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Report No. : |
342431 |
|
Report Date : |
30.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
FEROZE1888 MILLS
LIMITED |
|
|
|
|
Registered Office : |
H-23/4A,
Landhi Industrial Area, Landhi, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Year of Establishment : |
1972 |
|
|
|
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Com. Reg. No.: |
0003794 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in
production and export of Towels |
|
|
|
|
No. of Employee : |
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 |
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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 |
|
Off-credit |
D |
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 |
|
6. |
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. 104.15 |
|
UK Pound |
1 |
Rs. 158.50 |
|
Euro |
1 |
Rs. 114.90 |
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.66.18 |
|
|
1 |
Rs.100.46 |
|
Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
ASH |
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.