|
Report No. : |
347097 |
|
Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
M.I. SPORTS |
|
|
|
|
Registered Office : |
3-K.M., Canal Road, 208 Chak Ghosia Road, Rasheed Garden Chowk, Faisalabad |
|
|
|
|
Country : |
Pakistan |
|
|
|
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Date of Incorporation : |
2002 |
|
|
|
|
Legal Form : |
Proprietorship |
|
|
|
|
Line of Business : |
Engaged in Manufacture & Export of Ready
Made Garments, Knitted Garments & Hosiery Products |
|
|
|
|
No. of Employees : |
50 |
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 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 |
In absence of financials, no credit limit could be recommended.
M.I. SPORTS
|
Registered
Address |
|
3-K.M., Canal Road, 208 Chak Ghosia Road, Rasheed Garden Chowk,
Faisalabad, Pakistan |
|
Tel # |
92 (41) 2044847, +923326979056 |
|
Fax # |
92 (41) 2044847 |
|
a. |
Nature of Business |
Engaged in manufacture & export of Ready
Made Garments, Knitted Garments & Hosiery Products |
|
b. |
Year Established |
2002 |
10 Park Court, Clapham Park Road, London, SW4 7DA
|
Subject Company was established as a Proprietorship business in 2002 |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Qasim Yaseen Chaudhry |
Pakistani |
3-K.M., Canal Road, 208 Chak Ghosia Road, Rasheed Garden Chowk,
Faisalabad |
Business |
CEO / Proprietor |
|
None |
Subject Company is engaged in manufacture
& export of Ready Made Garments, Knitted Garments & Hosiery Products.
It purchases raw materials against D/A, D/P basis to its trade
suppliers globally.
It exports against L/C, T.T., D/P basis to its customers
globally.
Its mainly export to European Countries & Far East Countries
Its importing countries are India, China, Korea, Taiwan, Hong Kong,
Thailand & Indonesia.
Its major customers are Buying Agencies, Distribution Companies etc.
Subject operates from rented factory premises situated at industrial
area of Faisalabad.
Subject employs about 50 persons
in its set up.
|
Annual production volume is indeterminable as its mainly depends upon
the demand / requirements from their international as well as domestic
customers |
|
Year |
In Pak Rupees |
|
2014 |
25,000,000/- (Estimated) |
Subject import globally from Companies belongs to India, China, Korea, Taiwan,
Hong Kong, Thailand & Indonesia
Bank Al-Habib Limited, Pakistan.
Summit Bank Limited, Pakistan.
Soneri Bank Limited, Pakistan.
MCB Bank Limited, Pakistan.
Pakistan Hosiery Manufacturers Association.
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 104.75 |
|
UK Pound |
1 |
Rs. 160.05 |
|
Euro |
1 |
Rs. 115.50 |
Subject Company was established in 2002 and is engaged in manufacture & export of Ready Made
Garments, Knitted Garments & Hosiery 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.65.22 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.