|
Report No. : |
344460 |
|
Report Date : |
13.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
GOLDEN SINDH COTTON GINNING PRESSING FACTORY
& OIL MILLS |
|
|
|
|
Registered Office : |
OT-203 Techno City Hasrat Mohani Road, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year of Establishment : |
1999 |
|
|
|
|
Legal Form : |
Partnership |
|
|
|
|
Line of Business : |
Import and Export of Cotton Ginning, Commodities, Food Products. |
|
|
|
|
No. of Employees : |
55 |
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 : |
Slow but correct |
|
|
|
|
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 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 |
|
Business Name |
GOLDEN SINDH COTTON GINNING PRESSING FACTORY & OIL MILLS |
Registered
Address
|
OT-203 Techno City Hasrat Mohani Road, Karachi, Pakistan |
|
Tel # |
92 (21) 32270710 |
|
Fax # |
92 (21) 32270710 |
|
a. |
Nature of Business |
Engaged in Import, Export of Cotton Ginning, Commodities, Food
Products |
|
b. |
Year Established |
1999 |
|
c. |
National Tax No. |
1692743 - 5 |
|
Is located at Mirpur Khas Road, Khipro Sanghar, Sindh,
Pakistan |
|
Subject Company was established as a Partnership business in 1999 |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Kishan Chand Mr. Mahesh Kumar |
Pakistani Pakistani |
OT-203 Techno City
Hasrat Mohani Road, Karachi OT-203 Techno
City Hasrat Mohani Road, Karachi |
Business Business |
Managing Partner Partner |
|
(1) Pawan Enterprises, Pakistan. |
Subject Company is engaged in import, export of Cotton Ginning,
Commodities & Food Products.
Payments would be accepted / made through D/A, D/P basis.
Its mainly export to Gulf Countries.
It’s mainly import from China, India, Canada, Australia &
Singapore.
Its’ major customers are Trading
Companies, Food Companies, Cotton Industry.
Subject operates from caption leased office premises of area measuring
550 Sq. ft. which is situated at main commercial building of Karachi.
Subject employs about 55
persons in its set up.
|
Year |
In Pak Rupees |
|
2013 |
66,000,000/- (Estimated) |
|
Subject mainly import
from Companies belongs to China, India,
Thailand, Canada, Australia & Singapore |
|
(1) Habib Bank Limited, Pakistan. (2) Bank Alfalah Limited,
Pakistan. (3) Faysal Bank Limited, Pakistan. (4) United Bank Limited, Pakistan. |
·
Pakistan Cotton Ginners' Association
·
Karachi Cotton Association
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 104.40 |
|
UK Pound |
1 |
Rs. 159.50 |
|
Euro |
1 |
Rs. 117.75 |
Subject Company was established in 1999 and
is engaged in import,
export of Cotton Ginning, Commodities and Food Products. 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.64.73 |
|
|
1 |
Rs.99.30 |
|
Euro |
1 |
Rs.73.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
NIT |
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.