|
Report Date : |
06.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
CHENONE STORES LIMITED |
|
|
|
|
Registered Office : |
Nishatabad, Faisalabad |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Date of Incorporation : |
1997 |
|
|
|
|
Com. Reg. No.: |
0038143 |
|
|
|
|
Legal Form : |
Non-Listed Public Limited Company |
|
|
|
|
Line of Business : |
Manufacturing / Importing of Textile and allied product |
|
|
|
|
No. of Employees : |
323 |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
CHENONE STORES
LIMITED
|
Registered
Address |
|
Nishatabad, Faisalabad, Pakistan |
|
Tel
# |
92 (41) 8754472
- 76 (5 Lines) |
|
Fax
# |
92 (41) 8752400,
8752700 |
|
a. |
Nature of Business |
Manufacturing /
Importing of Textile and allied product for sale through outlets in different
cities |
|
b. |
Year Established |
1997 |
|
c. |
Registration # |
0038143 |
In Lahore, Islamabad, Multan, Peshawar &
Quetta
M. Yousuf Adil Saleem & Co.
(Chartered
Accountants)
478-D, Peoples Colony No. 1, Faisalabad,
Pakistan
Subject Company was established as a Non-Listed
Public Limited Company in 1997
|
Authorized Capital |
Rs. 300,000,000/- divided into 30,000,000
shares of Rs. 10/- each |
|
Issued & Paid up Capital |
Rs. 280,000,000/- divided into 28,000,000
shares of Rs. 10/- each |
|
Names |
Designation |
|
Mr. Muhammad Naeem Mr. Mian Muhammad Latif Mr. Mian Muhammad Javaid Iqbal Mr. Muhammad Faisal Latif Mr. Muhammad Farhan Latif Mr. Muhammad Kashif Ashfaq Mr. Muhammad Rizwan Latif Mr. Muhammad Zeeshan Latif |
Chief Executive Director Director Director Director Director Director Director |
|
Names |
No of Shares |
|
Mr. Muhammad Naeem Mr. Mian Muhammad Latif Mr. Mian Muhammad Javaid Iqbal Mr. Muhammad Faisal Latif Mr. Muhammad Farhan Latif Mr. Muhammad Kashif Ashfaq Mr. Muhammad Rizwan Latif Mr. Muhammad Zeeshan Latif Mr. Umair Javaid |
2,872,000 2,800,000 2,800,000 2,800,000 2,300,000 6,000,000 2,428,000 2,000,000 4,000,000 |
A. Subsidiary
None
B. Associated Companies
(1) Chenab Limited,
Pakistan.
(2) Chensoft (Private)
Limited, Pakistan.
(3) Chenab Modaraba Management Co. (Private) Limited, Pakistan.
Manufacturing / Importing of Textile and allied
product for sale through outlets in different cities
323
|
Year |
In
Pak Rupees |
|
2011 |
3,500,000,000/- (Estimated) |
In order to augment sales revenue of the Company for earning
more profits, the Company has been in the process of opening of new stores.
Mainly Individuals, Departmental Stores,
Distributors etc
(1) MCB Bank Limited,
Pakistan.
(2) Bank Alfalah
Limited, Pakistan.
(3) Habib Bank Limited,
Pakistan.
(4) Bank Alhabib
Limited, Pakistan.
(5) Faysal Bank
Limited, Pakistan.
(6) The Royal Bank of
Scotland, Pakistan.
·
Faisalabad Chamber of Commerce & Industry.(FCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs.
94.75 |
|
UK Pound |
1 |
Rs.
149.50 |
|
Euro |
1 |
Rs.
117.80 |
Chenab Group enjoys good
credibility in Pakistan. All the directors of the Company are reported as qualified,
experienced and resourceful businessmen. Payments are usually correct and as
per commitments. 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.55.89 |
|
|
1 |
Rs.88.62 |
|
Euro |
1 |
Rs.70.02 |
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.