|
Report Date : |
30.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
BROTHERS ENTERPRISES PVT LTD (BE) |
|
|
|
|
Registered Office : |
Room no. 106 Anum Estate Shahra-e-Faisal Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Date of Incorporation : |
1960 (Proprietorship) 20.12.1989 ( Private Limited Company) |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Traders and Importer of Chemicals for Pharmaceuticals and Food
Products (Rice & sugar) |
|
|
|
|
No. of Employees : |
32 |
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
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 |
BROTHERS ENTERPRISES PVT LTD (BE)
|
Business Name |
Brothers Enterprises Pvt. Ltd (BE) |
|
Address |
Head Office: Room no. 106 Anum Estate Shahra-e-Faisal Karachi Lahore Branch: 6-S, Saman Arcade, Firdous Market , Gulberg III, Lahore Rawalpindi Branch: 39-G, Fortress Cricket Stadium, Rawalpindi Peshawar Branch: Bilal Plaza, Bara Road Peshawar |
|
Telephone |
Head Office: (+92) (21) 34387795-34380784-5 Lahore Branch: (+92) (42) 35944599 – 36121912 Rawalpindi Branch: (+92) (51) 4855040 Peshawar Branch: (+92) (31) 9015123 |
|
Fax |
Head Office: (+92) (21) 34382189 Lahore Branch: (+92) (42) 35944598 Rawalpindi Branch: (+92) (51) 4855040 Peshawar Branch: None |
|
Email |
|
|
Website |
|
|
Business
activities |
Traders and Importer of Chemicals for Pharmaceuticals and Food
Products (Rice & sugar) |
|
CRO Registration
Number |
0020763 |
|
Date of
Registration |
December 20, 1989 |
Other registry
& certification details:
|
Current Legal
Form |
Private Limited |
|
National Tax
Registration Number |
0700096-7 |
|
Date of
Registration |
January 13, 1996 |
|
GST Registration
Number |
1220999904446 |
|
Date of
Registration |
September 10, 1997 |
|
Chamber of
Commerce & Industry |
Karachi Chamber of Commerce & Industries |
|
ISO
Certification |
None |
Capital
|
Type |
No. of Shares |
Par Value |
Total Value |
|
Authorized |
200,000 |
100 |
20,000,000 |
|
Issued,
Subscribed & Paid-Up |
180,000 |
100 |
18,000,000 |
History
|
Who started |
Mr. Muhammad Ahmad |
|
When started |
1960 |
|
Change in
management |
None |
|
Year of change |
N/A |
|
Change in legal
status |
Proprietorship to Private Limited Company |
|
Year of change |
1989 |
|
Change in
business name |
None |
|
Year of change |
N/A |
(SPONSORS)
|
Name |
Number of Shares |
Nationality |
Appointment Date
(Last) |
|
Mr. Khalid Rafi |
54,000 |
Pakistani |
03 Nov 2012 |
|
Mr. Faisal Ahmed |
54,000 |
Pakistani |
03 Nov 2012 |
|
Mr. Hafiz M. Tariq |
54,000 |
Pakistani |
03 Nov 2012 |
|
Mr. Muhammad Ahmed |
12,600 |
Pakistani |
03 Nov 2012 |
|
Mrs. Naima Ahmed |
5,400 |
Pakistani |
03 Nov 2012 |
|
Total |
180,000 |
|
|
|
Name |
Position in organization |
Qualification |
Years in
employment |
|
Mr. Muhammad Ahmed |
CEO |
Undetermined |
Undetermined |
|
Mr. Khalid |
Admin Manager |
Graduate |
12 years |
|
Mr. M. Auranzaib |
Company Secretary |
Undetermined |
Undetermined |
|
Statutory
offices |
Name of service provider |
|
Statutory
Auditors |
M/s Rahman Sarfaraz Rahim Chartered Accountants |
|
Legal Advisory
Services |
M/s Taxpert Tax Consultant Law Associates |
|
Bank name |
Approved financing limits PKR |
|
Habib Metropolitan Bank Limited |
Depository
relation |
|
MCB Bank Ltd |
Depository
relation |
The core business focus of BE is Trading and Import of Chemicals for
Pharmaceuticals and Food Products (Rice & sugar).
BE is importing from different countries and selling in different part of Sind
and Punjab.
Purchases (Incl.
Imports)
|
Imports from |
China and Europe |
|
Importing terms
90% |
Bank Contract & Sight L/C |
|
Local 10% |
Sindh |
|
Local buying
terms |
Cash and Credit of 30 days |
Sales (Incl.
Exports)
|
Exports to |
Nil |
|
Exporting terms |
N/A |
|
Local (100%) |
Sindh-Punjab |
|
Local selling
terms |
Cash and Credit of 30 Days |
|
Nature of
employment |
Current Year |
Previous Year |
|
Permanent |
32 |
30 |
|
Total |
32 |
30 |
|
Head office
Address Owned / Rented Area (approx) |
Room no. 106 Anum Estate Shahra-e-Faisal Karachi. Owned 500 sq.feet (approx) |
|
Branches Address Owned / Rented Area (approx) |
Peshawar Branch: Bilal Plaza, Bara Road Peshawar-Pakistan. Rawalpindi Branch: 39-G, Fortress Cricket Stadium, Rawalpindi. Lahore Branch: 6-S, Saman Arcade, Firdous Maret, Gulberg III, Lahore. Undetermined Undetermined |
Four buyers and one Supplier was contacted to get a feedback about BE,
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 |
|
None |
|||
The contact person decline to share financial information.
|
Contact person |
Mr. Khalid |
|
Position |
Admin Manager |
|
Contact Person
Comments |
Mr. Khalid confirmed business operations and business information
however he refused to share financial information. |
|
Analyst’s
Observations/ comments |
i) The office comprised of four
air-conditioned rooms, with ten computers and well decorated furniture. ii) Ten to twelve employees were present
in the office. iii) Samples of Chemicals were observed at
site. iv) Mr. Khalid had good knowledge about
business. v) At the time of visit cp Mr. Khalid
was very busy on his phone dealing with customers and daily routine matters. vi) Office is located at a prime
commercial location. vii) Office staff was observed busy in
their respective tasks. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.06 |
|
UK Pound |
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
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.