|
Report Date : |
20.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ROOMI FABRICS LIMITED (RFL) |
|
|
|
|
Registered Office : |
Mehr Manzil Lohari Gate, Multan |
|
|
|
|
Country : |
Pakistan |
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|
|
|
Financials (as on) : |
30.06.2013 |
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|
|
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Date of Incorporation : |
20.05.2002 |
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|
|
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Com. Reg. No.: |
0043718 |
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|
|
|
Legal Form : |
Public Limited Company |
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|
|
|
Line of Business : |
Manufacturer and Exporter of Grey Cloth |
|
|
|
|
No. of Employees : |
Not Available |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 under 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 almost 12% for 2011, before declining to 10% in 2012. 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 fiscal year 2012, 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 about 3% per year from 2008 to 2012. 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 and rapidly urbanizing population, more than half of which is under 22. Other long term challenges include expanding investment in education and healthcare, adapting to the effects of climate change and natural disasters, and reducing dependence on foreign donors
|
Source
: CIA |
ROOMI FABRICS LIMITED
(RFL)
|
Business Name |
Roomi Fabrics Limited (RFL) |
|
Address |
Registered Address: Mehr Manzil Lohari Gate, Multan |
|
Telephone |
(+92) (61) 4511158-59 (+92) (61) 111-181-181 |
|
Fax |
(+92) (61) 4511262-4549711 |
|
|
|
|
Website |
|
|
Business activities |
Manufacturer and Exporter of Grey Cloth |
Registry Details
|
CRO Registration Number |
0043718 |
|
Date of Registration |
May 20, 2002 |
Other registry &
certification details:
|
Current Legal Form |
Public Limited Company |
|
National Tax Registration Number |
1417359-0 |
|
Date of Registration |
June 25, 2002 |
|
GST Registration Number |
0407520904119 |
|
Date of Registration |
February 19, 2003 |
|
Chamber of Commerce & Industry |
Undetermined |
|
ISO Certification |
None |
Capital
|
Type |
No. of Shares |
Par Value |
Total Value |
|
Authorized |
300,000,000 |
10 |
30,000,000 |
|
Issued, Subscribed & Paid-Up |
220,000,000 |
10 |
22,000,000 |
History
|
Who started |
Undetermined |
|
When started |
May 20, 2002 |
|
Change in management |
None |
|
Year of change |
N/A |
|
Change in legal status |
None |
|
Year of change |
N/A |
|
Change in business name |
None |
|
Year of change |
N/A |
|
Name |
Number of Shares |
Nationality |
Appointment Date
(Last) |
|
Kh. Muhammad Masood |
1,815,000 |
Pakistani |
Oct 31, 2012 |
|
Kh. M. Jalaluddin Roomi |
1,801,818 |
Pakistani |
Oct 31, 2012 |
|
Kh. Muhammad Younas |
1,438,693 |
Pakistani |
Oct 31, 2012 |
|
Kh. Muhammad Iqbal |
971,818 |
Pakistani |
Oct 31, 2012 |
|
Kh. Muhammad Ilyas |
919,943 |
Pakistani |
Oct 31, 2012 |
|
Mr. Abdul Haque |
622,500 |
Pakistani |
Oct 31, 2012 |
|
Kh. Muhammad Mohsin |
500,000 |
Pakistani |
Oct 31, 2012 |
Other Share Holders
|
S. No. |
Name |
No of Shares |
|
1 |
M/s Mahmood Textile Mils Ltd. |
4,000,000 |
|
2 |
Masood Fabrics Ltd |
4,000,000 |
|
3 |
Mrs. Bilqes Akhtar |
1,296,875 |
|
4 |
Mrs. Ghulam Zahra |
1,105,910 |
|
5 |
Mrs. Shafique Zahra |
1,105,909 |
|
6 |
Mrs. Rehana Kausar |
1,105,909 |
|
7 |
Mrs. Humera Jalaluddin |
415,000 |
|
8 |
Kh. Muhammad Anees |
311,250 |
|
9 |
Ms. Sadia Younas |
259,375 |
|
10 |
Mrs. Robin Younas |
207,500 |
|
11 |
Kh. Muhammad Muzaffar Iqbal |
122,500 |
|
Name |
Position in organization |
Qualification |
Years in employment |
|
Mr. Kh. Muhammad Younas |
C.E.O |
Undetermined |
Undetermined |
|
Mr. Javed Anjum |
Company Secretary |
Undetermined |
Undetermined |
|
Statutory offices |
Name of service
provider |
|
Statutory
Auditors |
M/s Hameed Ch. & Co. |
|
Legal
Advisory Services |
Mr. Rao Jamshaid Ali Khan (Legal Advisor) |
|
Bank name |
Approved financing limits PKR |
|
Meezan Bank Limited, |
800,000,000 |
|
Bank-Al-Falah Limited |
667,000,000 |
|
Faysal Bank Limited |
666,666,667 |
|
MCB Bank Limited |
507,000,000 |
|
Bank Al-Habib Limited |
140,000,000 |
|
Allied Bank Limited |
134,000,000 |
|
United Bank Limited |
134,000,000 |
|
National Bank of Pakistan |
200,000,000 |
|
Habib Bank Limited |
180,000,000 |
The core business focus of M/s Roomi Fabrics Limited is Manufacture & Exporter of Grey Cloth (Weaving Unit).
