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Report Date : |
01.04.2013 |
IDENTIFICATION DETAILS
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Name : |
A.J. TEXTILE MILLS LIMITED |
|
|
|
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Registered Office : |
Gulshan-e-Aziz Warsak Road, Peshawar |
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|
|
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Country : |
Pakistan |
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|
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Year of Incorporation : |
1992 |
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|
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Com. Reg. No.: |
0026786 |
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|
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Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Engaged in manufacture & sale of Blended Yarn & Cotton Yarn |
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|
|
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No. of Employees : |
280 |
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 |
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Payment Behaviour : |
Slow |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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
A.J. TEXTILE MILLS
LIMITED
|
Registered
Address |
|
Gulshan-e-Aziz Warsak Road, Peshawar, Pakistan |
|
Head Office : |
|
90-B, Industrial Estatejamrud Road, Peshawar, Pakistan |
|
Tel # |
92 (91) 5202890, 5202892, 5202893, 5202894 |
|
Fax # |
92 (91) 5202829 |
|
Email |
|
a. |
Nature of Business |
Engaged in manufacture & sale of
Blended Yarn & Cotton Yarn |
|
b. |
Year Established |
1992 |
|
c. |
Registration # |
0026786 |
Plot No 209, Road
No. 6, Industrial
Estate,
Gadoon Amazai District,
Swabi,
Khyber Pakhtoonkwa,
Pakistan
|
Shahid Sami & Co. (Chartered Accountants) |
|
Subject Company was established as a Private Limited Company in 1992 |
|
Authorized Capital |
Rs. 185,000,000/- divided into 18,500,000
shares of Rs. 10/- each |
|
Issued & Paid up Capital |
Rs. 181,648,500/- divided into 18,164,850 shares
of Rs. 10/- each |
|
Names |
Designation |
|
Mr. Mohsin Aziz Mrs. Kusar Aziz Mrs. Huma Mohsin Mr. Afan Aziz Mrs. Sabiha Imtiaz |
Chairman Chief Executive Director Director Director |
|
Names |
No. of Shares |
|
Mr. Mohsin Aziz Mrs. Kusar Aziz Mrs. Huma Mohsin Mr. Afan Aziz Mrs. Sabiha
Imtiaz |
11,907,506 5,500 5,500 6,113,040 133,304 |
A. Subsidiary
None
B. Associated
Companies
|
(1) A.J. Spinning Mills
(Pvt) Limited, Pakistan. (2) Mohsin Match
Factory (Pvt) Limited, Pakistan. (3) Mohsin
Enterprises (Pvt) Limited, Pakistan. (4) Premier Formica & Chipboard Industries (Pvt) Ltd, Pakistan. |
Subject Company is engaged in manufacture
& sale of Blended Yarn & Cotton Yarn.
It’s mainly import Textile Machineries
through L/C, D/A basis.
It sells its product through L/C, D/A, D/P
basis.
Its main customers are reputable companies,
worldwide.
Subject operates from caption leased office premises
which is situated at commercial area of Peshawar.
Subject employs more than 280 persons
in its set up.
|
Year |
In Pak Rupees |
|
2012 |
500,000,000/- (Estimated) |
47,520 spindles
47,520 spindles
|
Various local & international |
|
(1) National Bank of
Pakistan, Pakistan. (2) United Bank
Limited, Pakistan. (3) Bank Alfalah
Limited, Pakistan. (4) Askari Bank
Limited, Pakistan. (5) Habib Bank Limited,
Pakistan. (6) MCB Bank Limited,
Pakistan. |
·
Khyber Pakhtoonkwa Chamber of Commerce &
Industry.(KPCCI)
·
All Pakistan Textile Mills Association.(APTMA)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 98.80 |
|
UK Pound |
1 |
Rs. 149.00 |
|
Euro |
1 |
Rs. 127.50 |
Subject
Company was established in 1992 and is engaged in manufacture & sale of Blended Yarn & Cotton Yarn. Market reputation
is satisfactory. 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.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.