MIRA INFORM REPORT

Report Date :

28.10.2013

IDENTIFICATION DETAILS

Name :	ASEAN INTERNATIONAL (AI)

Registered Office :	ASEAN Mansion, Street 37, Service Road North, I-8/2, Islamabad ,44000

Country :	Pakistan

Financials (as on) :	30.06.2010

Date of Incorporation :	1993

Legal Form :	Partnership firm

Line of Business :	Service Provider – Consultancy services

No. of Employees :	50

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit:	PKR 14041827

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, 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

Company name

ASEAN INTERNATIONAL (AI)

GENERAL INFORMATION

Business Name	ASEAN INTERNATIONAL (AI)
Address	ASEAN Mansion, Street 37, Service Road North, I-8/2, Islamabad ,44000, Pakistan
Telephone	051-4863561-2
Fax	051-8314923
Email	asean@aseanpk.com
Website	www.aseanpk.com
Business activities	SERVICE PROVIDER – Consultancy services

Registry Details

AI is stated to be a PARTNERSHIP FIRM.

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

Other registry details:

Current Legal Form	Partnership firm
National Tax Registration Number	Not provided
Date of Registration	Not Disclosed
GST Registration Number	Not Disclosed
Date of Registration	Not Disclosed

Capital (N/A)

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

History

Who started	ASAD ZAHUR
When started	1993
Change in management	The spouse of owner joined as a Partner
Year of change	2008
Change in legal status	Yes, from Proprietorship to Partnership Firm
Year of change	2008
Change in business name	No change
Year of change	No change

PRINCIPALS (SPONSORS)

Name	Number of Shares	Nationality	Appointment Date (Last)
Mr. Asad Zahur	70%	Pakistani	1993
Mrs. Uzma Asad	30%	Pakistani	2008

KEY MANAGEMENT

Name

Position in organization

Qualification

Years in employment

Mr. Asad Zahur

CEO

Graduate

20 Years

Mrs. Muneera

Chief Coordinator

Graduate

07 Years

Statutory offices

Name of service provider

Statutory Auditors

Hanif & Co.

Chartered Accountants

Legal Advisory Services

Not mandatory

BANKERS

Standard Chartered Bank (Pakistan) Ltd.

DETAILS OF BUSINESS ACTIVITIES

ASEAN International (AI) is a SERVICE PROVIDER. The nature of service is CONSULTANCY SERVICES specializing in the field of aviation industry and related technologies in Pakistan.

Range of consultancy services offered to its clients/ partners are:

Strategic Business Planning

Business Development

Market Study

Business Analysis and Evaluation

Introducing New Services in Pakistan in the field of Aviation

Provide Technical Assistance for Technology Transfer

Setting up of Technical Offices in Pakistan

Developing and Implementing Communication Plan

Security Information Management

Procurement and Contract Management

Assistance with after sales support and services

Conducting Feasibility Study

Risk Mitigation

It employs more than 30 experts from the aviation industry, engineering sector, business development, information management and information technology.

AI represents Eurocopter, France in Pakistan and has more than 30 international partners from across the globe, few of which are Nexter – France, Thales Tdi – France, Eads – France, Mbda – Italy, Oto Melara – Italy, Selex S.I – Italy, UK, USA, Vitrociset – Italy, Elettronica – Italy, Cit – Italy, Wass – Italy, Orizontte Navali – Italy, Fernau Avionics Ltd. – UK, China Shipbuilding Corp – China, Poly Tech – China, Catic – China, Tubitak-Turkey and Evpu – Czech Republic.

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

Nature of employment	Current Year	Previous Year
Permanent	50	40
Contractual	--	--
Daily wages (average)	--	--
Total	50	40

BUSINESS FACILITIES

Registered Address

Owned / Rented

Area (approx)

218/1, Firdousi Road, Rawalpindi

Stated to be Owned (Ownership documents not seen)

Not Disclosed

Head Office Address

Owned / Rented

Area (approx)

ASEAN Mansion, 417-D, Street 37, Service Road North, I-8/2, Islamabad

Stated to be Owned (Ownership documents not seen)

Not disclosed

MARKET REPUTATION

Subject reputation has not been verified from any source. As the subject deals in defense related departments of Pakistan and restriction has been imposed on such kind of organizations, which have been in business with these departments, not to disclose any thing about these departments & related organizations.

DETAILS OF RELATED BUSINESSES

None reported by the contact person or identified during investigation.

BUSINESS PERFORMANCE

The contacted person declined to share its financial information. However the financials for the year ended on June 30, 2010 has been incorporated from our existing FCM database which is as follows:

Particulars	30-Jun-10	30-Jun-09

Current assets	270,619,880	177,869,100
Current liabilities	215,750	186,950
Working capital	270,835,630	178,056,050

Non current assets	10,000,910	9,370,420
Long term liabilities	-	-
Net worth	280,836,540	187,426,470

Turnover	131,380,400	120,021,800
Gross Profit	93,352,470	93,046,600
EBIT	93,352,470	93,046,600
Profit / (Loss) before tax	93,352,470	93,046,600
Provision for taxation	-	-
Profit / (Loss) after tax	93,352,470	93,046,600

Creditors	215,750	186,950
Debtors	83,383,700	59,848,910
Cash & bank balances	159,799,230	99,074,890

Growth trend
Sales growth (%)	9.46%
Gross profit growth (%)	0.33%

Solvency
Current ratio	1,254.32	951.43
Quick ratio	1,220.15	922.19
Total liabilities to net worth ratio (%)	0.08	0.10

Profitability
Return on sales (%)	71.06	77.52
Return on net worth (%)	33.24	49.64

OTHER INFORMATION

The above information has been taken from FCM Database.

INTERVIEW & REPORTER COMMENTS

Contact person	Mrs. Muneerah
Position	Chief Coordinator
Comments	The contact person confirmed the business name and its contact details whereas she declined to share any further business information including financial information, stating that their nature of business and clientele are sensitive in nature as they are defense related armed forces.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.63
UK Pound	1	Rs.99.94
Euro	1	Rs.85.14

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
----	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.