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Report No. : |
348780 |
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Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
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Name : |
JANANA DE MALUCHO TEXTILE MILLS LIMITED |
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Registered Office : |
Habibabad, Kohat, Peshawar, Khyber Pakhtoonkwa |
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Country : |
Pakistan |
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Financials (as on) : |
30.06.2015 |
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Date of Incorporation : |
1960 |
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Com. Reg. No.: |
0001193 |
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Legal Form : |
Public Company |
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Line of Business : |
Principally engaged in manufacture and sale of yarn |
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No. of Employees : |
1,191 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No complaints |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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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.
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Source
: CIA |
JANANA DE MALUCHO
TEXTILE MILLS LIMITED
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Registered
Address |
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Habibabad, Kohat, Peshawar, Khyber Pakhtoonkwa, Pakistan |
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Tel # |
92 (922) 862161, 512930, 510494 |
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Fax # |
92 (922) 510474 |
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Email |
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a. |
Nature of Business |
Principally engaged in manufacture and sale
of yarn |
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b. |
Year Established |
1960 |
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c. |
Registration # |
0001193 |
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In Lahore, Karachi, Faisalabad & Multan |
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M/s Hameed Chaudhri & Co. (Chartered Accountants) |
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The Company was incorporated in Pakistan in
the year 1960 as a Public Company and its shares are quoted at stock
exchanges of Pakistan |
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Names |
Designation |
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Mr. Raza Kuli Khan Khattak Lt. Gen. (Retd) Ali Kuli Khan Khattak Mr. Ahmad Kuli Khan Khattak Mr. Mushtaq Ahmad Khan Mrs. Zeb Gohar Ayub Khan Mrs. Shehnaz Sajjad Ahmad Dr. Shaheen Kuli Khan Mr. Ch. Sher Muhammad Brig (Retd) Abdul Samad Khan |
Chairman Chief Executive Director Director Director Director Director Director Director |
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Categories |
Shareholding (%) |
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Directors, Chief Executive Officer, 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 Others Joint Stock Companies Secretary to Government of KPK Trusts |
1.55 51.46 2.40 10.29 0.80 --- 22.35 2.10 0.38 2.80 5.88 |
A. Subsidiary
None
B. Associated
Companies
|
(1) Bibojee Services (Pvt) Limited,
Pakistan. (2) The Universal Insurance Co. Limited,
Pakistan. (3) Nissan Diesel Motor Co. Ltd, Japan. (4) The General Tyre & Rubber Company
of Pakistan. (5) Rehman Cotton Mills Limited, Pakistan. (6) Babri Cotton Mills Limited, Pakistan. (7) Bannu Woolen Mills Limited, Pakistan. (8) Ghandhara Industries Limited, Pakistan. (9) Ghandhara Nissan Limited, Pakistan. |
Subject Company is engaged in the business as manufacture & sale of Yarn.
It sales its product through cash / credit term basis to its domestic customers
It imports Textile Raw Materials, Textile Machineries through L/C, D/P basis.
Its import globally from Companies belongs to China, Korea, Taiwan, European Countries & Hong Kong
It sells its product to its domestic customers including Buying Agencies, Trading Companies, Textile Companies etc.
Its main customers are reputable companies, Domestic & Worldwide.
Subject employs more than 1,191 persons in its set up.
|
Years |
In Pak Rupees |
|
2014 2015 |
2,983,385,000/- 2,542,780,000/- |
2015 2014
Numbers
Spindles installed 62,304 62,304
Rotors installed 600 600
Shifts worked 1,093 1,093
Spindles / rotors shifts worked 66,856,508
65,705,201
---Kgs---
Installed capacity of 20’s count
on the basis of shifts worked 26,950,882 27,093,552
Actual production of yarn of
All counts 6,397,481 6,043,035
Actual production converted into
20’s count 26,211,759 25,892,099
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(1) National Bank of Pakistan. (2) Soneri Bank Limited, Pakistan. (3) United Bank Limited, Pakistan. (4) MCB Bank Limited, Pakistan. (5) Habib Bank Limited, Pakistan. (6) Bank Alfalah Limited, Pakistan. |
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Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 105.55 |
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UK Pound |
1 |
Rs. 162.00 |
|
Euro |
1 |
Rs. 114.50 |
Subject Company was established in 1960 and is engaged in manufacture & marketing of Yarn. Market reputation is good. 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.66.16 |
|
|
1 |
Rs.100.65 |
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Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.