MIRA INFORM REPORT

Report No. :	348784
Report Date :	14.11.2015

IDENTIFICATION DETAILS

Name :	AMNA INDUSTRIES (PVT) LIMITED

Registered Office :	3rd Floor, Karachi Dock Labour Board Building, 58 West Wharf Road, Karachi

Country :	Pakistan

Date of Incorporation :	2003

Com. Reg. No.:	0046056

Legal Form :	Private Limited Company

Line of Business :	Subject is engaged in manufacture & export of Textile Products

No. of Employees :	350

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Pakistan

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

AMNA INDUSTRIES (PVT) LIMITED

Full Address

Registered Address

3^rd Floor, Karachi Dock Labour Board Building, 58 West Wharf Road, Karachi, Pakistan

Tel #	92 (21) 32313036, 32313031
Fax #	92 (21) 32310625
Email	texpert_hs@hotmail.com

Short Description Of Business

a.	Nature of Business	Engaged in manufacture & export of Textile Products
b.	Year Established	2003
c.	Registration #	0046056

Factory Location

H/T/3, Landhi Industrial Area,

Karachi, Pakistan

Auditors

M/s Hyder Bhimji & Co.

(Chartered Accountants)

2^nd Floor, Standard Insurance House, I.I. Chundrigar Road, Karachi, Pakistan

Legal Status

Subject Company was established as a Private Limited Company in 2003

Authorized Capital	Rs. 200,000,000/- divided into 20,000,000 shares of Rs. 10/- each
Issued & Paid up Capital	Rs. 180,000,000/- divided into 18,000,000 shares of Rs. 10/- each

Details of Directors

Names

Nationality

Address

Occupation

Designation

Mr. Afzal Umer

Mr. Umer Haji Karim

Mr. Ahmed Ebrahim

Mr. Sajid Haji Haroon

Mr. Noman Yakoob

Pakistani

3^rd Floor, Karachi Dock Labour Board Building, 58 West Wharf Road, Karachi

Business

Chief Executive

Director

Shareholders

Categories

Shareholding (%)

Individuals

Associated Companies

Chief Executive, Directors, Spouses, relatives and minor children

---

Associates

A. Subsidiary

None

B. Associated Companies

Al-Karam Textile Mills (Pvt) Limited.
Sattar (Pvt) Limited.
Dhabeji Salt Works Pvt Ltd.
Farooqi Food Industries.
Gul Agencies Pvt Ltd.
Haji Karim Haji Mohammad.
Iqbal Textile Mills Ltd.
Imran Crown Cork Pvt Ltd.
Muslim Cotton Mills Ltd.
Orient Textile Mills Ltd.
Pakistan Dairy Products Ltd.
Zaman Textile Mills Ltd.
Thermo King Pvt Ltd.

Business Activities

Subject Company is engaged in manufacture & export of Textile Products.

Its mainly import Textile Raw Materials, Textile Machineries through D/A, D/P basis.

Its brand names are SHABNAM, CHANCELLOR, IGLOO, SUPER COT AL-KARAM.

It sells its product through Cash, L/C, T.T. basis (In case of Export).

Its main customers are Individuals, Reputable Companies, Worldwide.

Subject operates from caption leased office premises measuring 2,200 Sq.ft. which is situated in commercial area.

Subject employs more than 350 persons in its set up.

Annual Sales Volume

Year	In Pak Rupees
2014	630,000,000/- (Estimated)

Production Capacity

Daily 63 Tons Of Cotton & Blended Yarn, 17534 Fabric, 50000 Mt Dyeing, 60000 Mt Printing,116666 Mt Fi

Bankers

(1) Habib Bank Limited, Pakistan.

(2) Habib Metropolitan Bank Limited, Pakistan.

(3) Standard Chartered Bank, Pakistan.

(4) Faysal Bank Limited, Pakistan.

(5) Askari Commercial Bank Limited, Pakistan.

Memberships

· Karachi Chamber of Commerce & Industry.(KCCI)

· All Pakistan Textile Mills Association.(APTMA)

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 105.55
UK Pound	1	Rs. 162.00
Euro	1	Rs. 114.50

Comments

Subject Company was established in 2003 and is engaged in manufacture & export of Textile Products. Market reputation is good. Trade relations are reported as fair. 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.66.14
UK Pound	1	Rs.100.55
Euro	1	Rs.71.26

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	DPT

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%)

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