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Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
Y & SONS INTERNATIONAL (YSI) |
|
|
|
|
Registered Office : |
Plot No. 559, Sector-7/A, Korangi Industrial Area, Karachi 74900 |
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|
|
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Country : |
Pakistan |
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|
|
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Date of Incorporation : |
2006 |
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|
|
|
Legal Form : |
Proprietorship |
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|
|
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Line of Business : |
Manufacturing of Leather Garments |
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|
|
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No. of Employees : |
80 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
-- |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 under 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 almost 12% for 2011, before declining to 10% in 2012. 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 fiscal year 2012, 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 about 3% per year from 2008 to 2012. 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 and rapidly urbanizing population, more than half of which is under 22. Other long term challenges include expanding investment in education and healthcare, adapting to the effects of climate change and natural disasters, and reducing dependence on foreign donors.
Source
: CIA
Y & SONS
INTERNATIONAL (YSI)
|
Business Name |
Y & SONS INTERNATIONAL
(YSI) |
|
Address |
Head Office/
Registered Office: Plot No. 559, Sector-7/A, Korangi Industrial Area, Karachi 74900. Inquiry Address: Plot No. 559, Sector 7A, Plot No. 559, Sector 7A, Karachi
74900 |
|
Telephone |
(+92) (21) 35121567, 35122454 |
|
Fax |
(+92) (21) 35122479 |
|
|
Not disclosed |
|
Website |
None |
|
Business activities |
Manufacturer of Leather Garments |
YSI is a PROPRIETORSHIP concern, registration with any regulatory authority is not mandatory.
|
CRO Registration Number |
N/A |
|
Date of Registration |
N/A |
|
Current Legal Form |
Proprietorship |
|
National Tax Registration Number |
Not disclosed |
|
Date of Registration |
Undetermined |
|
GST Registration Number |
Not disclosed |
|
Date of Registration |
N/A |
|
Chamber of Commerce & Industry |
Undetermined |
|
ISO Certification |
None |
|
Other certifications |
None |
|
Type |
No. of Shares |
Par Value |
Total Value |
|
Authorized |
N/A |
||
|
Issued, Subscribed & Paid-Up |
|||
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Who started |
Mr. Abid Qureshi |
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When started |
2006 |
|
Change in management |
No change |
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Year of change |
N/A |
|
Change in legal status |
No change |
|
Year of change |
N/A |
|
Change in business name |
No change |
|
Year of change |
N/A |
|
Name |
Number of Shares |
Nationality |
Appointment Date
(Last) |
|
Mr. Abid Qureshi
|
100% |
Pakistani |
Not Disclosed |
|
Name |
Position in organization |
Qualification |
Years in employment |
|
Mr. Abid Qureshi |
Proprietor |
Undetermined |
Undetermined |
|
Mr. Junaid |
Manager |
Undetermined |
Undetermined |
|
Statutory offices |
Name of service
provider |
|
Statutory
Auditors |
Not
Appointed |
|
Legal
Advisory Services |
Not
Appointed |
|
Bank name |
Approved financing
limits |
|
MCB Bank Ltd |
Depository relation |
|
Bank Al Habib Ltd |
Depository relation |
|
Meezan Bank Ltd |
Depository relation |
The core business focus of YSI is Manufacturing of Leather Garments. The finished goods are exported to European countries as well as the United States of America.
Purchases (Incl. Imports)
|
Imports from |
Nil |
|
Importing terms |
N/A |
|
Local (%) |
All over Pakistan |
|
Local buying terms |
Cash and Credit of 30 days |
Sales (Incl. Exports)
|
Exports to |
London, USA |
|
Exporting terms |
L/C |
|
Local (%) |
Nil |
|
Local selling terms |
N/A |
|
Nature of
employment |
Current Year |
Previous Year |
|
All Staff |
80 |
75 |
|
Total |
80 |
75 |
|
Head office Address Owned / Rented Area (approx) |
Plot No. 559, Sector-7/A, Korangi Industrial Area, Karachi 74900. Undetermined Undetermined |
Three suppliers
were contacted to get a
feedback about YSI, its products and sponsors. All the feedback was found
Satisfactory and no disputes or untoward events including complaints about
quality of products were reported/ identified during inquiry.
|
Business Name |
City |
Line of Business |
Percentile of Shareholding |
|
None |
|||
Business performance
could not be analyzed as the contact person declined to share financial
information.
|
Contact person |
Mr. Junaid |
|
Position |
Manager |
|
Contact Person Comments |
Mr. Junaid confirmed business operations and business information however; he refused to share financial information. |
|
Analyst’s Observations/ comments |
The office was comprised of three air-conditioned rooms, with computers and average furniture. Twenty to twenty five employees were present in the office. Samples of leather jackets were observed at site. The contact person was quite reluctant to disclose information about his business. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
|
1 |
Rs.102.18 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.