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Report Date : |
12.12.2012 |
IDENTIFICATION DETAILS
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Name : |
SOORTY ENTERPRISES (PVT) LIMITED |
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Registered Office : |
26-A, S.M.C.H.S., Off: Shahrah-e-Faisal, Karachi |
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Country : |
Pakistan |
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Year of Establishment : |
1984 |
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Com. Reg. No.: |
0011387 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
manufacture & export of Readymade / Knitted Garments
& Textile Fabrics |
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|
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No. of Employees : |
800 employees |
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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Pakistan |
B2 |
B2 |
|
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-fifth of output and two-fifths of employment.
Textiles account for most of Pakistan's export earnings, and Pakistan's failure
to expand a viable export base for other manufactures has left the country
vulnerable to shifts in world demand. Official unemployment is 6%, but this
fails to capture the true picture, because much of the economy is informal and
underemployment remains high. Over the past few years, low growth and high
inflation, led by a spurt in food prices, have increased the amount of poverty
- the UN Human Development Report estimated poverty in 2011 at almost 50% of
the population. Inflation has worsened the situation, climbing from 7.7% in
2007 to more than 13% for 2011, before declining to 9.3% at year-end. As a
result of political and economic instability, the Pakistani rupee has
depreciated more than 40% since 2007. The government agreed to an International
Monetary Fund Standby Arrangement in November 2008 in response to a balance of
payments crisis. Although the economy has stabilized since the crisis, it has
failed to recover. Foreign investment has not returned, due to investor
concerns related to governance, energy, security, and a slow-down in the global
economy. Remittances from overseas workers, averaging about $1 billion a month
since March 2011, remain a bright spot for Pakistan. However, after a small
current account surplus in fiscal year 2011 (July 2010/June 2011), Pakistan's
current account turned to deficit in the second half of 2011, spurred by higher
prices for imported oil and lower prices for exported cotton. Pakistan remains
stuck in a low-income, low-growth trap, with growth averaging 2.9% per year
from 2008 to 2011. Pakistan must address long standing issues related to
government revenues and energy production in order to spur the amount of
economic growth that will be necessary to employ its growing population. Other
long term challenges include expanding investment in education and healthcare,
and reducing dependence on foreign donors.
|
Source : CIA |
SOORTY ENTERPRISES (PVT) LIMITED
|
Registered Address |
|
26-A,
S.M.C.H.S., Off: Shahrah-e-Faisal, |
|
Tel # |
92
(21) 34315191, 34315192, 34315193, 34315194 |
|
Fax # |
92 (21)
34315129 |
|
a. |
Nature of Business |
Engaged
in manufacture & export of Readymade / Knitted Garments & Textile
Fabrics |
|
b. |
Year Established |
1984 |
|
c. |
Registration # |
0011387 |
(1) Plot 26, Sector 23, Korangi
Industrial Area, Karachi 74900, Pakistan.
(2) Plot Survey. 332, Deh Landhi,
Bin Qasim,
Hyder Bhimji & Co.
(Chartered Accountants)
Subject Company was established as a Private Limited Company in 1984
|
Authorised Capital |
Rs. 150,000,000/- divided into 1,500,000 shares of Rs. 100/- each |
|
Issued & Paid up Capital |
Rs. 150,000,000/- divided into 1,500,000 shares of Rs. 100/- each |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Shahid Rashid Soorty Mr. Abdul Rashid Soorty |
Pakistani Pakistani |
26-A, S.M.C.H.S., Off: Shahrah-e-Faisal,
26-A, S.M.C.H.S., Off:
Shahrah-e-Faisal, |
Business Business |
Chief Executive Director |
|
Names |
No. of Shares |
|
Mr. Shahid Rashid
Soorty Mr. Abdul Rashid Soorty Mrs. Rabia Rashid Soorty (Late) |
1,133,125 211,250 155,625 |
A. Subsidiary
None
B. Associated
Companies
- Do -
Subject Company is engaged in manufacture & export of Readymade / Knitted Garments & Textile Fabrics.
Its mainly import Raw Materials, Machineries through D/A, D/P basis.
Its mainly export to U.S.A. & European Countries.
It sells its products through L/C, D/A basis.
Its major customers are Buying Agencies, International Distributors etc.
Subject operates from caption leased factory & office
premises situated at industrial & commercial centers of
Subject employs about 800 persons in its set up.
|
Year |
In Pak Rupees |
|
2011 |
14,889,096,256/- |
Approximately 400,000 Garments per month
(1) MCB Bank Limited,
(2) Bank
Al-Habib Limited, Pakistan.
(3) Meezan
Bank Limited, Pakistan.
(4) Standard
Chartered Bank, Pakistan.
(5) Habib
Metropolitan Bank Limited, Pakistan.
(6) Faysal
Bank Limited, Pakistan.
(7) Dubai
Islamic Bank Pakistan Limited, Pakistan.
(8) Bank
Alfalah Limited, Pakistan.
(9) Soneri
Bank Limited, Pakistan.
·
·
Federation
·
Korangi
Association of Trade & Industry.( KATI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 97.15 |
|
|
1 |
Rs. 154.70 |
|
Euro |
1 |
Rs. 125.30 |
Subject Company was established in 1984 and is engaged in manufacture & export of Readymade / Knitted Garments & Textile Fabrics. Market reputation is satisfactory. Trade relations are reported as fair. 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.54.32 |
|
UK Pound |
1 |
Rs.87.36 |
|
Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.