MIRA INFORM REPORT

Report No. :	343257
Report Date :	01.10.2015

IDENTIFICATION DETAILS

Name :	STARLET INNOVATIONS (PVT) LIMITED

Registered Office :	Kasur Pura Band Road, Lahore

Country :	Pakistan

Date of Incorporation :	1987

Com. Reg. No.:	0066355

Legal Form :	Partnership business

Line of Business :	Engaged in manufacture, marketing & export of Footwear Products.

No. of Employee :	180

RATING & COMMENTS

MIRA’s Rating :

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 :

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ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Pakistan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

STARLET INNOVATIONS (PVT) LIMITED

Full Address

Registered Address

Kasur Pura Band Road, Lahore, Pakistan

Tel #	92 (42) 37720645, 37722948
Fax #	92 (42) 37722572
Website	www.starlet.com.pk

Short Description Of Business

a.	Nature of Business	Engaged in manufacture, marketing & export of Footwear Products
b.	Year Established	1987
c.	Registration No.	0066355

Factory Location

Address	20 K.M., Sheikhupura Road, Lahore
Tel No.	92 (42) 37970603, 37970621
Fax No.	92 (42) 37971559

Auditors

Hassan Farooq & Company

(Chartered Accountants)

Legal Status

Subject Company was established as a Partnership business in 1987. In 2008 its legal status was converted to Private Limited Company

6.	Authorized Capital	Rs. 50,000,000/- divided into 5,000,000 shares of Rs. 10/- each
	Issued & Paid up Capital	Rs. 47,000,000/- divided into 4,700,000 shares of Rs. 10/- each

Details of Management

Names

Designation

Mr. Muhammad Saleem

Mr. Muhammad Younus

Chief Executive

Director

Shareholders

Names

No. of Shares

Mr. Muhammad Saleem

Mr. Muhammad Younus

2,350,000

Associated Companies

None

Business Activities

The Company is engaged in manufacture, marketing & export of Footwear Products by its brand names of “STARLET”

Number of Employees

180

Capacity & Production

The Production Capacity of the plant cannot be determined as its mainly depends upon the demand / requirements from their domestic customers

Annual Sales Volume

Years

In Pak Rupees

2013

2014

576,552,626/-

655,999,440/-

Distribution Network

Mainly exist at major cities of Pakistan

Bankers

(1) MCB Bank Limited, Pakistan.

(2) Bank Alfalah Limited, Pakistan.

(3) Habib Bank Limited, Pakistan.

(4) Faysal Bank Limited, Pakistan.

(5) United Bank Limited, Pakistan.

Memberships

Lahore Chamber of Commerce & Industry.

Federation Pakistan Chamber of Commerce & Industry.

Pakistan Footwear Manufacturers Association.

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 104.15
UK Pound	1	Rs. 158.50
Euro	1	Rs. 114.90

Comments

Subject Company was established in 1987 and is engaged in manufacture & marketing of Footwear Products. 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.65.74
UK Pound	1	Rs.99.53
Euro	1	Rs.73.79

INFORMATION DETAILS

Analysis Done by :	KAR

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.