MIRA INFORM REPORT

Report Date :

09.11.2013

IDENTIFICATION DETAILS

Name :	POPULAR MARBLE INDUSTRIES (PMI)

Registered Office :	240-242, Badar Market, Pak Colony, Karachi

Country :	Pakistan

Date of Incorporation :	1995

Legal Form :	Proprietorship

Line of Business :	Processing of Marbles

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Unknown

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, 31^st,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Pakistan

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

GENERAL INFORMATION

Business Name	Popular Marble Industries (PMI)
Address	240-242, Badar Market, Pak Colony, Karachi Factory Unit-1: NC 31/1, Deh Manghopir, Manghopir Road, Karachi Unit-2: A 67-68, 74-75, Phase-1, Nal Road, Marble City, Gadani Showroom 24-C, Main Khayaban-e-Jami, Phase-VII, D.H.A, Karachi-Pakistan.
Telephone	(+92) (21) 32570865, 32581164, 32550846
Fax	(+92) (21) 32550847
Email	info@popularmarble.com; popularmarble@hotmail.com
Website	www.popularmarble.com
Business activities	Processing of Marbles

Registry Details

CRO Registration Number	N/A
Date of Registration	N/A

Other registry details:

Current Legal Form	Proprietorship
National Tax Registration Number	Not Disclosed
Date of Registration	Not Disclosed
GST Registration Number	Not Disclosed
Date of Registration	Not Disclosed

Capital

Type	No. of Shares	Par Value	Total Value
Authorized	N/A
Issued, Subscribed & Paid-Up	N/A

History

Who started	Mr. Salman
When started	1995
Change in management	No change
Year of change	No change
Change in legal status	No change
Year of change	No change
Change in business address	No change
Year of change	No change

PRINCIPALS (SPONSORS)

Name

Nationality

Pakistani

Mr. Salman

KEY MANAGEMENT

Name

Position in organization

Qualification

Years in employment

Mr. Salman

Proprietor

Undetermined

Mr. Farrukh Sultan

Manager

Not disclosed

Statutory offices	Name of service provider
Statutory Auditors	None
Legal Advisory Services	None

DETAILS OF BUSINESS ACTIVITIES

The core business focus of PMI is Processing of Marbles. PMI Importer, Exporter & Processing of Marbles.

Products are:

· Quarry Blocks Raw and Squared

· Slabs 2cm and 3cm, Random and cut-to-size Polished / Unpolished.

· Tiles Standard Size 60x60x2cm, 30x60x2cm, 40x40x1cm, etc Polished, Honed, Antique etc.

· Exterior Decorative Stone; Bush Hammered, Rough Surface Chissling,

· Mosaics, Molding, Decorative Products.

Purchases (Incl. Imports)

Imports from	Not disclosed
Importing terms	Not disclosed
Local (%)	Not disclosed
Local buying terms	Not disclosed

Sales (Incl. Exports)

Exports to	Not disclosed
Exporting terms	Not disclosed
Local (%)	Not disclosed
Local selling terms	Not disclosed

NUMBER OF EMPLOYEES

The contact person declined to share this information.

BUSINESS FACILITIES

Head office Address

Owned / Rented

Area (approx)

240-242, Badar Market, Pak Colony, Karachi. Pakistan-75700.

Undetermined

Factory (Unit-1)

Owned / Rented

Area (approx)

NC 31/1 Deh Manghopir, Manghopir Road Karachi-Pakistan.

Undetermined

Factory (Unit-2)

Owned / Rented

Area (approx)

A 67-68, 74-75, Phase 1 Nal Road, Marble City Gadani-Pakistan.

Rented

Undetermined

MARKET REPUTATION

Two wholesalers and a player in the same line of business were contacted to get a feedback about PMI, its products and sponsors. All the feedback was found Satisfactory and no disputes or untoward events including complaints about quality of products were reported/ identified during inquiry.

DETAILS OF RELATED BUSINESSES

None reported by the contact person

BUSINESS PERFORMANCE

Business performance could not be analyzed as the contact person declined to share financial information.

INTERVIEW & REPORTER COMMENTS

Contact person	Mr. Farrukh Sultan
Position	Manager
Comments	Mr. Farrukh Sultan confirmed business operations however; he refused to share business information / financial information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.73
UK Pound	1	Rs.100.92
Euro	1	Rs.84.06

INFORMATION DETAILS

Report Prepared by :

NIA

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.