|
Report Date : |
26.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
KOHINOOR TEXTILE MILLS LIMITED |
|
|
|
|
Registered Office : |
42-Lawrence Road, Lahore |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
1968 |
|
|
|
|
Com. Reg. No.: |
0002805 |
|
|
|
|
Legal Form : |
Listed Public Limited Company |
|
|
|
|
Line of Business : |
Engaged in manufacturing of yarn and
cloth, processing and stitching the cloth and trade of textile products |
|
|
|
|
No. of Employees |
650 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Pakistan |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 was 6.6% in 2013, 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. 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 following two years, 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 3.5% per year from
2008 to 2013. 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 |
KOHINOOR TEXTILE
MILLS LIMITED
|
Registered Address |
|
42-Lawrence Road, Lahore,
Pakistan |
|
Tel # |
92 (42) 36302261 - 62 |
|
Fax # |
92 (42) 36368721 |
|
a. |
Nature of Business |
Engaged in manufacturing of yarn and
cloth, processing and stitching the cloth and trade of textile products |
|
b. |
Year Established |
1968 |
|
c. |
Registration # |
0002805 |
|
In Karachi, Lahore, Multan & Faisalabad |
(1) Peshawar Road,
Rawalpindi, Pakistan.
(2) 8th
K.M., Manga Raiwind Road, District Kasur, Pakistan.
(3) Gulyana Road,
Gujar Khan, District Rawalpindi, Pakistan.
|
Riaz Ahmad & Company (Chartered
Accountants) |
|
The Company was incorporated in Pakistan as a Listed Public Limited
Company in 1968 |
|
Names |
Designation |
|
Mr. Tariq Sayeed Saigol Mr. Taufique Sayeed Saigol Mr. Sayyed Tariq Saigol Mr. Waleed Tariq Saigol Mr. Danial Taufique Saigol Mr. Zamiruddin Azar Mr. Arif Ijaz Mr. Syed Mohsin Raza Naqvi |
Chairman Chief Executive Director Director Director Director Director Director |
|
Categories |
Shareholding
(%) |
|
Associated Companies, Undertakings and related parties NIT & ICP Banks, Development Financial Institutions, Non Banking Financial
Institutions Insurance Companies Modarbas Leasing & Mutual Funds General Public Joint Stock Companies Public Sector Companies & Corporations Executives Others |
15.4684 4.5294 2.4075 0.6630 2.0833 54.8796 4.8018 0.2064 --- 0.0583 |
A. Subsidiary
None
B. Associated
Companies
(1)
Maple Leaf Cement Factory Limited, Pakistan.
(2)
Kohinoor Maple Leaf Industries Limited, Pakistan.
(3)
Zimpex (Pvt) Limited, Pakistan.
(4)
Maple Leaf Electric Limited, Pakistan.
Engaged in manufacturing of yarn and cloth,
processing and stitching the cloth and trade of textile products
650
2013 2012
SPINNING:
- Rawalpindi
Division (Numbers)
Spindles (average)
installed / worked 85,680 85,680
(Kilograms
in thousand)
100%
plant capacity converted into 20s
count
based on 3 shifts per day for 1,095
shifts (2008:
1,098 shifts) 38,570 36,315
Actual production
converted into 20s
Count based on 3
shifts per day for 1,095
Shifts (2008:
1,098 shifts) 33,038 24,998
Gujar
Khan Division (Numbers)
Spindles (average)
installed / worked 70,848 70,848
(Kilograms in thousand)
100%
plant capacity converted into
20s
count based on 3 shifts per day
for 1,095 shifts
(2008: 1,098 shifts) 34,409 31900
Actual production
converted into
20s count based on
3 shifts per day
for 1,095 shifts
(2008: 1,098 shifts) 30,243 24,441
WEAVING (Numbers)
- Raiwind
Division 204 204
(Square
meters in thousand)
100% plant
capacity at 60 picks based on
3 shifts
per day for 1,093 shifts (2008:
1,096
shifts) 72,568 72,767
Actual
production converted to 60 picks
based on 3 shifts per day for
1,093 shifts
per day for 1,093 shifts (2008:
1,096 shifts) 57,888 65,871
Processing of Cloth:
-
Rawalpindi Division (Meters in thousand)
Capacity at
3 shifts per day for 1,095
Shifts (2012: 1,098 shifts) 41,860 41,860
Actual production at 3 shifts
per day for
1,095 shifts (2012: 1,098
shifts) 16,221 15,204
(1)
Askari Bank Limited, Pakistan.
(2)
Faysal Bank Limited, Pakistan.
(3)
Habib Bank Limited, Pakistan.
(4)
MCB Bank Limited, Pakistan.
(5)
Bank Alhabib Limited, Pakistan.
(6)
Habib Metropolitan Bank Limited, Pakistan.
(7)
United Bank Limited, Pakistan.
(8)
Saudi Pak Commercial Bank Limited, Pakistan.
(9)
The Royal Bank of Scotland, Pakistan.
|
Various Local & International |
|
Mainly to European Countries and U.S.A. |
Sound
The management has achieved better results
during the year as compared to last nine months and is making all efforts for
better marketing and sales to renowned brand names for better prices. During
the year under progress better results are expected than last year.
·
All
Pakistan Textile Mills Association.
·
Lahore
Chamber of Commerce & Industry.
·
Federation
Pakistan Chamber of Commerce & Industry.
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 99.25 |
|
UK Pound |
1 |
Rs. 166.25 |
|
Euro |
1 |
Rs. 136.10 |
Kohinoor
Maple Leaf Group is engaged in diversified activities which include Textiles,
Hosiery, Power Generation, Trading etc. Group is well known and all the
directors are resourceful and experienced businessmen. Trade relations are
reported as fair. Payments to creditors etc are reported as normal. The Company
can be considered for normal business dealings at usual trade terms and
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.