MIRA INFORM REPORT

Report Date :

18.11.2011

IDENTIFICATION DETAILS

Name :	GALAXY TEXTILE MILLS LIMITED
Registered Office :	7-D-1, Gulberg III, Lahore
Country :	Pakistan
Financials (as on) :	30.06.2010
Year of Establishment :	1987
Com. Reg. No.:	0016197
Legal Form :	Non-Listed Public Limited Company
Line of Business :	Engaged in the manufacture & sale 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 :

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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

GALAXY TEXTILE MILLS LIMITED

Full Address

Registered Address

7-D-1, Gulberg III, Lahore, Pakistan

Tel #	92 (42) 35717522 - 24 (3 Lines)
Fax #	92 (42) 35717521
Email	gtml10@hotmail.com

Short Description Of Business

Nature of Business	Engaged in the manufacture & sale of Yarn
Year Established	1987
Registration #	0016197

Mills Location

3-K.M., Muddoki Road, Jhang,

Punjab, Pakistan

Auditors

Mushtaq & Co.

(Chartered Accountants)

Legal Status

Subject Company was established as a Non-Listed Public Limited Company in 1987

Authorised Capital	Rs. 200,000,000/- divided into 20,000,000 shares of Rs. 10/- each
Issued & Paid up Capital	Rs. 72,000,000/- divided into 7,200,000 shares of Rs. 10/- each

Details of Management

Names	Designation
Mr. Arif Gulzar Mr. Wasif Majeed Mr. Feroze Gulzar Mr. Asad Gulzar Mr. Chaudhry Mohammad Nawaz Mr. Mohammad Arif Mr. Abdul Raouf	Chief Executive Director Director Director Director Director Director

Shareholders

Names	No. of Shares
Mr. Arif Gulzar Mr. Wasif Majeed Mr. Feroze Gulzar Mr. Asad Gulzar Mr. Chaudhry Mohammad Nawaz Mr. Mohammad Arif Mr. Abdul Raouf	3,280,706 500 1,960,450 1,956,844 500 500 500

Associates

A. Subsidiary

None

B. Associated Companies

- Do -

Business Activities

Subject Company is engaged in manufacture & sale of yarn

No of Employees

450

Annual Sales Volume

Year	In Pak Rupees
2009 2010	689,827,700/- 821,301,828/-

Mills Installed

24,360 spindles

Customers (Foreign)

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

Bankers

(1) Habib Bank Limited, Pakistan.

(2) National Bank of Pakistan.

(3) Bank Alfalah Limited, Pakistan.

(4) Silk Bank Limited, Pakistan.

(5) Faysal Bank Limited, Pakistan.

(6) Citibank N.A., Pakistan.

(7) MCB Bank Limited, Pakistan.

(8) Allied Bank Limited, Pakistan.

Memberships

· Lahore 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 1987. Subject is engaged in manufacture & sale 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%)

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