MIRA INFORM REPORT

 

 

Report No. :

493067

Report Date :

22.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

HANTEX

 

 

Registered Office :

Survey No. 365, 50 & 47, Deh Landhi, Bin Qasin Town City District, Karachi

 

 

Country :

Pakistan

 

 

Date of Incorporation :

2001

 

 

Legal Form :

Partnership

 

 

Line of Business :

Subject is engaged in manufacture & marketing of Home Textile Products, Denim Products

 

 

No. of Employees :

185

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow and delayed

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Pakistan

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

PAKISTAN - ECONOMIC OVERVIEW

 

Decades of internal political disputes and low levels of foreign investment have led to underdevelopment in Pakistan. Pakistan has a large English-speaking population. A challenging security environment, electricity shortages, and a burdensome investment climate have deterred investors. Agriculture accounts for one-fifth of output and two-fifths of employment. Textiles and apparel account for more than half of Pakistan's export earnings; Pakistan's failure to diversify its exports has left the country vulnerable to shifts in world demand. Pakistan’s GDP growth has gradually increased since 2012. Official unemployment was 6% in 2017, but this fails to capture the true picture, because much of the economy is informal and underemployment remains high. Human development continues to lag behind most of the region.

In 2013, Pakistan embarked on a $6.3 billion IMF Extended Fund Facility, which focused on reducing energy shortages, stabilizing public finances, increasing revenue collection, and improving its balance of payments position. The program concluded in September 2016. Although Pakistan missed several structural reform criteria, it restored macroeconomic stability, improved its credit rating, and boosted growth. The Pakistani rupee, after heavy depreciation in 2013, remained relatively stable against the US dollar in 2015-17. Balance of payments concerns have reemerged, however, as a result of increased imports and declining remittances.

Pakistan must continue to address several longstanding issues, including expanding investment in education and healthcare, adapting to the effects of climate change and natural disasters, improving the country’s business environment, reducing dependence on foreign donors, and widening the country’s tax base. Given demographic challenges, Pakistan’s leadership will be pressed to implement economic reforms, promote further development of the energy sector, and attract foreign investment to support sufficient economic growth necessary to employ its growing and rapidly urbanizing population, much of which is under the age of 25.

In an effort to boost development, Pakistan and China are implementing the “China-Pakistan Economic Corridor,” with $60 billion in investments targeted towards energy and other infrastructure projects. Pakistan believes CPEC investments will enable growth rates of over 6% of GDP by laying the groundwork for increased exports. CPEC-related obligations, however, have raised IMF concern that capital outflows that will begin to increase in 2020.

 

Source : CIA

 

Company name

                                   

Business Name

HANTEX

 

 

Full Address       

 

Registered Address

Survey No. 365, 50 & 47, Deh Landhi, Bin Qasin Town City District, Karachi, Pakistan

                       

Tel #

92 (21) 111-426-839

Fax #

92 (21) 34140962, 34140963

 

 

Short Description Of Business

 

Nature of Business      

Engaged in manufacture & marketing of Home Textile Products, Denim Products

Year Established

2001

National Tax #

2286302 - 8

 

 

Branches

           

Address

Room No. 401-404, The Square, Plot # 156, Shaheed-e-Millat Road, Karachi, Pakistan

Tel #

92 (21) 34140944 - 60 (16 Lines)

Fax #

92 (21) 34140962

 

 

Legal Status

 

Subject Company was established as a Partnership business in 2001

 

 

Details of Management

 

Names

Nationality

Address

Occupation

Designation

Mr. Muhammed Hanif Machiyara

 

 

 

 

Mr. Farhan Hanif

Pakistani

 

 

 

 

 

Pakistani

 

 

Survey No. 365, 50 & 47, Deh Landhi, Bin Qasin Town City District, Karachi

 

Survey No. 365, 50 & 47, Deh Landhi, Bin Qasin Town City District, Karachi

Business

 

 

 

 

 

Business

 

 

CEO / Managing Partner

 

 

 

 

Partner

 

 

 

 

Associated Companies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

 

(1) Machiyara Commodity International (Pvt) Limited, Pakistan.

(2) Machiyara Paper Mills (Pvt) Limited, Pakistan.

(3) Machiyara Construction Company, Pakistan.

(4) Kassim Textile (Pvt) Limited, Pakistan.

(5) Nafaay Apparels, Pakistan.

(6) Denim Clothing Company (Pvt) Limited, Pakistan.

 

 

Business Activities

 

Subject Company is engaged in manufacture & marketing of Home Textile Products, Denim Products.

 

Payments would be accepted / made through L/C, D/P basis to its trade suppliers / customers globally.

 

Local sales are mostly done with cash term basis to its domestic customers.

 

Its mainly export to European Countries & U.S.A.

 

Its importing countries are China, Korea, Hong Kong, Singapore, India, Taiwan & European Countries.

 

Its major customers are Buying Agencies, International Buyers, Distribution Companies etc.

 

Subject operates from caption leased factory premises situated at industrial area of Karachi.

 

Subject employs about 185 persons in its set up.

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2016

320,000,000/- (Estimated)

 

 

Annual Production Volume

           

Annual production volume is indeterminable as its mainly depend on the demand / requirements from their domestic as well as international customers

 

 

Trade Suppliers (Foreign)

           

Subject import globally from Companies belongs to China, Korea, Hong Kong, Singapore, India, Taiwan & European Countries. Its global trade suppliers are Companies related to Raw Materials, Machineries

 

 

Bankers

 

(1) MCB Bank Limited, Pakistan.

(2) Bank Alfalah Limited, Pakistan.

(3) Habib Bank Limited, Pakistan.

(4) Bank Al-Habib Limited, Pakistan.

(5) Askari Bank Limited, Pakistan.

 

 

Memberships

 

·         KCCI

·         FPCCI

·         PHMEA

 

 

Comments

 

Subject Company was established in 2001 and is engaged in manufacture & marketing of Home Textile Products, Denim Products. Overall reputation is satisfactory. Trade relations are reported as fair.

 

In view of current disturbed economic and political situation, we would advise to deal with all the business in Pakistan with some caution.

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.81

UK Pound

1

INR 90.66

Euro

1

INR 79.94

PKR

1

INR 0.59 

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SYL

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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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.