|
Report Date : |
25.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
DADA |
|
|
|
|
Registered Office : |
218 - 219, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
1959 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Involved in the export and import business of raw cotton, cotton
waste, cotton linters and other trades |
|
|
|
|
No. of Employees : |
130 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Pakistan |
B2 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
DADA
|
Registered
Address |
|
218 - 219, Cotton Exchange
Building, I.I. Chundrigar Road, Karachi, Pakistan |
|
Tel # |
92 (21) 32411548, 32144549 |
|
Fax # |
92 (21) 32416530 |
|
Email |
|
a. |
Nature of Business |
Involved in the export and import business
of raw cotton, cotton waste, cotton linters and other trades |
|
b. |
Year Established |
1959 |
|
c. |
Registration # |
0001049 |
In Lahore & Multan
|
Salahuddin Kamal (Chartered Accoutants) D-8, First Floor, Jason Luxury Appartment,
Block-03, Clifton, Karachi, Pakistan |
|
Subject Company was established as a Private Limited Company in 1959 |
|
Authorized Capital |
Rs. 5,000,000/- divided into 50,000 shares of
Rs. 100/- each |
|
Issued & Paid up Capital |
Rs. 4,000,000/- divided into 40,000 shares
of Rs. 100/- each |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Haji Abdul Shakoor Dada Mr. Haji Abdul Ghaffar Dada Mr. Atif H.A. Shakoor Dada Mr. Naila A. Ghaffar Mr. Ismail Haji Ibrahim Mrs. Hajiani Farida Haji Farooq Mrs. Hajiani Feroza Haji Shamim |
Pakistani Pakistani Pakistani Pakistani Pakistani Pakistani Pakistani |
126-127, K.M.C.H.S., Karachi 126-127, K.M.C.H.S., Karachi 126-127, K.M.C.H.S., Karachi 126-127, K.M.C.H.S., Karachi 126-127, K.M.C.H.S., Karachi 126-127, K.M.C.H.S., Karachi 126-127, K.M.C.H.S., Karachi |
Business Business Business Business Business Business Business |
Chief Executive Director Director Director Director Director Director |
|
Names |
No. of Shares |
|
Mrs. Hajiani Shakoor Dada Mr. Atif H.A. Shakoor Dada Mrs. Mariam H.A. Shakoor Mr. Mudassir H.A. Shakoor Mrs. Samna Mr. Haji A. Ghaffar Dada Mrs. Naila Haji Ghaffar Mr. A. Ghani H.A. Ghaffar Mr. A. Basit H.A. Ghaffar Mrs. Zulekha H.A. Ghaffar Mrs. Hajiani Rahima Bai Mr. Ismail Haji Ibrahim Mrs. Hajiani Fatima Bai Mr. Ishaque Haji Ibrahim Mr. Yaqoob Haji Ibrahim Mrs. Hajiani Farida Bai Miss Saima H. Farooq Miss Aisha H. Farooq Miss Asra H. Farooq Mrs. Hajiani Feroza Bai Mr. Faisal Shamim Mr. Fawwad Shamim |
4,881 1,695 1,952 1,695 752 4,881 1,952 1,796 1,796 550 5,411 976 1,285 976 976 1,285 976 976 976 1,285 1,464 1,464 |
A. Subsidiary
None
B. Associated Companies
(1) Star Cotton Corp. (Pvt.) Ltd, Pakistan.
(1) Subject Company is involved in the export and import business of raw
cotton, cotton waste, cotton linters and other trades.
(2) It purchases
against L/C, D/A basis.
(3) It sells
against cash / credit term basis to its local customers.
(3) Its mainly
import from China, India, Thailand, Malaysia & Korea.
(4) Its major customers are Traders, Buying Agencies, Millers located at
all major cities of Pakistan.
(5) Subject operates from caption leased office premises of area
measuring 1,300 Sq.ft. situated at commercial area of Karachi.
(6) Subject employs about 130
persons in its set up.
|
Year |
In Pak Rupees |
|
2012 |
320,000,000/- (Estimated) |
(1)
National Bank of Pakistan, Nicol Road Branch, Karachi,
Pakistan.
(2)
Bank Al-Habib Ltd., I. I. Chundrigar Road, Main
Branch, Karachi, Pakistan.
(3)
Al-Baraka Bank Pakistan Limited, Main Branch,
Karachi, Pakistan.
·
Karachi Cotton Association.(KCA)
·
Karachi Chamber of Commerce & Industry.(KCCI)
·
Federation Pakistan Chamber of Commerce &
Industry.(FPCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 100.25 |
|
UK Pound |
1 |
Rs. 166.25 |
|
Euro |
1 |
Rs. 133.25 |
Dada
Sons (Private) Limited, Karachi, Pakistan, is one of the oldest cotton
trading company in Pakistan, incorporated in the 1950s. It has more than 50
years of experience in the cotton ginning and cotton export business. The
company was founded by the company’s former chairman late Mr. Aba Umer Dada on
the principles of honesty and hard work. He was a self made and renowned
businessman of Pakistan with full knowledge of cotton, grains and other trades.
Mr. Abdul Shakoor Dada, the eldest son of late Mr. Aba Umer Dada is now holding
chairmanship of the company since 1989. He joined the company after his
graduation in 1964 and has business experience, in the field of cotton, of more
than 35 years. Mr. Abdul Shakoor Dada has also served the Karachi Cotton
Association as Chairman, Vice Chairman and Director, several times.
Subject Company was established in 1959 and
is engaged in export and import business of raw cotton, cotton waste, cotton
linters and other trades. All the directors are reported as resourceful and
experienced businessmen. Market reputation is good. Trade relations are
reported as fair. The Company can be considered for normal business dealings at
usual trade terms and conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.43 |
|
|
1 |
Rs.100.23 |
|
Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.