MIRA INFORM REPORT

Report Date :

09.11.2013

IDENTIFICATION DETAILS

Name :	T.M. MARBLES (TMM)
Registered Office :	Main Defence Road, Near Eden Evenue, Near Airport Road, Cantt, Lahore
Country :	Pakistan
Date of Incorporation :	2007
Legal Form :	Proprietorship
Line of Business :	Manufacturer & Trader (Processing/ Import) of Marble
No. of Employees :	4

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 :	Slow but correct
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	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

GENERAL INFORMATION

Business Name	T.M. MARBLES (TMM)
Address	MAIN DEFENCE ROAD, NEAR EDEN EVENUE, NEAR AIRPORT ROAD, CANTT, LAHORE
Telephone	(+92) (042) 35747214
Fax	(+92) (042) 35747215
Mobile	(+92) (0321) 4699272
Email	Not provided
Website	None
Business activities	Manufacturer & Trader (Processing/ Import) of Marble

Registry Details

TMM is a PROPRIETORSHIP Firm, registration with any regulatory authority is not mandatory.

CRO Registration Number	Not applicable
Date of Registration	Not applicable

Other registry & certification details:

Current Legal Form	Proprietorship
National Tax Registration Number	Not provided
Date of Registration	Not provided
GST Registration Number	Not provided
Date of Registration & Expiry	Not provided
Chamber of Commerce & Industry	Not provided
Date of Registration & Expiry	Not provided
ISO Certification	Not provided
Date of Registration & Expiry	Not provided
Other certifications	Not provided
Date of Registration & Expiry	Not provided

Capital

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

History

Who started	MR. TARIQ MEHMOOD
When started	2007
Change in management	No Change
Year of change	N/A
Change in legal status	No Change
Year of change	N/A
Change in business name	No Change
Year of change	N/A

PRINCIPALS (SPONSORS)

Name	Number of Shares	Nationality	Appointment Date (Last)
MR. TARIQ MEHMOOD	100%	Pakistani	Not provided

KEY MANAGEMENT

Name	Position in organization	Qualification	Years in employment
MR. TARIQ MEHMOOD	Proprietor	Not provided	Not provided

Statutory offices	Name of service provider
Statutory Auditors	Not appointed as its not mandatory
Legal Advisory Services	Not appointed as its not mandatory

BANKERS

BANK ALFALAH is their bankers but the contact person declined to share the information about their financing facility, if any.

DETAILS OF BUSINESS ACTIVITIES

Manufacturer & Trader (Processing/ Import) of Marble.

Purchases (Incl. Imports)

Imports from	China
Importing terms	LC/D.A
Local (%)	80%
Local buying terms	30 to 60 days.

Sales (Incl. Exports)

Exports to	NIL
Exporting terms	NIL
Local (%)	100%
Local selling terms	30 days credit.

NUMBER OF EMPLOYEES

Nature of employment	Current Year	Previous Year
Permanent	4	4
Contractual	0	0
Daily wages (average)	0	0
Total	4	4

BUSINESS FACILITIES

Head office Address Owned / Rented Area (approx)	Main Defence Road, Near Eden Avenue, Near Airport Road, Lahore Cantonment Stated to be family owned AREA 2 KANAL (approx) owned in the name of proprietor’s brother.
Factory Address Owned / Rented Area (approx)	Same as above.
Warehouse Address Owned / Rented Area (approx)	Same as above.

MARKET REPUTATION

Markets sources confirmed business operations and trade relationship with TMM. The reported trade relations were between 3 and 12 years. The reported terms of payment were Cash and Credit of 15-20 days. One of the buyers reported a monthly buying of 2.75 million rupees as an average. Couple of buyers claimed that they purchase marble and imported granite from TMM. They were satisfied with the quality of goods supplied. One of the competitors recognized TMM as a reputable business and did not report any negative news relating to the business or its sponsor.

DETAILS OF RELATED BUSINESSES

None reported by the contact person or identified during investigation.

BUSINESS PERFORMANCE

The contact person declined to share financial information or estimated/ approximate figures.

INTERVIEW & REPORTER COMMENTS

Contact person	Mr. TARIQ MEHMOOD
Position	Proprietor
Comments	The contact person confirmed business operations but declined to provide financial information without disclosing the name of foreign beneficiary. As per neighbor’s opinion Omer Oil Change & New Pak Marble Industry the subject business is in operation for last 6 years. As per signboard fixed the business title is ‘T. M. MARBLE & GRANITE’

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%)

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