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Report No. : |
348787 |
|
Report Date : |
18.11.2015 |
IDENTIFICATION DETAILS
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Name : |
CRESCENT FIBRES LIMITED |
|
|
|
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Registered Office : |
104 Shadman 1, Lahore |
|
|
|
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Country : |
Pakistan |
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|
|
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Date of Incorporation : |
1977 |
|
|
|
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Com. Reg. No.: |
0005854 |
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|
|
|
Legal Form : |
Public Limited Company |
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|
|
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Line of Business : |
Subject is engaged in manufacture & sale
of Yarn |
|
|
|
|
No. of Employee : |
1,200 |
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 – 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 exports has 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 the mid-2000s, 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 sectors 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 |
CRESCENT FIBRES LIMITED
|
Registered
Address |
|
104 Shadman 1, Lahore, Pakistan |
|
Tel # |
92 (42) 35960871, 35960872, 35960873,
35960874 |
|
Fax # |
92 (42) 35960004 |
|
a. |
Nature of Business |
Engaged in manufacture & sale of Yarn |
|
b. |
Year Established |
1977 |
|
c. |
Registration # |
0005854 |
B-123, Road No. D-7, S.I.T.E.,
Nooriabad District, Dadu,
Sindh, Pakistan
BDO Ebrahim & Co.
(Chartered Accountants)
Subject Company was incorporated as a Public Limited Company in 1977
|
Names |
Designation |
|
Mr. Khawar Maqbool Mr. Imran Maqbool Mr. Humayun Maqbool Mr. Jahanzeb Saeed Khan Mr. Nadeem Maqbool Mr. Naila Humayun Maqbool Mr. Riaz Masood |
Chairman Chief Executive Director Director Director Director Director |
|
Categories |
Shareholding (%) |
|
Directors, Chief Executive Officer, and their spouse and minor
children Associated Companies, Undertakings and related parties NIT & ICP Banks, Development Financial Institutions, Non Banking Financial
Institutions Insurance Companies Modarabas and Mutual Funds General Public Others |
49.42 0.22 0.05 8.62 0.01 0.13 5.38 36.22 |
A. Subsidiary
None
B. Associated Companies
(1) Crescot Mills Limited, Pakistan
(2) Karachi Bulk & Storage Terminals (Pvt) Limited,
Pakistan.
(3) Crescent Jute Products Limited, Pakistan.
(4)
Premier Insurance Limited,
Pakistan.
(5) Jubilee Spinning
and Weaving Mills Limited, Pakistan.
(6) Premier Financial
Services (Pvt) Limited, Pakistan
(7) Shakarganj Mills
Limited, Pakistan
(8) The Crescent
Textile Mills Limited, Pakistan.
(9) Crescent Sugar
Mills & Distillery Limited, Pakistan.
(10) Crescent Bahuman
Limited, Pakistan.
(11) Crescent Steel
& Allied Products Limited, Pakistan.
Engaged in manufacture & sale of Yarn
1,200
2015 2014
Number of spindles installed 67,064 58,808
Number of spindles worked 20,360 38,448
Number of shifts per day 3 3
Installed capacity after conversion into 20/s
Count -
Kgs
25,274,844 22,076,328
Actual production of yarn after conversion
Into 20/s count -
Kgs
18,596,010 17,851,635
|
Years |
In Pak Rupees |
|
2014 2015 |
3,524,062,023/- 3,113,640,693/- |
Mainly exist at major cities of Pakistan
Mainly to European & Far East Countries
The Bank of Punjab, Pakistan.
MCB Bank Limited, Pakistan.
Bank Alfalah Limited, Pakistan.
United Bank Limited, Pakistan.
Habib Bank Limited, Pakistan.
Federation Pakistan Chamber of Commerce &
Industry.(FPCCI)
All Pakistan Textile Mills Association.(APTMA)
Lahore Chamber of Commerce & Industry.(LCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 105.55 |
|
UK Pound |
1 |
Rs. 162.00 |
|
Euro |
1 |
Rs. 114.50 |
Subject Company was established in 1977 and is engaged in manufacture & sale of Yarn. Market 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.65.98 |
|
|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.