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Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
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Name : |
LEATHER FIELD (PRIVATE) LIMITED |
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Registered Office : |
Cheema Square,
Capital Road, Sialkot |
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Country : |
Pakistan |
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Year of Establishments: |
1990 |
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Com. Reg. No.: |
0021362 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacture,
Import, Export of Leather Goods, Leather Raw Materials & Leather Garments |
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No. of Employees : |
1500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Pakistan |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 |
LEATHER FIELD (PRIVATE) LIMITED
|
Registered Address |
|
Cheema Square,
Capital Road, Sialkot, Pakistan |
|
Tel # |
92 (52) 3556272,
3556273, 3556274, 3556275, 3556276, 3556277, 3556278 |
|
Fax # |
92 (52) 3551942,
3553564 |
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Website |
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|
Email |
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a. |
Nature of Business |
Engaged in Manufacture, Import, Export of Leather
Goods, Leather Raw Materials & Leather Garments |
|
b. |
Incorporated |
1990 |
|
c. |
Registration
No. |
0021362 |
12 Kilometer, Wazirabad Road,
Near Sahowala Stand, Sialkot,
Pakistan
Subject Company was
established as a Private Limited Company in 1990
Fazal Mahmood &
Company
(Chartered
Accountants)
|
Authorized Capital |
Rs. 160,000,000/- divided into 1,600,000 shares of Rs. 100/-
each |
|
Issued & Paid up Capital |
Rs. 3,000,000/- divided into 30,000 shares of Rs. 100/- each |
|
Names |
Designation |
|
Mr. Muhammad Ajmal Cheema Mr. Muhammad Akmal Cheema Mr. Mushtaq Ahmed Cheema Mrs. Mussarat Ajmal Mrs. Amtal-ul-Aleem Mushtaq Mr. Qaisar Mahmood Cheema |
Chief Executive Director Director Director Director Director |
|
Names |
No of Shares |
|
Mr. Muhammad
Ajmal Cheema Mr.
Muhammad Akmal Cheema Mr.
Mushtaq Ahmad Cheema Mrs.
Mussarat Ajmal Mrs.
Amtal-ul-Aleem Mushtaq Qaisar
Mr.
Qaisar Mahmood Cheema Mr.
Muhammad Hussain Cheema Mrs.
Asma Sajjad Cheema Miss
Atka Sajjad Cheema (Minor) Mrs.
Mussarat Riaz |
8,649 5,649 3,600 1,200 1,800 5,649 700 527 2,100 126 |
Engaged in Manufacture, Import, Export of Leather Goods,
Leather Raw Materials & Leather Garments
FLYING BIKES, XPERT PERFORMANCE GEAR, XPERT SPORTS, WHET
BLU, FIRST & FMC.
1,500
Mainly to U.S.A.,
European Countries, Far East & Asian Countries
Mainly from U.S.A.,
U.K., Japan, European Countries, China, Taiwan, Indonesia & Thailand
|
Year |
In Pak Rupees |
|
2011 |
1,000,000,000/- (Estimated) |
1,000,000 to 1,200,000 pieces per annum
(Foreign)
Subject mainly import from Companies belongs to U.S.A., U.K., Japan, European Countries, China, Taiwan, Indonesia & Thailand
Mainly Buying Agencies, Sports Associations, Distribution
Companies, Trading Companies etc
United Bank Limited, Pakistan.
Habib Bank Limited, Pakistan.
Citibank N.A., Pakistan.
Silk Bank Limited, Pakistan.
Meezan Bank Limited, Pakistan.
Bank Alfalah Limited, Pakistan.
Askari Bank Limited, Pakistan.
Allied Bank Limited, Pakistan.
·
Sialkot Chamber of Commerce & Industry.(SCCI)
|
Currency |
Unit |
Pakistani
Rupees |
|
US Dollar |
1 |
Rs. 99.00 |
|
UK Pound |
1 |
Rs. 153.60 |
|
Euro |
1 |
Rs. 133.30 |
Subject is a well-established company having fine track. Directors are reported as experienced, respectable and having satisfactory means of their own. Trade relations are reported as fair. 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.54.16 |
|
UK Pound |
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
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 |
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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.