MIRA INFORM REPORT

 

 

Report Date :           

26.05.2011

 

IDENTIFICATION DETAILS

 

Name :

GEMNET (PRIVATE) LIMITED

 

 

Registered Office :

Bungalow # B 121, Block B, S.M.C.H.S., Karachi

 

 

Country :

Pakistan

 

 

Year of Establishment :

1996

 

 

Com. Reg. No.:

0037039

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Import & Distribution of Uninterruptible Power Supply UPS, Inverters, Voltage Stabilizers, Industrial Generators

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Pakistan

b2

b2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

                                   

Business Name

 

GEMNET (PRIVATE) LIMITED

 

 

Full Address       

 

Registered Address

Bungalow # B 121, Block B, S.M.C.H.S., Karachi, Pakistan

                                   

Tel #

92 (21) 34313381 - 85 (5 Lines)

Fax #

92 (21) 34529977

Email

ups@cyber.net.pk

 

 

Short Description Of Business

 

a.

Nature of Business        

Import & Distribution of Uninterruptible Power Supply UPS, Inverters, Voltage Stabilizers, Industrial Generators

b.

Year Established

1996

c.

Registration #

0037039

 

 

Branches

 

Address

2nd Floor, Sheesham Building, 15 Main Jail Road, Lahore, Pakistan

Tel #

92 (42) 37522771, 37522772

Fax #

92 (42) 37577427

 

Address

Office # 208, 2nd Floor, Dossal Arcade, Blcok 47-W, Jinnah Avenue, Blue Area, Islamabad, Pakistan

Tel #

92 (51) 2871145, 2871144, 2270553 

Fax #

92 (51) 2871147

 

 

Auditors

 

Ford Rhodes Sidat Hyder & Co.

(Chartered Accountants)

Room # 601-603, Progressive Plaza, Beaumont Road, Karachi, Pakistan

 

Legal Status

           

Subject Company was established as a Private Limited Company in 1996

 

 

Authorized Capital

Rs. 2,000,000/- divided into 200,000 shares of Rs. 10/- each

Issued & Paid up Capital

Rs. 1,500,000/- divided into 150,000 shares of Rs. 10/- each

 

 

Details of Directors

 

Names

Address

Occupation

Designation

Mr. Mohammad Raza Namazi

 

 

 

 

Mr. Kazim Raza Awan

 

Mr. Nadir Mir Mohammadi

CA-1, 3rd Floor, Block-C, Mall Square Appartments, Zamzama Boulevard, D.H.A., Karachi

 

282, Khudadad Road, Quetta

 

26-B, 10th Central Street, Phase II, D.H.A., Karachi

Business

 

 

 

 

 

Business

 

 

Business

 

Chief Executive

 

 

 

 

 

Director

 

 

Director

 

 

 

Shareholders                

 

Names

No. of Shares

Mr. Mohammad Raza Namazi

 

Mr. Kazim Raza Awan

 

Mr. Nadir Mir Mohammadi

 

Mr. Waqar Agha

72,675

 

35,625

 

34,200

 

7,500

 

 

Associated Companies

 

None

 

 

 

Business Activities

 

Import & Distribution of Uninterruptible Power Supply UPS, Inverters, Voltage Stabilizers, Industrial Generators

 

 

Number of Employees

 

22

 

 

Annual Sales Volume

           

Year

In Pak Rupees

2009

80,000,000/- (Estimated)

 

 

Principals

(Foreign)

 

(1) EATON CORPORATION, U.S.A.

(2) CUMMINS INC, U.S.A.

(3) PERKINS, U.S.A.

(4) MTU GMBH, GERMANY.

(5) VOLVO, GERMANY.

(6) LEROY SOMER, U.K.

(7) ORTEA, ITALY.

(8) SUNLIGHT S.A., GREECE.

 

 

Clientele

(Pakistan Based)

 

Mainly Multinational Companies, Banks & DFI’s, Manufacturing Companies etc

 

 

 

 

Bankers

 

(1) MCB Bank Limited, Pakistan.

(2) Standard Chartered Bank, Pakistan.

(3) Bank Alfalah Limited, Pakistan.

(4) Soneri Bank Limited, Pakistan.

(5) Citibank N.A., Pakistan.

 

Memberships

 

·         Karachi Chamber of Commerce & Industry.(KCCI)

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 85.70

UK Pound

1

           Rs. 138.40

Euro

1

           Rs. 120.40

 

 

Comments

 

Subject Company enjoys good reputation in Pakistan. All the directors are reported as qualified, resourceful & experienced businessmen. 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.45.38

UK Pound

1

Rs.73.31

Euro

1

Rs.63.70

 

 

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%)

 

 

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.