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Report No. : |
325244 |
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Report Date : |
06.06.2015 |
IDENTIFICATION DETAILS
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Name : |
AL-RAZZAQ FIBRES (PVT) LIMITED |
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Registered Office : |
Plot No. C-7, K.D.A. Scheme No. 1, Habib Ibrahim Rahimtoola Road, Opp: P.N.S. Karsaz, Karachi |
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Country : |
Pakistan |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
10.05.2013 |
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Com. Reg. No.: |
0083775 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The principal activity of the Company are Weaving & Textile |
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No. of Employees : |
150 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 |
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Insignificant |
A1 |
|
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-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.
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Source
: CIA |
AL-RAZZAQ FIBRES
(PVT) LIMITED
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Registered
Address |
|
Plot No. C-7, K.D.A. Scheme No. 1, Habib Ibrahim Rahimtoola Road, Opp:
P.N.S. Karsaz, Karachi, Pakistan |
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Tel # |
92 (21) 34545705, 34545706 |
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Fax # |
92 (21) 34545706 |
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Email |
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a. |
Nature of
Business |
The principal activity of the Company are Weaving & Textile |
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b. |
Year Established |
10th May, 2013 |
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c. |
Registration No. |
0083775 |
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Factory is located
at industrial area of Karachi |
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M. Salim Associates (Chartered
Accountants) |
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Subject Company was established as a Private Limited Company in 10th
May, 2013 |
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6. |
Authorized Capital |
Rs. 1,350,000,000/- divided into 13,500,000
shares of Rs. 100/- each |
|
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Issued & Paid up Capital |
Rs. 1,250,000,000/- divided into 12,500,000
shares of Rs. 100/- each |
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Names |
Designation |
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Mr. Mustafa Saya Mr. Muhammad Saya Mr. Muhammad Yasin Saya |
Chief Executive Director Director |
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Names |
No. of Shares |
|
Mr. Muhammad Yasin Saya Mrs. Parveen Yasin Mr. Mustafa Saya Mr. Muhammad Saya Mr. Muzammil Saya Mrs. Falak Naz Saya |
3,000,000 2,500,000 1,750,000 1,750,000 1,750,000 1,750,000 |
A. Subsidiary
None
B. Associated Companies
|
- Do - |
Subject Company is engaged in the business of
Weaving & Textile.
It’s mainly import Textile Raw Materials through L/C, D/P basis.
Its exporting countries are Far East & European Countries
It’s mainly import from Korea, China, India, Thailand, Japan, Hong Kong
& Taiwan.
Subject operates from caption leased office & factory premises
situated at commercial & industrial centers of Karachi.
Subject employs more than 150
persons in its set up.
|
Year |
In Pak Rupees |
|
2014 |
1,161,272,649/- |
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Annual production volume is indeterminable as its mainly depend upon
the demand / requirements from their domestic as well as international
customers |
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Subject mainly import from Companies belongs to Korea, China, India, Thailand,
Japan, Hong Kong & Taiwan |
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Mainly Buying Agencies, Distribution Companies, International Buyers
etc |
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(1) Bank Alfalah Limited, Pakistan. (2) Bank Al-Habib Limited, Pakistan. (3) Faysal Bank Limited, Pakistan. (4) Habib Metropolitan Bank Limited, Pakistan. (5) Summit Bank Limited, Pakistan. (Total Mortgage
obtained PKR: 1,979,000,000/-) |
KCCI
FPCCI
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 102.90 |
|
UK Pound |
1 |
Rs. 157.00 |
|
Euro |
1 |
Rs. 115.50 |
Subject Company was established in 10th May, 2013 and is
engaged in the business of Weaving & Textile. 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.63.90 |
|
|
1 |
Rs.71.82 |
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Euro |
1 |
Rs.97.97 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
|
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.