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Report No. : |
307065 |
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Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
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Name : |
TECNO PACK INDUSTRIES (PVT) LIMITED |
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Registered Office : |
Office
No. JF-7, Mezzanine Floor, Jason Trade Centre, Shahrah-e-Faisal, |
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Country : |
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Date of Incorporation : |
1971 |
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Com. Reg. No.: |
0016571 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in manufacture
& marketing of Auto Parts. |
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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 |
|
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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 |
|
Risk Category |
ECGC
Classification |
|
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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TECNO PACK
INDUSTRIES (PVT) LIMITED |
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Registered
Address |
|
Office
No. JF-7, Mezzanine Floor, Jason Trade Centre, Shahrah-e-Faisal, Karachi,
Pakistan |
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Tel # |
92 (21) 34541994, 34541995, 34541996 |
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Fax # |
92 (21) 34541997 |
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Email |
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a. |
Nature of Business |
Engaged in manufacture & marketing of
Auto Parts |
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b. |
Year Established |
1971 |
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c. |
Registration # |
0016571 |
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Factory is located at industrial area of
Karachi |
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Rao & Co. (Chartered Accountants) 4, Karachi Chambers, Hasrat Mohani Road, Karachi, Pakistan |
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The foundation of the Amigo Group of Companies was laid down in 1971 by
its Chairman, Mr. Iqbal Allawala, with the formation of a sole proprietorship
entity by the name of Tecno Pack Industries, a firm that was later in 1987
converted to a Private Limited Company by the name of Tecno Pack Industries
(Pvt.) Limited. |
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6. |
Authorized Capital |
Rs. 100,000/- divided into
1,000 shares of Rs. 100/- each |
|
|
Issued & Paid up Capital |
Rs. 55,500/- divided into 555 shares of Rs. 100/- each |
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Names |
Designation |
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Mr. Iqbal Ahmed Allawala Mr. Adeel Ahmed Allawala Mr. Ali Ahmed Allawala Mr. Abdul Rehman Aizaz |
Chief Executive Director Director Director |
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Names |
No. of Shares |
|
Mr. Iqbal Ahmed Allawala Mrs. Shakila Iqbal Allawala Mr. Adeel Ahmed Allawala Mr. Ali Ahmed Allawala Mr. Abdul Rehman Aizaz |
2 1 207 207 138 |
A. Subsidiary
None
B. Associated Companies
Amigo Commodities (Pvt) Limited, Pakistan.
(2) Alpha International, Pakistan.
Subject Company is engaged in manufacture & marketing of Auto Parts.
It purchases raw materials against L/C, D/P basis.
It sells against cash term basis to its local customers.
It’s mainly import from Japan, European Countries, China, Taiwan & Korea.
Its major customers are Automotive Manufacturers, Tractor Assemblers, Private Companies etc.
Subject operates from caption leased office premises situated at commercial & industrial centers of Karachi.
Subject employs about 120 persons in its set up.
|
Year |
In Pak Rupees |
|
2013 |
180,000,000/- (Estimated) |
|
Subject mainly import from Companies belongs to Japan, European Countries, China, Taiwan & Korea |
Bank Al-Habib Limited, Pakistan.
MCB Bank Limited, Pakistan.
United Bank Limited, Pakistan.
Standard Chartered Bank, Pakistan.
(Total Mortgage obtained PKR: 205,898,801/=)
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 1971 and is
engaged in manufacture & marketing of Auto Parts. Directors are reported as qualified & experienced businessmen.
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.62.43 |
|
|
1 |
Rs.95.02 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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 |
|
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 |
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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.