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Report No. : |
330789 |
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Report Date : |
11.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
VEE CHEM
INDUSTRIES (PRIVATE) LIMITED |
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|
|
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Registered Office : |
B-66/A, Near Bait-Ul-Hamd Masjid, S.I.T.E., Karachi |
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Country : |
Pakistan |
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Date of Incorporation : |
2006 |
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Com. Reg. No.: |
0058711 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in import, manufacture & trading of Textile
Chemicals |
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No. of Employee : |
65 |
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 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 |
VEE CHEM
INDUSTRIES (PRIVATE) LIMITED
|
Registered Address |
|
B-66/A, Near
Bait-Ul-Hamd Masjid, S.I.T.E., Karachi, Pakistan |
|
Tel # |
92 (21) 32550093 - 98 (6
Lines) |
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Fax # |
92 (21) 32550099 |
|
Email |
|
a. |
Nature of Business |
Engaged in import, manufacture & trading of Textile Chemicals |
|
b. |
Year Established |
2006 |
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c. |
Registration # |
0058711 |
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Address |
307/E Nadir Street Ferry Meadowlane West Canal Bank, Lahore, Pakistan |
|
Tel # |
92 (42) 36113239, 35292819 |
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Fax # |
92 (42) 35292819 |
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Address |
P-68, Vawda House, Vawda Street 4, Zia Town, Faisalabad, Pakistan |
|
Tel # |
92 (41) 8524576 |
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Fax # |
92 (41) 8524947 |
Faruq Ali & Co.
(Chartered Accountants)
|
Subject Company was established as a Private Limited Company in 2006 |
|
6. |
Authorized Capital |
Rs. 10,000,000/- divided into 1,000,000 shares of Rs. 10/- each |
|
|
Issued & Paid up Capital |
Rs. 2,500,000/- divided into 250,000 shares of Rs. 10/-each |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Yaqoob M. Vawda Mr. Farid Ahmed Vawda Mr. Ibrahim Yaqoob |
Pakistani Pakistani Pakistani |
8/A/11, Khayaban-e-Janbaz, Phase V, D.H.A., Karachi 8/A/11, Khayaban-e-Janbaz, Phase V, D.H.A., Karachi B-3, Surat House, 9/7B, Nazimabad, Karachi |
Business Business Business |
Chief Executive Director Director |
|
Names |
No. of Shares |
|
Mr. Yaqoob M. Vawda Mr. Farid Ahmed Vawda Mrs. Hajra Bibi Mrs. Ayesha Begum Mrs. Saadia Farid Mr. Ibrahim Yaqoob Mrs. Farida |
70,000 70,000 10,000 10,000 10,000 70,000 10,000 |
A. Subsidiary
None
B. Associated Companies
Galaxy Engineering, Pakistan.
Farid Ahmed Vawda & Co (Pvt) Limited, Pakistan.
Hajra Enterprises, Pakistan.
City Dyes & Chemicals, Pakistan.
Engaged in import, manufacture & trading of Textile Chemicals
65
Annual production volume is indeterminable as it
mainly depends upon the demand / requirements from their domestic customers
|
Year |
In Pak Rupees |
|
2013 |
120,000,000/- (Estimated) |
EVERLIGHT CHEMICAL INDUSTRIES CORPORATION, TAIWAN.
ZYDEX INDUSTRIES, INDIA.
VEE CHEM INDUSTRIES, INDIA.
RESIL CHEMICALS PRIVATE LIMITED, INDIA.
Mainly Textile Companies, Garment Manufacturers etc
Habib Metropolitan Bank Limited, Pakistan.
United Bank Limited, Pakistan.
Habib Bank Limited, Pakistan.
Meezan Bank Limited, Pakistan.
(Total Mortgage obtained PKR: 20,000,000/-)
KCCI
FPCCI
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 102.80 |
|
UK Pound |
1 |
Rs. 159.65 |
|
Euro |
1 |
Rs. 113.50 |
Subject Company was established in 2006 and is engaged in import,
manufacture & trading of Textile Chemicals. Overall reputation is
satisfactory. 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.63.38 |
|
|
1 |
Rs.97.65 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
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Report Prepared
by : |
SDA |
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.