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Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
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Name : |
ABTEX INTERNATIONAL LIMITED |
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Registered Office : |
Unit No. 4, Latifabad,
Hyderabad |
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Country : |
Pakistan |
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Year of Establishments: |
1990 |
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Com. Reg. No.: |
0022221 |
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Legal Form : |
Non-Listed Public Limited Company |
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Line of Business : |
Import,
Manufacture & Export of Yarn, Fabrics, Garment, Towel, Flannel Dusters,
Pet Flakes etc. |
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|
|
No. of Employees : |
210 |
RATING & COMMENTS
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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 |
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|
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Payment Behaviour : |
No Complaints |
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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 |
|
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 |
ABTEX INTERNATIONAL LIMITED
|
Registered Address
& Factory |
|
Unit No. 4,
Latifabad, Hyderabad, Pakistan |
|
Tel # |
92
(22) 3815384, 3816902 |
|
Fax # |
92
(22) 3866370 |
|
a. |
Nature of Business |
Import, Manufacture & Export of Yarn, Fabrics, Garment, Towel,
Flannel Dusters, Pet Flakes etc |
|
b. |
Year Established |
1990 |
|
c. |
Registration
No. |
0022221 |
Fatih Cad. Yildirim Sok.
No: 3 / 65A, Moda Is Merkezi ,
Merter / Istanbul /
Turkiye
Shah & Co.
(Chartered
Accountants)
Subject Company was established as a Non-Listed Public
Limited Company in 1990
Authorized Capital |
Rs. 50,000,000/- divided into 5,000,000 shares of Rs. 10/- each |
|
Issued & Paid up Capital |
Rs. 5,000,000/- divided into 500,000 shares of Rs. 10/- each |
|
Names |
Designation |
|
Mr. Saad Waheed Mr. Muhammad
Jawwad Mr. Muhammad
Mobeen |
Chief Executive Director Director |
|
Names |
No of Shares |
|
Mr. Muhammad
Fahad Mr. Muhammad
Fawwad Mr. Saad Waheed Miss Sherish Miss Shafaq Mr. Muhammad
Sohail Mr. Muhammad
Jawwad Mr. Muhammad
Mobeen |
120,400 119,600 117,600 35,600 35,600 17,800 35,600 17,800 |
A. Subsidiary
None
B. Associated
Companies
(1) Abfil Tekstil Dis Tic. Ltd, Turkey.
Subject Company is engaged in import, manufacture & export of Yarn, Fabrics, Garment, Towel, Flannel Dusters, Pet Flakes etc.
Its mainly import Raw Materials through L/C, D/A, D/P basis.
It sells its product through L/C, D/A basis.
Its exporting countries are U.S.A. & European Countries.
Its main customers are reputable companies, worldwide.
Subject operates from caption leased factory premises which is situated at industrial area of Hyderabad.
Subject employs more than 210 persons in its set up.
|
Year |
In Pak Rupees |
|
2011 |
220,000,000/- (Estimated) |
Approximately
300,000 pieces per month
(Foreign)
(1) GAP.
(2) TOMMY HILFIGER.
(3) VF CORPORATION.
(4) RUSSELL ATHLETICS.
(5) AMERICAN EAGLE OUTFITTERS.
(6) JCPENNEY.
(7) PHILLIPS VAN HEUSEN
(1) Allied Bank Limited,
Pakistan.
(2) United Bank Limited,
Pakistan.
(3) Habib Metropolitan
Bank Limited, Pakistan.
(4) Habib Bank Limited,
Pakistan.
(5) Bank Alfalah
Limited, Pakistan.
· Pakistan Readymade Garments Manufacturers Association.(PRGMA)
Pakistan
Hosiery Manufacturers Association.(PHMA)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 99.20 |
|
UK Pound |
1 |
Rs. 152.00 |
|
Euro |
1 |
Rs. 133.50 |
Subject Company was established in 1990 and is engaged in import, manufacture & export of Yarn, Fabrics, Garment, Towel, Flannel Dusters, Pet Flakes etc. Overall reputation is normal. 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.54.29 |
|
UK Pound |
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.01 |
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.