MIRA
INFORM REPORT
|
Report Date : |
22.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
PROGRESSIVE
MARBLE INDUSTRY |
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|
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Registered Office : |
Plot # 10 & 11, Sector 26, Korangi Industrial Area, Karachi |
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Country : |
Pakistan |
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Date of Incorporation : |
1998 |
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Legal Form : |
Partnership |
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Line of Business : |
Subject is engaged is import, manufacture & export of Marbles
& Onyx. |
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No. of Employees : |
80 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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
Company name
PROGRESSIVE MARBLE
INDUSTRY
Full Address
|
Registered
Address & Factory |
|
Plot # 10 & 11, Sector 26, Korangi
Industrial Area, Karachi, Pakistan |
|
Tel # |
92 (21) 35069044, 35069043 |
|
Fax # |
92 (21) 35069043 |
|
Email |
Short Description Of Business
|
a. |
Nature of
Business |
Engaged in
manufacture & sale of Marbles & Onyx |
|
b. |
Year Established |
1998 |
Branches
|
Address |
B-11, 2nd
Floor, Pearl Heaven, Block-5, Clifton, Karachi, Pakistan |
|
Tel # |
92 (21) 35872965 |
|
Fax # |
92 (21) 35872965 |
Legal Status
|
Subject Company was established as a
Partnership business in 1998 |
Details of Managing Partner /
Partners
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Mehboob Ali Mr. Zafar |
Pakistani Pakistani |
B-11, 2nd Floor,
Pearl Heaven, Block-5, Clifton, Karachi B-11, 2nd Floor,
Pearl Heaven, Block-5, Clifton, Karachi |
Business Business |
Managing Partner Partner |
Associates
A. Subsidiary
None
B. Associated
Companies
- Do -
Business Activities
Subject Company is engaged is import,
manufacture & export of Marbles & Onyx.
Local sales are mostly on cash / credit
terms basis to its local customer. However in case of exports, payments would
be accepted through L/C, D/P basis.
It’s mainly import from China, Korea, Singapore, India, Japan & Taiwan.
Its exporting countries are Gulf Countries,
Saudi Arabia, India, U.A.E. & U.K.
Its’ major customers are Buying Agencies,
Construction Companies, Private Companies, International Buyers etc
Subject operates from caption leased factory
premises situated at industrial area of Karachi.
Subject employs about 80 persons in its set
up.
Annual Sales Volume
|
Year |
In Pak Rupees |
|
2012 |
80,000,000/- (Estimated) |
Bankers
MCB Bank Limited, Pakistan.
Soneri Bank
Limited, Pakistan.
Bank Al-Habib
Limited, Pakistan.
Bank Alfalah
Limited, Pakistan.
Memberships
Karachi Chamber of
Commerce & Industry.(KCCI)
Foreign Exchange Rates
|
Currency |
Unit |
Pakistani
Rupees |
|
US Dollar |
1 |
Rs. 108.10 |
|
UK Pound |
1 |
Rs. 172.25 |
|
Euro |
1 |
Rs. 143.75 |
Comments
Subject Company was established in 1998 and
is engaged in manufacture & sale of Marbles & Onyx. Partners are
reported as experienced and resourceful businessmen. 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.62.89 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.84.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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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.