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Report Date : |
16.11.2012 |
IDENTIFICATION DETAILS
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Name : |
FINETEX BEDDING COMPANY (PVT) LIMITED |
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Registered Office : |
341-B, Peoples Colony No.1, Satiana Road, Faisalabad |
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Country : |
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Date of Incorporation : |
2008 |
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Com. Reg. No.: |
0064271 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in engaged in manufacture &
export of Home Textile Products |
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No. of Employees : |
150 |
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 : |
Satisfactory |
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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 |
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Restricted |
C2 |
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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 |
FINETEX BEDDING
COMPANY (PVT) LIMITED
|
Registered
Address |
|
341-B, Peoples Colony No.1,
Satiana Road, Faisalabad, Pakistan |
|
Tel # |
92
(41) 8554342, 8554341 |
|
Fax # |
92
(41) 8554341 |
|
Email |
Short Description Of Business
|
a. |
Nature of Business |
Engaged in manufacture & export of Home Textile Products |
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b. |
Year Established |
2008 |
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c. |
Registration # |
0064271 |
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Factory is
located at industrial area of Faisalabad |
|
Afzal Arqam Associates (Chartered
Accountants) Suit No. 302, 2nd Floor,
Business Centre, New Civil Lines, Faisalabad, Pakistan |
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Subject Company was established as a
Private Limited Company in 2008 |
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Authorised Capital |
Rs. 5,000,000/-
divided into 500,000 shares of Rs. 10/- each |
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Issued & Paid up Capital |
Rs. 200/- divided into 20 shares of Rs. 10/- each |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Qamar Abbas Mr. Muhammad Saqlain |
Pakistani Pakistani |
341-B, Peoples Colony No.1,
Satiana Road, Faisalabad 341-B, Peoples Colony No.1,
Satiana Road, Faisalabad |
Business Business |
Chief Executive Director |
|
Names |
No.
of Shares |
|
Mr. Qamar Abbas Mr. Muhammad Saqlain |
10 10 |
A. Subsidiary
None
B. Associated
Companies
- Do -
Subject Company is engaged in engaged in manufacture & export of Home Textile Products.
Its mainly import Textile Raw Materials,
Textile Machineries through D/A, D/P basis.
Its mainly export to U.S.A, France, Italy, Spain, Belgium, Germany, Holland, Greece, Turkey,
Russia, Lithuania, Romania, Malta, Middle East, South Asia, Australia, New-Zealand
& China.
Its main customers are Buying Agencies,
Distribution Companies, International Chain Stores etc.
Subject operates from caption leased office
premises situated at commercial area of Faisalabad.
Subject employs about 150 persons in
its set up.
|
Year |
In
Pak Rupees |
|
2011 |
100,000,000/- (Estimated) |
|
(1) Allied Bank
Limited, Pakistan. (2) MCB Bank
Limited, Pakistan. (3) Faysal Bank
Limited, Pakistan. (4) United Bank
Limited, Pakistan. (5) Soneri Bank Limited,
Pakistan. |
Faisalabad Chamber of Commerce &
Industry.(FCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs.
96.15 |
|
UK Pound |
1 |
Rs.
151.60 |
|
Euro |
1 |
Rs.
121.50 |
Subject Company
was established in 2008 and is engaged
in manufacture & export of Home Textile Products. Overall reputation is normal.
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.54.93 |
|
|
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.69.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.