|
Report Date : |
18.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
MARVELLOUS IMPEX PVT. LTD (MI) |
|
|
|
|
Registered Office : |
Old Passport Office Building, Sialkot Road, Gujranwala |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Date of Incorporation : |
11.06.2008 |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Import & Trading of Under Garments, Cosmetics items, Furniture,
CNG Fuel Station, & Solar Panels, and Export Rice and Baby Garments. |
|
|
|
|
No. of Employees : |
25 |
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 : |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
MARVELLOUS IMPEX
PVT. LTD (MI)
|
Business Name |
Marvellous Impex Pvt. Ltd. (MI) |
|
Address |
Registered
Address: Old Passport Office Building, Sialkot Road, Gujranwala Inquiry Address: Sui gas Road Madina Market Pak Gujranwala |
|
Telephone |
055-3204817-18 |
|
Fax |
055-3204819 |
|
Email |
|
|
Website |
|
|
Business activities |
Import, Exporter & Trader of General items. |
Registry Details
|
CRO Registration Number |
0066410 |
|
Date of Registration |
June 11, 2008 |
Other registry & certification details:
|
Current Legal Form |
Private Limited |
|
National Tax Registration Number |
3165592-7 |
|
Date of Registration |
August 04, 2008 |
|
GST Registration Number |
Undetermined |
|
Date of Registration |
Undetermined |
|
Chamber of Commerce & Industry |
None |
|
ISO Certification |
N/A |
Capital
|
Type |
No. of Shares |
Par Value |
Total Value |
|
Authorized |
25,000 |
100 |
2,500,000 |
|
Issued, Subscribed & Paid-Up |
25,000 |
100 |
2,500,000 |
History
|
Who started |
Undetermined |
|
When started |
June 11, 2008 |
|
Change in management |
No change |
|
Year of change |
N/A |
|
Change in legal status |
No change |
|
Year of change |
N/A |
|
Change in business name |
No change |
|
Year of change |
N/A |
|
Name |
Number of Shares |
Nationality |
Appointment Date
(Last) |
|
Abdul Latif |
22,500 |
Pakistani |
11-06-2008 |
|
Muhammad Sajid Tanveer |
2,500 |
Pakistani |
11-06-2008 |
|
Total |
25,000 |
|
|
|
Name |
Position in organization |
Qualification |
Years in
employment |
|
Abdul Latif |
CEO |
Undetermined |
Undetermined |
|
Statutory offices |
Name of service
provider |
|
Statutory Auditors |
M/s M. Nazir & Company Chartered Accountants |
|
Legal Advisory Services |
M/s Asha Sarfraz Ahmed Law Associates |
|
Bank name |
Approved
financing limits PKR |
|
MCB Bank Ltd |
Depository relation |
The core business focus of MI is Import & Trading of Under Garments,
Cosmetics items, Furniture, CNG Fuel Station, & Solar Panels, and Export
Rice and Baby Garments.
Purchases (Incl.
Imports)
|
Imports from |
Undetermined |
|
Importing terms 90% |
Undetermined |
|
Local 10% |
All over Pakistan |
|
Local buying terms |
Cash and Credit of 30 days |
Sales (Incl.
Exports)
|
Exports to |
Azerbaijan |
|
Exporting terms |
Undetermined |
|
Local (100%) |
Sindh-Punjab |
|
Local selling terms |
Cash and Credit of 30 Days |
|
Nature of
employment |
Current Year |
Previous Year |
|
All Staff |
25 |
Undetermined |
|
Total |
25 |
|
|
Head office Address Owned / Rented Area (approx) |
Old Pasport Office Building, Silakot Road, Gujranwala. Undetermined Undetermined |
The contact person was reluctant to share the
information regarding the customers and suppliers, in fact no information
regarding the customers or suppliers was disclosed. Market sources had no clue
about the company and its sponsors.
|
Business Name |
City |
Line of Business |
Percentile of
Shareholding |
|
Vandex international Importer |
Gujranwala |
Undetermined |
Undetermined |
|
Pak Food International |
Gujranwala |
Undetermined |
Undetermined |
|
Bahoo Agriculture Services |
Gujranwala |
Undetermined |
Undetermined |
|
Shan Enterprises Importer |
Gujranwala |
Undetermined |
Undetermined |
|
Metro Plastech |
Gujranwala |
Undetermined |
Undetermined |
|
Intex Corporation |
Gujranwala |
Undetermined |
Undetermined |
The contact person decline to share financial information.
|
Contact person |
Mr. Abdul Latif |
|
Position |
Chief Executive Officer |
|
Contact Person Comments |
Mr. Abdul Latif confirmed business operations and business information
however; he refused to share
financial information. |
|
Analyst’s Observations/ comments |
The inquiry address provided is not the office of the concern. The contact person claimed that the inquiry address is under
construction and will be ready in 4 months, which to our observation does not
seems likely. The people at the inquiry address does not know anything about MI. The contact person does not possess good knowledge of the business. The company website mention 6 related companies but the contact person
did not disclose anything about them. Only 5 employees were observed at the time of visit. MI phone numbers were found not listed and on inquiry the contact
person was not aware of the same. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.95 |
|
|
1 |
Rs.104.02 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.