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Report No. : |
315585.2 |
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Report Date : |
15.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
BASFA TEXTILE
(PVT) LIMITED |
|
|
|
|
Registered Office : |
20-K.M., Ferozepur Road, Alnoor Town, Lahore |
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|
|
|
Country : |
Pakistan |
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|
|
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Date of Incorporation : |
2006 |
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|
|
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Com. Reg. No.: |
0057106 |
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|
|
|
Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Manufacturers & Exporters of Cotton Yarn for Weaving |
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|
|
|
No. of Employees : |
180 |
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 : |
No Complaints |
|
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Pakistan |
B1 |
B1 |
|
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-fourth of output and two-fifths of employment.
Textiles account for most of Pakistan's export earnings, and Pakistan's failure
to diversify its exportshas left the country vulnerable to shifts in world
demand. Official unemployment was 6.9% in 2014, but this fails to capture the
true picture, because much of the economy is informal and underemployment
remains high. Pakistan’s human development continues to lag behind most of the
region.. As a result of political and macroeconomic instability, the Pakistani
rupee has depreciated more than 40% since 2007. The government agreed to an
International Monetary Fund Standby Arrangement in November 2008 to preventa
balance of payments crisis, but the IMF ended the Arrangement early because of
Pakistan’s failure to implement required reforms. The economy has stabilized,
it continues to underperform and foreign investment has not returned to levels
seen during themid-2000’s, due to investor concerns related to governance,
electricity shortages, , and a slow-down in the global economy. Remittances
from overseas workers, averaging more than$1 billion a month, remain a bright
spot for Pakistan. After a small current account surplus in fiscal year 2011
(July 2010/June 2011), Pakistan's current account turned to a deficit where it
remained through 2014, spurred by higher prices for imported oil and lower
prices for exported cotton. In September 2013, after facing balance of payments
concerns, Pakistan entered into a three-year, $6.7 billion IMF Extended Fund
Facility. The Sharif government has since made modest progress implementing
fiscal and energy reforms, and in December 2014 the IMF described Pakistan’s
progress as “broadly on track.” Pakistan remains stuck in a low-income,
low-growth trap, with growth averaging about 3.5% per year from 2008 to 2014.
Pakistan must address long standing issues related to government revenues and
the electricity and natural gas sectorsin 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 |
BASFA TEXTILE
(PVT) LIMITED
|
Registered
Address |
|
20-K.M., Ferozepur Road, Alnoor Town,
Lahore, Pakistan |
|
Tel # |
92 (42) 35271473, 35271474 |
|
Fax # |
92 (42) 35271472 |
|
Email |
|
a. |
Nature of Business |
Manufacturers & Exporters of Cotton Yarn for Weaving |
|
b. |
Year Established |
2006 |
|
c. |
Registration # |
0057106 |
36-K.M., Ferozepur Road,
Nabi Baksh Colony, Lahore,
Pakistan
|
A. Aziz Chaudhary & Co. (Chartered Accountants) 38, Shahrah-e-Quaid-e-Azam, Lahore,
Pakistan |
|
Subject Company was incorporated as a Private Limited Company in 2006 |
|
Authorized Capital |
Rs. 100,000,000/- divided into 1,000,000
shares of Rs. 100/- each |
|
Issued & Paid up Capital |
Rs. 1,000,000/- divided into 10,000 shares
of Rs. 100/- each |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Jahangir Salim Mr. Sajid Jahangir Mr. Babar Jahangir |
Pakistani Pakistani Pakistani |
20-K.M., Ferozepur Road, Alnoor Town,
Lahore 20-K.M., Ferozepur Road, Alnoor Town,
Lahore 20-K.M., Ferozepur Road, Alnoor Town,
Lahore |
Business Business Business |
Chief Executive Director Director |
|
Names |
No. of Shares |
|
Mr. Jahangir Salim Mr. Sajid Jahangir Mr. Babar Jahangir |
5,000 2,500 2,500 |
A. Subsidiary
None
B. Associated
Companies
|
(1) Basfa Industries (Pvt) Ltd, Pakistan. (2) Crown Chemical & Motor Co.,
Pakistan. |
Subject Company is engaged in manufacture & export of Cotton Yarn
for Weaving.
It’s mainly import Raw Materials, Textile Machineries through L/C, D/A basis.
It exports its product through L/C,
D/P basis.
Its exporting countries are European Countries & U.S.A.
It’s mainly import from China, Taiwan, Korea, Indonesia, Hong Kong,
Thailand & Japan.
Its major customers are Buying
Agencies, Local Textile Companies, International Buyers etc.
Subject operates from caption leased office & factory premises situated
at industrial centers of Lahore.
Subject employs about 180
persons in its set up.
|
Year |
In Pak Rupees |
|
2014 |
400,000,000/- (Estimated) |
|
Annual production volume
is indeterminable as its mainly depends upon the requirement from
international Customers and also according to the demand in worldwide markets |
|
Subject mainly import from Companies belongs to China, Taiwan, Korea,
Indonesia, Hong Kong, Thailand & Japan |
|
(1) Habib Bank Limited, Pakistan. (2) Faysal Bank Limited, Pakistan. (3) Bank Alfalah Limited, Pakistan. (4) Bank Alhabib Limited, Pakistan. (5) Standard Chartered Bank, Pakistan. (Total mortgage obtained
PKR: 400,000,000/-) |
Lahore Chamber of Commerce & Industry.(LCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 102.35 |
|
UK Pound |
1 |
Rs. 151.50 |
|
Euro |
1 |
Rs. 111.00 |
Subject Company was established in 2006 and
is engaged in manufacture & export of Cotton Yarn for Weaving. Overall reputation is normal. 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.62.39 |
|
|
1 |
Rs.91.05 |
|
Euro |
1 |
Rs.66.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.