MIRA INFORM REPORT

Report Date :

13.02.2012

IDENTIFICATION DETAILS

Name :	SPICY TRADERS

Registered Office :	M-33, Summiya Centre, Gulshan-e-Iqbal, Block B-13, Karachi

Country :	Pakistan

Year of Establishment :	2010

Legal Form :	Proprietorship

Line of Business :	Engaged in trading of Commodities

No. of Employees :	2

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Small Concern
Payment Behaviour :	Unknown
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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Pakistan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Business Name

SPICY TRADERS

Full Address

Registered Address

M-33, Summiya Centre, Gulshan-e-Iqbal, Block B-13, Karachi, Pakistan

Tel	+923002393493
Fax	---
Email	---

Short Description Of Business

Nature of Business	Engaged in trading of Commodities
Year Established	2010

Legal Status

Subject Company was established as a Proprietorship business in 2010

Details of Proprietor

Names	Address	Occupation	Designation
Mr. Muhammad Khalid	M-33, Summiya Centre, Gulshan-e-Iqbal, Block B-13, Karachi	Business	Proprietor

Associates

A. Subsidiary

None

B. Associated Companies

- Do -

Product/Services

Engaged in Trading of Commodities

Number of Employees

Annual Sales Volume (In Pak Rupees)

PKR 1,000,000/- (Estimated)

Agencies (Local and foreign)

Not Disclosed by the Proprietor

Customers

Mainly retailers, Individuals located at Karachi

Bankers

(1) Allied Bank Limited, Pakistan.

(2) NIB Bank Limited, Pakistan.

(3) Habib Bank Limited, Pakistan.

Observation Noticed During Our Visit

We visited the office of the concern where following observations were made:

(1) Name Board of the Company could not be sighted at the time of our visit.

(2) The concern’s office is difficult to locate.

(3) Subject is located in a commercial area of Karachi.

(4) Items such as Telephones could not be seen at the concern’s office.

(5) Subject office is not maintained properly.

Subject operates from rented office premises of area measuring 350 Sq. ft, which is located at commercial area.

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 90.60
UK Pound	1	Rs. 142.70
Euro	1	Rs. 119.60

Comments

Company looks very small sized and it seems that the main business of the company is trading. From market sources no information is available, as the company has not enough presence in the market. As per our observation the company is not very active in the business circle. Trade relations are not known. Therefore we do not recommend conducting any business activity with the subject Company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.64
UK Pound	1	Rs.78.35
Euro	1	Rs.65.79

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.