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Report No. : |
357193 |
|
Report Date : |
25.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
MONNOOWAL TEXTILE MILLS LIMITED |
|
|
|
|
Registered Office : |
Monnoo House, 3-Montgomery Road, Lahore |
|
|
|
|
Country : |
Pakistan |
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|
|
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Year of Establishment : |
1989 |
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|
|
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Com. Reg. No.: |
0019357 |
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|
|
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Legal Form : |
Non-Listed Public Limited Company |
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|
|
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Line of Business : |
Manufacture
& Marketing of Yarn. |
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|
|
|
No. of Employees : |
875 |
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 |
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|
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Pakistan |
B1 |
B1 |
|
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-fourth of output and two-fifths of
employment. Textiles account for most of Pakistan's export earnings, and
Pakistan's failure to diversify its exports has left the country vulnerable to
shifts in world demand. Official unemployment was 6.9% in 2014, but this fails
to capture the true picture, because much of the economy is informal and
underemployment remains high. Pakistan's human development continues to lag
behind most of the region.. As a result of political and macroeconomic
instability, the Pakistani rupee has depreciated more than 40% since 2007. The
government agreed to an International Monetary Fund Standby Arrangement in
November 2008 to preventa balance of payments crisis, but the IMF ended the
Arrangement early because of Pakistan's failure to implement required reforms.
The economy has stabilized, it continues to underperform and foreign investment
has not returned to levels seen during the mid-2000s, due to investor concerns
related to governance, electricity shortages, , and a slow-down in the global
economy. Remittances from overseas workers, averaging more than$1 billion a
month, remain a bright spot for Pakistan. After a small current account surplus
in fiscal year 2011 (July 2010/June 2011), Pakistan's current account turned to
a deficit where it remained through 2014, spurred by higher prices for imported
oil and lower prices for exported cotton. In September 2013, after facing
balance of payments concerns, Pakistan entered into a three-year, $6.7 billion
IMF Extended Fund Facility. The Sharif government has since made modest
progress implementing fiscal and energy reforms, and in December 2014 the IMF
described Pakistan's progress as "broadly on track." Pakistan remains
stuck in a low-income, low-growth trap, with growth averaging about 3.5% per
year from 2008 to 2014. Pakistan must address long standing issues related to
government revenues and the electricity and natural gas sectors 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 |
|
Business Name |
MONNOOWAL
TEXTILE MILLS LIMITED |
|
Registered
Address |
|
Monnoo House, 3-Montgomery Road, Lahore, Pakistan |
|
Tel # |
92 (42) 36283807,
36364412, 36364413, 36364414 |
|
Fax # |
92 (42) 36364431, 36373001 |
|
a. |
Nature of Business |
Engaged in
manufacture & marketing of Yarn |
|
b. |
Year Established |
1989 |
|
c. |
Registration # |
0019357 |
G.T. Road, Mian Channu District,
Khanewal, Punjab, Pakistan
|
Fazal Mahmood & Co. (Chartered
Accountants) 47-Shadman Colony, Lahore, Pakistan |
|
Subject Company was established as a Non-Listed Public Limited Company
in 1989 |
|
Authorized Capital |
Rs. 270,000,000/- divided into 27,000,000
shares of Rs. 10/- each |
|
Issued & Paid up Capital |
Rs. 65,000,000/- divided into 6,500,000
shares of Rs. 10/- each |
|
Names |
Designation |
|
Mr. Sheraz J. Monnoo Mr. Kaisar A. Monnoo Mr. Shahzada A. Monnoo Mr. Jehangir A. Monnoo Mr. Danish Kaisar Monnoo Mr. Shahbaz A. Monnoo Mr. Kashif Jehangir Monnoo |
Chief Executive Director Director Director Director Director Director |
|
Names |
No. of Shares |
|
Mr. Sheraz J. Monnoo Mr. Kaisar A. Monnoo Mr. Shahzada A. Monnoo Mr. Jehangir A. Monnoo Mr. Danish Kaisar Monnoo Mr. Shahbaz A. Monnoo Mr. Kashif Jehangir Monnoo Mrs. Uzma Shahbaz Monnoo Monnoo Industries Limited, Pakistan Monnoo Sales (Pvt) Limited, Pakistan |
2,000 2,000 2,000 2,000 4,000 2,000 2,000 2,000 4,986,000 1,496,000 |
A. Subsidiary
None
B. Associated Companies
|
(1) Olympia Hydro
Power Limited, Pakistan. (2) Olympia Industries
(Pvt) Limited, Pakistan. (3) Olympia Textile
Mills Limited, Pakistan. (4) Olympia Fruit
Farms, Pakistan. (5) Olympia Poultry
Farms, Pakistan. (6) Olympia Synthetic
Limited, Pakistan. (7) Olympia
Laboratories, Pakistan. |
Subject Company is engaged in manufacture
& marketing of Yarn.
Its import Textile Raw Materials, Textile Machineries through L/C,
D/P basis.
Its brand names are CAESAR, JADE.
It sells its products through Cash, L/C, T.T. basis (In case of Export).
Its major customers are Traders, Brokers, Manufacturers, Reputable
Companies, Worldwide.
Subject operates from office & factory premises situated at
commercial & industrial centers of Lahore & Punjab.
Subject employs about 875
persons in its set up.
|
Year |
In Pak Rupees |
|
2014 |
1,500,000,000/- (Estimated) |
|
Subject import globally from Companies
belongs to European Countries, Taiwan, India, China, Singapore, Korea &
Japan |
20,300 Spindles
500 Bags Per Day / 50,000 LBS Per Day
|
(1) Habib Bank Limited, Pakistan. (2) Bank Alfalah Limited, Pakistan. (3) Soneri Bank Limited, Pakistan. (4) Faysal Bank Limited, Pakistan. (5) Askari Bank Limited, Pakistan. (Total Mortgage Obtained PKR 812,000,000/-) |
·
Lahore Chamber of Commerce & Industry.(LCCI)
·
All Pakistan Textile Mills Association.(APTMA)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 105.90 |
|
UK Pound |
1 |
Rs. 161.50 |
|
Euro |
1 |
Rs. 113.50 |
Subject Company was established in 1989 and is engaged in manufacture & marketing of Yarn. Market reputation is satisfactory. Trade
relations are reported as fair. 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.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
PAK |
1 |
Rs.0.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.