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Report No. : |
355746 |
|
Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
GLARING SPORTS (PVT) LIMITED |
|
|
|
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Registered Office : |
Haji Pura, Daska Road, Sialkot |
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|
|
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Country : |
Pakistan |
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|
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Date of Incorporation : |
1983 |
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|
|
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Com. Reg. No.: |
0010784 |
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|
|
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Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Manufacture & Export of Sports Goods Sports Wear |
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|
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No. of Employees : |
40 |
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 |
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 exports has 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 the mid-2000s, 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 sectors 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 |
In absence of financials, no credit limit could be recommended.
GLARING SPORTS (PVT) LIMITED
|
Registered
Address |
|
Haji Pura, Daska Road, Sialkot, Pakistan |
|
Tel # |
92 (52) 3552421, 3553256, 3550477 |
|
Fax # |
92 (52) 3550477 |
|
a. |
Nature of Business |
Manufacture & Export of Sports Goods Sports Wear |
|
b. |
Year Established |
1983 |
|
c. |
Registration # |
0010784 |
|
None |
|
S.R. Hussain & Company (Chartered Accountants) |
|
Subject Company was established as a Private Limited Company in 1983 |
|
Authorized Capital |
Rs. 1,200,000/- divided into 12,000 shares
of Rs. 100/- each |
|
Issued & Paid up Capital |
Rs. 880,000/- divided into 8,800 shares of
Rs. 100/- each |
|
Names |
Designation |
|
Mr. Javed Akhtar Mr. Peraiz Akhtar Mr. Fayyaz Ahmad Mr. Ashfaq Ahmad Mr. Tariq Mehmood |
Chief Executive Director Director Director Director |
|
Names |
No. of Shares |
|
Mr. Javed Akhtar Mr. Peraiz Akhtar Mr. Fayyaz Ahmad Mr. Ashfaq Ahmad Mr. Tariq Mehmood |
2,100 2,100 2,100 2,100 400 |
A. Subsidiary
None
B. Associated
Companies
- Do -
Subject Company is engaged in manufacture & export of Sports Goods
Sports Wear.
Its exporting countries are European Countries.
Payments would be accepted / made through L/C, D/P basis to its trade suppliers / customers globally.
Its importing Countries are China, Taiwan, Korea & European
Countries.
Its major customers are International Buyers, Private Companies,
International Sports Associations, Worldwide.
Subject operates from caption leased factory premises situated at
commercial & industrial area of Sialkot.
Subject employs about 40
persons in its set up.
|
Year |
In Pak Rupees |
|
2014 |
20,000,000/- (Estimated) |
|
Its mainly depends upon the requirement from their foreign clients / customers
according to the demand and supply in domestic as well as international
markets. |
Habib Bank Limited, Pakistan.
United Bank Limited, Pakistan.
Allied Bank Limited, Pakistan.
MCB Bank Limited, Pakistan.
Sialkot Chamber of Commerce & Industry. (SCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 106.20 |
|
UK Pound |
1 |
Rs. 158.20 |
|
Euro |
1 |
Rs. 115.00 |
Subject Company was established in 1983 and is engaged in manufacture
& export of Sports Goods & Sports Wear. 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.66.30 |
|
|
1 |
Rs.98.70 |
|
Euro |
1 |
Rs.72.33 |
|
PKR |
1 |
Rs.0.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.