MIRA INFORM REPORT

Report Date :

07.01.2014

IDENTIFICATION DETAILS

Name :	AL NAFAY TEXTILE INDUSTRY (ANT)
Registered Office :	148, North Karachi Industrial Area, Karachi
Country :	Pakistan
Date of Incorporation :	01.03.2010
Legal Form :	Proprietorship Concern
Line of Business :	manufacturers & exporter of Home Textile items
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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)
Bangladesh	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bangladesh - ECONOMIC OVERVIEW

In real terms Bangladesh's economy has grown 5.8% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, and slow implementation of economic reforms. Bangladesh remains a poor, overpopulated, and inefficiently-governed nation. Although more than half of GDP is generated through the service sector, 45% of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Bangladesh's growth was resilient during the 2008-09 global financial crisis and recession. Garment exports, totaling $12.3 billion in FY09 and remittances from overseas Bangladeshis, totaling $11 billion in FY10, accounted for almost 12% of GDP.

Source : CIA

Concern name

AL NAFAY TEXTILE INDUSTRY (ANT)

GENERAL INFORMATION

Business Name	Al Nafay Textile Industry (ANT)
Address	148, North Karachi Industrial Area, Karachi.
Telephone	(+92) (21) 36963748 0321 2405000- Akber Sattar
Fax	None
Email	al_nafy@yahoo.com
Website	None
Business activities	Manufacturers & Exporter of Home Textile (Potential Business)

Registry Details

ANT 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	3424667-3
Date of Registration	March 01, 2010
GST Registration Number	1700342466712
Date of Registration	September 11, 2013
Chamber of Commerce & Industry	None
ISO Certification	None
Other certifications	None

Capital

Type	No. of Shares	Par Value	Total Value
Authorized	N/A
Issued, Subscribed & Paid-Up

History

Who started	Mr. Akber Sattar
When started	2010
Change in management	No change
Year of change	N/A
Change in legal status	No change
Year of change	N/A
Change in business name	No change
Year of change	N/A

PRINCIPALS

(SPONSORS)

Name	Nationality
Mr. Akber Sattar	Pakistani

KEY MANAGEMENT

Name	Position in organization	Qualification	Years in employment
Mr. Akber Sattar	Proprietor	Undetermined	Undetermined
Mr. Amjad	Manager	Undetermined	Undetermined

Statutory offices	Name of service provider
Statutory Auditors	Not Appointed
Legal Advisory Services	Not Appointed

BANKERS

Bank name	Approved financing limits
None

DETAILS OF BUSINESS ACTIVITIES

ANT plans to be the manufacturers & exporter of Home Textile items, at the moment ANT is just at the planning stage, the owner plans to export home textile items to USA and European countries but no business activities have commenced yet.

Purchases (Incl. Imports)

Imports from	None
Importing terms	N/A
Local (%)	None
Local buying terms	N/A

Sales (Incl. Exports)

Exports to	None
Exporting terms	N/A
Local %	None
Local selling terms	N/A

NUMBER OF EMPLOYEES

Nature of employment	Current Year	Previous Year
All Staff	None

BUSINESS FACILITIES

Visit Address Owned / Rented Area (approx)

148, North Karachi Industrial Area, Karachi. Rented (Claimed) Undetermined

MARKET REPUTATION

ANT business is not operational, the contact person did not provide us the supplier / buyer details.

DETAILS OF RELATED BUSINESSES

Business Name	City	Line of Business	Percentile of Shareholding
Ayaan Enterprises	Karachi	Undetermined	Undetermined

BUSINESS PERFORMANCE

The contact person claimed that they are still in the process of initialization and no accounts have been prepared to date.

INTERVIEW & REPORTER COMMENTS

Contact person	Mr. Amjad
Position	Manager
Contact Person Comments	Mr. Amjad told us that the business is in operation but not any export from this concern .
Analyst’s Observations/ comments	i) We visited the inquiry address but we found out that the building is under construction and no operations have commenced yet. ii) No business setup was observed. iii) The contact person told us that he plans to setup the business properly at the same address. iv) The contact person claimed that he is doing business in the name of Zumra Enterprises as a partnership firm but now plans to initiate Al-Nafay textile industry if his own. v) At the time of visit Mr. Akber Sattar was not available at the inquiry address. vi) We met Mr. Amjad who told us that Mr. Akber Sattar was at another address which is a temporary address of the concern but that address was not disclosed to us. vii) The contact person did not disclose any related concern but on investigation we found out that he is running another concern by the name of Ayaan Enterprises.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.33
UK Pound	1	Rs.101.99
Euro	1	Rs.84.62

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%)

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