|
Report Date : |
04.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
SONU ENTERPRISE (SE) |
|
|
|
|
Registered Office : |
21-C Office No.3, 22nd Commercial Street,
D.H.A. Phase II Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year of Establishments: |
2000 |
|
|
|
|
Legal Form : |
Proprietorship Concern |
|
|
|
|
Line of Business : |
· Importer & Trader of Food Items. · Subject imports pet food items and human food items (Noodle) from USA, Europe and Thailand |
|
|
|
|
No. of Employees : |
05 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
Sonu Enterprise (SE) |
|
Address |
Registered Address:
21-C Office No.3, 22nd
Commercial Street, D.H.A. Phase II Karachi.
|
|
Telephone |
(+92) (21) 35391228,
0315-6199099, 0300-2714329
|
|
Fax |
None
|
|
Email |
|
|
Website |
None |
|
Business
activities |
Trader of Food items |
SE is a proprietorship concern hence registration with any regulatory
body is not mandatory.
|
CRO Registration
Number |
N/A |
|
Date of Registration |
Other registry
& certification details:
|
Current Legal
Form |
Proprietorship |
|
National Tax
Registration Number |
Undetermined |
|
Date of
Registration |
Undetermined |
|
GST Registration
Number |
Undetermined |
|
Date of
Registration |
Undetermined |
|
Chamber of
Commerce & Industry |
Karachi Chamber of Commerce & Industries |
|
ISO
Certification |
None |
|
Other
certifications |
None |
Capital
|
Type |
No. of Shares |
Par Value |
Total Value |
|
Authorized |
N/A |
||
|
Issued,
Subscribed & Paid-Up |
|||
History
|
Who started |
Mr. Naeem |
|
When started |
2000 |
|
Change in
management |
None |
|
Year of change |
N/A |
|
Change in legal
status |
None |
|
Year of change |
N/A |
|
Change in
business name |
None |
|
Year of change |
N/A |
(SPONSORS)
|
Name |
Nationality |
|
Mr. Naeem |
Pakistani |
|
Name |
Position in organization |
Qualification |
Years
in employment |
|
Mr. Naeem |
Proprietor |
Graduate |
13 years |
|
Mr. Aqeel |
Manager |
Graduate |
06 years |
|
Statutory offices |
Name of service
provider |
|
Statutory Auditors |
Not Appointed |
|
Legal Advisory Services |
Not Appointed |
|
Bank name |
Approved
financing limits |
|
Habib Metropolitan Bank Ltd |
Depository relation |
|
Askari Bank Ltd |
Depository relation |
The core business focus of SE is Importer
& Trader of Food Items.SE
imports pet food items and human food items (Noodle) from
USA, Europe and Thailand. The items are imported on Advance basis and sold in
the local market. The items are sold through wholesalers as well as direct
sales. The concern is quite well known in the vicinity for the pet items it
sells in the local market.
Purchases (Incl.
Imports)
|
Imports from |
Thailand, Europe, USA |
|
Importing terms |
Advance Basis |
|
Local (%) |
None |
|
Local buying
terms |
N/A |
Sales (Incl.
Exports)
|
Exports to |
None |
|
Exporting terms |
N/A |
|
Local (%) |
100 (all over Pakistan) |
|
Local selling
terms |
Cash and Credit of 30 Days |
|
Nature
of employment |
Current
Year |
Previous
Year |
|
All Staff |
05 |
05 |
|
Total |
05 |
05 |
|
Head office
Address Owned / Rented Area (approx) |
21-C Office No.3, 22nd Commercial Street, D.H.A. Phase II Karachi. Undetermined 200 sq. feet |
Neighbors/ Wholesalers were contacted to get a
feedback about SE, 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.
|
Business Name |
City |
Line of Business |
Percentile
of Shareholding |
|
None |
|||
The contact person decline to share financial information.
|
Contact person |
Mr. Aqeel |
|
Position |
Manager |
|
Contact Person
Comments |
Mr. Aqeel confirmed business operations and business information
however; he refused to share financial information. |
|
Analyst’s
Observations/ comments |
i)
The office was a single room office with no sign
board affixed. ii)
Samples of pet food were observed at site. iii)
Office is located in a commercial area of
Karachi. iv)
We tried to get buyer details from the contact
person but he refuse to disclose any, we obtain information from market
sources who confirmed business existence and further confirmed that the concern
is doing a fair deal of business in the local market. v)
We did not meet the proprietor but we observed
that the manager had good knowledge of the business. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.69 |
|
UK Pound |
1 |
Rs.102.97 |
|
Euro |
1 |
Rs.84.58 |
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.