|
|
|
MIRA INFORM REPORT
|
Report No. : |
486548 |
|
Report Date : |
22.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
JAMHOOR TEXTILE MILLS LIMITED |
|
|
|
|
Registered Office : |
Monnoo House, 3-Montgomery
Road, Lahore |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Date of Incorporation : |
1980 |
|
|
|
|
Com. Reg. No.: |
0008236 |
|
|
|
|
Legal Form : |
Non-Listed Public Limited Company |
|
|
|
|
Line of Business : |
Subject Company is principally
engaged in the manufacture & sale of Yarn. |
|
|
|
|
No. of Employees : |
450 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Pakistan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
PAKISTAN - ECONOMIC OVERVIEW
Decades of internal political disputes and low levels of foreign investment have led to slow growth and underdevelopment in Pakistan. Pakistan has a large English-speaking population. Nevertheless, a challenging security environment, electricity shortages, and a burdensome investment climate have deterred investors. Agriculture accounts for one-fifth of output and two-fifths of employment. Textiles and apparel account for most of Pakistan's export earnings; Pakistan's failure to diversify its exports has left the country vulnerable to shifts in world demand. Pakistan’s GDP growth has gradually increased since 2012. Official unemployment was 6% in 2017, but this fails to capture the true picture, because much of the economy is informal and underemployment remains high. Human development continues to lag behind most of the region.
In 2013, Pakistan embarked on a $6.3 billion IMF Extended Fund Facility, which focused on reducing energy shortages, stabilizing public finances, increasing revenue collection, and improving its balance of payments position. The program concluded in September 2016. Although Pakistan missed several structural reform criteria, it restored macroeconomic stability, improved its credit rating, and boosted growth. The Pakistani rupee, after heavy depreciation in 2013, remained relatively stable against the US dollar in 2015-17. Low global oil prices in 2016 contributed to a narrowing current account deficit and lower inflation. Remittances from overseas workers continued to be a key revenue source, also mitigating the impact of the lack of foreign investment and a growing trade deficit on the country’s current account.
Pakistan must continue to address several longstanding issues, including expanding investment in education and healthcare, adapting to the effects of climate change and natural disasters, improving the country’s business environment, reducing dependence on foreign donors, and widening the country’s tax base. Given demographic challenges, Pakistan’s leadership will be pressed to implement economic reforms, promote further development of the energy sector, and attract foreign investment to support sufficient economic growth necessary to employ its growing and rapidly urbanizing population, much of which is under the age of 25.
In an effort to boost development, Pakistan and China are implementing the “China-Pakistan Economic Corridor,” a $46 billion investment program targeted towards the energy sector and other infrastructure projects that Islamabad and Beijing had agreed on in early 2013.
|
Source
: CIA |
Company
Name
JAMHOOR TEXTILE MILLS LIMITED
Full
Address
|
Registered
Address |
|
Monnoo House, 3-Montgomery Road,
Lahore, Pakistan |
|
Tel # |
92 (42) 36364412 -15 (4
Lines), 36314694 |
|
Fax # |
92 (42) 36364431 |
Short
Description Of Business
|
a. |
Nature
of Business |
Principally engaged in the
manufacture & sale of Yarn |
|
b. |
Year
Established |
1980 |
|
c. |
Registration
# |
0008236 |
Mills
Location
|
Address |
G.T Road Monnoo Garh, Mian Chunnoo, Punjab, Pakistan |
|
Tel # |
92 (448) 660577, 661577 |
|
Fax # |
92 (448) 663577 |
Auditors
|
Hameed Chaudhry & Co. (Chartered Accountants) 7 - Bank
Square, Lahore, Pakistan |
Legal
Status
|
Subject Company was established as a Non-Listed Public Limited
Company in 1980 |
Capital
|
Authorized Capital |
Rs.
80,000,000/- divided into 8,000,000 shares of Rs. 10/- each |
|
Issued & Paid up Capital |
Rs.
30,000,000/- divided into 3,000,000 shares of Rs. 10/- each |
Details
of Directors
|
Names |
Designation |
|
Mr. Shahzada A. Monnoo Mr. Kaisar A. Monnoo Mr. Jehangir A. Monnoo Mr. Danish Kaisar Monnoo Mr. Shahbaz A. Monnoo Mr. Sheraz J. Monnoo |
Chief Executive Director Director Director Director Director |
Shareholders
|
Names |
No. of
Shares |
|
Mr. Kaisar A. Monnoo Mr. Shahzada A. Monnoo Mr. Jehangir A. Monnoo Mr. Danish K. Monnoo Mr. Shahbaz A. Monnoo Mr. Sheraz J. Monnoo Mrs. Uzma Shahbaz Monnoo Monnoo Industries Limited |
2,500 1,000 25,000 32,500 24,000 10,000 10,000 2,895,000 |
Associates
A. Subsidiary
None
B. Associated
Companies
Qureshi Textile Mills Limited, Pakistan.
