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Report No. : |
321378 |
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Report Date : |
14.05.2015 |
IDENTIFICATION DETAILS
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Name : |
SYMBOL INDUSTRIES (PVT) LIMITED |
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Registered Office : |
23 K.M., Multan Road, Mohlanwal, Lahore |
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Country : |
Pakistan |
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Date of Incorporation : |
2005 |
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Com. Reg. No.: |
0050437 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The principal activity of the Company is to manufacture and sales of
all kinds of Tyres, Tubes & XPS Insulation Material |
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|
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No. of Employees : |
182 |
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 |
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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 |
|
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 |
SYMBOL INDUSTRIES
(PVT) LIMITED
|
Registered
Address & Factory |
|
23 K.M., Multan Road, Mohlanwal, Lahore, Pakistan |
|
Tel # |
92 (42) 111-111-666, 37540336, 37540337 |
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Fax # |
92 (42) 37540335 |
|
a. |
Nature of
Business |
The principal activity of the Company is to manufacture and sales of
all kinds of Tyres, Tubes & XPS Insulation Material |
|
b. |
Year Established |
2005 |
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c. |
Registration # |
0050437 |
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In Lahore & Karachi at present |
|
Javed Chaudhry & Co. (Chartered Accountants) |
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Subject Company was established as a Private Limited Company in 2005 |
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Authorized Capital |
Rs. 170,000,000/- divided into 17,000,000 shares
of Rs. 10/- each |
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Issued & Paid up Capital |
Rs. 105,000,000/- divided into 10,500,000 shares
of Rs. 10/- each |
|
Names |
Designation |
|
Mr. Mubashir Iftikhar Mr. M.H. Pervez |
Chief Executive Director |
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Names |
No. of Shares |
|
Mr. Mubashir Iftikhar Mrs. Asma Shariq Mr. Mudassir Iftikhar Mr. Bilal Ejaz Mr. Muzammil Ejaz Mr. Mustafa Luqman Mr. Arshad Ali Khan Mr. Iftikhar Shaffi Mrs. Seema Iftikhar Mr. Shariq Iftikhar Mrs. Armeen Mubashir Mrs. Sana Bilal Mrs. Uzma Muzammil Capital Industrial Enterprises (Pvt) Limited, Pakistan Mr. M.H. Pervez |
315,000 315,000 629,500 892,500 892,500 262,500 5,000 100,000 367,500 315,000 315,000 420,000 420,000 5,250,000 500 |
A. Subsidiary
None
B. Associated Companies
|
(1) Diamond Tyres Limited, Pakistan. (2) Capital Industrial Enterprises (Private) Limited, Pakistan. (3) Diamond Home Textile (Private) Limited, Pakistan. (4) Diamond Industries Limited, Pakistan. (5) Shaffi Chemical Industries Limited, Pakistan. |
Subject Company is engaged in manufacture and sales of all kinds of
Tyres, Tubes & XPS insulation material.
Its mainly import Raw Materials through L/C, D/P basis.
Its importing countries are European Countries, China, Korea, Japan,
Canada, U.K. & Malaysia
Its main customers are Distribution Companies, Private Companies
Subject operates from caption leased factory premises situated at
industrial area of Lahore.
Subject employs about 182
persons in its set up.
|
Annual production volume is indeterminable as it mainly depends on the
requirements from their domestic as well as international customers |
|
Year |
In Pak Rupees |
|
2013 |
700,000,000/- (Estimated) |
|
(1)
Habib Bank Limited, Pakistan. (2)
Bank Alfalah Limited, Pakistan. (3)
Standard Chartered Bank, Pakistan. (4)
Silk Bank Limited, Pakistan. (5)
Soneri Bank Limited, Pakistan. (6)
Faysal Bank Limited, Pakistan. |
Lahore Chamber of Commerce & Industry.(LCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 102.50 |
|
UK Pound |
1 |
Rs. 158.75 |
|
Euro |
1 |
Rs. 114.25 |
Subject is a well-established company having satisfactory track.
Directors are reported as qualified, experienced and resourceful 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.64.19 |
|
|
1 |
Rs.100.57 |
|
Euro |
1 |
Rs.72.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
|
|
Report Prepared
by : |
TPT |
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 |
-- |
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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.