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Report No. : |
345824 |
|
Report Date : |
19.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
FEROZE1888 MILLS LIMITED |
|
|
|
|
Registered Office : |
H-23/4A, Landhi
Industrial Area, Landhi, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
1972 |
|
|
|
|
Com. Reg. No.: |
0003794 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Company is principally engaged in
production and export of Towels |
|
|
|
|
No. of Employees : |
2,787 |
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 |
|
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 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 |
FEROZE1888 MILLS LIMITED
|
Registered
Address |
|
H-23/4A, Landhi
Industrial Area, Landhi, Karachi, Pakistan |
|
Tel # |
92 (21) 35080648, 35082827 |
|
Fax # |
92 (21) 35082826 |
|
a. |
Nature of Business |
Company is principally engaged in production
and export of Towels |
|
b. |
Incorporated |
1972 |
|
c. |
Registration No. |
0003794 |
|
In Karachi at present |
|
Rahman Sarfaraz Rahim Iqbal Rafiq (Chartered Accountants) |
|
Subject Company was established as a Public Limited Company in 1972
and is listed at Karachi Stock Exchange of Pakistan |
|
Authorized Capital |
Rs. 4,000,000,000/- |
|
Issued & Paid up Capital |
Rs. 3,768,009,680/- |
|
Names |
Designation |
|
Mr. Anas Rahman Mr. Jawed Yunus Tabba Mr. Jonathan R. Simon Mr. Khaleeq-Ur-Rahman Mr. Pervez Saeed Mr. Perwez Ahmed Mr. Shabbir Ahmed Mr. Sheikh Zafar Ahmed |
Chief Executive Director Director Chairman Director Director Director Director |
|
Categories |
Percentage (%) |
|
Directors, Chief Executive Officer, their
spouse and minor children NIT & ICP Banks, Development Finance Institutions,
Non-Banking Finance Institutions and others Shareholding 10% or more General Public |
46.79 0.00 0.00 18.63 34.58 |
A. Subsidiary
None
B. Associated Companies
-
Do -
Subject Company is principally engaged in production and export of
Towels.
Payments would be accepted / made through L/C, D/P basis.
Its exporting Countries are European Countries
& U.S.A.
It’s mainly import from China, India, Taiwan, Hong Kong, Thailand, Indonesia, Korea, Japan
& European Countries.
Its major customers are Buying Agencies, Distribution Companies,
International Buyers etc.
Subject operates from caption leased premises
located at commercial & industrial centers of Karachi.
Subject employs about 2,787
persons in its set up.
|
Years |
In Pak Rupees |
|
2013 2014 |
13,484,144,000/- 17,697,272,000/- |
|
Subject import globally from Companies belongs to China, India, Taiwan, Hong Kong, Thailand, Indonesia,
Korea, Japan & European Countries |
|
(1) Askari Bank
Limited, Pakistan. (2) Bank Al-Habib
Limited, Pakistan. (3) Habib Bank
Limited, Pakistan. (4) Habib
Metropolitan Bank Limited, Pakistan. (5) Meezan Bank
Limited, Pakistan. (6) Standard
Chartered Bank, Pakistan. (7) United Bank
Limited, Pakistan. |
Towels Looms Capacity Actual
2014 281 93,142,493 77,147,966
2013 276 92,380,611 75,085,230
Karachi Chamber of Commerce & Industry.(KCCI)
Federation Pakistan Chamber of Commerce & Industry.(FPCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 104.45 |
|
UK Pound |
1 |
Rs. 160.50 |
|
Euro |
1 |
Rs. 118.25 |
Subject Company was
established in 1972 and is engaged in production and
export of Towels. Directors of the Company are reported as qualified,
experienced & 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.64.97 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.