|
Report Date : |
04.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHAAFTEX INTERNATIONAL (SI) |
|
|
|
|
Registered Office : |
P-1, Ward # 8, Karkhana Bazar, |
|
|
|
|
Country : |
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|
|
|
|
Year of Establishments: |
1999 |
|
|
|
|
Legal Form : |
Partnership Concern |
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|
|
|
Line of Business : |
manufacturer and exporter of Home Textile products including :- · Textile made ups: Polyester comforter Bedroom
Cushions Pillows Sleeping
Bag |
|
|
|
|
No. of Employees : |
80 |
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 |
|
Maximum Credit Limit : |
PKR 1,00,000 |
|
|
|
|
Status : |
Satisfactory |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
NOTE
In the absence of financials, no credit limit could be recommended.
|
Business Name |
Shaaftex International (SI) |
|
Address |
Registered
Address: P-1, Ward # 8, Karkhana Bazar, Faisalabad Mill
Address: P-109-A, Small Industrial Estate, Nalka
Kohala, Sargodha Road, Faisalabad. |
|
Telephone |
(+92) (41) 8586479 |
|
Fax |
(+92) (41) 8586478 |
|
Email |
|
|
Website |
|
|
Business
activities |
Manufacturer and Exporters of textile
products (Home Textile) |
|
Credit Limit |
PKR 1,00,000 |
SI is partnership firm hence registration with any regulatory body is
not mandatory.
|
CRO Registration
Number |
N/A |
|
Date of
Registration |
Other registry
& certification details:
|
Current Legal
Form |
Partnership Concern |
|
National Tax
Registration Number |
1338623-9 |
|
Date of
Registration |
February 26, 2002 |
|
GST Registration
Number |
0890999135464 |
|
Date of
Registration |
October 04, 1999 |
|
Chamber of
Commerce & Industry |
Faisalabad Chamber Of Commerce & Industries |
|
ISO
Certification |
ISO: 90001 Registration # 05119 |
|
Type |
No. of Shares |
Par Value |
Total Value |
|
Authorized |
N/A |
||
|
Issued,
Subscribed & Paid-Up |
|||
|
Who started |
Partners |
|
When started |
Since 1999 |
|
Change in
management |
None |
|
Year of change |
N/A |
|
Change in legal
status |
None |
|
Year of change |
N/A |
|
Change in
business name |
None |
|
Year of change |
N/A |
(SPONSORS)
|
Name |
Number of Shares |
Nationality |
Appointment Date (Last) |
|
Mr. Muhammad
Umer |
20% |
Pakistani |
Undetermined |
|
Mr. Muhammad
Usman |
20% |
Pakistani |
Undetermined |
|
Mr. Muhammad
Ahmed |
20% |
Pakistani |
Undetermined |
|
Mr. Khalid
Mehmood |
20% |
Pakistani |
Undetermined |
|
Mrs. Kosar
Perveen |
20% |
Pakistani |
Undetermined |
|
Name |
Position in organization |
Qualification |
Years
in employment |
|
Mr. Muhammd Umer |
Managing Partner |
MBA |
1999 |
|
Mr. Muhammad
Usman |
Partner |
Graduation |
1999 |
|
Mr. Muhammad
Ahmed |
Partner |
Graduation |
1999 |
|
Mr. Khalid
Mehmood |
Partner |
Graduation |
1999 |
|
Mrs. Kosar
Perveen |
Partner |
Intermediate |
1999 |
|
Statutory offices |
Name of service
provider |
|
Statutory Auditors |
N/A |
|
Legal Advisory Services |
Mr. Mian Muhammad Aslam |
|
Bank name |
Approved
financing limits PKR |
|
United Bank Limited |
75,000,000 |
The core business focus of SI is manufacturing
and export of Home textile products. SI commenced operations in Pakistan in
1999. The goal is to become the pioneers in the industry, we also observed
that, though SI commenced operation in 1999 but the sponsor’s family and
forefathers are known to be the pioneers of yarn industry in the local market
and dealers in market regard them highly.
Products:
·
Textile made ups: Polyester comforter
·
Bedroom Cushions
·
Pillows
·
Sleeping Bag
|
Imports from |
70% from Korea, China, Taiwan |
|
Importing terms |
L/C , Cash |
|
Local % |
30% |
|
Local buying
terms |
Cash and Credit |
|
Exports to |
60% to England, Ireland, Canada |
|
Exporting terms |
L/C, Cash |
|
Local % |
40% |
|
Local selling
terms |
Cash and Credit |
|
Nature
of employment |
Current
Year |
Previous
Year |
|
All Staff |
80 |
Undetermined |
|
Total |
80 |
Undetermined |
|
Head Office
Address Owned / Rented Area (approx) |
P-1, Ward # 8, Karkhana Bazar, Faisalabad Owned (area not disclosed) |
|
Factory Address Owned / Rented Area (approx) |
P-109-A, Small Industrial Estate, Nalka Kohala, Sargodha Road,
Faisalabad. Owned (area not disclosed) |
Four buyers were contacted to get a feedback about SI and its products. All the
feedback was found Satisfactory and no disputes or untoward events including
complaints about quality of products were reported/ identified during inquiry.
|
Business
Name |
City |
Line
of Business |
Percentile
of Shareholding |
|
None |
|||
INTERVIEW &
REPORTER COMMENTS
|
Contact person |
Mr. Muhammad Afzal Bashir |
|
Position |
Export Manager |
|
Contact Person
Comments |
Mr. Muhammad Afzal Bashir confirmed business operations and business
information. |
|
Analyst’s
Observations/ comments |
i)
Sign board was observed at the entrance of the
concern. ii)
Sufficient stocks was observed at the time of visit. iii)
Labor force was found actively working during the
visit. iv)
Subject’s office is situated in Small Industrial
Estate of Faisalabad. v)
Neighbor’s comments regarding subject were found
satisfactory. vi)
Market sources confirmed that the forefather of
the sponsors are considered as pioneers in yarn industry and the concern has
recently commenced operation in the home textile market. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.69 |
|
UK Pound |
1 |
Rs.102.97 |
|
Euro |
1 |
Rs.84.58 |
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.