MIRA
INFORM REPORT
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RATING
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STATUS
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PROPOSED CREDIT LINE
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<10
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C
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Absolute credit risk exists. Caution needed to be exercised
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Credit not
recommended
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Status :
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No Trace
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Payment Behaviour :
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--
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Litigation :
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--
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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
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Country Name
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Previous Rating
(31.03.2011)
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Current Rating
(30.06.2012)
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Pakistan
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B2
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B2
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Risk Category
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ECGC
Classification
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Insignificant
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A1
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Low
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A2
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Moderate
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B1
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High
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B2
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Very High
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C1
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Restricted
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C2
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Off-credit
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D
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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.
OBSERVATIONS REGARDING PRIME FOOD
With reference to your email dated 26/11/2012, we wish to inform you
that we are unable to locate the Company at the address “JODIA BAZAR KARACHI”
provided by you as this is an incomplete address. You are therefore requested to kindly recheck the Complete Address,
Tel Nos. and other particulars of the Company at your end and inform us early
so that we can do the needful.
Important Note:
Kindly provide us with additional information such as
Correct Name, Address, Contact Details, Name of Contact Person or a copy of the
Upper Part of Letterhead within 15 days of receiving this report, a would be
sent without any additional cost.
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.
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