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Report Date : |
11.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAINBOW IMPEX |
|
|
|
|
Registered Office : |
Room no. 38, 2nd Floor, Abid Chambers, Shahrah-e-Liaquat,
New Challi, Karachi-74200 |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
Not Available |
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|
|
|
Legal Form : |
Proprietorship |
|
|
|
|
Line of Business : |
Importer & Trader of Spice items |
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|
|
|
No. of Employees : |
B |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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, 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 |
RAINBOW IMPEX |
|
Inquiry address |
Room # 2/38, Second Floor, AL-Yousuf Chambers, shahrah-E-Liaquat, New
Challi, Karachi |
|
Correct Address |
Room no. 38, 2nd Floor, Abid Chambers, Shahrah-e-Liaquat,
New Challi, Karachi-74200, Pakistan. |
|
Telephone |
9221- 32046807, 0333-2055993 |
|
Fax |
None |
|
Email |
Rainbow_impex@hotmail.com, rainbowimpex375@yahoo.com |
|
Website |
None |
|
Business activities |
Importer & Trader of Spice items |
Subject is a proprietorship concern. Such businesses are not obliged to
be registered with any regulatory authority.
|
Current Legal Form |
Proprietorship |
|
National Tax Registration Number |
Not disclosed |
|
Date of Registration |
Not disclosed |
|
GST Registration Number |
Not disclosed |
|
Date of Registration |
Not disclosed |
|
CRO Registration Number |
Not applicable |
|
Date of Registration |
Not applicable |
|
Authorized |
N/A |
|
Issued, Subscribed & Paid-Up |
N/A |
|
Name |
Designation |
Nationality |
Experience in
related field |
|
Mr. Anees |
Proprietor |
Pakistani |
Not disclosed |
|
Mr. Ahmed Anees Son of Mr. Anees |
Not disclosed |
Pakistani |
03 years |
Not disclosed
The core business focus of RI is Trading.
RI Importer & Trader all type of Spices.
Purchases (Incl. Imports)
|
Imports from |
Indonesia, China, Sri Lanka |
|
Importing terms |
Sight L/C |
|
Local |
Local |
|
Local buying terms |
Cash |
Sales (Incl. Exports)
|
Exports to |
Nil |
|
Exporting terms |
N/A |
|
Local |
Local |
|
Local selling terms |
Cash and Credit of 15-30 Days |
Type of Customers
Wholesalers
|
Nature of
employment |
Current Year |
Previous Year |
|
Permanent |
03 |
03 |
|
Contractual |
Undetermined |
Undetermined |
|
Daily wages |
Undetermined |
Undetermined |
|
Total |
03 |
03 |
|
Head office Address Owned / Rented Area (approx) |
Room no. 38, 2nd Floor, Abid Chambers, Shahrah-e-Liaquat,
New Challi, Karachi-74200, Pakistan. Undetermined Undetermined |
Subject is a small business set up, which is not very much known in the
market. However immediate neighbors are aware of the business existence and
operations since last few years. No suppliers or buyers of the business were
identified who could comment on the trade relationship of the subject.
None, as reported by the contact person or identified during
investigation.
Business performance could not be analyzed as the contact person
declined to share financial information.
|
Contact person |
Mr. Ahmed Anees |
|
Position |
Manager |
|
Comments |
Mr. Ahmed Anees confirmed business
operations and business information however; he declined to share financial
information. |
|
Interviewer’s comments |
The mobile number provided in inquiry was of
Mr. Amin whose office is on the first floor of the same building. The contact
person Mr. Ahmed Anees states that Mr. Amin is his cousin, who deals in paper
waste. The building name has been changed from
al-Yousuf Chambers to Abid Chamber since last few years |
|
Date |
September 6, 2013 |
.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.21 |
|
|
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.85.21 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.