|
Report Date : |
11.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
SINDH AGRO INDUSTRIES |
|
|
|
|
Registered Office : |
Suite # 305, Third Floor, Techno City, Office Tower, Off: I.I. Chundrigar Road, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year of Incorporation : |
2000 |
|
|
|
|
Legal Form : |
Partnership |
|
|
|
|
Line of Business : |
Export, Import
& Trading of Rice, Cotton, Pulses & Other Commodities |
|
|
|
|
No. of Employees : |
6 persons |
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
SINDH AGRO INDUSTRIES
|
Registered
Address |
|
Suite # 305, Third Floor, Techno City, Office Tower, Off: I.I.
Chundrigar Road, Karachi, Pakistan |
|
Tel # |
92 (21) 32215711, 32215712, +923313567436 |
|
Fax # |
92 (21) 32215811 |
|
a. |
Nature of Business |
Export, Import & Trading of Rice, Cotton, Pulses & Other
Commodities |
|
b. |
Year Established |
2000 |
None
|
Subject Company was established as a Partnership business in 2000 |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Jasoo Mal Mr. Akash Jai |
Pakistani Pakistani |
Suite # 305, Third
Floor, Techno City, Office Tower, Off: I.I. Chundrigar Road, Karachi Suite # 305,
Third Floor, Techno City, Office Tower, Off: I.I. Chundrigar Road, Karachi |
Business Business |
Managing Partner Partner |
|
None |
Subject Company is engaged in export, import & trading of Rice, Cotton,
Pulses & Other Commodities.
It purchases against D/A, D/P basis.
It sells against Cash / Credit terms to its
local customers.
It’s mainly import from China, India,
Canada, U.A.E, Ukraine, Portugal, Vietnam & Thailand.
Its major customers are Retailers, Buying
Agencies, Food Companies etc.
Subject operates from caption leased office
premises of area measuring 400 Sq.ft. which is situated at commercial area.
Subject employs about 6 persons in its set up.
|
Year |
In Pak Rupees |
|
2011 |
36,000,000/- (Estimated) |
Subject mainly import from Companies belongs
to China, India, Canada, U.A.E, Ukraine, Portugal, Vietnam & Thailand
(1)
Bank Al-Habib Limited,
Pakistan.
(2)
Askari Bank Limited,
Pakistan.
(3)
Meezan Bank Limited,
Pakistan.
(4)
MCB Bank Limited,
Pakistan.
·
Karachi Chamber of Commerce & Industry.(KCCI)
·
Karachi Wholesale Grocers Association.(KWGA)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 101.20 |
|
UK Pound |
1 |
Rs. 151.10 |
|
Euro |
1 |
Rs. 129.50 |
Subject Company was established in 2000 and
is engaged in export, import &
trading of Rice, Cotton, Pulses & Other Commodities. 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.60.13 |
|
|
1 |
Rs.89.52 |
|
Euro |
1 |
Rs.76.89 |
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.