MIRA INFORM REPORT
|
Report Date : |
18.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SARITOW SPINNING MILLS LIMITED |
|
|
|
|
Registered Office : |
17, Aziz Avenue, Canal Bank, Gulberg V, Lahore |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Financials (as on) : |
30.06.2010 |
|
|
|
|
Year of Establishment : |
1987 |
|
|
|
|
Com. Reg. No.: |
0015779 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
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 :
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
SARITOW SPINNING MILLS LIMITED
Full Address
|
Registered Address |
|
17, Aziz Avenue,
Canal Bank, Gulberg V, Lahore, Pakistan |
|
Tel # |
92 (42) 35717364, 35717365 |
|
Fax # |
92 (42) 35715105 |
|
Website |
Short Description Of Business
|
a. |
Nature of Business |
Engaged in manufacture & sale of yarn |
|
b. |
Year Established |
1987 |
|
c. |
Registration # |
0015779 |
Mills Location
51-K.M., Multan Road, Phool
Nagar, District Kasur, Punjab,
Pakistan
Auditors
Rahman Sarfaraz Rahim Iqbal Rafiq
(Chartered Accountants)
Legal Status
Subject Company was established as a Public Limited Company in 1987 and is listed at Karachi & Lahore Stock Exchanges of Pakistan
Management details
|
Names |
Designation |
|
Mr. M. Naseem Saigol Mr. M. Azam Saigol Mr. Shahid Sethi Mr. Muhammad Athar Rafiq Mr. Muhammad Asif Bajwa Mr. Samir Iqbal Saigol Mr. Syed Haroon Rashid |
Chairman Chief Executive Director Director Director Director Director |
Categories of Shareholders
|
Categories |
Shareholding (%) |
|
Associated Companies & Undertaking National Investment Trust Investment Corporation of Pakistan CEO, Directors & their Spouse Executives Public Sector Companies & Corporations Joint Stock Companies Financial Institutions / Non Banking Financial Institutions etc Foreign Companies / Foreigners Others |
--- 0.91 --- 69.14 --- --- 5.09 10.28 0.02 14.56 |
Associated Companies
(1) Saigol Group of Companies, Pakistan.
Business Activities
Engaged in manufacture & sale of yarn
Number of Employees
285
Annual Sales Volume
|
Years |
In Pak Rupees |
|
2009 2010 |
472,088,201/- 716,580,537 |
Plant Capacity & Production
Spinning Unit 2010 2009
Number of spindles installed
No. 26,400 25,410
Plant capacity on the basis of utilization
converted into 80s count Kgs 1,555,683 1,499,112
Actual production converted into
80s count Kgs 1,360,977 1,175,238
Trade Suppliers
(Foreign)
Subject mainly import from Companies belongs to Europe, China, Taiwan, Korea, India & Bangladesh
Customers
Various International & local
Bankers
· Bank Alfalah Limited, Pakistan.
· Faysal Bank Limited, Pakistan.
· Habib Bank Limited, Pakistan.
· MCB Bank Limited, Pakistan.
· National Bank of Pakistan.
· The Royal Bank of Scotland, Pakistan.
· Standard Chartered Bank, Pakistan.
· NIB Bank Limited, Pakistan.
· Meezan 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 enjoys good reputation in Pakistan as well as in abroad. 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.68.64 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.