|
Report Date : |
29.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
TARIQ CHEMICALS |
|
|
|
|
Registered Office : |
16/G,
Pakistan Market, Rail & Kutchery Bazar, Faisalabad |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year of Incorporation : |
1991 |
|
|
|
|
Legal Form : |
Proprietorship |
|
|
|
|
Line of Business : |
Subject is engaged in import & trading of Dyes & Chemicals. |
|
|
|
|
No. of Employees : |
4 |
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 |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 under 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 almost 12% for 2011, before declining to 10% in 2012. 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 fiscal year 2012, 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 about 3% per year from 2008
to 2012. 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 and rapidly urbanizing population,
more than half of which is under 22. Other long term challenges include
expanding investment in education and healthcare, adapting to the effects of
climate change and natural disasters, and reducing dependence on foreign
donors.
Source
: CIA
TARIQ CHEMICALS
|
Registered
Address |
|
16/G,
Pakistan Market, Rail & Kutchery Bazar, Faisalabad, Pakistan. |
|
Tel # |
92 (41) 2647897, 2628512 |
|
Fax # |
92 (41) 2636079 |
|
Email |
|
a. |
Nature of Business |
Import & Trading business |
|
b. |
Year Established |
1991 |
|
c. |
National Tax # |
1961332 |
Office # 1, 2nd
Floor, Chemi Plaza, Street # 5,
Katchery Bazar, Faisalabad, Pakistan
|
Subject Company was established as a Proprietorship business in 1991 |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Tariq Ali |
Pakistani |
#1,Chemi Plaza,2nd Floor,St.#5,Katchery
Bazar, |
Business |
Proprietor |
A. Subsidiary
None
B. Associated
Companies
- Do -
Subject is engaged in import & trading
of Dyes & Chemicals.
It purchases against L/C, D/A basis.
It sells against Cash / Credit Terms to its
local customers.
Its’ major customers are Private Companies,
Traders, Textile Companies etc.
Subject operates from caption leased office
premises of area measuring 875 sq.ft. which is situated in commercial centre.
Subject employs about 4 persons in its set up.
Mainly from India, China & European
Countries
|
Year |
In Pak Rupees |
|
2011 |
40,000,000/- (Estimated) |
(1) Soneri Bank Limited, Chiniot Bazar,
Faisalabad, Pakistan.
(2) Allied Bank Limited, Gole Cloth Branch,
Faisalabad, Pakistan.
·
Faisalabad Chamber of Commerce & Industry.(FCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 99.80 |
|
UK Pound |
1 |
Rs. 152.00 |
|
Euro |
1 |
Rs. 128.85 |
Subject Company was established in 1991 and is
engaged in import & trading of Dyes & Chemicals. Market reputation is
satisfactory. Trade relations are reported as fair. The Company can be considered
for normal business dealings at usual trade terms and conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.