MIRA INFORM REPORT

 

 

Report Date :           

04.11.2011

 

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 & Export of high quality fashion denim fabric.

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

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

 

a.

Nature of Business        

Manufacture & Export of high quality fashion denim fabric

b.

Year Established

2006

c.

Registration #

0053730

 

 

Factory Location

 

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)

7th 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

 

 

Pakistani

 

 

Pakistani

 

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

 

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

 

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

Business

 

 

Business

 

 

Business

 

Chief Executive

 

Director

 

 

Director

 

 

Shareholders                

 

Names

No. of Shares

Mr. Muhammad Iqbal Ahmed

 

Mr. Muhammad Javed Ahmed

 

Ms. Farah Iqbal

59

 

25

 

16

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

             None                                             

           

B.         Associated Companies

 

(1)     Artistic Spinning Mills, Pakistan.

(2)     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 269 persons in its set up.

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2009 - 2010

320,000,000/- (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. 86.30

UK Pound

1

           Rs. 137.60

Euro

1

           Rs. 118.50

 

 

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.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.37

UK Pound

1

Rs.78.50

Euro

1

Rs.67.59

 

 

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.