|
Report Date : |
02.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
PRIME FOOD |
|
|
|
|
Registered Office : |
House No. A21,
Rufi Villa, Block 13D/2, Gulshan-e-Iqbal, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year of Establishment : |
2004 |
|
|
|
|
Legal Form : |
Proprietorship |
|
|
|
|
Line of Business : |
Import, Export
& Trading of Commodities |
|
|
|
|
No. of Employees : |
4 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 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
PRIME FOOD
|
Registered
Address |
|
House No. A21, Rufi Villa, Block 13D/2,
Gulshan-e-Iqbal, Karachi, Pakistan |
|
Tel # |
92 (21)
34972785, 34823318, +923332365806 |
|
Fax # |
92 (21) 32424149 |
|
Email |
|
a. |
Nature of Business |
Import, Export & Trading of Commodities |
|
b. |
Year Established |
2004 |
None
|
Subject Company was established as a Proprietorship business in 2004 |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Adam Budhani |
Pakistani |
House No. A21, Rufi Villa, Block 13D/2, Gulshan-e-Iqbal, Karachi |
Business |
Proprietor |
Subject Company is engaged in the business
as import, export & trading of
Commodities.
It purchases against D/A, D/P basis.
It sells against Credit terms to its local
customers.
It’s mainly import from China, India,
Thailand, Vietnam, Portugal, Ukraine & U.A.E.
Its major customers are Food Companies,
Retailers, Traders.
Subject operates from caption leased office
premises of area measuring 1,400 Sq.ft. which is situated at commercial area of
Karachi.
Subject employs about 4 persons in its set up.
|
Year |
In Pak Rupees |
|
2011 |
10,000,000/- (Estimated) |
Subject mainly import from Companies belongs
to China, India, Thailand, Vietnam, Portugal, Ukraine & U.A.E.
(1)
Faysal Bank Limited,
Pakistan.
(2)
Bank Alfalah Limited,
Pakistan.
(3)
Habib Metropolitan Bank
Limited, Pakistan.
(4)
MCB Bank Limited,
Pakistan.
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 97.30 |
|
UK Pound |
1 |
Rs. 159.00 |
|
Euro |
1 |
Rs. 128.13 |
Subject Company was established in 2004 and is
engaged in import, export & trading business. Trade relations are not known. Company is not well known in the
local businesses. Such as conducting business activity with the subject is
considered to be a trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.83 |
|
|
1 |
Rs.89.22 |
|
Euro |
1 |
Rs.72.48 |
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.