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Report No. : |
348786 |
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Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
GLAMOUR
TEXTILE MILLS LIMITED |
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|
|
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Registered Office : |
11-KM, Manga Raiwind Road, Tehsil & District Kasur, Punjab |
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Country : |
Pakistan |
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Date of Incorporation : |
1991 |
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|
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Com. Reg. No.: |
0025106 |
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Legal Form : |
Public Limited
Company |
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|
|
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Line of Business : |
Subject is engaged in manufacture & sale of Yarn. |
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|
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No. of Employee : |
More than 551 persons |
RATING & COMMENTS
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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 – 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 |
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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 |
GLAMOUR TEXTILE MILLS LIMITED
|
Registered
Address |
|
11-KM, Manga Raiwind Road, Tehsil & District Kasur, Punjab,
Pakistan |
|
Tel # |
92 (42) 35392794, 35392795 |
|
Fax # |
92 (42) 35391566 |
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Email |
|
a. |
Nature of Business |
Principally
engaged in manufacture and sale of yarn |
|
b. |
Year Established |
1991 |
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c. |
Registration # |
0025106 |
|
In Lahore at present |
|
Mushtaq & Co. (Chartered
Accountants) |
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The Company was
incorporated in Pakistan in the year 1991 as a Public Limited Company and its
shares are listed at stock exchanges of Pakistan |
|
Names |
Designation |
|
Mr. Asad Elahi Mr. Azher Elahi Mr. Ather J. Elahi Mr. Mansoor Elahi Mrs. Naureen Asad Mrs. Shafqat Azher Mrs. Mehnaz Ather Elahi Mr. Fahad Elahi |
Chairman Chief Executive Director Director Director Director Director Director |
|
Categories |
Shareholding (%) |
|
Directors, CEO, and their spouse and minor children Associated Companies, Undertakings and related parties NIT & ICP Banks, Development Financial Institutions, Non Banking Financial
Institutions Insurance Companies Modarabas and Mutual Funds General Public Joint Stock Companies |
98.9621 0.0000 0.0000 0.0000 0.0000 0.0000 1.0360 0.0019 |
A. Subsidiary
None
B. Associated Companies
- Do -
Subject Company is engaged in manufacture & sale of Yarn.
It’s import Textile Raw Materials, Textile Machineries through L/C, D/A basis.
It sells its products to its domestic customers including Buying
Agencies, Trading Companies, Textile Companies etc.
Its importing countries are China, Korea, Taiwan & European Countries
Its major customers are reputable companies, Domestic & Worldwide.
Subject employs more than 551
persons in its set up.
|
Years |
In Pak Rupees |
|
2014 2015 |
2,406,964,383/- 2,589,116,116/- |
2015 2014
Total no. of spindles installed 25,627 19,344
Total no. of spindles worked 24,845 18,398
Number of shifts per day 3 3
Rated capacity converted to 20/1 count (Kgs) 9,546,395 7,152,772
Actual production converted at 20/1 count (Kgs)10,103,849 6,802,802
(1) Soneri Bank Limited, Pakistan.
(2) JS Bank Limited, Pakistan.
(3) Bank Al-Habib Limited, Pakistan.
(4) Habib Bank Limited, Pakistan.
Lahore Chamber of Commerce & Industry.(LCCI)
All Pakistan Textile Mills Association.(APTMA)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 105.55 |
|
UK Pound |
1 |
Rs. 162.00 |
|
Euro |
1 |
Rs. 114.50 |
Subject Company was established in 1991 and is engaged in manufacture
& sale of Yarn. Market reputation is satisfactory. 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.66.17 |
|
UK Pound |
1 |
Rs.100.66 |
|
Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SDA |
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.