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Report Date : |
04.03.2014 |
IDENTIFICATION DETAILS
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Name : |
AL-RAZZAQ FIBRES (PVT) LIMITED |
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Registered Office : |
208, Saya Centre, Mr-6/53/1, Muhammad Feroz Street, Jodia
Bazar, Karachi |
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Country : |
Pakistan |
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Date of Incorporation : |
10.05.2013 |
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Com. Reg. No.: |
0083775 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
importer, manufacturer
and marketer of Textile
Products including Yarn and Fibre |
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No. of Employees : |
more than 10 persons |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 sales
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
AL-RAZZAQ FIBRES (PVT) LIMITED
Registered Address
208, Saya Centre, Mr-6/53/1, Muhammad Feroz Street, Jodia
Bazar, Karachi, Pakistan
Tel # 92 (21) 32418122,
32419028
Fax # 92 (21)
32419028
Email mimd@cyber.net.pk
|
a. |
Nature of Business |
Engaged in import, manufacture &
marketing of Textile Products including Yarn & Fibre |
|
b. |
Year Established |
10th May, 2013 |
|
c. |
Registration No. |
0083775 |
None
M. Salim Associates
(Chartered
Accountants)
Subject Company was established as a Private Limited Company in 10th May, 2013
|
Authorized Capital |
Rs. 90,000,000/-
divided into 900,000 shares of Rs. 100/- each |
|
Issued & Paid up Capital |
Rs. 90,000,000/-
divided into 900,000 shares of Rs. 100/- each |
|
Names |
Designation |
|
Mr. Mustafa Saya Mr. Muhammad Saya |
Chief Executive Director |
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Names |
No. of Shares |
|
Mr. Mustafa Saya Mr. Muhammad Saya Mr. Muhammad Yasin Saya Mr. Muhammad Ajaz Saya Mrs. Parveen Yasin Mr. Muzammil Saya |
433,250 433,250 9,000 1,000 8,000 7,750 |
A. Subsidiary
None
B. Associated Companies
-
Do -
Subject Company is engaged in import, manufacture & marketing of
Textile Products including Yarn & Fibre.
It’s mainly import Textile Raw Materials through L/C, D/A basis.
It’s mainly import from Korea, China, India, Thailand, Japan, Indonesia,
Hong Kong & Taiwan.
Subject operates from caption leased office premises which is situated
at commercial market of Karachi.
Subject employs more than 10
persons in its set up.
|
Year |
In Pak Rupees |
|
2013 |
Not ascertained as the subject is a new
Company |
Not yet commenced its commercial production
(1) K.A.S. INDUSTRIES INDIA LTD, INDIA.
None
(1) Bank Alfalah
Limited, Pakistan.
(2) Bank Al-Habib
Limited, Pakistan.
(3) Faysal Bank
Limited, Pakistan.
(6) KASB Bank Limited,
Pakistan.
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 106.90 |
|
UK Pound |
1 |
Rs. 170.30 |
|
Euro |
1 |
Rs. 143.00 |
Subject Company was established in 10th
May, 2013 and is engaged in import, manufacture & marketing business. Trade
relations are not known. Company is new in this business. Such as conducting
business activity with the subject is considered to be a trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.86 |
|
|
1 |
Rs.103.52 |
|
Euro |
1 |
Rs.85.21 |
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 |
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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 |
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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.