Purchases (Incl.
Imports)
|
Imports from |
None |
|
Importing terms |
N/A |
|
Local % |
None |
|
Local buying terms |
N/A |
Sales (Incl. Exports)
|
Exports to |
Japan, Middle East, Germany, Italy, South Korea |
|
Exporting terms |
LC Basis |
|
Local |
Punjab |
|
Local selling terms |
Cash & Credit |
|
Nature of
employment |
Current Year |
Previous Year |
|
All Staff |
Not Disclosed |
Not Disclosed |
|
Total |
Not Disclosed |
|
|
Head Office Address Owned / Rented Area (approx) |
Mehr Manzil Lohari Gate, Multan Undetermined Undetermined |
|
Factory Address Owned / Rented Area (approx) |
Not Disclosed Undetermined Undetermined |
Three Suppliers and
Three Competitors were contacted to get a feedback about RFL. All the feedback was
found Satisfactory and no disputes or untoward events including complaints
about quality of products were reported/ identified during inquiry. We further
came to know that subject holds a very good market share and the company has a
very good market standing.
|
Business Name |
City |
Line of Business |
Percentile of
Shareholding |
|
M/s Mahmood
Textile Mills Limited |
Multan |
Textile Mills |
None Reported |
|
M/s Masood
Spinning Mills Limited |
Multan |
Spinning Unit |
None Reported |
|
M/s Mahmood Power
Generation Ltd |
Multan |
Power Generation |
None Reported |
|
M/s Masood Fabrics
Limited |
Multan |
Weaving Unit |
None Reported |
|
M/s Khawaja
Tanneries (Pvt.) Limited |
Multan |
Leather Tanneries |
None Reported |
|
M/s Roomi
Enterprises (Pvt.) Limited |
Multan |
Trading Concern |
None Reported |
|
M/s Roomi Foods
(Pvt). Limited |
Multan |
Manufacturing
& Trading |
None Reported |
|
M/s Multan Fabrics
(Pvt.) Limited |
Multan |
Textile Mills |
None Reported |
|
M/s Khawaja
Muzaffar Mehmood Muhammad Masood cotton Ginning |
Multan |
Cotton Ginning |
None Reported |
|
Particulars |
30-Jun-13 |
30-Jun-12 |
% Change |
|
|
|
|
|
|
Current assets |
1,942,888,016 |
1,724,268,413 |
12.68 |
|
Current liabilities |
979,656,483 |
936,044,342 |
4.66 |
|
Working capital |
963,231,533 |
788,224,071 |
22.20 |
|
|
|
|
|
|
Non-current assets |
1,542,659,729 |
1,508,734,320 |
2.25 |
|
Long term liabilities |
397,382,262 |
560,454,428 |
-29.10 |
|
Net worth |
1,145,277,467 |
948,279,892 |
20.77 |
|
|
|
|
|
|
Turnover |
4,957,497,954 |
5,427,088,985 |
-8.65 |
|
Gross Profit |
709,374,016 |
740,027,499 |
-4.14 |
|
EBIT |
|
|
|
|
Profit / (Loss) before tax |
422,207,575 |
324,119,575 |
30.26 |
|
Taxation |
50,202,538 |
58,936,257 |
-14.82 |
|
Profit / (Loss) after tax |
372,005,037 |
265,183,318 |
40.28 |
|
|
|
|
|
|
Creditors |
210,191,148 |
280,290,887 |
-25.01 |
|
Debtors |
598,528,513 |
427,756,732 |
39.92 |
|
Cash & bank
balances |
1,890,170 |
749,265 |
152.27 |
|
|
|
|
|
|
Growth trend |
|
|
|
|
Sales growth (%) |
-8.65% |
|
|
|
Gross profit growth (%) |
-4.14% |
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
Current ratio |
1.98 |
1.84 |
|
|
Quick ratio |
1.17 |
1.26 |
|
|
Total liabilities to net worth ratio (%) |
4.59 |
4.98 |
|
|
|
|
|
|
|
Profitability |
|
|
|
|
Return on sales (%) |
0.07 |
0.04 |
|
|
Return on net worth (%) |
1.24 |
0.88 |
|
|
|
|
|
|
|
Contact person |
Mr. Javed Anjum |
|
Position |
Company Secretary / C.F.O |
|
Contact Person Comments |
The contact person was quite reluctant to provide the information related to the company. |
|
Observation |
RFL is member of one of the leading textile group of the country. RFL is well known in the vicinity and the local market. We observed that the office of the concern is well built with all the required facilities. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
|
|
1 |
Rs.100.21 |
|
Euro |
1 |
Rs.83.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.