|
Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
INDUS DYEING & MANUFACTURING COMPANY LIMITED |
|
|
|
|
Registered Office : |
5th
Floor, Office # 508, Beaumont Plaza, Beaumont Road, Civil Lines Quarters, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
1957 |
|
|
|
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Com. Reg. No.: |
0000885 |
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|
|
|
Legal Form : |
Public Limited
Company |
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|
|
|
Line of Business : |
Manufacture &
sale of Yarn & Terry Towel |
|
|
|
|
No. of Employees : |
680 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
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 |
INDUS DYEING & MANUFACTURING COMPANY LIMITED
|
Registered Address |
|
5th
Floor, Office # 508, Beaumont Plaza, Beaumont Road, Civil Lines Quarters,
Karachi, Pakistan |
|
Tel # |
92
(21) 35693641 - 60 (19 Lines) |
|
Fax # |
92
(21) 35693593, 35693594 |
|
a. |
Nature of Business |
Principal activity of the Company is to manufacture & sale of
Yarn & Terry Towel |
|
b. |
Year Established |
1957 |
|
c. |
Registration # |
0000885 |
|
Address |
Ground Floor,
K.D.L.B. Bldg., |
|
Tel # |
92 (21) 32310758,
32310751 |
|
Fax # |
92 (21) 32313814,
32310760 |
(1) P 1, S.I.T.E., Hyderabad, Pakistan.
(2) Muzaffergarh, Bagga Sher, District
Multan, Pakistan.
(3) Plot No. 3 & 7, Sector-25, Korangi
Industrial Area, Korangi,
(4) 2
KM Manga Raiwand Road, Near Nafees Legler, District Kasur, Punjab, Pakistan.
|
M/s Yousuf Adil
Saleem & Co. (Chartered Accountants) |
Legal Status
|
The Company was
incorporated in |
|
Names |
Designation |
|
Mr.
Mian Mohammad Ahmed Mr.
Shahzad Ahmed Mr.
Mian Riaz Ahmed Mr.
Naveed Ahmed Mr.
Imran Ahmed Mr.
Irfan Ahmed Mr.
Kashif Riaz Mr.
Shafqat Masood Mr.
Farooq Hassan Mr.
Shahwaiz Ahmad |
Chairman Chief Executive Director Director Director Director Director Director Director Director |
|
Categories |
Percentage (%) |
|
Individuals
Joint
Stock Companies Financial
Institutions Insurance
Companies Investment
Companies Directors,
DEO & their Spouse & minor childrens |
1.27 2.37 2.59 2.47 3.07 88.22 |
A. Subsidiary
None
B. Associated Companies
(1) Yusuf Textile Mills Limited,
(2) Sunrays Textile Mills Limited,
(3) Indus Home Limited,
Principal activity
of the Company is to manufacture & sale of Yarn & Terry Towel
680
|
Description |
2012 |
2011 |
|
Spinning Unit Total number of spindles installed Total number of spindles worked per annum (average) Number of shifts worked per day Installed capacity of yarn converted into 20 counts (Lbs) based on
365 Days Actual production of the year after conversion into 20 counts (Lbs) Ginning Unit Installed capacity to produce cotton bales Actual production of cotton bales Number of shifts Capacity attained in (%) |
139,237 138,172 3 103,342,087 88,750,231 135,000 50,124 2 37.13% |
130,224 130,166 3 98,306,122 89,208,438 135,000 25,822 2 19.13% |
|
Year |
In Pak Rupees |
|
2012 |
15,087,138,000/- |
Various International belongs to China, European Countries, Korea, India, Taiwan, Japan & U.S.A.
Mainly Buying Agencies,
Distribution Companies, Private Companies etc
(1)
MCB Bank Limited,
(2)
Habib Bank Limited,
(3)
United Bank Limited,
(4)
National Bank of
(5)
NIB Bank Limited,
(6)
Habib Metropolitan Bank Limited,
In order to fully
utilize the business potential we are continuing BMR plan to get optimum
results. We hope to earn good profit in next year, as the prices of raw cotton
and yarn are stable and there is a good margin.
·
·
All
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 99.05 |
|
UK Pound |
1 |
Rs. 153.40 |
|
Euro |
1 |
Rs. 132.80 |
Indus Group of Companies enjoys good reputation in
the Pakistani Business Circle. Directors are reported as qualified, experienced
and resourceful businessmen. Payments are usually correct and as per
commitments. The Company can be considered good for normal business dealings at
usual trade terms and conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.70 |
|
UK Pound |
1 |
Rs.82.78 |
|
Euro |
1 |
Rs.71.42 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.