MIRA INFORM REPORT

Report Date :

17.10.2013

IDENTIFICATION DETAILS

Name :	ABDUL QADIR ABDUL SATTAR (AQAS)
Registered Office :	9, Rafaee Markaz, Ram Bharti Street, Jodia Bazaar, Karachi
Country :	Pakistan
Year of Establishments:	1993
Legal Form :	Proprietorship
Line of Business :	Importer & Trader of Pulses, Laundry Shop Raw Material and Toilet Shop Raw Material
No. of Employees :	05

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 :	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	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 sales 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	Abdul Qadir Abdul Sattar (AQAS)
Address	9, Rafaee Markaz, Ram Bharti Street, Jodia Bazaar, Karachi.
Telephone	(+92) (21) 32434442, 32434443
Fax	(+92) (21) 32438183
Email	aqadirasattar@gmail.com
Website	None
Business activities	Importer of Pulses & Raw Material

Registry Details

The subject business is a Proprietary business and requires no mandatory registration with any regulatory authority for doing business. The business is stated to have been registered in 1993 and was registered with tax authorities in the year 1997 (Sales Tax) and 2004 (Income Tax).

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

Other registry details:

Current Legal Form	Proprietorship
National Tax Registration Number	1938147-6
Date of Registration	05-Apr-2004
GST Registration Number	1190999920573
Date of Registration	30-Jul-1997

Capital

Authorized	N/A
Issued, Subscribed & Paid-Up	N/A

History

Who Started	Mr. Abdul Qadir
When Started	1993
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

PRINCIPALS

(SPONSORS)

Name	Nationality
Abdul Qadir S/o Abdul Sattar National ID: 42301-2734858-3	Pakistani

KEY MANAGEMENT

Name	Position in organization	Qualification	Years in employment
Mr. Abdul Qadir	Proprietor	Graduate	20 years
Mr. Faisal Moosa	General Manager	Graduate	08 years

Statutory offices	Name of service provider
Statutory Auditors	N/A
Legal Advisory Services	N/A

BANKERS

NIB Bank Ltd

DETAILS OF BUSINESS ACTIVITIES

The core business focus of AQAS is Importer of Pulses & Raw Material. AQAS Importer & Trader of Pulses, Laundry Shop Raw Material and Toilet Shop Raw Material.

Purchases (Incl. Imports)

Imports from	Canada, UAE, Burma
Importing terms	Contact & Collection Basis, Sight L/C
Local (%)	Nil
Local buying terms	N/A

Sales (Incl. Exports)

Exports to	Nil
Exporting terms	N/A
Local (%)	100 (Sindh)
Local selling terms	Cash and Credit of 30 Days

Type of Customers

Manufacturers, Wholesalers & Retailers.

NUMBER OF EMPLOYEES

Nature of employment	Current Year	Previous Year
Permanent	05	05
Contractual	0	0
Daily wages (average)	0	0
Total	05	05

BUSINESS FACILITIES

Head office Address Owned / Rented Area (approx)	9, Rafaee Markaz, Ram Bharti Street, Jodia Bazaar, Karachi. Undetermined Undetermined
Factory Address Owned / Rented Area (approx)	None N/A N/A
Warehouse Address Owned / Rented Area (approx)	Not Disclosed Not Disclosed Not Disclosed

MARKET REPUTATION

Few buyers and a player in the same line of business were contacted to get a feedback about AQAS, 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

Business Name	City	Line of Business	Percentile of Shareholding
None reported by the contact person or identified during inquiry

BUSINESS PERFORMANCE

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

INTERVIEW & REPORTER COMMENTS

Contact person	Mr. Faisal Moosa
Position	General Manager
Comments	Mr. Faisal Moosa confirmed business operations and business information however; he declined to share financial information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.69
UK Pound	1	Rs.98.59
Euro	1	Rs.83.67

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%)

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.