MIRA INFORM REPORT
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Report No. : |
321723 |
|
Report Date : |
15.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
AL-RAHIM TEXTILE INDUSTRIES |
|
|
|
|
Registered Office : |
33-G Block-6, P.E.C.H.S., Karachi |
|
|
|
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Country : |
Pakistan |
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|
|
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Date of Incorporation : |
1996 |
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|
|
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Legal Form : |
Proprietorship Business |
|
|
|
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Line of Business : |
Subject is engaged in
manufacture & Export of Home Textile Products & Knitted Garments |
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|
|
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No. of Employee : |
170 |
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 |
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|
|
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Payment Behaviour : |
No complaints |
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|
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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
foreignINVESTMENT
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 |
Company
name
|
AL-RAHIM TEXTILE INDUSTRIES |
Full
Address
|
Registered Address |
|
33-G Block-6, P.E.C.H.S., Karachi, Pakistan |
|
Tel # |
92 (21) 111-110-120, 34529602 |
|
Fax # |
92 (21) 34533283 |
Short
Description Of Business
|
a. |
Nature of Business |
Engaged in manufacture & Export of Home Textile
Products & Knitted Garments |
|
b. |
Year Established |
1996 |
|
c. |
National Tax # |
1326582 - 2 |
Factory
Location
|
Factory is located at Nooriabad Industrial
Estate, S.I.T.E, Karachi, Pakistan |
Legal
Status
|
Subject Company was established as a Proprietorship business in 1996 |
Details
of Management
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Shehzad Rahim Mr. Faisal Saya |
Pakistani Pakistani |
33-G Block-6, P.E.C.H.S., Karachi 33-G Block-6, P.E.C.H.S., Karachi |
Business Business |
Proprietor Manager (Import) |
Associates
A. Subsidiary
None
B. Associated Companies
- Do -
Business
Activities
Engaged in manufacture & Export of Home Textile
Products & Knitted Garments
Number
of Employees
170
Actual
Production Volume
Actual production volume is indeterminable as it mainly depends upon the
requirement from their customers
Exporting
Countries
|
Mainly to Bulgaria, Colombia, Greece, Ireland, Italy, Russia, Morocco, Panama,
Sri Lanka, United Arab Emirates & U.S.A. |
Importing
Countries
|
Mainly from China,
Korea, Taiwan, India, Indonesia, Thailand & U.A.E. |
Customers
|
Mainly Buying Agencies, Distribution Companies (International) |
Annual
Sales Turnover
|
Year |
In Pak Rupees |
|
2013 |
170,000,000/- (Estimated) |
Bankers
Habib Bank Limited, Pakistan.
Soneri Bank Limited, Pakistan.
MCB Bank Limited, Pakistan.
Bank Alfalah Limited, Pakistan.
KASB Bank Limited, Pakistan.
Mode
of Payment
Payments would be accepted / made through L/C, D/A, D/P basis
Memberships
Karachi Chamber of Commerce & Industry.(KCCI)
Pakistan Hosiery Manufacturers Association.(PHMA)
Foreign
Exchange Rates
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 102.50 |
|
UK Pound |
1 |
Rs. 158.75 |
|
Euro |
1 |
Rs. 114.25 |
Comments
Subject Company was established in 1996 and is engaged in manufacture & export business.
Overall reputation is satisfactory. Trade relations are reported as fair.
Subject can be considered for normal business dealing at usual trade terms and
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.84 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.72.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
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.