MIRA INFORM REPORT

Report Date :

07.02.2008

IDENTIFICATION DETAILS

Name :	PAKISTAN SECURITY PRINTING CORPORATION (PVT) LIMITED

Registered Office :	Jinnah Avenue, Malir Halt, Karachi

Country :	Pakistan

Date of Incorporation :	1949

Com. Reg. No.:	0000263

Legal Form :	Private Limited Company

Line of Business :	Security printer for Pakistan, producing a number of products that require special printing processes and techniques to protect against counterfeiting and fraudulent alteration.

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 :	Regular

Litigation :	Clear

Business Name

PAKISTAN SECURITY PRINTING CORPORATION (PVT) LIMITED

Full Address

Registered Address & Factory

Jinnah Avenue, Malir Halt, Karachi, Pakistan

Tel	92 (21) 9248994, 9248995, 9248511 - 15 (5 Lines)
Fax	92 (21) 9248930, 9248998

Short Description Of Business

Nature of Business	Pakistan Security Printing Corporation (Pvt) Limited is the security printer for Pakistan, producing a number of products that require special printing processes and techniques to protect against counterfeiting and fraudulent alteration. It is the leading printing house in Pakistan providing its services to both private and government sector of the country.
Year Established	1949
Registration #	0000263

Branches

In Karachi & Lahore

Auditors

M. Yousuf Adil Saleem & Co.

(Chartered Accountants)

Cavish Court, A-35, Block 7 & 8, KCHSU, Shahrah-e-Faisal, Karachi, Pakistan

Legal Status

Subject Company was established as a Private Limited Company in 1949

Authorized Capital	Rs. 1,000,000,000/- divided into 1,000,000 shares of Rs. 1000/- each
Issued & Paid up Capital	Rs 1,000,000,000/- divided into 1,000,000 shares of Rs. 1000/- each

Details of Directors

Names

Nationality

Address

Occupation

Designation

Mr. Syed Naseem Ahmad

Mr. Hasan Raza Pasha

Mr. M. Arshad Khan

Mrs. Nazrat Bashir

Mr. Tawfiq A. Hussain

Mr. Khalid A. Sherwani

Mr. Arif Habib

Pakistani

PSPC, Head Office, Jinnah Avenue, Malir Halt, Karachi

Business

Chief Executive

Director

Shareholders

Names No. of Shares

President of Pakistan 99%

Associates

A. Subsidiary

None

Associated Companies

(1) Security Papers Limited, Pakistan

Products

Pakistan Security Printing Corporation (Pvt) Limited is the security printer for Pakistan, producing a number of products that require special printing processes and techniques to protect against counterfeiting and fraudulent alteration. It is the leading printing house in Pakistan providing its services to both private and government sector of the country.

Number of Employees

450

Annual Sales Volume

Year	In Pak Rupees
2006	800,000,000/- (Estimated)

Import of

Subject mainly import Papers & Raw Materials from European Countries

Customers

Mainly Private Companies, Government of Pakistan, Manufacturing Companies etc

Bankers & their addresses

Habib Bank Limited, Corporate Branch, I.I. Chundrigar Road, Karachi, Pakistan.

National Bank of Pakistan, I.I. Chundrigar Road, Karachi, Pakistan.

United Bank Limited, I.I. Chundrigar Road, Karachi, Pakistan.

MCB Bank Limited, I.I. Chundrigar Road, Karachi, Pakistan.

(5) Standard Chartered Bank, I.I. Chundrigar Road, Karachi, Pakistan.

Entity Rating by JCR-VIS

AAA Stable A-1+

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 62.85
UK Pound	1	Rs. 123.00
Euro	1	Rs. 91.90

Comments

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions