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Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
KARACHI STEEL CENTER. (KSC) |
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|
|
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Registered Office : |
Shop # 7&9, Rahima Palace, Baba-e-Urdu Road, Near Moin Steel
Market, M.A. Jinnah Road, Karachi. |
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Country : |
Pakistan |
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Date of Incorporation : |
August 2013 |
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Com. Reg. No.: |
0516556-3 |
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Legal Form : |
Proprietorship |
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Line of Business : |
Trader of Iron & Steel |
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No. of Employees : |
03 |
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 |
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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 |
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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 |
KARACHI STEEL CENTER. (KSC) |
|
Address |
Shop # 7&9, Rahima Palace, Baba-e-Urdu Road, Near Moin Steel
Market, M.A. Jinnah Road, Karachi. |
|
Telephone |
9221-32722795, 38287222, 0345-6176808 |
|
Fax |
None |
|
Email |
maminksc@gmail.com, maminksc@hotmail.com |
|
Website |
None |
|
Business activities |
Trader of Iron & Steel |
Subject is a proprietorship concern and has no obligation to get its
business registered with any regulatory authority. However the business is
registered with the tax authority in August 2013, a month back.
|
Current Legal Form |
Proprietorship |
|
National Tax Registration Number |
0516556-3 |
|
Date of Registration |
August 2013 |
|
GST Registration Number |
Unregistered |
|
Date of Registration |
Unregistered |
|
CRO Registration Number |
Not applicable |
|
Date of Registration |
Not applicable |
|
Authorized |
N/A |
|
Issued, Subscribed & Paid-Up |
N/A |
|
Name |
Age |
Nationality |
Experience in
related field |
|
Sheikh Muhammad
Amin |
68 years |
Pakistani |
35 years |
|
Muhammad Muneer Son of Proprietor |
33 years |
Pakistani |
6 years |
|
Name Position in organization |
Age Qualification |
Years of
experience |
Experience in
related field |
|
Sheikh Muhammad Amin Proprietor |
68 years |
35 years |
35 years |
|
Muhammad Muneer Manager |
33 years |
6 years |
6 years |
|
Muhammad Junaid Production Manager |
30 years |
5 years |
5 years |
|
Statutory offices |
Name of service
provider |
|
Statutory Auditors |
None |
|
Legal Advisory Services |
None |
|
Habib Metropolitan Bank Ltd. |
The core business focus of KSC is Trading
of Iron & Steel.
|
Imports from |
Japan, Germany & Australia |
|
Importing terms |
Sight L/C |
|
Local |
Karachi |
|
Local buying terms |
Cash |
|
Exports to |
Nil |
|
Exporting terms |
N/A |
|
Local % |
100% sales in Pakistan – Nationwide |
|
Local selling terms |
Cash and Credit of 30-60 Days |
Manufacturers of Iron Products
|
Nature of employment |
Current Year |
Previous Year |
|
Permanent |
03 |
03 |
|
Contractual |
Nil |
Nil |
|
Daily wages |
Nil |
Nil |
|
Total |
03 |
03 |
|
Head office Address Owned / Rented Area (approx) |
Shop # 7 & 9, Rahima Palace, Baba-e-Urdu Road, Near Moin Steel
Market, M. A. Jinnah Road, Karachi. Stated to be owned 300 Sq. Ft. |
|
Factory Address Owned / Rented Area (approx) |
N/A |
|
Warehouse Address Owned / Rented Area (approx) |
Same as above |
Several Wholesalers and a player in the same line of business were
contacted to get a feedback about KSC, its products and sponsors. All the
feedback were 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 |
|
A.S. Trader |
Karachi |
Retailers of Bearing Steel, Die Steel, Carbon Steel Round & Flat |
Undetermined |
|
Contact person |
Sheikh Muhammad Amin |
|
Position |
Proprietor |
|
Comments |
Sheikh Muhammad Amin confirmed
business operations and business information however; he declined to share
financial information. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
|
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.