|
Report Date : |
10.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
STITCHWELL GARMENTS |
|
|
|
|
Registered Office : |
D-137/C, S.I.T.E., Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
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Date of Incorporation : |
1984 |
|
|
|
|
Legal Form : |
Proprietorship |
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|
|
|
Line of Business : |
Subject is engaged in manufacture & export of Knitted Garments. |
|
|
|
|
No. of Employees : |
150 persons |
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) |
|
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 |
STITCHWELL GARMENTS
|
Registered Address & Factory |
|
D-137/C, S.I.T.E., Karachi, Pakistan |
|
Tel # |
92 (21) 32575253, 32575255 |
|
Fax # |
92 (21) 32575801 |
|
a. |
Nature of Business |
Engaged in manufacture & export of Knitted Garments |
|
b. |
Year Established |
1984 |
|
c. |
National Tax # |
0519003 - 7 |
19/E, Block-6, P.E.C.H.S., Karachi, Pakistan
Subject Company was established as a Proprietorship business in 1984
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Yousuf Karim Mr. Faisal Naseem |
Pakistani Pakistani |
D-137/C, S.I.T.E., Karachi D-137/C, S.I.T.E., Karachi |
Business Business |
Proprietor Manager (Export / Import) |
(1) Karim Denim Mills, Pakistan.
Subject Company is engaged in manufacture & export of Knitted
Garments.
Payments would be accepted / made through L/C, D/A basis.
Its mainly export to U.S.A. & European Countries
It’s mainly import from China,
India, Hong Kong, Thailand, Korea & Indonesia.
Its’ major customers are Buying Agencies, Distribution Companies etc.
Subject operates from caption leased factory premises situated at
industrial area of Karachi.
Subject employs about 150 persons in its set up.
|
Year |
In Pak Rupees |
|
2011 |
80,000,000/- (Estimated) |
Annual production volume is indeterminable as
it mainly depends upon the demand / requirements from their international
customers
Subject mainly import
from Companies belongs to China, India, Hong Kong,
Thailand, Korea & Indonesia
(1) Bank AL-Habib
Limited, Pakistan.
(2) Meezan Bank
Limited, Pakistan.
(3) Habib Bank Limited,
Pakistan.
(4) Bank Alfalah
Limited, Pakistan.
Pakistan Hosiery Manufacturers Association.(PHMA)
Trade Development Authority of Pakistan.(TDAP)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 99.45 |
|
UK Pound |
1 |
Rs. 151.50 |
|
Euro |
1 |
Rs. 130.05 |
Subject Company was established in 1984 and
is engaged in manufacture & export of 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.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.