MIRA INFORM REPORT
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Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
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Name : |
NAVEENA EXPORT LIMITED |
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Registered Office : |
B-21, Naveena House, Block 7/8, Banglore Town, Main Shahrah-e-Faisal,
Karachi |
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Country : |
Pakistan |
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Financials (as on) : |
30.06.2010 |
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Year of Establishment : |
1989 |
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Com. Reg. No.: |
0019395 |
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Legal Form : |
Non-Listed Public Limited Company |
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Line of Business : |
Manufacturer & exporter of Fabric & Garments |
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No. of Employees
: |
400 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Pakistan |
b2 |
b2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
NAVEENA EXPORT LIMITED
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Registered Address |
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B-21, Naveena House, Block 7/8, |
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Tel # |
92 (21) 34310631, 34310632, 34543181, 34543182 |
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Fax # |
92 (21) 34310630 |
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a. |
Nature of Business |
Engaged in manufacture & export of Fabric & Garments |
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b. |
Year Established |
1989 |
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c. |
Registration # |
0019395 |
Plot No. 1, Sector-28, Korangi Industrial
Area, Karachi - 74900,
Pakistan
Ibrahim Shaikh & Co.
(Chartered
Accountants)
208, Park Avenue, PECHS, Block 6, Shahrah-e-Faisal, Karachi, Pakistan
Subject Company was established as a Non-Listed Public Limited Company in 1989
|
Authorised Capital |
Rs. 850,000,000/-
divided into 8,500,000 shares of Rs. 100/- each |
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Issued & Paid up Capital |
Rs. 848,867,000/-
divided into 8,488,670 shares
of Rs. 100/- each |
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Names |
Designation |
|
Mr. Masood Riaz Mr. Asif Riaz Mr. Saqib Riaz |
Chief Executive Director Director |
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Names |
No. of Shares |
|
Mr. Asif Riaz Mr. Masood Riaz Mr. Saqib Riaz Mrs. Nargis Riaz |
3,191,483 3,191,476 1,789,245 316,466 |
A. Subsidiary
None
B. Associated
Companies
(1)
(2)
Naveena
Apparels,
(3)
(4)
Subject Company is engaged in manufacture & export of Fabric & Garments.
Its mainly import Raw Materials, Machineries through D/A, D/P basis.
Its main products are Fabric & Garments.
It sells its product through L/C, D/A, D/P basis.
Its main customers are reputable companies, worldwide.
Subject operates from caption leased office premises measuring 500 Sq. Yards which is situated at commercial area of Karachi.
Subject employs more than 400 persons in its set up.
|
Years |
In Pak Rupees |
|
2009 2010 |
5,236,165,000/- 6,483,638,000/- |
Annual production volume is indeterminable as it mainly depends on demand / requirements from their international customers
Mainly Buying Agencies, Distribution Companies, International Departmental Stores etc
(1) Allied Bank Limited,
(2) Barclays Bank
Limited, Pakistan.
(3) Faysal Bank Limited,
Pakistan.
(4) Habib Bank Limited,
Pakistan.
(5) Habib Metropolitan
Bank Limited, Pakistan.
(6) KASB Bank Limited,
Pakistan.
(7) MCB Bank Limited,
Pakistan.
(8) Meezan Bank Limited,
Pakistan.
(9) HSBC Bank Middle
East Limited, Pakistan.
(10) The Royal Bank of
Scotland, Pakistan.
(11) United Bank
Limited, Pakistan.
·
·
Federation
Pakistan Chamber of Commerce & Industry.(FPCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 90.90 |
|
|
1 |
Rs. 144.00 |
|
Euro |
1 |
Rs. 120.50 |
Subject Company was established in 1989 and is engaged in manufacture & export of Fabric & Garments. Market reputation is good. 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.49.35 |
|
UK Pound |
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
RATING EXPLANATIONS
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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 |
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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 |
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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 |
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---- |
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.