotton bales

 

Actual production of cotton bales

 

Number of shifts

 

Capacity attained in (%)

 

 

130,224

 

 

129,705

 

3

 

 

97,733,267

 

 

89,647,782

 

 

 

 

 

124,700

 

45,212

 

2

 

36.26%

 

 

129,943

 

 

129,829

 

3

 

 

100,013,272

 

 

90,077,949

 

 

 

 

 

96,462

 

51,892

 

2

 

53.80%

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2008

2009

7,200,533,401/-

8,470,151,891/-

 

 

Agencies

(Foreign)

 

Various International belongs to China, Europe & U.S.A.

 

 

Customers

 

Mainly Buying Agencies, Distribution Companies, Garment & Apparel Companies etc

 

 

Bankers

 

·         MCB Bank Limited, Pakistan.

·         Habib Bank Limited, Pakistan.

·         United Bank Limited, Pakistan.

·         National Bank of Pakistan.

·         NIB Bank Limited, Pakistan.

·         Habib Metropolitan Bank Limited, Pakistan.

 

 

Future Outlook

 

We hope next year will be much better keeping in view the present circumstances. We really appreciate Government of Pakistan for a favorable textile policy and hope this will help the Textile Industry a lot.

 

 

 

Memberships

 

·         Karachi Chamber of Commerce & Industry.

·         All Pakistan Textile Mills Association.

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

          Rs. 85.85

UK Pound

1

          Rs. 136.52

Euro

1

          Rs. 116.39

 

 

Comments

 

Indus Group of Companies enjoys good reputation in the Pakistani Business Circle. Directors are reported as qualified, experienced and resourceful businessmen. Payments are usually correct and as per commitments. The Company can be considered good for normal business dealings at usual trade terms and conditions.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.70

UK Pound

1

Rs.72.78

Euro

1

Rs.61.65

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.