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Report Date : |
09.02.2013 |
IDENTIFICATION DETAILS
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Name : |
HAKIMUDDIN HORMUSJI & SONS |
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Registered Office : |
Ameejee Valeejee Building, Sharah-e-Liaqat, Karachi - 74200 |
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Country : |
Pakistan |
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Date of Incorporation : |
1948 |
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Com. Reg. No.: |
0299164 |
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Legal Form : |
Partnership |
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Line of Business : |
Subject is engaged in import, export, indenting & trading of Raw
Cotton, Textile Products, Textile Raw Materials |
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No. of Employees : |
101 persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 |
HAKIMUDDIN
HORMUSJI & SONS
|
Registered
Address |
|
Ameejee Valeejee Building, Sharah-e-Liaqat, Karachi - 74200, Pakistan |
|
Tel # |
92 (21) 32625156 (4 Lines) |
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Fax # |
92 (21) 32627985 |
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Email |
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a. |
Nature of Business |
Engaged in import, export, indenting &
trading of Raw Cotton, Textile Products, Textile Raw Materials |
|
b. |
Year Established |
1948 |
|
c. |
National Tax # |
0299164 |
Factory & Warehouse are located at S.I.T.E. area of Karachi
Subject Company was established as a Partnership business in 1948
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Nadershaw D. Kabraji Mr. Sahil
Khatri |
Pakistani Pakistani |
Ameejee Valeejee
Building, Sharah-e-Liaqat, Karachi Ameejee Valeejee
Building, Sharah-e-Liaqat, Karachi |
Business Business |
Managing Partner Partner |
Subsidiary
None
Associated Companies
- Do -
(1) Subject Company is engaged in import, export, indenting & trading of Raw Cotton, Textile Products, Textile Raw Materials.
(2) It purchases raw material against L/C, D/A, D/P basis.
(3) Its mainly import from America, CIS,
Brazil, Paragon, Argentina, Syria, Greece & African Countries.
(4) Its’ major customers are Buying Agencies, Textile Companies, Garments Manufacturers, Trading Corporations etc.
(5) Subject operates from caption leased office premises of area measuring 600 Sq.Ft which is situated at main commercial area of Karachi.
(6) Subject employs about 101 persons in its set up.
Actual production volume
is indeterminable as it mainly depends upon the demand / requirements from
local / international customers.
|
Year |
In Pak Rupees
|
|
2011 |
270,000,000/- (Estimated) |
Subject mainly import from Companies belongs to America, CIS, Brazil, Paragon, Argentina, Syria, Greece & African Countries
(1) Habib Bank Limited,
Pakistan.
(2) Habib Metropolitan
Bank Limited, Pakistan.
(3) Faysal Bank Limited,
Pakistan.
(4) MCB Bank
Limited, Pakistan.
(5) Allied Bank
Limited, Pakistan.
· Karachi Chamber of Commerce & Industry.(KCCI)
· Karachi Cotton Association.(KCA)
· Federation Pakistan Chamber of Commerce & Industry.(FPCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 99.30 |
|
UK Pound |
1 |
Rs. 155.70 |
|
Euro |
1 |
Rs. 133.80 |
Subject Company
was established in 1948 and is engaged in import, export, 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.53.57 |
|
|
1 |
Rs.84.25 |
|
Euro |
1 |
Rs.71.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.