|
Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
ASIF REHMAN PARACHA & CO. (ARP) |
|
|
|
|
Registered Office : |
27, Usman Chamber Weaver Lane Jodia Bazar Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year of Establishments: |
1988 |
|
|
|
|
Legal Form : |
Proprietorship Concern |
|
|
|
|
Line of Business : |
Importer & Trader of Tea such as :- · Danedar Tea · Mix Tea · Green Tea |
|
|
|
|
No. of Employees : |
50 |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 sales
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 |
|
Business Name |
Asif Rehman Paracha & Co. (ARP) |
|
Address |
Head Office
Address 27, Usman Chamber Weaver Lane Jodia Bazar Karachi. |
|
Telephone |
(+92) (21) 32413784, 32424706 |
|
Fax |
(+92) (21) 32424886 |
|
Email |
|
|
Website |
None |
|
Business
activities |
Trader of Tea |
ARP is a Proprietorship concern, registration with any regulatory body
is not mandatory.
|
CRO Registration
Number |
N/A |
|
Date of
Registration |
Other registry & certification details:
|
Current Legal
Form |
Proprietorship |
|
National Tax
Registration Number |
0671102-2 |
|
Date of
Registration |
December 07, 1995 |
|
GST Registration
Number |
11-00-0902-010-55 |
|
Date of
Registration |
August 09, 1997 |
|
Chamber of
Commerce & Industry |
Undetermined |
|
ISO
Certification |
None |
|
Other certifications |
Pakistan Tea Association (Certificate No.969304) |
Capital
|
Type |
No. of Shares |
Par Value |
Total Value |
|
Authorized |
N/A |
||
|
Issued,
Subscribed & Paid-Up |
|||
History
|
Who started |
Mr. Asif Rehman Paracha |
|
When started |
1988 |
|
Change in
management |
No change |
|
Year of change |
N/A |
|
Change in legal
status |
No change |
|
Year of change |
N/A |
|
Change in
business name |
No change |
|
Year of change |
N/A |
(SPONSORS)
|
Name |
Nationality |
|
Mr. Asif Rehman Paracha |
Pakistani |
|
Name |
Position in organization |
Qualification |
Years
in employment |
|
Mr. Asif Rehman Paracha |
Proprietor |
Graduate |
Since 1988 |
|
Mr. Kashif Rehman Paracha |
Manager |
Graduate |
10 years |
|
Statutory offices |
Name of service
provider |
|
Statutory Auditors |
Not Disclosed |
|
Legal Advisory Services |
Not Disclosed |
|
Bank name |
Approved
financing limits |
|
Askari Bank Ltd |
Depository relation |
|
Bank Alfalah Ltd |
Depository relation |
The core business focus of ARP is Import & Trading of Tea. The concern is selling Tea all over Pakistan through distributors, wholesalers and retailer. ARP holds a good reputation for the quality products it supplies.
The location of the concern is one of the prime locations for this kind
of businesses and as per the observation and seen during the visit it is
observed that ARP supplies its product throughout Pakistan.
Products:
· Danedar Tea
· Mix Tea
· Green Tea
Purchases (Incl.
Imports)
|
Imports from |
Africa, Indonesia, Bangladesh and China |
|
Importing terms |
L/C |
|
Local (%) |
Nil |
|
Local buying
terms |
N/A |
Sales (Incl.
Exports)
|
Exports to |
Nil |
|
Exporting terms |
N/A |
|
Local (%) |
100 (All over Pakistan) |
|
Local selling
terms |
Cash and Credit of 30-45 Days |
|
Nature
of employment |
Current
Year |
Previous
Year |
|
Permanent |
50 |
Undetermined |
|
Total |
50 |
|
|
Head office
Address Owned / Rented Area (approx) |
27, Usman Chamber Weaver Lane Jodia Bazar Karachi. Undetermined 450 sq.feet (approx) |
|
Branches Address Owned / Rented Area (approx) |
Lahore, Islamabad & Quetta. (complete address not disclosed) Undetermined Undetermined |
Three wholesalers were contacted to get a feedback about ARP, its products and sponsors.
All the feedback was found Satisfactory and no disputes or untoward events
including complaints about quality of products were reported/ identified during
inquiry.
|
Business Name |
City |
Line of Business |
Percentile
of Shareholding |
|
M/s Shaheen Paracha Associates |
Karachi |
Same |
Undetermined |
The contact person decline to share financial information.
|
Contact person |
Mr. Kashif Rehman Paracha |
|
Position |
Manager |
|
Contact Person
Comments |
Mr. Kashif Rehman Paracha confirmed business operations and business
information however; he refused to
share financial information. |
|
Analyst’s
Observations/ comments |
i)
The office was comprised of two air-conditioned
rooms, with three computers and average furniture. ii)
Five to six employees were present in the office. iii)
Samples of Tea were observed at site. iv)
The concern is an important member of Pakistan
Tea Association. v)
The concern has been in the market since last 25
years due to which the concern is regarded as one of the pioneers in the
industry and it seems that the concern has developed very good relationship
locally as well as with the international suppliers. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.13 |
|
UK Pound |
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.