|
Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
LUCKY TEXTILE MILLS LIMITED |
|
|
|
|
Registered Office : |
L8, Block 21, Federal ‘B’ Area, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
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Date of Incorporation : |
1983 |
|
|
|
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Com. Reg. No.: |
0077906 |
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|
|
|
Legal Form : |
Partnership |
|
|
|
|
Line of Business : |
Manufacturers,
exporters, importers, buyers, sellers, indenters, distributors & dealers
in all kind of textile products |
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|
|
|
No. of Employees : |
550 |
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 : |
Slow but correct |
|
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 |
A2 |
A2 |
|
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 |
LUCKY
TEXTILE MILLS LIMITED
|
Registered
Address |
|
L8, Block 21,
Federal ‘B’ Area, Karachi, Pakistan |
|
Tel # |
92 (21) 36328957,
36328958 |
|
Fax # |
92 (21) 36314413 |
|
Nature of
Business |
The Company is a composite textile mill and carrying out business of
manufacturers, exporters, importers, buyers, sellers, indenters, distributors
& dealers in all kind of textile products |
|
Year Established |
1983 |
|
Registration # |
0077906 |
Plot No. 71, Deh Khato, Main
National
Highway, Landhi, Karachi,
Pakistan
|
Rahman Sarfaraz Rahim Iqbal Rafiq (Chartered
Accountants) |
|
Subject Company was established as a Partnership
business in 1983. In 2011 its legal status was converted to Non-Listed Public
Limited Company |
|
6. |
Authorised Capital |
Rs.
3,000,000,000/- |
|
|
Issued & Paid up Capital |
Rs. 100,000/- |
|
Names |
Designation |
|
Mr. Javed Younus Tabba Mrs. Amina Abdul Aziz Bawany Mrs. Rahila Alim Mr. Imran Younus Mr. Muhammad Younus Tabba Mr. Muhammad Sohail Tabba Mr. Muhammad Ali Tabba Mrs. Mariam Tabba Khan Miss. Zulekha |
Chief Executive Director Director Director Director Director Director Director Director |
|
Names |
No. of Shares |
|
Mr. Javed Younus Tabba Mrs. Amina Abdul Aziz Bawany Mrs. Rahila Alim Mr. Imran Younus Mr. Muhammad Younus Tabba Mr. Muhammad Sohail Tabba Mr. Muhammad Ali Tabba Mrs. Mariam Tabba Khan Miss. Zulekha |
1,457 779 865 1,210 1,373 1,600 760 959 997 |
A. Subsidiary
None
B. Associated
Companies
(1) Gadoon Textile Mills Limited, Pakistan.
(2)
Fazal
Textile Mills Limited, Pakistan.
(3)
Yunus
Textile Mills (Pvt) Limited, Pakistan.
(4)
Lucky
Cement Limited, Pakistan.
(5)
Lucky
Energy (Private) Limited, Pakistan.
(6)
Lucky
Knits (Private) Limited, Pakistan.
(7)
Royale
Linen New Jursey, U.S.A.
(8)
Security
Electric Power Company Limited, Pakistan.
The Company is a
composite textile mill and carrying out business of manufacturers, exporters,
importers, buyers, sellers, indenters, distributors & dealers in all kind
of textile products
550
|
Year |
In
Pak Rupees |
|
2012 |
4,458,340,905/- |
|
Subject mainly import from Companies
belongs to China, India, Korea, Hong Kong, Taiwan, Thailand, Indonesia &
Japan |
|
(1) Habib Bank
Limited, Pakistan. (2) Soneri Bank Limited,
Pakistan. (3) Bank Alfalah
Limited, Pakistan. (4) Standard
Chartered Bank, Pakistan. (5) KASB Bank
Limited, Pakistan. (6) Allied Bank
Limited, Pakistan. |
Lucky Textile Mills was first established in 1983 and has since remained
one of the leading textile manufacturers in the country to-date. With an
indelible commitment to employing the most modern technology and providing
outstanding working conditions for all our staff, we have always believed in
creating the best value for any entity that invests its time with us. For over
25 years, our continued focal point has remained on our esteemed customers and
their satisfaction, which we always strive to guarantee. With 3
state-of-the-art weaving mills that house 750 Sulzer Shuttle-less looms which
are equipped with computerized back process comprising of Karlmayer warping and
sizing machines. This high-tech mechanism is installed to cater to the
international market and has a capacity to process 250, 000 meters per day and
over 83 million meters / annum processing capacity. Also, our factories
facilitate over 6.20 MW of power generation that provides a self sufficient
energy source.
·
Karachi Chamber of Commerce & Industry.(KCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs.
99.20 |
|
UK Pound |
1 |
Rs.
152.00 |
|
Euro |
1 |
Rs.
133.50 |
Subject Company was established in 1983. The Company is a composite textile mill and carrying
out business of manufacturers, exporters, importers, buyers, sellers,
indenters, distributors & dealers in all kind of textile products. 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.54.37 |
|
|
1 |
Rs.82.07 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.