|
Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAYA WEAVING MILLS PVT LTD |
|
|
|
|
Registered Office : |
204, Saya Centre, MR6/53/1 Muhammad Feroz Street, Jodia
Bazar, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Date of Incorporation : |
03.05.1987 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers of Towels,
Bathrobes and Thermal Blankets. |
|
|
|
|
No. of Employees : |
500 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
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|
|
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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 – 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
|
Business Name |
Saya Weaving Mills Pvt Ltd |
|
Address |
204, Saya Centre, MR6/53/1 Muhammad Feroz Street, Jodia Bazar,
Karachi. |
|
Telephone |
(+92) (21) 32418122-23, 32444068 (Head office) (+92) (21) 32573875, 32574476, 32574572 (Factory) |
|
Fax |
(+92) (21) 32419028 |
|
Email |
|
|
Website |
|
|
Business activities |
Manufacturers of Towels,
Bathrobes and Thermal Blankets. |
|
CRO Registration Number |
0016044 |
|
Date of Registration |
May 03, 1987 |
Other registry
details:
|
Current Legal Form |
Private Limited Liability Company |
|
|
National Tax Registration Number |
|
|
|
Date of Registration |
14-Feb-2002 |
|
|
GST Registration Number |
0205520823628 |
|
|
Date of Registration |
20-Feb-1994 |
|
Authorized |
20,000,000 Divided into 200,000 Shares @ PKR 100 each |
|
Issued, Subscribed & Paid-Up |
4,901,000 Divided into 49,010 Shares @ PKR 100 each |
|
Who Started |
Mr. Mohammad Yasin Saya |
|
When Started |
May 03, 1987 |
|
Change in Management |
No Change |
|
Year of change |
No Change |
|
Change in Legal Status |
No Change |
|
Year of change |
No Change |
|
Name |
Number of Shares |
Nationality |
Appointment Date (Last) |
|
Mr. Mohammad Yasin Saya |
9,000 |
Pakistani |
30 APR 2012 |
|
Mr. Mohammad Ajaz Saya |
9,000 |
Pakistani |
30 APR 2012 |
|
Mrs. Dilara Ajaz |
7,000 |
Pakistani |
30 APR 2012 |
|
Mrs. Perveen Yasin |
7,000 |
Pakistani |
30 APR 2012 |
|
Other share
holders |
|
|
|
|
Mr. Mustafa |
2430 |
|
|
|
Mr. Muhammad Saya |
2430 |
|
|
|
Mr. Muzamil |
2430 |
|
|
|
Ms. Falaknaz |
1215 |
|
|
|
Mr. Murtaza |
3402 |
|
|
|
Mr. Moazzam |
3402 |
|
|
|
Ms. Iqra |
1701 |
|
|
|
Name |
Position in organization |
Qualification |
Years in employment |
|
Mr. Mohammad Yasin Saya |
CEO |
Not Disclosed |
Not Disclosed |
|
Mr. Qamar |
Export Manager |
Not Disclosed |
Not Disclosed |
|
Mr. Siraz |
HR Manager |
Graduate |
Not Disclosed |
|
Statutory offices |
Name of service
provider |
|
Statutory Auditors |
M/s M. Saleem Associates. Chartered Accountants |
|
Legal Advisory Services |
Mr. Muhammad Vaqar. Law Associates |
|
Bank Al Habib Ltd |
|
Habib Metropolitan Bank ltd |
The core business focus of SWMPL is Manufacturing
of Towels, Bathrobes and Thermal Blankets.
SWMPL Manufacturers, Importer & Exporter of Towels, Bathrobes and Thermal
Blankets.
Product Line:
Towels
Bathrobes
Thermal Blankets
Bath Mats
Junior Line: Robes Caps, Bibs
Shower Wrap
Jerseys/ Fitted Sheets
Fabric (Greige, Bleached Dyed & Printed)
|
Imports from |
China |
|
Importing terms |
Sight L/C |
|
Local |
Pakistan – Nationwide |
|
Local buying terms |
Cash and Credit 45-60 Days |
|
Exports to 100% |
USA, EU, Far East & Europe. |
|
Exporting terms |
Sight L/C, D/P and Advance |
|
Local % |
N/A |
|
Local selling terms |
N/A |
|
Wholesalers & Department Stores |
|
Nature
of employment |
Current Year |
Previous Year |
|
Permanent |
500 |
500 |
|
Contractual |
Undetermined |
Undetermined |
|
Daily wages |
Undetermined |
Undetermined |
|
Total |
500 |
500 |
|
Head office Address Owned / Rented Area (approx) |
204, Saya Centre, MR6/53/1 Muhammad Feroz Street, Jodia Bazar,
Karachi. Undetermined Undetermined |
|
Factory Address Owned / Rented Area (approx) |
F 213, Shershah, Karachi, Pakistan. D 66, S.I.T.E. Karachi, Pakistan. F 238, S.I.T.E. Karachi, Pakistan. Undetermined Undetermined |
Few Manufacturers and a player in the same line of business were
contacted to get a feedback about SWM, its products and sponsors. All the feedback
was found Satisfactory and no disputes or untoward events including complaints
about quality of products were reported/ identified during inquiry.
DETAILS OF RELATED BUSINESSES
|
Business Name |
City |
Line of Business |
Percentile of
Shareholding |
|
H.M.Saya & CO |
Karachi |
Not Disclosed |
Not Disclosed |
|
Contact person |
Mr. Siraz |
|
Position |
HR Manager |
|
Comments |
Mr. Siraz confirmed
business operations and business information however; he declined to share
financial information. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.