|
Report Date : |
31.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
RUPALI POLYESTER LIMITED |
|
|
|
|
Registered Office : |
Rupali
House, 241-242, Upper Mall Scheme, Anand Road,
Lahore |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Year of Establishment : |
1980 |
|
|
|
|
Com. Reg. No.: |
0007753 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacture and sale of Polyester Products |
|
|
|
|
No. of Employees : |
1,239
employees |
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 |
|
Maximum Credit
Limit : |
USD 1300000 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Pakistan |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
PakistaN - ECONOMIC OVERVIEW
Decades of internal political disputes and low levels of foreign
investment have led to slow growth and underdevelopment in Pakistan.
Agriculture accounts for more than one-fifth of output and two-fifths of
employment. Textiles account for most of Pakistan's export earnings, and
Pakistan's failure to expand a viable export base for other manufactures has
left the country vulnerable to shifts in world demand. Official unemployment is
6%, but this fails to capture the true picture, because much of the economy is
informal and underemployment remains high. Over the past few years, low growth
and high inflation, led by a spurt in food prices, have increased the amount of
poverty - the UN Human Development Report estimated poverty in 2011 at almost
50% of the population. Inflation has worsened the situation, climbing from 7.7%
in 2007 to more than 13% for 2011, before declining to 9.3% at year-end. As a
result of political and economic instability, the Pakistani rupee has depreciated
more than 40% since 2007. The government agreed to an International Monetary
Fund Standby Arrangement in November 2008 in response to a balance of payments
crisis. Although the economy has stabilized since the crisis, it has failed to
recover. Foreign investment has not returned, due to investor concerns related
to governance, energy, security, and a slow-down in the global economy.
Remittances from overseas workers, averaging about $1 billion a month since
March 2011, remain a bright spot for Pakistan. However, after a small current
account surplus in fiscal year 2011 (July 2010/June 2011), Pakistan's current
account turned to deficit in the second half of 2011, spurred by higher prices
for imported oil and lower prices for exported cotton. Pakistan remains stuck
in a low-income, low-growth trap, with growth averaging 2.9% per year from 2008
to 2011. Pakistan must address long standing issues related to government
revenues and energy production in order to spur the amount of economic growth
that will be necessary to employ its growing population. Other long term
challenges include expanding investment in education and healthcare, and
reducing dependence on foreign donors.
|
Source : CIA |
RUPALI POLYESTER LIMITED
|
Registered
Address |
|
Rupali
House, 241-242, Upper Mall Scheme, Anand Road,
Lahore, Pakistan |
|
Tel # |
92 (42) 111-787-254,
35792180 - 99 (19 Lines) |
|
Fax # |
92 (42) 35713095 |
|
a. |
Nature of Business |
Manufacture and sale of
Polyester Products |
|
b. |
Year Established |
1980 |
|
c. |
Registration # |
0007753 |
30.2 Kilometer Lahore – Sheikhupura Road,
Sheikhupura – 39350, Pakistan
Qavi & Co.
(Chartered
Accountants)
The RUPALI POLYESTER LIMITED was registered in Pakistan on 24 May 1980 as a Public Limited Company and is listed on the Karachi, Lahore and Islamabad Stock Exchanges.
|
Names |
Designation |
|
Mr. Jafferali M. Feerasta Mr. Nooruddin Feerasta Mr. Muhammad Rashid Zahir Mr. Muhammad Ali H. Sayani Mr. Amin A. Feerasta Mr. Syed Ali Zafar Mr. Abdul Hayee |
Chairman Chief Executive Director Director Director Director Director |
|
Categories |
Percentage
(%) |
|
Individuals Joint Stock Companies Investment Companies Directors, Chief Executive Officer and their Spouse and Minor Children Executives National Bank of Pakistan, Trustee Dept Investment Corporation of Pakistan Associated Companies, Undertakings and related parties Public Sector Companies & Corporations Banks, DFI’s NBFIs,
Insurance Companies, Modarabas & Mutual Fund Foreign Investors Co-operative Societies Trusts Others |
7.19 1.41 0.00 9.67 - 9.55 0.02 - - 3.31 25.01 0.02 43.82 - |
A. Subsidiary
None
B. Associated Companies
· Rupali Bank Limited.
Rupali Energy (Private) Limited.
Rupali Nylon (Private) Limited.
Rupali Power (Private) Limited.
(1) Polyester Fabrics.
(2) Polyester Fibre
& Viscose Fibre.
(3) Polyester Yarn & Viscose Yarn.
1,239
2011 2010
(In
Metric Tons)
Annual Capacity (In three
shifts)
- Yarn 10,100
10,100
- Fiber 12,000
12,000
Actual Production
- Yarn 10,991 11,111
- Fiber 24,259 22,880
(1) Bank Al-Habib Limited, Pakistan.
(2) Habib Bank Limited, Pakistan.
(3) Citibank N.A., Pakistan.
(4) MCB Bank Limited, Pakistan.
(5) NIB Bank Limited, Pakistan.
(6) Soneri Bank Limited, Pakistan.
Sound
Rupali Polyester Limited was incorporated at Karachi in May 1980 as a Public Limited Company and is listed on all stock exchanges of Pakistan. It owns and operates composite facilities to manufacture polyester fiber and filament yarn. It produces quality products by using latest technology and best quality of raw materials. The Company has the privilege of being one of the pioneers in Pakistan for manufacture of staple fiber of highest quality. Since its inception, the Company has been growing steadily through expansion and diversified operations. The assets of the Company have increased to over Rs. 2,767 million from the initial capital outlay of Rs. 150 million.
The Company has a polymerization unit with a capacity of 105
metric tons per day, polyester filament yarn capacity of 30 metric tons per day
and a polyester staple fibre capacity of 65 metric
tons per day. The various products of Rupali are in
fact import substitution as these were previously imported from Japan,
Indonesia, Taiwan and Korea. Now the Company is importing the basic raw
materials only and through value addition is producing the highest quality
products locally.
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 94.75 |
|
UK Pound |
1 |
Rs. 148.80 |
|
Euro |
1 |
Rs. 118.00 |
Company enjoys high prestige and reputation in the business community, banks, financial institutions and customers. It is also amongst major contributors to the national exchequer. All the directors of the company are resourceful and experienced businessmen. 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.55.65 |
|
UK Pound |
1 |
Rs.88.10 |
|
Euro |
1 |
Rs.69.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.