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Report No. : |
348792 |
|
Report Date : |
19.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
SIDDIQSONS LIMITED |
|
|
|
|
Registered Office : |
7th Floor, Siddiqsons Tower, 3 Jinnah Cooperative Housing Society,
Shahrah-e-Faisal, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Date of Incorporation : |
1989 |
|
|
|
|
Com. Reg. No.: |
0020239 |
|
|
|
|
Legal Form : |
Public Limited Company (Not
listed at any stock exchange of Pakistan) |
|
|
|
|
Line of Business : |
Principal activity of the Company is manufacturing and sale of Textile
Products |
|
|
|
|
No. of Employee : |
About 350 persons |
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 |
SIDDIQSONS LIMITED
|
Registered Address |
|
7th Floor, Siddiqsons Tower, 3 Jinnah Cooperative Housing
Society, Shahrah-e-Faisal, Karachi, Pakistan |
|
Tel # |
92 (21) 111-111-001, 34390142, 34325193, 34325194, 34325195 |
|
Fax # |
92 (21) 34325195 |
|
Email |
|
a. |
Nature of
Business |
Principal activity of the Company is manufacturing and sale of Textile
Products |
|
b. |
Incorporated |
1989 |
|
c. |
Registration No. |
0020239 |
D-53, S.I.T.E., Karachi,
Pakistan
|
M. Yousuf Adil Saleem & Company (Chartered Accountants) |
|
Public Limited Company (Not listed at any stock exchange of Pakistan) |
|
6. |
Authorized Capital |
Rs. 200,000,000/- divided into 20,000,000 shares
of Rs. 10/- each |
|
|
Issued & Paid up Capital |
Rs. 183,024,800/- divided into 18,302,480 shares
of Rs. 10/- each |
|
Names |
Designation |
|
Mr. Tariq Rafi Mrs. Nighat Tariq Mr. Abdul Rahim Mr. Sajjad Ahsan Mr. Ibrahim Shamsi Mr. Fazal-e-Rabbi |
Chief Executive Director Director Director Director Director |
|
Names |
No. of Shares |
|
Mr. Tariq Rafi Mrs. Nighat Tariq Mr. Abdul Rahim Mrs. Aisha Saad Garib Mr. Sajjad Ahsan Mr. Ibrahim Shamsi Mrs. Alia Sajjad Mrs. Rahma Ibrahim Mr. Shafi Ahmed Mr. Fazal-e-Rabbi Mrs. Kousar Jamal Mrs. Ambar Masood |
11,320,370 2,803,610 2,241,170 377,450 5,000 4,580 1,405,550 139,550 5,180 10 5 5 |
A. Subsidiary
None
B. Associated Companies
|
(1) Siddiqsons Industries (Pvt) Limited, Pakistan. (2) Siddiqsons Knit (Pvt) Limited, Pakistan. (3) Siddiqsons Hosiery Dyeing & Bleaching Mills (Private) Limited,
Pakistan. (4) Siddiqsons Agro Exports
& Agro Farms, Pakistan. (5) Siddiqsons Tin Plate Limited, Pakistan. |
Principal activity of the Company is manufacturing and sale of Textile
Products.
Its import Raw Materials, Machineries through L/C, D/A, D/P basis.
It sells its product through cash / credit terms in local markets.
Whereas in case of export, payment would be accepted through L/C, D/P basis.
Its major customers are Buying Agencies, International Buyers,
Distribution Companies etc.
Subject operates from caption leased office & factory premises
situated at commercial & industrial centers of Karachi.
Subject employs about 350
persons in its set up.
|
Years |
In Pak Rupees |
|
2013 2014 |
7,292,279,077/- 7,759,746,709/- |
2014 2013
Spinning Unit
Number of spindles installed 13,440 13,440
Number of spindles worked 13,440 13,440
Number of shifts per day 3 3
Number of rotors installed
1,944 1,944
Number of rotors worked 1,944 1,944
Installed capacity after conversion into
20/s counts – Kgs 6,878,538 6,878,538
Actual production of yarn after conversion
Into 20/s count – Kgs 6,844,123 5,889,372
Weaving Unit
Number of looms installed 172 172
Number of looms worked 172 172
Number of shifts per day 3 3
Installed capacity after conversion into 20/s count
- Kgs 21,600,000 20,160,000
Actual production of yarn after
conversion into
20/s – Kgs
18,405,563 18,363,712
|
Subject import globally from Companies belongs to China, Korea, European Countries, Japan,
Thailand, Hong Kong, U.K. & Taiwan |
|
(1) Allied Bank Limited, Pakistan. (2) Dubai Islamic Bank Limited, Pakistan. (3) Habib Metropolitan Bank Limited, Pakistan. (4) Habib Bank Limited, Pakistan. (5) MCB Bank Limited, Pakistan. (6) Meezan Bank Limited, Pakistan. (7) National Bank of Pakistan. (8) Soneri Bank Limited, Pakistan. (9) JS Bank Limited, Pakistan. |
KCCI
FPCCI
PHMA
|
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 1989. Principal activity of the Company
is manufacturing and sale of Textile Products. Market reputation is
satisfactory. 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.66.11 |
|
|
1 |
Rs.100.51 |
|
Euro |
1 |
Rs.70.39 |
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.