MIRA INFORM REPORT
|
Report Date : |
15.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
RUPALI POLYESTER LIMITED |
|
|
|
|
Registered Office : |
241-242, Upper
Mall Scheme, Anand Road, Lahore - 54000 |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Financials (as on) : |
30.06.2010 |
|
|
|
|
Year of Establishment : |
1980 |
|
|
|
|
Com. Reg. No.: |
0007753 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacture and sale of Polyester Products |
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 |
|
Maximum Credit Limit : |
PKR 6,000,000 |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
RUPALI POLYESTER
LIMITED
company Address
Registered Address
|
|
241-242, Upper
Mall Scheme, Anand Road, Lahore - 54000, Pakistan |
|
Tel # |
92 (42) 111-787-254,
35792180 - 99 (19 Lines) |
|
Fax # |
92 (42) 35713095 |
Short Description Of Business
|
a. |
Nature of Business |
Manufacture and sale of Polyester Products |
|
b. |
Year Established |
1980 |
|
c. |
Registration # |
0007753 |
Plant Location
30.2 Kilometer Lahore – Sheikhupura Road,
Sheikhupura – 39350, Pakistan
Auditors
Qavi & Co.
(Chartered Accountants)
Legal Status
The RUPALI POLYESTER LIMITED was registered in Pakistan on 24 May 1980 as a Public Limited Company and is listed on the Karachi, Lahore and Islamabad Stock Exchanges.
Details of Chairman/Directors
|
Names |
Designation |
|
Mr. Jafferali M. Feerasta Mr. Nooruddin Feerasta Mr. Muhammad Rashid Zahir Mr. Muhammad Ali H. Sayani Mr. Amin A. Feerasta Mr. Syed Ali Zafar Mr. Abdul Hayee |
Chairman Chief
Executive Director Director Director Director Director |
Categories of Shareholders
|
Categories of Shareholder |
Percentage (%) |
|
Individuals Joint Stock
Companies Investment
Companies Directors, Chief
Executive Officer and their Spouse and Minor Children Executives National Bank of
Pakistan, Trustee Dept Investment
Corporation of Pakistan Associated
Companies, Undertakings and related parties Public Sector
Companies & Corporations Banks, DFI’s
NBFIs, Insurance Companies, Modarabas & Mutual Fund Foreign Investors Co-operative
Societies Trusts Others |
7.19 1.41 0.00 9.67 - 9.55 0.02 - - 3.31 25.01 0.02 43.82 - |
Associates
A. Subsidiary
None
B. Associated Companies
(1) Rupali Bank
Limited.
(2) Rupali Energy
(Private) Limited.
(3) Rupali Nylon
(Private) Limited.
(4) Rupali Power
(Private) Limited.
Products
·
Polyester Fabrics.
·
Polyester Fibre & Viscose Fibre.
· Polyester Yarn & Viscose Yarn.
Number of Employees
1,186
Plant Capacity and Actual
Production
2010 2009
(In Metric Tons)
Annual Capacity (In three
shifts)
- Yarn 10,100
10,100 - Fiber 12,000
12,000
Actual Production
- Yarn 11,111 10,478
- Fiber 22,880 23,840
Bankers
(1) Bank Al-Habib Limited, Pakistan.
(2) Habib Bank Limited, Pakistan.
(3) Citibank N.A., Pakistan.
(4) MCB Bank Limited, Pakistan.
(5) NIB Bank Limited, Pakistan.
(6) Soneri Bank Limited, Pakistan.
(7) The Royal Bank of Scotland, Pakistan.
Financial Position
Sound.
Future Outlook
If the textile policy is implemented effectively. It is hoped that the downstream textile industry and filament yarn weavers will be compensated for competition with the imported textile products particularly from China & Far-Eastern Countries.
History of the Company
Rupali Polyester Limited was incorporated at Karachi in May 1980 as a Public Limited Company and is listed on all stock exchanges of Pakistan. It owns and operates composite facilities to manufacture polyester fiber and filament yarn. It produces quality products by using latest technology and best quality of raw materials. The Company has the privilege of being one of the pioneers in Pakistan for manufacture of staple fiber of highest quality. Since its inception, the Company has been growing steadily through expansion and diversified operations. The assets of the Company have increased to over Rs. 2,767 million from the initial capital outlay of Rs. 150 million.
The Company has a polymerization unit with a capacity of 105 metric tons per day, polyester filament yarn capacity of 30 metric tons per day and a polyester staple fibre capacity of 65 metric tons per day. The various products of Rupali are in fact import substitution as these were previously imported from Japan, Indonesia, Taiwan and Korea. Now the Company is importing the basic raw materials only and through value addition is producing the highest quality products locally.
Foreign Exchange Rates
|
Currency |
Unit |
Pakistani
Rupee |
|
US Dollar |
1 |
Rs. 85.95 |
|
UK Pound |
1 |
Rs. 137.70 |
|
Euro |
1 |
Rs. 120.50 |
Comments
Company enjoys high
prestige and reputation in the business community, banks, financial
institutions and customers. It is also amongst major contributors to the national
exchequer. All the directors of the company are resourceful and
experienced businessmen. Trade relations are reported as fair. Payments to
creditors etc are reported slow but normal. Company can be considered for
normal business dealings at usual trade terms and conditions.
Maximum Credit Limit
PKR 6,000,000
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.53 |
|
UK Pound |
1 |
Rs.71.80 |
|
Euro |
1 |
Rs.63.15 |
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 |
|
---- |
NB |
New Business |
---- |
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.