|
Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
STAR TRADERS |
|
|
|
|
Registered Office : |
Office No. 10, FL 9-11, Set 15D,
Gulzar-e-Hijri, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Date of Incorporation : |
25.08.2012 |
|
|
|
|
Legal Form : |
Proprietorship
Concern |
|
|
|
|
Line of Business : |
Import & Trading of Textile Raw Materials & Textile Chemicals |
|
|
|
|
No. of Employees : |
02 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Unknown |
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 |
|
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 |
STAR TRADERS
|
Registered Address |
|
Office No. 10, FL 9-11, Set 15D, Gulzar-e-Hijri, Karachi,
Pakistan |
|
Tel # |
92
(21) 35448743 (Tel Nos. provided are wireless telephone) |
|
Fax # |
92
(21) 35448743 (Tel Nos. provided are wireless telephone) |
|
a. |
Nature of Business |
Import & Trading of Textile Raw Materials
& Textile Chemicals |
|
b. |
Year Established |
25th August, 2012 |
|
c. |
National Tax No. |
4015658 - 3 |
Subject Company was established as a Proprietorship business in 25th
August, 2012
|
Names |
Address |
Occupation |
Designation |
|
Mr. Muhammad Ali
Shera |
Office No. 10, FL 9-11, Set 15D, Gulzar-e-Hijri, Karachi |
Business |
Proprietor |
A. Subsidiary
None
B. Associated Companies
(1) Ali Textile Solution, Pakistan.
Import & Trading of Textile Raw Materials & Textile
Chemicals
2
(In Pak Rupees)
PKR 500,000/- (Estimated)
(Foreign)
Not Disclosed by the Proprietor of the Company
None
· MCB Bank Limited, Pakistan.
· Askari Bank Limited, Pakistan.
·
NIB Bank Limited, Pakistan.
We visited the office of the concern where following observations were made:
(1) Name Board of the Company could not be sighted at the time of our visit.
(2) The concern’s office is very difficult to locate.
(3) Subject is located in a commercial area of Karachi.
(4) Items such as Telephones could not be seen at the concern’s office.
(5) Subject office is not maintained properly.
(6) Subject premises are rented.
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 99.20 |
|
UK Pound |
1 |
Rs. 148.35 |
|
Euro |
1 |
Rs. 128.50 |
Subject Company was established in 25th August, 2012 and is engaged in import & trading business. Trade relations are not known. Company is not well known in the local businesses. Reliable market sources informed us that subject is engaged in fraud activities and warned us not to conduct any kind of business dealings with them. Subject can therefore be ignored for all kind of business dealings.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.09 |
|
UK Pound |
1 |
Rs.82.47 |
|
Euro |
1 |
Rs.70.49 |
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.