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Report Date : |
25.03.2014 |
IDENTIFICATION DETAILS
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Name : |
M.K. SONS (PVT) LIMITED |
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Registered Office : |
2-K.M., Jaranwala Road, Khurrianwala, Faisalabad |
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Country : |
Pakistan |
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Date of Incorporation : |
1985 |
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Reg. No.: |
0013086 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in manufacture & export of Quality Fabrics,
Made-ups and Institutional Garments |
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No. of Employees : |
300 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – 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
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 |
M.K.
SONS (PVT) LIMITED
|
Registered
Address & Factory |
|
2-K.M., Jaranwala Road, Khurrianwala,
Faisalabad, Pakistan |
|
Tel
# |
92 (41) 4363761 - 764 (4 Lines), 4360501 |
|
Fax
# |
92 (41) 4360187, 4362762 |
|
a. |
Nature of Business |
Engaged in manufacture & export of
Quality Fabrics, Made-ups and Institutional Garments |
|
b. |
Year Established |
1985 |
|
c. |
Registration # |
0013086 |
None
Hyder Bhimji & Co.
(Chartered
Accountants)
Subject Company was established as a Private
Limited Company in 1985
|
Authorized Capital |
Rs. 100,000,000/- divided
into 1,000,000 shares of Rs. 100/- each |
|
Issued & Paid up Capital |
Rs. 100,000,000/-
divided into 1,000,000 shares of Rs. 100/- each |
|
Names |
Designation |
|
Mr. Javed Akhtar Mr. Pervez Akhtar Mst. Binat-e-Rasool Mr. Naeem Akhtar Mr. Muhammad Babar Mrs. Fareeha Javed |
Chief Executive Director Director Director Director Director |
|
Names |
No.
of Shares |
|
Mr. Javed Akhtar Mr. Pervez Akhtar Mst. Binat-e-Rasool Mr. Naeem Akhtar Mr. Muhammad Babar Mrs. Fareeha Javed |
384,516 153,846 100 53,846 253,846 153,846 |
A. Subsidiary
None
B. Associated
Companies
M.K. Enterprises, Pakistan.
Azad Hakeem Goods Transport Co, Pakistan.
Subject Company is engaged in manufacture
& export of Quality Fabrics, Made-ups and Institutional Garments.
Its mainly import Textile Raw Materials,
Machineries through L/C, D/A, D/P
basis.
In case of export, payment would be made
through L/C, D/P basis.
It’s mainly import from Companies belongs to
China, India, Thailand, Hong Kong &
European Countries.
Its main customers are reputable companies,
worldwide.
Subject operates from caption leased factory
premises situated at industrial area of Faisalabad.
Subject employs about 300 persons in its set up.
|
Year |
In
Pak Rupees |
|
2012 |
400,000,000/- (Estimated) |
Approximately 300,000 pieces per month
(1) Faysal Bank Limited, Pakistan.
(2) Citibank N.A., Pakistan.
(3) Allied Bank Limited, Pakistan.
(4) Askari Bank Limited, Pakistan.
(5) Bank Alfalah Limited, Pakistan.
(6) Standard Chartered Bank, Pakistan.
(7) Soneri Bank Limited, Pakistan.
(8) United Bank Limited, Pakistan.
(Total Mortgage obtained PKR: 4,504,060,000/-)
Faisalabad Chamber of Commerce &
Industry.(FCCI)
Federation Pakistan Chamber of Commerce
& Industry.(FPCCI)
|
Currency |
Unit |
Pakistani
Rupee |
|
US Dollar |
1 |
Rs. 100.20 |
|
UK Pound |
1 |
Rs. 165.00 |
|
Euro |
1 |
Rs. 138.00 |
Subject Company was established in 1985 and
is engaged in manufacture & export of Quality Fabrics, Made-ups and
Institutional Garments. Market reputation is satisfactory. 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.60.70 |
|
|
1 |
Rs.100.10 |
|
Euro |
1 |
Rs.83.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.