|
Report Date : |
14.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
KUKDA INDUSTRIES (KI) |
|
|
|
|
Registered Office : |
2nd Floor,Kukda Centre MR 4/17,Ali Akber Street
Near Acchi Qabar, Jodia Bazar Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year of Establishments: |
1984 |
|
|
|
|
Legal Form : |
Proprietorship |
|
|
|
|
Line of Business : |
· Importer & Trader of Dyes Chemicals. Subject usually import chemical for the dye industry |
|
|
|
|
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 – 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 sales 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 |
Kukda Industries
(KI) |
|
Address |
Registered Address: 2nd Floor,Kukda Centre MR 4/17,Ali Akber Street Near Acchi Qabar, Jodia Bazar Karachi |
|
Telephone |
(+92) (21) 32423391, 32423390, 32437711, 0300-9206279 |
|
Fax |
(+92) (21) 32438365 |
|
Email |
|
|
Website |
None |
|
Business activities |
Trader of Dyes
Chemicals |
KI is a
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 |
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 |
|
Type |
No.
of Shares |
Par
Value |
Total
Value |
|
Authorized |
N/A |
||
|
Issued, Subscribed & Paid-Up |
|||
|
Who started |
Liaquat Dawood
Kukda |
|
When started |
1984 |
|
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 |
(SPONSORS)
|
Name |
Nationality |
|
Mr. Liaquat Dawood
Kukda |
Pakistani |
|
Name |
Position
in organization |
Qualification |
Years in employment |
|
Mr. Liaquat Dawood
Kukda |
Proprietor |
Undetermined |
Undetermined |
|
Mr. Nadeem |
Manager |
Graduate |
10 years |
|
Statutory
offices |
Name of service provider |
|
Statutory
Auditors |
Not Appointed |
|
Legal
Advisory Services |
Not Appointed |
|
Bank name |
Approved financing limits |
|
Meezan Bank
Ltd |
Depository
relation |
The core business
focus of KI is Import & Trade of Dyes Chemicals. KI usually
import chemical for the dye industry. Majority of the customers of the concern
are corporate sectors companies in Sindh and Punjab.
Purchases (Incl.
Imports)
|
Imports from |
India |
|
Importing terms |
Contract Basis |
|
Local (%) |
None |
|
Local buying terms |
N/A |
Sales (Incl.
Exports)
|
Exports to |
None |
|
Exporting terms |
N/A |
|
Local (%) |
100 (Sindh-Punjab) |
|
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) |
2nd Floor, Kukda Centre MR 4/17Ali Akber Street Near Acchi Qabar, Jodia
Bazar Karachi. Rented 500 sq.feet |
The contact person refuse to provide the details of KI’s major suppliers and
customers due to which we were unable to take the feedback from them, however
we contacted various competitors and neighbors of the customer who confirmed
business existence and further told us that KI has been active in the market
and had been doing well. No trade related issues were reported during inquiry.
|
Business Name |
City |
Line of Business |
Percentile of Shareholding |
|
None |
|||
The contact person decline to share financial information.
|
Contact person |
Mr. Nadeem |
|
Position |
Manager |
|
Contact Person Comments |
Mr. Nadeem confirmed
business operations and business information however; he refused to share
financial information. |
|
Analyst’s Observations/ comments |
i)
The
office was comprised of one air-conditioned rooms, with one computer and well
decorated furniture. ii)
One to
two employees were present in the office. iii)
Samples
of Chemical were observed at site. iv)
Office
is located in main commercial area. v)
KI is
situated in an area more known for the tea dealers, KI is the only concern
with this line of business in the area. vi)
Mr.
Nadeem refused to provide us customer details. vii)
During
the visit at office Liaquat Dawood Kukda was not available in office he was
out of city for business meetings. viii)
No
Signboard was placed in the office. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
|
UK Pound |
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.84.11 |
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.