|
Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL CREDIT INFORMATION LIMITED
(ICIL) |
|
|
|
|
Registered Office : |
D-90, Block-2, Scheme No.5, Kehkashan, Clifton, Karachi-75600 |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
19.02.1998 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
· Subject is engaged in credit information and related services to its local clientele and international affiliates/ clients. · Debt collection, and Asset/ Skip Tracing Services are secondary business activity of subject |
|
|
|
|
No. of Employees : |
278 |
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 : |
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 |
|
Business Name |
International Credit Information Limited
(ICIL) |
|
Address |
D-90, Block-2, Scheme No.5, Kehkashan, Clifton, Karachi-75600,
Pakistan. |
|
Telephone |
(+92) (21) 35877451-4, 111-273-348, 35376152-5 |
|
Fax |
(+92) (21) 35877345 |
|
Email |
|
|
Website |
|
|
Business
activities |
Services Provider (Credit Risk Management Services) |
|
CRO Registration
Number |
0038814 |
|
Date of
Registration |
February 19, 1998 |
Other registry
details:
|
Current Legal
Form |
Public limited company |
||
|
National Tax
Registration Number |
|
||
|
Date of
Registration |
11-Aug-1999 |
||
|
GST Registration
Number |
Unregistered |
||
|
Date of
Registration |
N/A |
|
Authorized |
1,000,000 Divided into 100,000 Shares @ PKR 10 each |
|
Issued,
Subscribed & Paid-Up |
776,300 Divided into 77,630 Shares @ PKR 10 each |
|
Who Started |
Dr. Adil Sultan Mufti |
|
When Started |
February 19, 1998 |
|
Change in
Management |
No change |
|
Year of change |
N/A |
|
Change in Legal
Status |
No change |
|
Year of change |
N/A |
|
Name change |
No change |
|
Year of change |
N/A |
|
Name |
Number of Shares |
Nationality |
Appointment Date
(Last) |
|
Mr. Babar Mufti |
500 |
Pakistani |
31/05/2011 |
|
Mr. Humayun Sultan Mufti |
1,000 |
Pakistani |
31/05/2011 |
|
Dr. Adil Sultan Mufti |
772,300 |
Pakistani |
31/05/2011 |
|
Mr. Salman Kureshi |
500 |
Pakistani |
31/05/2011 |
|
Mr. Yasser Mufti |
500 |
Pakistani |
31/05/2011 |
|
Mr. Arif Sultan Mufti |
500 |
Pakistani |
31/05/2011 |
|
Mr. Amer Aziz Saiyid |
500 |
Pakistani |
31/05/2011 |
|
Mr. Rehan Khan |
500 |
Pakistani |
31/05/2011 |
|
Name |
Position in organization |
Years
in employment |
|
Mr. Babar Mufti |
CEO |
15 years |
|
Mr. Azfar Baqvi |
COO |
27 years |
|
Mr. Azhar Naqvi |
Director Business & Risk |
-- |
|
Mr. Arif Abid |
CFO/ Secretary |
-- |
|
Mr. Yasser Mufti |
Director IT |
15 years |
|
Statutory
offices |
Name of service
provider |
|
Statutory Auditors |
M/s Taseer Hadi Khalid &
Co. Chartered Accountants |
|
Legal Advisory Services |
Mr. Siraj Ahmed Khan. Law Associates |
|
Bank Al-Habib |
|
United Bank |
|
Bank Al-Falah |
ICIL is primarily engaged in credit information and related services to
its local clientele and international affiliates/ clients.
Debt collection, and Asset/ Skip Tracing Services are secondary business
activity of ICIL.
ICIL has Pakistan largest credit information database for all public
limited companies registered with the Companies Registrar, majority of private
limited companies and over 40 percent of partnership firms.
ICIL has its head office in Karachi, regional office in Lahore and
branch offices in all the major industrial cities and trading hubs across the
country.
Purchases (Incl.
Imports)
|
Imports from |
UAE, Europe & USA |
|
Importing terms |
Cash & Credit of 30-45 days |
|
Local buying % |
0% |
|
Local buying
terms |
N/A |
Sales (Incl.
