|
Report Date : |
28.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
AL-RAHIM TEXTILE INDUSTRIES |
|
|
|
|
Registered Office : |
33-G Block-6, P.E.C.H.S., Karachi, |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year of Incorporation : |
1996 |
|
|
|
|
Legal Form : |
Proprietorship |
|
|
|
|
Line of Business : |
Engaged in
manufacture & Export of Home Textile Products & Knitted Garments |
|
|
|
|
No. of Employees : |
200 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
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
|
Registered Address |
|
33-G Block-6, P.E.C.H.S., Karachi, Pakistan |
|
Tel # |
92 (21) 111-110-120, 34529602 |
|
Fax # |
92 (21) 34533283 |
|
a. |
Nature of Business |
Engaged in
manufacture & Export of Home Textile Products & Knitted Garments |
|
b. |
Year Established |
1996 |
|
c. |
National Tax # |
1326582 - 2 |
|
Factory is located at Nooriabad Industrial
Estate, S.I.T.E, Karachi, Pakistan |
|
Subject Company was established as a Proprietorship business in 1996 |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Shehzad Rahim Mr. Faisal Saya |
Pakistani Pakistani |
33-G Block-6,
P.E.C.H.S., Karachi 33-G Block-6,
P.E.C.H.S., Karachi |
Business Business |
Proprietor Manager (Import) |
A. Subsidiary
None
B. Associated
Companies
- Do -
Engaged in
manufacture & Export of Home Textile Products & Knitted Garments
200
Actual production volume is indeterminable
as it mainly depends upon the requirement from their customers
|
Mainly to Gulf & European Countries |
|
Mainly Buying Agencies, Distribution Companies (International) |
Year
|
In Pak Rupees |
|
2011 |
200,000,000/- (Estimated) |
(1) Habib Bank Limited, Pakistan.
(2) Soneri Bank Limited, Pakistan.
(3) MCB Bank Limited, Pakistan.
(4) Bank Alfalah Limited, Pakistan.
(5) KASB Bank Limited, Pakistan.
Payments would be accepted / made through L/C,
D/A, D/P basis
·
Karachi Chamber of
Commerce & Industry.(KCCI)
·
Pakistan Hosiery
Manufacturers Association.(PHMA)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 98.30 |
|
UK Pound |
1 |
Rs. 157.00 |
|
Euro |
1 |
Rs. 131.00 |
Subject Company was established in 1996 and
is engaged in manufacture & export
business. Overall reputation is satisfactory. Trade relations are
reported as fair. Subject can be considered for normal business dealing at
usual trade terms and conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.85 |
|
|
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.