MIRA INFORM REPORT

 

 

Report Date :

26.09.2011

 

IDENTIFICATION DETAILS

 

Name :

HSBC BANK MIDDLE EAST LIMITED

 

 

Formerly Known As :

HONG KONG & SHANGHAI BANKING CORPORATION

 

 

Registered Office :

12th Floor, Shaheen Complex, M.R. Kayani Road, Karachi

 

 

Country :

Pakistan

 

 

Financials (as on) :

30.06.2009

 

 

Year of Establishment  :

1986

 

 

Com. Reg. No.:

0014092 

 

 

Legal Form :

Foreign Banking Company

 

 

Line of Business :

Principally engaged in retail banking, corporate  banking and treasury related activities

 

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

 

Maximum Credit Limit :

US $ 70,000

Status :

Satisfactory

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

 

Business Name 

 

HSBC BANK MIDDLE EAST LIMITED (Formerly HONG KONG & SHANGHAI BANKING CORPORATION)

 

 

Full Address       

 

Registered Address

12th Floor, Shaheen Complex, M.R. Kayani Road, Karachi, Pakistan

                                               

Tel #

92 (21) 32630389, 32630386

Fax #

92 (21) 32631526

Website

www.hsbc.com.pk

 

 

Short Description Of Business

 

Nature of Business           

Principally engaged in retail banking, corporate

banking and treasury related activities

Year Established

1986

Registration #

0014092 

 

 

Branches

 

Bank presently operates 11 branches across Pakistan               

 

 

Auditors

           

KPMG Taseer Hadi & Co.

(Chartered Accountants)

 

 

Legal Status

           

The HSBC Bank Middle East Limited – Pakistan branches operates as branches of HSBC Bank Middle East Limited, which is a foreign banking company incorporated in Jersey, Channel Islands with limited liability and is head quartered in Jersey, Channel Islands. Pursuant to HSBC Group internal restructuring exercise and in terms of a scheme of amalgamation, the Pakistan branches of the Hongkong and Shanghai Banking Corporation Limited (Subsidiary of HSBC Holdings Plc) were amalgamated with and into HSBC Bank Middle East Limited (another subsidiary of HSBC Holding Plc). The Pakistan operation and branch office are now conducted and carried out by and under the name of HSBC Bank Middle East Limited.

 

 

Details of Management

 

Names

Designation

Mr. Lloyd C. Maddock

 

 

Mr. Sohail Munir Bana

Chief Executive Officer - Pakistan Branches

 

Financial Controller

 

 

Business Activities

 

Principally engaged in retail banking, corporate banking and treasury related activities.

 

 

Maximum Credit Limit

 

Maximum Credit Limit is US $ 70,000 /-

 

 

Number of Employees

 

212

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 88.90

UK Pound

1

           Rs. 138.70

Euro

1

           Rs. 121.50

 

 

Comments  

 

HSBC is one of the largest banking and financial services organisations in the world. HSBC's international network comprises over 9,500 offices in 85 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.67

UK Pound

1

Rs.76.50

Euro

1

Rs.66.98

 

 

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%)

 

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