|
Report Date : |
03.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
PUNJAB RICE AND GENERAL STORE (PRG) |
|
|
|
|
Registered Office : |
Aziz Chamber, Opp. City Courts, S. T. Saifuddin Road, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Date of Incorporation : |
1953 |
|
|
|
|
Legal Form : |
Proprietorship |
|
|
|
|
Line of Business : |
Retailers & Wholesalers of Rice |
|
|
|
|
No. of Employees : |
10 |
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 – 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 |
PUNJAB RICE AND
GENERAL STORE (PRG)
|
Business Name |
Punjab Rice And General Store (PRG) |
|
Address |
Registered
Address: Aziz Chamber, Opp. City Courts, S. T. Saifuddin Road, Karachi, Sindh
Pakistan. |
|
Telephone |
(+92) (21) 32731659 |
|
Fax |
None |
|
Email |
None |
|
Website |
None |
|
Business activities |
Trading of Rice. |
Registry Details
PRG is proprietorship concern, 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 |
Not Disclosed |
|
Date of Registration |
N/A |
|
GST Registration Number |
Not Disclosed |
|
Date of Registration |
N/A |
|
Chamber of Commerce & Industry |
Undetermined |
|
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. Haji Kushi Muhammad |
|
When started |
1953 |
|
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 |
Nationality |
|
Mr. Haji Kushi Muhammad |
Pakistani |
|
Name |
Position in organization |
Qualification |
Years in
employment |
|
Mr. Haji Kushi Muhammad |
Proprietor |
Undetermined |
Undetermined |
|
Mr. Abrar |
Manager |
Undetermined |
Undetermined |
|
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 |
The core business focus of PRG is Retailers & Wholesalers of Rice.
PRG is locally selling and buying its products and is not involved in any
import and export. The concern sells in bulk quantity and does not have a
specific brand.
Product:
Basmati Rice
Super Qarnal
Pearl Basmati
Polished Rice
Purchases (Incl.
Imports)
|
Imports from |
None |
|
Importing terms |
N/A |
|
Local (%) |
Sindh –Punjab |
|
Local buying terms |
Cash and Credit of 30 days |
Sales (Incl.
Exports)
|
Exports to |
None |
|
Exporting terms |
N/A |
|
Local (%) |
100 (Sindh-Punjab) |
|
Local selling terms |
Cash and Credit of 30-45 Days |
|
Nature of
employment |
Current Year |
Previous Year |
|
Permanent |
10 |
09 |
|
Total |
10 |
09 |
|
Office/Shop Address Owned / Rented Area (approx) |
Aziz Chamber,Opp.City Courts, S.T.Saifuddin Road, Karachi, Sindh,
Pakistan. Undetermined 100 sq. yards (approx) |
Three wholesalers and
four to five individual buyer were contacted to
get a feedback about PRG, 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 |
|
Haji Kushi Muhammad & CO |
Karachi |
Exporter of Rice |
100% |
Business
performance could not be analyzed as the contact person declined to share
financial information.
|
Contact person |
Mr. Abrar |
|
Position |
Manager |
|
Contact Person Comments |
Mr. Abrar confirmed business operations and business information
however; he declined to share financial information. |
|
Analyst’s Observations/ comments |
The office was comprised of one air-conditioned rooms, with one
computer and average furniture. Three to four employees were present in the office. Satisfactory Stocks of good were inspected at the time of visit. Signboard was affixed at the shop entrance. At the time of visit staff was busy in their respective work. Office is located in main commercial area suitable for this kind of
business At the time visit individual customers were observed. The customer claimed that they are satisfied with the quality and price
of the product and are long standing customers of PRG. The contact person claimed that the proprietor is involved in the day
to day business affairs but was not available at the time of visit. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.90 |
|
|
1 |
Rs.102.74 |
|
Euro |
1 |
Rs.85.16 |
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.