MIRA INFORM REPORT

 

 

Report Date :

02.06.2012

 

IDENTIFICATION DETAILS

 

Name :

DIAMOND INTERNATIONAL CORPORATION LIMITED

 

 

Registered Office :

702, Uni Tower, I.I. Chundrigar Road, Karachi

 

 

Country :

Pakistan

 

 

Financials (as on) :

30.06.2011

 

 

Year of Establishment :

1978

 

 

Com. Reg. No.:

0006347  

 

 

Legal Form :

Non-Listed Public Limited Company

 

 

Line of Business :

Manufacture & Sale of Cotton Yarn, Polyester Yarn & Textile of all sorts

 

 

No. of Employees :

250-300

 

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

 

DIAMOND INTERNATIONAL CORPORATION LIMITED

 

 

Full Address       

 

Registered Address 

702, Uni Tower, I.I. Chundrigar Road, Karachi, Pakistan

                       

Tel #

92 (21) 32410663, 32410664, 32417975

Fax #

92 (21) 32416645

 

 

Short Description Of Business

 

a.

Nature of Business        

Manufacture & Sale of Cotton Yarn, Polyester Yarn & Textile of all sorts

b.

Year Established

1978

c.

Registration #

0006347  

 

 

Branches

 

In Lahore & Faisalabad

           

 

Mills Location

 

B-238, Hub Industrial Trading

Estate, Hub Chowki, Lasbella,

Baluchistan, Pakistan

 

 

Auditors

 

M. Yousuf Adil Saleem & Co.

(Chartered Accountants)

 

 

Legal Status

 

Subject Company was incorporated as a Non-Listed Public Limited Company in 1978

 

 

Details of Directors

 

Names

Designation

Mr. Asif Inam

 

Mr. Inamur Rehman

 

Mrs. Summayya Rehman

 

Mr. Khurram Inam

Chairman

 

Chief Executive

 

Director

 

Director

 

 

Shareholders                

 

Names

No. of Shares

Mr. Inamur Rehman

 

Mrs. Summayya Rehman

 

Mr. Asif Inam

 

Mr. Khurram Inam

 

Mrs. Sarwat Asif

 

Mr. Muhammad Delawar Ali

 

Mr. Fakhar Mohiuddin Faruqi

 

Master Muhammad Ibrahim

 

Baby Ayana

1,625,455

 

872,727

 

2,700,000

 

2,400,000

 

1,090,909

 

909

 

909

 

872,727

 

436,364

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

                        None                                            

           


B.         Associated Companies

 

(1) Water Proof Industries, Pakistan.

(2) N.P. Spinning Mills Limited, Pakistan.

(3) N.P. Cotton Mills (Pvt) Limited, Pakistan.

 

 

Business Activities

 

Manufacture & Sale of Cotton Yarn, Polyester Yarn & Textile of all sorts

 

           

Number of Employees

 

250 - 300

 

 

Production Capacity

           

The present capacity of the mill is 14,400 spindles with 7 sets of combers. The mill is producing cotton yarn of various qualities and counts ranging from 20/1  to  40/1  for export.

 

 

Annual Sales Volume

 

Years

In Pak Rupees

2010

2011

2,188,111,673/-

3,594,071,165/-

 

 

Trade Suppliers

(Foreign)

 

Various International belongs to Europe, China, Singapore, U.K., Japan, Korea & Taiwan

 

 

Bankers

 

·         United Bank Limited, Pakistan.

·         Habib Metropolitan Bank Limited, Pakistan.

·         Standard Chartered Bank, Pakistan.

·         KASB Bank Limited, Pakistan.

·         Allied Bank Limited, Pakistan.

·         Habib Bank Limited, Pakistan.

·         Silk Bank Limited, Pakistan.

·         Bank Alfalah Limited, Pakistan.

·         Soneri Bank Limited, Pakistan.

 

 

Future Outlook  

 

For last many years, Pakistan had been missing its cotton production targets. A bumper cotton crop of about 15 million bales was expected for the year 2011 – 2012 which eased cotton prices to Rs. 5,000/= per maund but soon with the export orders and recent torrential rains, that caused devastating damage to the cotton crop, the cotton prices are showing upward trend. Besides, cotton prices in international market are expected to remain high making cotton procurement costlier.

 

 

Memberships

 

·         All Pakistan Textile Mills Association.(APTMA)

·         Karachi Chamber of Commerce & Industry.(KCCI)

·         Federation Pakistan Chamber of Commerce & Industry.(FPCCI)

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 92.75

UK Pound

1

           Rs. 145.30

Euro

1

           Rs. 115.80

 

 

Comments

 

Subject Company was established in 1978 and is engaged in manufacture & sale of yarn. Market reputation is satisfactory. 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.55.92

UK Pound

1

Rs.86.03

Euro

1

Rs.69.13

 

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%)

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.