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Report Date : |
12.12.2012 |
IDENTIFICATION DETAILS
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Name : |
IPAC (INDENTOR OF
PULSES & COMMODITIES) |
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Registered Office : |
202-A, 2nd Floor, Grain Centre, Dandia Bazar, Karachi |
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Country : |
Pakistan |
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Financials (as on) : |
2011 |
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Date of Incorporation : |
2000 |
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Legal Form : |
Proprietorship |
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Line of Business : |
Importer and Trading of Commodities, Pulses and Food Products. |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Pakistan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
pakistan - ECONOMIC OVERVIEW
Decades of internal political disputes and low levels of foreign
investment have led to slow growth and underdevelopment in Pakistan.
Agriculture accounts for more than one-fifth of output and two-fifths of
employment. Textiles account for most of Pakistan's export earnings, and
Pakistan's failure to expand a viable export base for other manufactures has
left the country vulnerable to shifts in world demand. Official unemployment is
6%, but this fails to capture the true picture, because much of the economy is
informal and underemployment remains high. Over the past few years, low growth
and high inflation, led by a spurt in food prices, have increased the amount of
poverty - the UN Human Development Report estimated poverty in 2011 at almost
50% of the population. Inflation has worsened the situation, climbing from 7.7%
in 2007 to more than 13% for 2011, before declining to 9.3% at year-end. As a
result of political and economic instability, the Pakistani rupee has
depreciated more than 40% since 2007. The government agreed to an International
Monetary Fund Standby Arrangement in November 2008 in response to a balance of
payments crisis. Although the economy has stabilized since the crisis, it has
failed to recover. Foreign investment has not returned, due to investor
concerns related to governance, energy, security, and a slow-down in the global
economy. Remittances from overseas workers, averaging about $1 billion a month
since March 2011, remain a bright spot for Pakistan. However, after a small
current account surplus in fiscal year 2011 (July 2010/June 2011), Pakistan's
current account turned to deficit in the second half of 2011, spurred by higher
prices for imported oil and lower prices for exported cotton. Pakistan remains
stuck in a low-income, low-growth trap, with growth averaging 2.9% per year
from 2008 to 2011. Pakistan must address long standing issues related to
government revenues and energy production in order to spur the amount of
economic growth that will be necessary to employ its growing population. Other
long term challenges include expanding investment in education and healthcare,
and reducing dependence on foreign donors.
|
Source : CIA |
IPAC (INDENTOR OF
PULSES & COMMODITIES)
|
Registered Address |
|
202-A, 2nd Floor, Grain Centre,
Dandia Bazar, Karachi, Pakistan |
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Tel # |
92 (21) 32773840, 32733869, +923212005605 |
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Fax # |
92 (21) 32733869 |
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Email |
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a. |
Nature of Business |
Import & Trading of Commodities, Pulses & Food Products |
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b. |
Year Established |
2000 |
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c. |
National Tax # |
1083796 |
None
Subject Company was established as a Proprietorship business in 2000
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Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Aqil Bawany |
Pakistani |
Suite # 915, 916 & 917, 9th Floor
Hussain Trade Centre Altaf Hussain Road New Challi, Karachi |
Business |
Proprietor |
(1) Memon Brothers,
Pakistan.
Subject Company is engaged in import & trading of Commodities, Pulses,
Food Products including Spices, Dry Ginger, Star Aniseed with stem / without
stem, Black Pepper, Cloves, Cardomum Green, Seed Lac, Cassia Leaves, Nut Meg,
Maice, Cubeb, Turmeric, Tamarind, Red Chillies, Lentils, Kabuli Cheak Peas,
Whole Yellow Peas, Whole Green Peas, Wheat, Sugar, Rice, Canola, Green Mong
Beans, Seeds, Green Mong Beans, Sun Flower Seeds, Red Kidney Beans, Black Eyed
Beans & Pulses.
Local sales are mostly on credit terms basis.
It’s mainly import from China, Vietnam, Guatemala, Madagascar,
Indonesia, India, Canada, Australia, Bangkok, Myanmar & Turkey.
Its’ major customers are Trading
Companies, Retailers etc.
Subject operates from caption leased office premises of area measuring
400 Sq.ft. which is situated at commercial area.
Subject employs about 6 persons in its set up.
|
Year |
In Pak Rupees |
|
2011 |
32,000,000/- (Estimated) |
Subject mainly import from Companies belongs to China, Vietnam, Guatemala, Madagascar, Indonesia,
India, Canada, Australia, Bangkok, Myanmar & Turkey
(1) Habib Metropolitan Bank Limited, Pakistan.
(2) Meezan Bank Limited, Pakistan.
(3) Bank Alfalah Limited, Pakistan.
(4) Askari Bank Limited, Pakistan.
Karachi Chamber of Commerce & Industry.(KCCI)
Karachi Wholesale Grocers Association.(KWGA)
Foreign Exchange Rates
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 96.40 |
|
UK Pound |
1 |
Rs. 151.90 |
|
Euro |
1 |
Rs. 122.00 |
Subject Company was established in 2000 and
is engaged in import & trading of Commodities, Pulses & Food Products.
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.54.32 |
|
|
1 |
Rs.87.36 |
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Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.