MIRA INFORM REPORT

 

 

Report Date :

05.07.2012

 

IDENTIFICATION DETAILS

 

Name :

ARTISTIC MILLINERS (PRIVATE) LIMITED

 

 

Registered Office :

Plot No. 4 & 8, Sector 25, Korangi Industrial Area, Karachi

 

 

Country :

Pakistan

 

 

Year of Establishment :

1949

 

 

Com. Reg. No.:

0008021

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture & Export of Denim Garments

 

 

No. of Employees :

2,000 persons

 

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 :

Good

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 – 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

 

Business Name

 

ARTISTIC MILLINERS (PRIVATE) LIMITED

 

 

Full Address       

 

Registered Address & Factory

Plot No. 4 & 8, Sector 25, Korangi Industrial Area, Karachi, Pakistan

                       

Tel #

92 (21) 35072586, 35072587, 35072588

Fax #

92 (21) 35072588

 

 

Short Description Of Business

 

a.

Nature of Business        

Manufacture & Export of Denim Garments

b.

Year Established

1949

c.

Registration #

0008021

 

 

Branches

           

In Lahore & Karachi

 

 

Auditors

 

Ernst Young 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 1949

 

Authorised Capital           

Rs. 1,000,000,000/- divided into 10,000,000 shares of Rs. 100/- each

Issued & Paid up Capital

Rs. 1,000,000,000/- divided into 10,000,000 shares of Rs. 100/- each

 

 

 

Details of Management

 

Names

Nationality

Address

Occupation

Designation

Mr. M. Yaqoob Ahmed

 

 

 

Mr. Muhammad Omer Ahmed

 

 

 

Mr. Muhammad Murtaza Ahmed

Pakistani

 

 

 

 

Pakistani

 

 

 

 

Pakistani

 

 

 

Plot No. 4 & 8, Sector 25, Korangi Industrial Area, Karachi

 

Plot No. 4 & 8, Sector 25, Korangi Industrial Area, Karachi

 

Plot No. 4 & 8, Sector 25, Korangi Industrial Area, Karachi

Business

 

 

 

 

Business

 

 

 

 

Business

 

 

 

Chief Executive

 

 

 

Director

 

 

 

 

Director

 

 

 

Shareholders                

 

Names

No. of Shares

Mr. M. Yaqoob Ahmed

 

Mr. Muhammad Omer Ahmed

 

Mr. Muhammad Murtaza Ahmed

 

Mrs. Nayyar Yaqoob

9,999,997

 

1

 

1

 

1

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

                        None                                            

           

B.         Associated Companies

 

            - Do -

 

 

Business Activities

 

Subject Company is engaged in the business as Manufacture & Export of Denim Garments.

 

Its mainly import Garment Raw Materials & Machineries through D/A, D/P basis.

 

It sells its product through L/C, T.T., D/A basis.

 

Its main customers are reputable companies, worldwide.

 

Subject operates from caption leased factory premises situated at main industrial area of Karachi.

 

Subject employs more than 2,000 persons in its set up.

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2010

5,000,000,000/- (Estimated)

 

 

Production Capactiy

 

36 million meters per annum

           

 

Customers (Foreign)

           

(1) GAP.

(2) TOMMY HILFIGER.

(3) VF CORPORATION.

(4) SEARS.

(5) RUSSELL ATHLETICS.

(6) AMERICAN EAGLE OUTFITTERS.

(7) JCPENNEY.

(8) LEE SPORTSWEAR.

(9) PHILLIPS VAN HEUSEN.

 

           

Bankers

 

(1) Bank Al-Habib Limited, Pakistan.

(2) Dubai Islamic Bank Pakistan Limited, Pakistan.

(3) Faysal Bank Limited, Pakistan.

(4) Samba Bank Limited, Pakistan.

(5) Habib Bank Limited, Pakistan.

(6) Habib Metropolitan Bank Limited, Pakistan.

(7) HSBC Bank Middle East Limited, Pakistan.

(8) Standard Chartered Bank, Pakistan.

(Total Mortgage obtained PKR: 23,290,759,334/-)

 

Memberships

 

·         Karachi Chamber of Commerce & Industry.

·         All Pakistan Readymade Garment Manufacturers & Exporters Association.

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 90.90

UK Pound

1

           Rs. 143.50

Euro

1

           Rs. 119.80

 

 

Comments

 

Subject Company was established in 1949 and is engaged in manufacture & export of Denim Garments. Overall market reputation is satisfactory. 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.54.55

UK Pound

1

Rs.85.48

Euro

1

Rs.68.70

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

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.