MIRA INFORM REPORT

 

 

Report Date :

14.05.2012

 

IDENTIFICATION DETAILS

 

Name :

RIAZ TEXTILE MILLS (PVT) LIMITED

 

 

Registered Office :

B-202, 2nd Floor, City Towers, Main Boulevard, Gulberg II, Lahore

 

 

Country :

Pakistan

 

 

Year of Establishment :

2001

 

 

Com. Reg. No.:

0042320

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture, Marketing & Export of Cotton Yarn

 

 

No. of Employees :

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 :

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 – 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

 

RIAZ TEXTILE MILLS (PVT) LIMITED

 

 

Full Address       

 

Registered Address

B-202, 2nd Floor, City Towers, Main Boulevard, Gulberg II, Lahore, Pakistan

                       

Tel #

92 (42) 35770036, 35770037, 35770038

Fax #

92 (42) 35270730, 35270740

Email

riazcom4@wol.net.pk

 

 

Short Description Of Business

 

a.

Nature of Business        

Manufacture, Marketing & Export of Cotton Yarn

b.

Year Established

2001

c.

Registration #

0042320

 

 

Factory Location

 

Address

23 K.M., Sheikhupura Faisalabad Road, Feroze Wattan, Distrct Sheikhupura, Pakistan

Tel #

92 (496) 731508, 731509, 731510

Fax #

92 (496) 731511

 

 

Auditors

 

Sarwar Awan & Co.

(Chartered Accountants)

Awan House, 23 - Jail Road, Lahore, Pakistan

 

 

Legal Status

 

Subject Company was established as a Private Limited Company in 2001

 

 

 

Authorised Capital           

Rs. 1,100,000,000/- divided into 110,000,000 shares of Rs. 10/- each

Issued & Paid up Capital

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

 

 

Details of Directors

 

Names

Nationality

Address

Occupation

Designation

Mr. Sheikh Riaz Ahmad

 

 

Mr. Nadeem Riaz

 

 

 

Mr. Aamir Najeeb

Pakistani

 

 

 

Pakistani

 

 

 

Pakistani

 

 

House No. 26, Street No. 4, F-6/3, Islamabad

 

House No. 26, Street No. 4, F-6/3, Islamabad

 

House No. 26, Street No. 4, F-6/3, Islamabad

Business

 

 

 

Business

 

 

 

Business

 

 

Chief Executive

 

 

Director

 

 

 

Director

 

 

 

Shareholders                

 

Names

No. of Shares

Mr. Sheikh Riaz Ahmed

 

Mr. Nadeem Riaz

 

Mr Aamir Najeeb

 

Mrs. Sarwat Begum

 

Mrs. Nosheen Shahid

25,750,000

 

25,000,000

 

25,000,000

 

13,000,000

 

11,250,000

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

             None                                            

           

B.         Associated Companies

 

(1)     Sarwat Associates, Pakistan.

 

 

 

Business Activities

 

Subject Company is engaged in manufacture, marketing & export of Cotton Yarn.

 

Its mainly import Textile Raw Materials, Textile Machineries through L/C, T.T. basis.

 

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

 

Its main customers are Buying Agencies, Distribution Companies etc.

 

Subject operates from caption leased office premises measuring 1,000 Sq.ft. which is situated at main commercial area of Lahore.

 

Subject employs more than 300 persons in its set up.

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2010

350,000,000/- (Estimated)

 

 

Production Capactiy

 

Based on 100% cotton yarns with a total production of around 25 tons/day, half of combed and carded each.

           

 

Bankers

 

(1) Bank Al-Habib Limited, Pakistan.

(2) Habib Metropolitan Bank Limited, Pakistan.

(3) Soneri Bank Limited, Pakistan.

(4) Bank Alfalah Limited, Pakistan.

(5) United 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. 91.20

UK Pound

1

          Rs. 146.80

Euro

1

          Rs. 118.10

 

 

Comments

 

Subject Company was established in 2001 and is engaged in manufacture, marketing & export of Cotton Yarn. Market reputation is good. 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.53.64

UK Pound

1

Rs.86.42

Euro

1

Rs.69.29

 

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.