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Report Date : |
03.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHAHI ENTERPRISES PVT. LTD (SE) |
|
|
|
|
Registered Office : |
M2, Khadija Arcade, 8-Manya Society, |
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|
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Country : |
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|
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Date of Incorporation : |
21.06.2004 |
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|
Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Manufacturer, Exporter & Distributor of Confectionery items including :- · Shahi Deluxe Supari Shahi
Mewa, Shahi
Nimco, Tulsi
Supari, Aas
pass Supari Ballay Ballay Nimco |
|
|
|
|
No. of Employees : |
32 |
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 |
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|
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Payment Behaviour : |
No Complaints |
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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 – 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 |
|
Business Name |
Shahi Enterprises
Pvt. Ltd (SE) |
|
Address |
Registered Address: M2, Khadija Arcade, 8-Manya Society, Khalid-bin-Waleed
Road, Karachi |
|
Telephone |
(+92) (21) 34386986-8, 34321361-4, 34554782 |
|
Fax |
(+92) (21) 34528351 |
|
Email |
|
|
Website |
www.shahi.pk (under construction) |
|
Business activities |
Manufacturers of Confectionery items |
|
CRO Registration
Number |
0047764 |
|
Date of Registration |
June 21, 2004 |
Other registry
& certification details:
|
Current Legal Form |
Private Limited Company |
|
National Tax
Registration Number |
2123319-5 |
|
Date of Registration |
July 08, 2004 |
|
GST Registration
Number |
1712190500355 |
|
Date of Registration |
October 11, 2004 |
|
Chamber of Commerce
& Industry |
Karachi Chamber of Commerce & Industries |
|
ISO Certification |
ISO 9001 & HACCP registered |
Capital
|
Type |
No. of Shares |
Par Value |
Total Value |
|
Authorized |
30,000 |
1,000 |
30,000,000 |
|
Issued, Subscribed
& Paid-Up |
7,200 |
1,000 |
7,200,000 |
History
|
Who started |
Undetermined |
|
When started |
June 21, 2004 |
|
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 |
|
Name |
Number of Shares |
Nationality |
Appointment Date (Last) |
|
Mr.
S.M. Ghayasuddin |
1,800 |
Pakistani |
31 OCT 2011 |
|
Mrs.
Sarwar Peshimam |
1,800 |
Pakistani |
31 OCT 2011 |
|
Mr.
Danish Peshiman |
1,800 |
Pakistani |
31 OCT 2011 |
|
Mr.
Zain Ahmed |
1,800 |
Pakistani |
31 OCT 2011 |
|
Total |
7,200 |
|
|
|
Name |
Position in organization |
Qualification |
Years in employment |
|
Mrs. Sarwar Peshiman |
CEO |
Undetermined |
Undetermined |
|
Mr. Shoaib |
Manager |
Undetermined |
Undetermined |
|
Statutory
offices |
Name of service provider |
|
Statutory Auditors |
M/s
Z. Lakhani & Co Chartered
Accountants |
|
Legal Advisory Services |
Not
Appointed |
|
Bank name |
Approved financing limits PKR |
|
Habib
Metropolitan Bank Ltd |
Depository relation |
|
MCB
Bank Ltd |
Depository relation |
The core business focus of SE is Manufacturer, Exporter & Distributor of Confectionery items. SE holds a very good reputation in the market, its products are regarded as the best in the same industry and are widely used all over Pakistan. Apart from in-house distribution the company has appointed different distributors across Pakistan to distribute its products. Some of its products are as follows:
Products:
· Shahi Deluxe Supari
· Shahi Mewa,
· Shahi Nimco,
· Tulsi Supari,
· Aas pass Supari
· Ballay Ballay Nimco
Purchases (Incl.
Imports)
|
Imports from |
None |
|
Importing terms % |
N/A |
|
Local 100% |
Sindh-Punjab |
|
Local buying terms |
Cash and Credit of 30 days |
Sales (Incl.
Exports)
|
Exports to |
Middle East and USA |
|
Exporting terms |
Not Disclosed |
|
Local (80%) |
All Pakistan |
|
Local selling terms |
Cash and Credit of 30-45 Days |
|
Nature of employment |
Current Year |
Previous Year |
|
All Staff |
32 |
Undetermined |
|
Total |
32 |
|
|
Head office Address Owned / Rented Area (approx) |
M2, Khadija Arcade, 8-Manya Society, Khalid-bin-Waleed
Road, Karachi. Undetermined Undetermined |
|
Branch Address Owned / Rented Area (approx) |
1 DH Jujro Mumujoth Goth Purani Sabzi Mandi No.2, Near
Shahzob Hotel Karachi. Undetermined Undetermined |
Five distributors 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 |
|
Zain Enterprises |
Karachi |
Confectionary Items |
Undetermined |
Business performance could not be analyzed as the contact person refused to share financial information.
|
Contact person |
Mr. Shoaib |
|
Position |
Finance Manager |
|
Contact Person
Comments |
Mr. Shoaib confirmed business operations and business
information however; he refused to
share financial information. |
|
Analyst’s Observations/
comments |
i)
The office was comprised of four
air-conditioned rooms, with ten computers and well decorated furniture. ii) Ten to twelve employees were present in the office. iii) Samples of Confectionery items were observed at site. iv) Mr. Shoaib as finance Manager had good knowledge of the product and the market. v) Office is located in commercial area with easy access to the major markets of Karachi. vi) At the time of visit staff was busy in their respective tasks. vii)
The contact person told us that they are
exporting their products to Middle East and America but did not disclose the
details. |
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 : |
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.