|
Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
S F TRADERS (SFT) |
|
|
|
|
Registered Office : |
1-B, 3rd |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2010 |
|
|
|
|
Year of Establishments: |
1980 |
|
|
|
|
Legal Form : |
Proprietorship Concern |
|
|
|
|
Line of Business : |
Importer & Indenting of Leather Chemicals |
|
|
|
|
No. of Employees : |
08 |
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 : |
Slow but Correct |
|
|
|
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
S F Traders (SFT) |
|
Address |
Head Office
Address: 1-B, 3rd North Street Phase-I, D.H.A, Karachi. Inquiry address: 1/LY-21 Fakir Mohammed Dura Khan Road lyari Quarters
Karachi. |
|
Telephone |
(+92) (21) 35381288 0300-2786537- Mr. Mohammad Shoeb |
|
Fax |
(+92) (21) 35888260 |
|
Email |
|
|
Website |
None |
|
Business activities |
Indenting of Leather Chemicals |
SFT is a proprietorship concern, registration with any regulatory body is not mandatory.
|
CRO Registration
Number |
N/A |
|
Date of Registration |
Other registry
& certification details:
|
Current Legal Form |
Proprietorship |
|
National Tax
Registration Number |
0703493-8 |
|
Date of Registration |
May 26, 1996 |
|
GST Registration
Number |
1100280051946 |
|
Date of Registration |
February 19, 2003 |
|
Chamber of Commerce
& Industry |
Karachi Chamber of Commerce & Industries |
|
ISO Certification |
None |
|
Other certifications |
None |
|
Type |
No. of Shares |
Par Value |
Total Value |
|
Authorized |
N/A |
||
|
Issued, Subscribed
& Paid-Up |
|||
|
Who started |
Mr. Mohammed Shoeb |
|
When started |
1980 |
|
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 |
Nationality |
|
Mr. Mohammed Shoeb |
Pakistani |
|
Name |
Position in organization |
Qualification |
Years in employment |
|
Mr. Mohammed Shoeb |
Proprietor |
Graduate |
Since 1980 |
|
Miss. Zarmin Shah |
Manager |
Graduate |
05 years |
|
Statutory
offices |
Name of service
provider |
|
Statutory Auditors |
Not
Appointed |
|
Legal Advisory Services |
Not
Appointed |
|
Bank name |
Approved financing
limits |
|
Habib Bank Ltd |
Depository relation |
|
NIB Bank Ltd |
Depository relation |
The core business focus of SFT is Importer & Indenting of Leather Chemicals. SFT import chemicals from China & Spain and further plan to import from India and sell in Local markets of Pakistan. The Proprietor himself possess good knowledge of the business and is running the business successfully in Pakistan, as well the proprietor has a very good relation with the foreign vendors.
Purchases (Incl.
Imports)
|
Imports from |
Spain and China |
|
Importing terms |
Contract Basis |
|
Local (%) |
None |
|
Local buying terms |
N/A |
Sales (Incl.
Exports)
|
Exports to |
None |
|
Exporting terms |
N/A |
|
Local (%) |
100 (Sindh-Punjab) |
|
Local selling terms |
Cash and Credit of 30 Days |
|
Nature of employment |
Current Year |
Previous Year |
|
Permanent |
08 |
08 |
|
Total |
08 |
08 |
|
Head office Address Owned / Rented Area (approx) |
1-B, 3rd North Street Phase-I, D.H.A, Karachi. Owned 1000 sq.yards |
|
Godown Address Owned / Rented Area (approx) |
1/LY-21 Fakir Mohammed Dura Khan Road lyari Quarters
Karachi. Owned 800 sq. yards |
Three buyers were contacted
to get a feedback about SFT, 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.
|
Business Name |
City |
Line of Business |
Percentile of Shareholding |
|
None |
|||
|
Particulars |
30-Jun-10 |
|
|
|
|
Current assets |
2,472,668 |
|
Current liabilities |
(1,670,200) |
|
Working capital |
802,468 |
|
|
|
|
Non-current assets |
1,550,700 |
|
Long term liabilities |
- |
|
Net worth |
2,353,168 |
|
|
|
|
Creditors |
1,670,200 |
|
Cash & bank balances |
502,168 |
|
|
|
|
|
|
|
Solvency |
|
|
Current ratio |
1.48 |
|
Quick ratio |
1.48 |
|
Total liabilities to net worth ratio (%) |
70.98 |
|
Contact person |
Mr. Mohammed Shoeb |
|
Position |
Proprietor |
|
Contact Person
Comments |
Mr. Mohammed Shoeb confirmed business operations and business
information however; he refused to share financial information. |
|
Analyst’s
Observations/ comments |
i)
The inquiry address is the godown address, the
contact person has shifted his head office to the new address because of the
law and order situation at the inquiry address. ii) The office was comprised of four air-conditioned rooms, with two computers and one laptop and well decorated furniture. iii) Three to four employees were present in the office. iv) Samples of Chemical were observed at site. v) During the interview we observed that Mr. Mohammed Shoeb had Good knowledge of leather industry. vi) At the time of visit office staff was busy in their respective work. vii)
Office is located in a residential area. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
|
|
1 |
Rs.102.39 |
|
Euro |
1 |
Rs.85.12 |
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.