|
Report Date : |
29.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
BHATTRA SONS |
|
|
|
|
Registered Office : |
Office # 304 & 305, 3rd Floor, Hussain Trade Center, Altaf Hussain Road, New Challi, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year of Incorporation : |
1998 |
|
|
|
|
Legal Form : |
Proprietorship |
|
|
|
|
Line of Business : |
Import, Indenting & Trading of Cheak Peas, Pulses, Chana, Red Kidney Beans, Spices etc. |
|
|
|
|
No. of Employees : |
6 |
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 : |
Moderate |
|
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
BHATTRA SONS
Registered
Address
|
|
Office # 304 & 305, 3rd Floor, Hussain Trade Center, Altaf Hussain
Road, New Challi, Karachi, Pakistan |
|
Tel # |
92 (21) 32216060, 32217070 |
|
Fax # |
92 (21) 32218080 |
|
Email |
|
a. |
Nature of Business |
Import, Indenting & Trading of Cheak Peas, Pulses, Chana, Red
Kidney Beans, Spices etc |
|
b. |
Year Established |
1998 |
|
c. |
National Tax # |
1238375 |
106, Grain Centre, Dandia Bazar,
Opp: City Court,
M. A. Jinnah Road,
Karachi, Pakistan
|
Subject Company was established as a Proprietorship business in 1998 |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Amin Bhattra Mr. Khurram Bhattra |
Pakistani Pakistani |
Office # 304
& 305, 3rd Floor, Hussain Trade Center, Altaf Hussain Road, New Challi,
Karachi Office # 304
& 305, 3rd Floor, Hussain Trade Center, Altaf Hussain Road, New Challi,
Karachi |
Business Business |
Proprietor Manager (Import) |
|
None |
Subject Company is engaged in import,
indenting & trading of Cheak Peas, Pulses, Chana, Red Kidney Beans, Spices
etc.
Local sales are mostly on cash / credit
terms basis.
It’s mainly import from China, India, Australia, Hong Kong, Portugal, Thailand, Singapore
& Canada.
Its’ major customers are Traders located at
Jodia Bazar, Kagzi Bazar, New Challi Anaaj Mandi & North Napier Market of
Karachi.
Subject operates from caption leased office
premises of area measuring 450 Sq.ft. which is situated at main commercial area
of Karachi.
Subject employs about 6 persons in its set up.
|
Year |
In Pak Rupees |
|
2011 |
40,000,000/- (Estimated) |
|
(1) SWISS SINGAPORE OVERSEAS ENTERPRISES PTE LTD, SINGAPORE. (2) OLAM TANZANIA LIMITED, TANZANIA. (3) JAWAHAR EXPORTS, INDIA. (4) PRAKASH OVERSEAS, INDIA. |
|
(1) Askari Bank Limited, Pakistan. (2) Bank Al-Habib Limited, Pakistan. (3) Faysal Bank Limited, Pakistan. (4) Meezan Bank
Limited, Pakistan. |
·
Karachi Chamber of Commerce & Industry.(KCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 99.70 |
|
UK Pound |
1 |
Rs. 152.50 |
|
Euro |
1 |
Rs. 129.25 |
Subject Company was
established in 1998 and is engaged in import, indenting & trading of Cheak
Peas, Pulses, Chana, Red Kidney Beans etc. 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.55.74 |
|
|
1 |
Rs.84.17 |
|
Euro |
1 |
Rs.72.02 |
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.