Letter of Credit Facility FAPC
AVP – Chief Manager
Allied Bank of Pakistan Limited
WAPADA House Branch,
Re: Credit Facility – FAPC
We are one of the latest and modern knitwear, 100% export based units inPakistanoperatiing on 100% equity / self-finance basis. Our manufacturing unit is located in Industrial Area, Karim Block,Allama Iqbal Town Lahore. We have 20 flatlock, 33 overlock, 75 Juki, 2 button machines, 2 cutters, 12 Presses which gives us a daily production of 4,000 pieces. Under the dynamic leadership of Khawaja Nadeem Ahmad (CEO), ANNS Textiles has managed to grow from a turnover of Rs. 23 Million in 1997-98 to Rs. 53 million in 1998-99. Whereas we have achieved Rs. 65 Million Sales in merely six months ending as onDecember 31, 1999.
Dec 31, 1999 (unaud) Jun 30,1999 (aud) Jun 30,1998 (aud)
6 months 12 months 12 months
Sales 64,943 53,495 23,283
Net Profit 7,618 6,521 698
CR 3.09 1.01 1.45
DER 0.23 1.00 1.23
In order to finance growth, we request you to grant FAPC P-II Rs.15 Million, FAPC P-I line of Rs. 10 Million against LCs, in addition to Bank Risk Lines and Local L/C of Rs. 5 Million (D.A. basis for 60 days) and Rs.3 million for import L/C at sight (180 days) against which we offer at least 2 times export business. We offer 1st charge over stocks/book debit of the Company and legal/equitable mortgage over residential property located in Gulberg (estimated value above Rs. 50 million) as collateral. We enclose our Company background, Actual financial, projected financial and copied of EE statement for your perusal.
We hope that our request would be considered on its business merits. For any information, we would be more than willing to provide.
Thanking you and best regards.