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Report No. : |
306251 |
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Report Date : |
06.02.2015 |
IDENTIFICATION DETAILS
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Name : |
DEVELOPED TECHNOLOGIES (PVT) LIMITED |
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Registered Office : |
Plot No. 3, Sector B-VII, Karachi Export Processing Zone, Landhi Industrial Area, Karachi |
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Country : |
Pakistan |
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Date of Incorporation : |
2009 |
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Com. Reg. No.: |
0069066 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacture, import & export of Glitters, Sequins & Fibres |
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No. of Employee : |
120 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Pakistan |
B1 |
B1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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 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.
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Source
: CIA |
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DEVELOPED
TECHNOLOGIES (PVT) LIMITED |
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Registered
Address |
|
Plot No.
3, Sector B-VII, Karachi Export Processing Zone, Landhi Industrial Area,
Karachi, Pakistan |
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Tel # |
92 (21) 35084705,
35084205, 35084605 |
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Fax # |
92 (21)
35083850, 35206455 |
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a. |
Nature of Business |
Engaged in manufacture, import & export of Glitters, Sequins & Fibres |
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b. |
Year Established |
2009 |
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c. |
Registration # |
0069066 |
7 & 8,
6th Floor, Sharjah Centre,
New Challi,
Karachi, Pakistan
|
Baker
Tilly Mehmood Idrees Qamar (Chartered
Accountants) 4th Floor,
Central Hotel Building, Civil Lines, Mereweather Road, Karachi, Pakistan. |
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Subject
Company was established as a Private Limited Company in 2009 |
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6. |
Authorised
Capital |
Rs.
1,000,000/- divided into 100,000 shares of Rs. 10/- each |
|
|
Issued
& Paid up Capital |
Rs. 5,000/-
divided into 500 shares of Rs. 10/- each |
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Names |
Designation |
|
Mr.
Mahmood Shafi Batla Mrs. Asiya
Maryam Batla Mr. Dawood
Shafi Batla Mrs. Syma
Sultan |
Chief
Executive Director Director Director |
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Names |
No. of
Shares |
|
Mr.
Mahmood Shafi Batla Mrs. Asiya
Maryam Batla Mr. Dawood
Shafi Batla Mrs. Syma
Sultan |
125 125 125 125 |
A. Subsidiary
None
B. Associated
Companies
- Do -
Subject Company
is engaged in manufacture, import & export of Glitters, Sequins &
Fibres.
Its mainly
import Raw Materials, Machineries through L/C, D/P basis.
Its main
products are Glitters, Sequins & Fibres.
It sells its
product through cash term basis in local markets. Whereas in case of export,
payments would be accepted through L/C, D/P basis.
Its main
customers are Buying Agencies, Textile Manufacturers, Trading Companies etc.
Subject
operates from caption leased factory premises situated at industrial area of
Karachi.
Subject
employs about 120 persons in its set up.
|
Year |
In Pak
Rupees |
|
2013 |
70,000,000/-
(Estimated) |
Annual production
volume is indeterminable as its mainly depends upon the demand / requirements
from their domestic as well as international customers
|
Subject mainly
import from Companies belongs to European Countries, China, India, Korea,
Hong Kong, Taiwan & Japan |
|
(1) Habib
Bank Limited, Pakistan. (2) Faysal
Bank Limited, Pakistan. (3) Bank
Alfalah Limited, Pakistan. (4)
Standard Chartered Bank, Pakistan. |
Karachi
Chamber of Commerce & Industry.(KCCI)
|
Currency |
Unit |
Pakistani
Rupee |
|
US Dollar |
1 |
Rs. 101.70 |
|
UK Pound |
1 |
Rs. 152.75 |
|
Euro |
1 |
Rs. 115.00 |
Subject
Company was established in 2009 and is engaged in import, manufacture &
export business. Overall reputation is satisfactory. 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.61.87 |
|
|
1 |
Rs.94.07 |
|
Euro |
1 |
Rs.70.19 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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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 |
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-- |
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.