|
Report Date : |
14.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
PRIME AGENCIES |
|
|
|
|
Registered Office : |
PA-64/A, Bahadur Yar Jang Academy, Siraj-ud-Daulah Road, Bahadurabad, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year of Incorporation : |
1990 |
|
|
|
|
Legal Form : |
Proprietorship |
|
|
|
|
Line of Business : |
Import, Indenting
& Trading of Dry Fruits, Consumer Items and Herbs, Commodities |
|
|
|
|
No. of Employees : |
6 |
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
PRIME AGENCIES
|
Registered
Address |
|
PA-64/A, Bahadur Yar Jang Academy, Siraj-ud-Daulah Road, Bahadurabad,
Karachi, Pakistan |
|
Tel # |
92 (21) 34913233,
34912786 |
|
Fax # |
92 (21) 34948528 |
|
Email |
|
a. |
Nature of Business |
Import, Indenting & Trading of Dry Fruits, Consumer Items and Herbs, Commodities |
|
b. |
Year Established |
1990 |
None
|
Subject Company was established as a Proprietorship business in 1990 |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. M. Akhter Usman |
Pakistani |
PA-64/A, Bahadur
Yar Jang Academy, Siraj-ud-Daulah Road, Bahadurabad, Karachi |
Business |
Proprietor |
Subject Company is engaged in import, indenting & trading of Dry Fruits, Consumer Items and Herbs,
Commodities.
It purchases against L/C, D/A basis.
It sells against Cash / Credit terms to its
local customers.
It’s mainly import from China, India,
Australia, Canada, Vietnam & Thailand.
Its major customers are Traders, Retailers,
Food Companies etc.
Subject operates from caption leased office
premises of area measuring 600 Sq.ft. which is situated at main commercial area
of Karachi.
Subject employs about 6 persons in its set up.
|
Year |
In Pak Rupees |
|
2011 |
42,000,000/- (Estimated) |
Subject mainly import from Companies belongs to China, India, Australia,
Canada, Vietnam & Thailand
(1)
MCB Bank Limited,
Pakistan.
(2)
Habib Bank Limited,
Pakistan.
(3)
Bank Alfalah Limited,
Pakistan.
(4)
Faysal Bank Limited, Pakistan.
·
Karachi Chamber of Commerce & Industry.(KCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 102.45 |
|
UK Pound |
1 |
Rs. 155.60 |
|
Euro |
1 |
Rs. 134.70 |
Subject Company was established in 1990 and
is engaged in import, indenting & trading business. Market reputation is satisfactory. 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.61.43 |
|
|
1 |
Rs.95.07 |
|
Euro |
1 |
Rs.81.77 |
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.