MIRA INFORM REPORT

 

 

Report Date :

27.10.2008

 

IDENTIFICATION DETAILS

 

Name :

SILVER ASSOCIATES

 

 

Registered Office :

Opp: Jama Masjid, City Court Near Tahir Plaza, Karachi

 

 

Country :

Pakistan

 

 

Date of Incorporation :

1995

 

 

Legal Form :

Proprietorship

 

 

Line of Business :

Import / Export and Trading of all types of Commodities

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Concern

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

                                   

Business Name

 

SILVER ASSOCIATES

 

 

Full Address       

Registered Address

Opp: Jama Masjid, City Court Near Tahir Plaza, Karachi, Pakistan

 

           

 

Tel

92 (21) 2733938, 2733940

Fax

92 (21) 2762724

Email

bhimani@digicom.net.pk

           

 

                                         

 

 

 

Short Description Of Business

 

Nature of Business           

Import / Export & Trading of all types of Commodities

Year Established

1995

National Tax #

1497301

 

 

Branches

 

None

 

 

Legal Status

Subject Company was established as a Proprietorship business in 1995

 

 

 

 

Details of Proprietor

 

Names

Nationality

Address

Occupation

Designation

Mr. Hassan Hussain

Pakistani

 

Opp: Jama Masjid, City Court, Near Tahir Plaza, Karachi

Business

 

 

Proprietor

 

 

Business Activities

 

Subject Company is engaged in the business as import / export & trading of all types of Commodities.

 

It purchases against L/C, D/A basis.

 

It sells against Credit terms.

 

It’s mainly import from China, India, Australia, Canada, Burma & Ukraine.

 

Its major customers are Traders, Retailers etc.

 

Subject operates from caption leased shop premises of area measuring 900 Sq.ft. which is situated in commercial market.

 

Subject employs about 7 persons in its set up.

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2006

25,000,000/- (Estimated)

 

 

Trade Suppliers (Foreign)

 

  1. NOBLE GRAIN, CHINA.
  2. PRAKASH OVERSEAS, INDIA.
  3. OLAM INTERNATIONAL, TANZANIA.
  4. ARPIT AGRO INDUSTRIES (PVT) LIMITED, INDIA.

 

 

Bankers

 

  1. Askari Bank Limited, Pakistan.
  2. Faysal Bank Limited, Pakistan.
  3. KASB Bank Limited, Pakistan.

 

 

Memberships

 

·         Karachi Chamber of Commerce & Industry.(KCCI)

 

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 82.75

UK Pound

1

           Rs. 133.00

Euro

1

           Rs. 106.00  

           

Comments

 

Subject Company was established in 1995 and is engaged in import / export & trading of all types of Commodities. Overall reputation is normal. 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.49.95

UK Pound

1

Rs.79.56

Euro

1

Rs.63.65

 

 

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