MIRA INFORM REPORT

Report Date :

07.04.2014

IDENTIFICATION DETAILS

Name :	SYMBOL INDUSTRIES (PVT) LIMITED

Registered Office :	23 K.M., Multan Road, Mohlanwal, Lahore

Country :	Pakistan

Financial as on:	30.06.2009

Date of Incorporation :	2005

Com. Reg. No.:	0050437

Legal Form :	Private Limited Company

Line of Business :	The principal activity of the subject is to manufacture and sales of all kinds of Tyres, Tubes & XPS insulation material

No. of Employees	165 persons

RATING & COMMENTS

MIRA’s Rating :

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 – december 01, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Pakistan

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 was 6.6% in 2013, 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. 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 following two years, 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 3.5% per year from 2008 to 2013. 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

Company name

SYMBOL INDUSTRIES (PVT) LIMITED

Full Address

Registered Address & Factory

23 K.M., Multan Road, Mohlanwal, Lahore, Pakistan

Tel #	92 (42) 111-111-666, 37540336, 37540337
Fax #	92 (42) 37540335

Short Description Of Business

a.	Nature of Business	The principal activity of the Company is to manufacture and sales of all kinds of Tyres, Tubes & XPS insulation material
b.	Year Established	2005
c.	Registration #	0050437

Branches

In Lahore & Karachi at present

Auditors

Javed Chaudhry & Co.

(Chartered Accountants)

Legal Status

Subject Company was established as a Private Limited Company in 2005

Authorized Capital	Rs. 170,000,000/- divided into 17,000,000 shares of Rs. 10/- each
Issued & Paid up Capital	Rs. 105,000,000/- divided into 10,500,000 shares of Rs. 10/- each

Details of Directors

Names

Designation

Mr. Mubashir Iftikhar

Mr. M.H. Pervez

Chief Executive

Director

Shareholders

Names

No. of Shares

Mr. Mubashir Iftikhar

Mrs. Asma Shariq

Mr. Mudassir Iftikhar

Mr. Bilal Ejaz

Mr. Muzammil Ejaz

Mr. Mustafa Luqman

Mr. Arshad Ali Khan

Mr. Iftikhar Shaffi

Mrs. Seema Iftikhar

Mr. Shariq Iftikhar

Mrs. Armeen Mubashir

Mrs. Sana Bilal

Mrs. Uzma Muzammil

Capital Industrial Enterprises (Pvt) Limited, Pakistan

Mr. M.H. Pervez

315,000

629,500

892,500

262,500

5,000

100,000

367,500

315,000

420,000

5,250,000

500

Associates

A. Subsidiary

None

Associated Companies

(1) Diamond Tyres Limited, Pakistan.

(2) Capital Industrial Enterprises (Private) Limited, Pakistan.

(3) Diamond Home Textile (Private) Limited, Pakistan.

(4) Diamond Industries Limited, Pakistan.

(5) Shaffi Chemical Industries Limited, Pakistan.

Business Activities

Subject Company is engaged in manufacture and sales of all kinds of Tyres, Tubes & XPS insulation material.

Its mainly import Raw Materials through L/C, D/P basis.

Its importing countries are European Countries, China, Korea, Japan, Canada, U.K. & Malaysia

Its main customers are Distribution Companies, Private Companies etc

Subject operates from caption leased factory premises situated at industrial area of Lahore.

Subject employs about 165 persons in its set up.

Annual Production Volume

Annual production volume is indeterminable as it mainly depends on the requirements from their domestic as well as international customers

Annual Sales Volume

Year	In Pak Rupees
2009	618,137,584/-

Bankers

(1) Habib Bank Limited, Pakistan.

(2) Bank Alfalah Limited, Pakistan.

(3) Standard Chartered Bank, Pakistan.

(4) Silk Bank Limited, Pakistan.

(5) Soneri Bank Limited, Pakistan.

(6) Faysal Bank Limited, Pakistan.

Memberships

Lahore Chamber of Commerce & Industry.(LCCI)

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 100.00
UK Pound	1	Rs. 166.50
Euro	1	Rs. 138.00

Comments

Subject is a well-established company having satisfactory track. Directors are reported as qualified, experienced and resourceful businessmen. 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.60.32
UK Pound	1	Rs.100.04
Euro	1	Rs.82.65

INFORMATION DETAILS

Analysis Done by :	SUM

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%)

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