|
Report No. : |
302973 |
|
Report Date : |
16.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SWISSPO SPORTS (MFG.) CO. (PVT) LIMITED |
|
|
|
|
Registered Office : |
Swisspo Road, Christian Town, Sialkot |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year of
Establishment : |
1996 |
|
|
|
|
Com. Reg. No.: |
0036802 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacture & Marketing of Sports Goods, Sports Wear, Sports
Garments & Leather Garments |
|
|
|
|
No. of Employees : |
70 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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-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 |
In absence of financials, no credit limit could be recommended.
SWISSPO SPORTS (MFG.) CO. (PVT) LIMITED
|
Registered Address & Factory |
|
Swisspo Road, Christian Town, Sialkot, Pakistan |
|
Tel # |
92 (52) 4264920, 4264921 |
|
Fax # |
92 (52) 4264922 |
|
Email |
|
a. |
Nature of Business |
Manufacture & Marketing of Sports Goods, Sports Wear, Sports Garments
& Leather Garments |
|
b. |
Year Established |
1996 |
|
c. |
Registration # |
0036802 |
|
Factory is located at industrial area of
Sialkot |
|
Ayub & Co. (Chartered
Accountants) Mughal Plaza Kutchery Road, Sialkot,
Pakistan |
|
Subject Company was established as a Private Limited Company in 1996 |
|
Authorised Capital |
Rs. 10,000,000/- divided into 100,000 shares
of Rs. 100/- each |
|
Issued & Paid up Capital |
Rs. 5,711,000/- divided into 57,110 shares
of Rs. 100/- each |
|
Names |
Designation |
|
Mr. Abdul Sattar Mr. Abdul Ghaffar Mr. Ghulam Mustafa |
Chief Executive Director Director |
|
Names |
No. of Shares |
|
Mr. Abdul Sattar Mr. Abdul Ghaffar Mr. Ghulam Mustafa |
19,040 19,035 19,035 |
A. Subsidiary
None
B. Associated Companies
- Do -
Subject Company is engaged in manufacture & marketing of Sports Goods,
Sports Wear, Sports Garments & Leather Garments.
Payments would be accepted / made through L/C, D/A basis.
Its main exporting countries are European Countries & Gulf
Countries.
Its major customers are world recognized sports associations, Buying Agencies,
International Buyers.
Subject operates from caption leased factory situated at commercial
& industrial area of Sialkot.
Subject employs about 70
persons in its set up.
|
Year |
In Pak Rupees |
|
2013 |
50,000,000/- (Estimated) |
|
Its mainly depends upon the requirement from their foreign clients /
customers according to the demand and supply in the markets. |
(1) MCB Bank Limited, Pakistan.
(2) United Bank Limited, Pakistan.
(3) Habib Bank Limited, Pakistan.
(4) NIB Bank Limited, Pakistan.
Sialkot Chamber of Commerce & Industry. (SCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 100.75 |
|
UK Pound |
1 |
Rs. 152.00 |
|
Euro |
1 |
Rs. 118.75 |
Subject Company was established in 1996 and is engaged in manufacture
& marketing of Sports Goods, Sports Wear, Sports Garments & Leather
Garments. 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.61.76 |
|
|
1 |
Rs.94.02 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.