MIRA INFORM REPORT

Report Date :

02.11.2011

IDENTIFICATION DETAILS

Name :	ARTISTIC FABRIC MILLS (PVT) LIMITED

Registered Office :	39-A, Block - 6, P.E.C.H.S, Karachi

Country :	Pakistan

Year of Establishment :	2006

Com. Reg. No.:	0053730

Legal Form :	Private Limited Company

Line of Business :	Manufacture and Export of high quality fashion denim fabric

RATING & COMMENTS

MIRA’s Rating :

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

Business Name

ARTISTIC FABRIC MILLS (PVT) LIMITED

Full Address

Registered Address

39-A, Block - 6, P.E.C.H.S, Karachi, Pakistan

Tel	92 (21) 111-004-004, 34524411, 34545784
Fax	92 (21) 34547991
Email	agi@fascom.com

Short Description Of Business

Nature of Business	Manufacture & Export of high quality fashion denim fabric
Year Established	2006
Registration #	0053730

Branches

Address	Plot # 472 Deh Landhi, Bin Qasim Town, Karachi, Pakistan
Tel #	92 (21) 5025217 - 20 (4 Lines)
Fax #	92 (21) 5025221

Auditors

Ford Rhodes Sidat Hyder & Co.

(Chartered Accountants)

7^th Floor, Progressive Plaza, Beaumont Road, Karachi, Pakistan

Legal Status

Subject Company was established as a Private Limited Company in 2006

Authorized Capital	Rs. 300,000,000/- divided into 30,000,000 shares of Rs. 10/- each
Issued & Paid up Capital	Rs. 1,000/- divided into 100 shares of Rs. 10/- each

Details of Directors

Names

Nationality

Address

Occupation

Designation

Mr. Muhammad Iqbal Ahmed

Mr. Muhammad Javed Ahmed

Ms. Farah Iqbal

Pakistani

37/J, Block 6, P.E.C.H.S., Karachi

Business

Chief Executive

Director

Shareholders

Names

No. of Shares

Mr. Muhammad Iqbal Ahmed

Mr. Muhammad Javed Ahmed

Ms. Farah Iqbal

Associates

A. Subsidiary

None

B. Associated Companies

· Artistic Spinning Mills, Pakistan.

Artistic Garment Industries, Pakistan.

Business Activities

Subject Company is engaged in the business as manufacture & export of high quality fashion denim fabric.

Its mainly import Textile Raw Materials, Textile Machineries through L/C, D/A basis.

It’s unique collection includes 100% cotton, stretch, Poly Lyrca, Poly Polypropylene denim and tinted qualities, in normal , flat and special finish denim of fashion construction from 8oz to 14oz.

It sells its product through L/C, T.T. basis.

Its main customers are reputable companies, worldwide.

Subject operates from caption leased office premises measuring 500 Sq.Yards which is situated at residential + commercial area.

Subject employs more than 250 persons in its set up.

Annual Sales Volume

Year	In Pak Rupees
2008 - 2009	250,000,000/- (Estimated)

Production Capactiy

Production capacity of 20 million meters of denim fabric per annum

Bankers

(1) Bank Al-Habib Limited, Pakistan.

(2) Bank Alfalah Limited, Pakistan.

(3) Soneri Bank Limited, Pakistan.

(4) Habib Metropolitan Bank Limited, Pakistan.

(5) United Bank Limited, Pakistan.

Memberships

· Karachi Chamber of Commerce & Industry.(KCCI)

All Pakistan Hosiery Manufacturers Association.(APHMA)

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 85.80
UK Pound	1	Rs. 131.98
Euro	1	Rs. 115.58

Comments

Subject Company was established in 2006 and is engaged in manufacture & export of high quality fashion denim fabric. Market reputation is good. Company can be considered for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.25
UK Pound	1	Rs.78.73
Euro	1	Rs.67.64

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%)

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.