|
Report Date : |
26.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
GULF TRADING
CORPORATION |
|
|
|
|
Registered Office : |
Plot
No. 159 & 161, Memon Plaza, Garden West, Jamboo Street, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year of Establishment : |
1995 |
|
|
|
|
Legal Form : |
Proprietorship Concern |
|
|
|
|
Line of Business : |
engaged in
Importer & Trader of Foodstuff items including
Grain, Pulses, Beans, Seeds, Groundnuts Kernel, Cyanocobalamin & Spices. |
|
|
|
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Pakistan |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 was 6.6% in 2013, 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. 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 the following two years, 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 3.5% per year from 2008 to 2013.
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 |
GULF TRADING CORPORATION
|
Registered
Address |
|
Plot
No. 159 & 161, Memon Plaza, Garden West, Jamboo Street, Karachi, Pakistan |
|
Tel # |
92 (21) 32634801,
32638991, 32211466 |
|
Fax # |
92 (21) 32211466 |
|
Email |
|
a. |
Nature of Business |
Import & Trading of
Foodstuff items including Grain, Pulses, Beans, Seeds, Groundnuts Kernel,
Cyanocobalamin & Spices |
|
b. |
Year Established |
1995 |
|
c. |
National Tax # |
0857501
- 7 |
None
Subject Company was established as a Proprietorship business
in 1995
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Muhammad Hanif Mr. Saleem Abdul
Sattar |
Pakistani Pakistani |
Plot No. 159 & 161, Memon
Plaza, Garden West, Jamboo Street, Karachi Plot No. 159 & 161, Memon
Plaza, Garden West, Jamboo Street, Karachi |
Business Business |
Proprietor Manager (Import) |
(1)
R.S. Embroidery Works, Pakistan.
(2)
Taufiq International, Pakistan.
(3)
Zeeshan Enterprises, Pakistan.
Subject Company is engaged in import & trading of Foodstuff items including Grain, Pulses, Beans, Seeds, Groundnuts Kernel, Cyanocobalamin & Spices
Local sales are mostly on cash / credit term basis to its local customers.
It’s mainly import from China, Singapore, India, Vietnam, Sri Lanka, Thailand, Ukraine & Portugal.
Its major customers are Traders, Retailers, Food Companies etc.
Subject operates from caption leased shop premises of area measuring 600 Sq.ft. which is situated at commercial area of Karachi.
Subject employs about 5 persons in its set up.
|
Year |
In Pak Rupees |
|
2012 |
25,000,000/- (Estimated) |
(Foreign)
(1) COFCO HEBEI
INTERNATIONAL TRADING COMPANY, CHINA.
(2) PRAKASH OVERSEAS,
INDIA.
(3) VARDHMAN EXPORTS,
INDIA.
(4) RACHNA SEEDS, INDIA.
(1) United Bank Limited,
Pakistan.
(2) Habib Metropolitan
Bank Limited, Pakistan.
(3) MCB Bank Limited,
Pakistan.
(4) Faysal Bank Limited,
Pakistan.
(5) Meezan Bank Limited,
Pakistan.
·
Karachi Chamber of Commerce & Industry.(KCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 99.65 |
|
UK Pound |
1 |
Rs.
169.35 |
|
Euro |
1 |
Rs.
135.25 |
Subject Company was established in 1995 and is engaged in import & trading of Foodstuff items including Grain, Pulses, Beans, Seeds,
Groundnuts Kernel, Cyanocobalamin & Spices.
Trade relations are
reported as fair. Subject can be considered for normal business dealings
at usual trade terms and conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.28 |
|
|
1 |
Rs.102.28 |
|
Euro |
1 |
Rs.82.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.