The Lahore Textile & General Mills
Ltd, Pakistan.
Tribal Textile Mills Ltd, Pakistan.
Margalla Textile Mills Ltd, Pakistan.
Olympia Blended Fiber Mills Ltd,
Pakistan.
Rawal Textile Mills Ltd, Pakistan.
Business
Activities
Subject Company is principally
engaged in the manufacture & sale of Yarn.
Subject import globally from Companies belongs to China, Korea,
Taiwan, India & European Countries.
It sale its product through L/C,
D/P basis to its customers globally.
Its major customers are Buying Agencies, Distribution Companies,
Textile Manufacturers etc.
Subject operates from caption leased office premises measuring 600
Sq.Yards situated at commercial area of Lahore.
Subject employs more than 450 persons in its set up.
Annual
Sales Volume
|
Years |
In Pak
Rupees |
|
2015 2016 |
1,894,036,580/- 1,769,900,268/- |
Mills
Installed
Approximately 24,980 spindles
Production
Capactiy
6,200,395 Kgs per annum
Trade
Suppliers (Foreign)
|
Subject import globally from Companies belongs to China,
Korea, Taiwan, India & European Countries. Its global trade suppliers are
Companies related to Textile Raw Materials, Machineries |
Bankers
|
(1) Soneri Bank Limited, Pakistan. (2) Habib Bank Limited, Pakistan. (3) Meezan Bank Limited, Pakistan. (4) Bank Alfalah Limited, Pakistan. (5) MCB Bank Limited, Pakistan. (6) United Bank Limited, Pakistan. |
Group
Profile
The Monnoo Family is a traditional
name in Pakistan that has been the story of success for the industrial growth
of the country. A name that unique stands out as the pioneer industrial family
that has played a significant role in the growth of the economy. The growth of
the Group down through the decades has played a positive role in dominating the
local industry and providing a secure future for its employees. The
transformations brought about in the local industries by the Monnoo Group have
made them pioneers in the technological and customer oriented business
conglomerates. The Group now owns 12 Textile units, a Sugar Mill, Agricultural
Farms and extensive research units catering to various agricultural products.
As innovators in their fields, the Group has kept pace with the latest state of
the art technologies, through which the Group now produces superior
international quality products for clients worldwide. The Monnoo Group has
developed with remarkable speed from a traditional; family owned Textile
Company into a modern high-tech industrial and agricultural conglomerate. The
core business of Monnoo Group is international product recognition in Textiles
(Yarns, Ecru yarn, Fancy/Novelty yarns, Melange Yarns and sewing threads) and
in Agriculture products (Sugar, Tissue Culture, Orchards and Farms). With
outstanding growth and development in yarns and bringing about innovations in
fancy yarns, they have one of the most sophisticated and modern mills in
Pakistan. After Partition, their acquisition of a rubber factory was traded for
an old textile mill, installed with a total of 2400 spindles. By the year 1965
the Group had a total number of 5 textile mills. During the troubled time of
partition of the sub-continent, the Monnoo family shifted to East Pakistan and
later on set up five Spinning mill operations, 3 in West Pakistan and 2 in East
Pakistan. A number of companies associated with the Group are serving the
country since its inception and are indeed amongst the pioneers of the spinning
industry in Pakistan, beginning with one spinning mill to 12 spinning mills
consisting of more than 200,000 spindles with over 8000 employees. Most of the
companies associated with the group are leaders in the areas of their activity,
and have been ISO Certified.
Memberships
Lahore Chamber of Commerce & Industry.(LCCI)
All Pakistan Textile Mills Association.(APTMA)
Comments
Subject Company was established in 1980 and is engaged in manufacture & sale of Yarn. Overall reputation is satisfactory. Trade relations are reported as fair. In view of current disturbed economic and political situation, we would advise to deal with all the business in Pakistan with some caution.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.72 |
|
|
1 |
INR 88.64 |
|
Euro |
1 |
INR 78.14 |
|
PKR |
1 |
INR 0.58 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.