MIRA INFORM REPORT

 

 

Report Date :

18.11.2011

 

IDENTIFICATION DETAILS

 

Name :

ACRO SPINNING & WEAVING MILLS LIMITED

 

 

Formerly Known As :

AMJAD TEXTILE MILLS LIMITED

 

 

Registered Office :

106/3, Saint Johns Park, Lahore Cantt, Lahore

 

 

Country :

Pakistan

 

 

Year of Establishment :

1991

 

 

Com. Reg. No.:

0024355

 

 

Legal Form :

Non-Listed Public Limited Company

 

 

Line of Business :

Engaged in the manufacture, marketing & export of Yarn

 

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 30, 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

 

ACRO SPINNING & WEAVING MILLS LIMITED (FORMERLY: AMJAD TEXTILE MILLS LIMITED)

 

 

Full Address       

 

Registered Address

106/3, Saint Johns Park, Lahore Cantt, Lahore, Pakistan

                       

Tel #

92 (42) 36617119 - 21 (3 Lines)

Fax #

92 (42) 36617122

 

 

Short Description Of Business

 

Nature of Business        

Engaged in the manufacture, marketing & export of Yarn

Year Established

1991

Registration #

0024355

 

 

Mills Location

 

Adda Sadiq Wala, 36 K.M.,

Bahawalpur Road, Multan,

Pakistan

 

 

Auditors

 

Rahman Safdar & Co.

(Chartered Accountants)

 

 

Legal Status

 

Subject Company was established as a Non-Listed Public Limited Company in 1991

 

Authorised Capital           

Rs. 500,000,000/-

Issued & Paid up Capital

Rs. 500,000,000/-

 

 

Details of Management

 

Names

Designation

Mr. Sheikh Mohammad Akbar

 

Mr. Sheikh Mohammad Aslam

 

Mr. Sheikh Mohammad Anwar

 

Mr. Sheikh Mohammad Akmal

 

Mr. Sheikh Mohammad Amjad

 

Mr. Tufail Nasreen

 

Mrs. Azra Akbar

 

Mrs. Shehla Anwar

 

Mrs. Nosheen Akmal

 

Mrs. Noveen Amjad

Chief Executive

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

 

Categories of Shareholders                

 

Categories

Percentage (%)

Individuals

100

 

 

Associates  

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

A.         Subsidiary

 

             None                                            

           

B.         Associated Companies

 

(1)     Simba Corporation (Pvt) Limited, Pakistan.

(2)     Acrologix (Pvt) Ltd, Pakistan.

(3)     Rehman Beverages (Pvt.) Limited, Pakistan.

(4)     Multan Beverages (Pvt) Limited, Pakistan.

(5)     Aslam Industries (Pvt.) Limited, Pakistan.

(6)     Anwar & Co. (Pvt.) Limited, Pakistan.

 

 

 

Business Activities

 

Engaged in the manufacture, marketing & export of Yarn

 

 

No of Employees

 

260

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2009

900,000,000/- (Estimated)

 

 

Mills Installed

 

61,272 Spindles

           

 

Customers (Foreign)

           

Mainly Buying Agencies, Distribution Companies, Textile Manufacturers, Private Companies etc

 

 

Bankers

 

(1) Habib Bank Limited, Pakistan.

(2) MCB Bank Limited, Pakistan.

(3) Bank Alfalah Limited, Pakistan.

(4) Askari Bank Limited, Pakistan.

(5) Faysal Bank Limited, Pakistan.

(6) Citibank N.A., Pakistan.

(7) United Bank Limited, Pakistan.

(8) Standard Chartered Bank, Pakistan.

 

 

Memberships

 

·         Multan Chamber of Commerce & Industry.(LCCI)

·         All Pakistan Textile Mills Association.(APTMA)

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 86.75

UK Pound

1

           Rs. 136.40

Euro

1

           Rs. 116.80

 

 

Comments

 

Subject Company was established in 1991. Subject is engaged in manufacture, marketing & export of Yarn. 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.50.72

UK Pound

1

Rs.79.88

Euro

1

Rs.68.46

 

 

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.