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Report No. : |
324937 |
|
Report Date : |
03.06.2015 |
IDENTIFICATION DETAILS
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Name : |
ORIENT TEXTILE MILLS LIMITED |
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|
|
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Registered Office : |
3rd Floor, Karachi Dock Labour Board Building, 58 West Wharf Road, Karachi |
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Country : |
Pakistan |
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Financials (as on) : |
30.06.2013 |
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Year of Establishment : |
1986 |
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Com. Reg. No.: |
0014446 |
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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 Textile Products |
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|
|
|
No. of Employees : |
380 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 exportshas 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 themid-2000’s, 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 sectorsin 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 |
ORIENT TEXTILE
MILLS LIMITED |
|
Registered
Address |
|
3rd Floor, Karachi Dock Labour Board Building, 58 West
Wharf Road, Karachi, Pakistan |
|
Tel # |
92 (21) 32313031,
32310625 |
|
Fax # |
92 (21) 32310625 |
|
Email |
|
a. |
Nature of Business |
Manufacture
& Marketing of Textile Products |
|
b. |
Year Established |
1986 |
|
c. |
Registration # |
0014446 |
|
Address |
501, Deh-Landhi Industrial Area, Main National Highway, Karachi, Pakistan |
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Tel No. |
92 (21) 35001592 - 95 (4 Lines) |
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Fax No. |
92 (21) 35001444 |
|
Hyder Bhimji & Co. (Chartered Accountants) |
|
Subject Company was established as a Non-Listed Public Limited Company
in 1986 |
|
Authorized Capital |
Rs. 450,000,000/- divided into 45,000,000
shares of Rs. 10/- each |
|
Issued & Paid up Capital |
Rs. 405,000,000/- divided into 40,500,000 shares of Rs. 10/- each |
|
Names |
Designation |
|
Mr. Muhammad Iqbal Mr. Ahmed Ibrahim Mr. Muhammad Amjad Mr. Muhammad Ismail Mr. Mehmood Mr. Ebrahim Haji Karim Mr. Muhammad Rafiq |
Chief Executive Director Director Director Director Director Director |
|
Names |
No. of Shares |
|
Mr. H. Ebrahim Mrs. Hajra Hajiani Mr. Ahmed Miss Mehmooda Mr. Mehmood Mr. Mudassir Mr. Mohsin Mr. Muhammad Iqbal Mr. Muhammad Rafiq Miss. Afsheen Mr. Muhammad Ismail Miss. Zainab Miss. Zohra Mr. Muhammad Amjad Miss. Zeenat Miss. Ruqaiya Mr. Adil Miss. Amna Miss. Anum Mr. Abdul Karim Miss. Saira Mr. Arshad Miss. Saima |
166,666 103,334 2,352,502 1,117,500 999,998 2,235,000 2,235,000 4,470,000 3,737,500 4,470,000 2,980,000 633,332 1,117,500 2,235,000 1,835,000 1,216,668 400,000 779,999 2,200,001 2,980,000 558,750 1,117,500 558,750 |
A. Subsidiary
None
B. Associated Companies
|
(1) Sattar (Pvt) Limited,
Pakistan. (2) Dhabeji
Salt Works Pvt Ltd, Pakistan. (3) Farooqi
Food Industries, Pakistan (4) Gul
Agencies Pvt Ltd, Pakistan (5) Haji
Karim Haji Mohammad, Pakistan. (6) Iqbal
Textile Mills Ltd, Pakistan (7) Imran
Crown Cork Pvt Ltd, Pakistan. (8) Muslim
Cotton Mills Ltd, Pakistan. (9) Pakistan
Dairy Products Ltd, Pakistan. (10) Zaman
Textile Mills Ltd, Pakistan. (11) Al-Karam
Textiles (Pvt) Limited, Pakistan. (12) Thermo King Pvt Ltd, Pakistan. (13) Ebrahim Textile Mills, Pakistan. |
Subject Company is engaged in manufacture
& marketing of Textile Products.
Its mainly import Textile Raw Materials, Textile Machineries through D/A,
D/P basis.
Its main products are Home Textile Products.
It sells its product through L/C, T.T. basis.
Its main customers are reputable companies, worldwide.
Subject operates from caption leased office & factory premises
situated at commercial & industrial area of Karachi.
Subject employs more than 380
persons in its set up.
|
Year |
In Pak Rupees |
|
2013 |
2,583,873,000/- |
|
Capacity of producing 3 Million Meters per month and a cut and sew facility
with a capacity of handling 1.5 Million pieces per month |
|
Various local and international |
|
(1) Bank Al-Habib Limited, Pakistan. (2) Habib Metropolitan Bank Limited, Pakistan. (3) United Bank Limited, Pakistan. (4) Habib Bank Limited, Pakistan. (5) Soneri Bank Limited, Pakistan. (6) |
·
All
Pakistan Textile Mills Association.
·
Karachi
Chamber of Commerce & Industry.
·
Federation Pakistan Chamber of Commerce &
Industry.
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 103.55 |
|
UK Pound |
1 |
Rs. 159.00 |
|
Euro |
1 |
Rs. 112.50 |
Subject Company enjoys good reputation in Pakistan. Directors of the Company are reported as qualified, experienced and resourceful businessmen. Payments are usually correct and as per commitments. 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.63.83 |
|
|
1 |
Rs.97.10 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
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.