|
Report Date : |
04.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
AL SAYYED BROTHERS CORPORATION |
|
|
|
|
Registered Office : |
Plot No. 485, Situated at Sindh Goth Abad Scheme, Main Hub
River Road, Mach Goth, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Date of Incorporation : |
2008 |
|
|
|
|
Legal Form : |
Proprietorship |
|
|
|
|
Line of Business : |
Engaged in import, export & trading of Raw Cotton, Cotton
Yarn, Cotton Waste From Pakistan |
|
|
|
|
No. of Employees : |
2 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
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 company |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Pakistan |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
AL SAYYED BROTHERS
CORPORATION
|
Registered
Address |
|
Plot No. 485, Situated at Sindh Goth Abad Scheme, Main Hub
River Road, Mach Goth, Karachi, Pakistan |
|
Tel
# |
92 (21) 37094580, 37706177, +923212014964 (Tel Nos. provided are wireless
& Mobile Phones) |
|
Fax
# |
92
(21) 37706177 (Fax
Nos. provided are wireless phone) |
|
Email |
--- |
|
Nature
of Business |
Engaged in import, export & trading of Raw Cotton,
Cotton Yarn, Cotton Waste From Pakistan |
|
Year
Established |
2008 |
|
Subject Company was established as a
Proprietorship business in 2008 |
|
Names |
Address |
Occupation |
Designation |
|
Mr. S. M. Khalil |
Plot No. 485, Situated at
Sindh Goth Abad Scheme, Main Hub River Road, Mach Goth, Karachi |
Business |
Proprietor |
A. Subsidiary
None
B. Associated Companies
- Do -
Engaged in import, export & trading of Raw Cotton, Cotton
Yarn, Cotton Waste From Pakistan
2
|
PKR 1,000,000/- (Estimated) |
Not
Disclosed by the Proprietor of the Company
|
--- |
(1) NIB Bank Limited, Pakistan.
(2) United Bank Limited, Pakistan.
(3) Habib Bank Limited, Pakistan.
We visited the premise 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 premise is very difficult to locate.
(3) Subject
is located in a commercial & most difficult area of Karachi.
(4) Items such as Telephones
could not be seen at the concern premises.
(5) Subject
premises are not maintained properly.
Subject operates from rented premises
situated at commercial & most difficult area of Karachi.
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs.
99.00 |
|
UK Pound |
1 |
Rs.
149.00 |
|
Euro |
1 |
Rs.
128.75 |
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.54.38 |
|
|
1 |
Rs.82.04 |
|
Euro |
1 |
Rs.69.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.