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Report Date : |
02.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASIF SULTAN TRADE IMPEX |
|
|
|
|
Registered Office : |
Haider Street #1, Neka Pura, P.O. Box 1730, Sialkot |
|
|
|
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Country : |
Pakistan |
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|
|
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Date of Incorporation : |
1979 |
|
|
|
|
Legal Form : |
Partnership |
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|
|
|
Line of Business : |
Subject is engaged in manufacture & export of Sports Goods &
Industrial Gloves. |
|
|
|
|
No of Employees : |
About 110 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Pakistan |
B2 |
B1 |
|
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 |
ASIF SULTAN TRADE
IMPEX
|
Registered
Address |
|
Haider Street #1, Neka Pura, P.O. Box 1730, Sialkot, Pakistan |
|
Tel # |
92 (52) 4604710, 3540863, +923338748890, +923006157084 |
|
Fax # |
92 (52) 4588854 |
|
Email |
|
a. |
Nature of Business |
Engaged in manufacture & export of Sports Goods & Industrial
Gloves |
|
b. |
Year Established |
1979 |
|
None |
|
Subject Company was established as a Partnership business in 1979 |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Chaudhry Muhammad Sarwar Mrs. Sarwar |
Pakistani Pakistani |
Haider Street #1, Neka Pura, P.O. Box 1730, Sialkot Haider Street #1, Neka Pura, P.O. Box 1730, Sialkot |
Business Business |
Managing Partner Partner |
|
None |
Subject Company is engaged in manufacture & export of Sports Goods
& Industrial Gloves.
Its purchases raw materials through L/C, D/P basis
Local sales are mostly on cash term basis to its local customers.
It’s mainly import from China,
Thailand, Indonesia, Hong Kong, European Countries & Korea.
Its major customers are Industrial Organizations, Buying Agencies,
Distribution Companies, International buyers etc.
Subject operates from caption leased office & factory premises
situated at commercial & industrial area of Sialkot.
Subject employs about 110 persons in its set up.
|
Year |
In Pak Rupees |
|
2012 |
120,000,000/- (Estimated) |
|
Subject mainly import from Companies belongs to
China, Thailand, Indonesia, Hong Kong, European Countries & Korea |
|
Annual production volume is indeterminable as
it’s mainly depends upon the demand / requirements from their domestic as
well as international customers |
|
(1) United Bank Limited, Pakistan. (2) Allied Bank Limited, Pakistan. (3) Faysal Bank Limited, Pakistan. (4) Habib Bank Limited, Pakistan. |
·
Sialkot Chamber of Commerce & Industry.
·
Pakistan Sports Goods Manufacturers & Exporters
Association.
·
Pakistan Gloves Manufacturers & Exporters
Association.
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 102.60 |
|
UK Pound |
1 |
Rs. 160.65 |
|
Euro |
1 |
Rs. 127.75 |
Subject Company was established in 1979 and is engaged in manufacture
& export of Sports Goods & Industrial Gloves. Overall reputation is
normal. 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.62.14 |
|
|
1 |
Rs.97.05 |
|
Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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.