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Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ADVANCE TECHNOLOGY TRACK |
|
|
|
|
Registered Office : |
Shop No. 69, Gemini Plaza, Abdullah Haroon Road, Saddar, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
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Year of Establishment : |
2006 |
|
|
|
|
Legal Form : |
Proprietorship business |
|
|
|
|
Line of Business : |
Engaged in import and distribution of Auto
Audio Systems and Accessories, Sound Systems |
|
|
|
|
No of Employees : |
6 |
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 |
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|
|
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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 – 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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 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 |
ADVANCE TECHNOLOGY
TRACK
Registered Address
Shop No. 69, Gemini Plaza, Abdullah Haroon Road, Saddar, Karachi,
Pakistan
Tel # 92 (21) 36677258, +923212424229
Fax # 92 (21) 36677258
|
a. |
Nature of Business |
Engaged in import & distribution of Auto
Audio Systems & Accessories, Sound Systems |
|
b. |
Year Established |
2006 |
None
Subject Company was established as a Proprietorship business in 2006
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Tariq Chaudhry |
Pakistani |
Shop No. 69, Gemini Plaza, Abdullah Haroon Road, Saddar, Karachi |
Business |
Proprietor |
A. Subsidiary
None
B. Associated
Companies
- Do -
(1) Subject Company is engaged in import & distribution of Auto Audio Systems & Accessories, Sound
Systems etc.
(2) Payments would be made through L/C, D/P basis
(3) Its mainly import from Japan, Korea, Singapore, China, U.A.E. &
European Countries.
(4) Its major customers are Individuals, Private Companies etc.
(5) Subject operates from caption leased shop premises located at
commercial area of Karachi.
(6) Subject employs about 6 persons in its
setup.
AKAI, PIONEER, SONY, SHARP, PANASONIC,
SOUNDSTREAM
|
Year |
In Pak Rupees |
|
2012 |
15,000,000/- (Estimated) |
KASB Bank Limited, Pakistan.
Askari Bank Limited, Pakistan.
Bank Alfalah Limited, Pakistan.
Allied Bank Limited, Pakistan.
|
Currency |
Unit |
Pakistani Rupees |
|
US Dollar |
1 |
Rs. 99.60 |
|
UK Pound |
1 |
Rs. 166.75 |
|
Euro |
1 |
Rs. 135.50 |
Subject Company was established in 2006 and is engaged in import & distribution of Auto Audio
Systems & Accessories, Sound Systems etc. 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.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SHG |
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.