Exports)
|
Exports |
Nil |
|
Exporting terms |
N/A |
|
Local % |
100% |
|
Local selling
terms |
Cash & Credit of 30-45 days |
Type of Customers
|
FI & DFI, Manufacturing organizations and Service providers |
|
Nature of employment |
Current Year |
Previous Year |
|
Permanent |
98 |
98 |
|
Contractual |
180 |
150 |
|
Daily wages |
Undetermined |
Undetermined |
|
Total |
278 |
248 |
|
Head office
Address Owned / Rented Area (approx) |
D-90, Block-2, Scheme No.5, Clifton, Karachi-75600 Rented 1000 Sq. Yards |
|
|
|
|
Regional Office Owned / Rented Area (approx) |
20-B, Block-G, Gulberg-III, Lahore Rented 1000 Sq. yards |
|
|
|
|
Branches &
liaison offices |
ISLAMABAD: 244, Street # 35, I-9/4 FAISALABAD: B-13, 18-A/3, Bilal Road, Faisal Arcade, Civil Lines SIALKOT: 22, Warraich Mansion, Paris Road MULTAN: Suite No.23-24 2nd Floor, Abdullah Center LMQ Road GUJRANWALA: United Chambers 3-H, Trust Plaza PESHAWAR: Suite#03, 1st Floor, Amin Mension, G.T. Road HYDERABAD: Suite#5&7, Defence View Apartment, Defence SUKKUR QUETTA |
Various financial institutions were contacted to obtain feedback about
the service quality of ICIL and its sponsors. All the feedback was found
Satisfactory and no disputes or untoward events including complaints about
quality of products were reported/ identified during inquiry.
|
Business
Name |
City |
Line
of Business |
Percentile
of Shareholding |
|
Venture Pharmaceuticals (Pvt.) Ltd. |
Karachi |
Distributors of Medicine |
Undetermined |
|
ICIL (Pvt.) Ltd. |
Karachi |
Business Training Services |
Undetermined |
|
Pak Credit Alert (Pvt.) Ltd. |
Karachi |
Credit Bureau Services |
Undetermined |
|
ICIL Technologies (Pvt.) Ltd. |
Karachi |
Software Developers and Importer, Trader of Biometric Devices |
Undetermined |
|
Particulars |
30-Jun-12 |
30-Jun-11 |
%
Change |
|
Current
assets |
42,160,094 |
42,483,990 |
(0.76) |
|
Current
liabilities |
22,039,215 |
28,704,509 |
(23.22) |
|
Working
capital |
64,199,309 |
71,188,499 |
(9.82) |
|
|
|
|
|
|
Non-current
assets |
22,319,455 |
25,351,086 |
(11.96) |
|
Long
term liabilities |
7,768,233 |
8,112,060 |
(4.24) |
|
Net
worth |
94,286,997 |
104,651,645 |
(9.90) |
|
|
|
|
|
|
Turnover |
132,139,897 |
157,997,014 |
(16.37) |
|
Gross
Profit |
42,615,737 |
54,565,682 |
(21.90) |
|
EBIT |
5,438,211 |
11,178,186 |
(51.35) |
|
Profit
/ (Loss) before tax |
4,073,685 |
9,769,204 |
(58.30) |
|
Provision
for taxation |
(421,091) |
(4,382,637) |
(90.39) |
|
Profit
/ (Loss) after tax |
3,652,594 |
5,386,567 |
(32.19) |
|
|
|
|
|
|
Creditors |
19,765,827 |
25,057,608 |
(21.12) |
|
Debtors |
13,571,555 |
12,593,351 |
7.77 |
|
Cash
& bank balances |
15,260,881 |
20,716,469 |
(26.33) |
|
|
|
|
|
|
Solvency |
|
|
|
|
Current
ratio |
1.91 |
1.48 |
|
|
Quick
ratio |
1.58 |
1.29 |
|
|
Total
liabilities to net worth ratio (%) |
31.61 |
35.18 |
|
|
|
|
|
|
|
Profitability |
|
|
|
|
Return
on sales (%) |
2.76 |
3.41 |
|
|
Return
on net worth (%) |
3.87 |
5.15 |
|
|
Contact person |
Mr. Arif Abid Hussain |
|
Position |
CFO & Company Secretary |
|
Comments |
Mr. Arif Abid Hussain confirmed business operations and business
information, including audited financial information. |
.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.30 |
|
UK Pound |
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.83.15 |
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.