|
Report Date : |
11.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
PARAGON FASHIONS |
|
|
|
|
Registered Office : |
P-3, Paragon Avenue, Millat Industrial Estate, Pharang Drainage,
Off Millat Road, Faisalabad |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year of Establishments: |
1994 |
|
|
|
|
Legal Form : |
Partnership Concern |
|
|
|
|
Line of Business : |
manufacturer & exporter
of all kind of Men, Ladies, Boys & Children Knitted Garments |
|
|
|
|
No. of Employees : |
350 |
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
PARAGON FASHIONS
|
Registered Address |
|
P-3, Paragon Avenue, Millat Industrial Estate, Pharang
Drainage, Off Millat Road, Faisalabad, Pakistan |
|
Tel # |
92
(41) 8767901, 8768046, 8768047 |
|
Fax # |
92
(41) 8815008 |
|
a. |
Nature of Business |
Engaged in manufacture & export of all kind of Men, Ladies, Boys
& Children Knitted Garments |
|
b. |
Year Established |
1994 |
None
Subject Concern was established
as a Partnership business in 1994
|
Names |
Designation |
|
Mr. Muhammad Idrees Pansota Mr. Muhammad Ajmal Waheed Mr. Naeem Ahmad Mr. Tahseen Ahmed |
Managing Partner Partner Partner Partner |
None
Subject Concern is engaged in manufacture & export of all kind of Men, Ladies, Boys & Children Knitted Garments.
Payments would be accepted / made through L/C, D/A basis.
It’s mainly import from China, India, Japan, Korea & Hong Kong.
Its major customers are Buying Agencies, Distribution Companies, International Buyers etc
Subject operates from caption leased factory premises which is situated at industrial area of Faisalabad.
Subject employs about 350 persons in its set up.
|
Year |
In Pak Rupees |
|
2011 |
400,000,000/- (Estimated) |
Approximately 300,000 units per month
(Foreign)
Subject mainly import from Companies belongs to China,
India, Japan, Korea & Hong Kong
· Bank Al-Habib Limited, Pakistan.
· Allied Bank Limited, Pakistan.
· Habib Bank Limited, Pakistan.
· Bank Alfalah Limited, Pakistan.
· Pakistan Hosiery Manufacturers and Exporters Association.
· Faisalabad Chamber of Commerce & Industry.
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 101.20 |
|
UK Pound |
1 |
Rs. 151.10 |
|
Euro |
1 |
Rs. 129.50 |
Subject Concern was established in 1994 and is engaged in manufacture & export of all kind of Men, Ladies, Boys & Children Knitted Garments. Overall reputation is normal. 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.60.13 |
|
UK Pound |
1 |
Rs.89.52 |
|
Euro |
1 |
Rs.76.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.