MIRA INFORM REPORT

Report Date :

26.11.2014

IDENTIFICATION DETAILS

Name :	PASHTANY FORWARDING COMPANY

Registered Office :	Suite # B-812, Saima Trade Tower, I. I. Chundrigar Road, Karachi

Country :	Pakistan

Year of Establishment :	1999

Legal Form :	Proprietorship

Line of Business :	Subject is engaged in Freight Forwarding Business

No. of Employees :	12

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

NOTES:

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ECGC Country Risk Classification List – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Pakistan

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 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

NOTE

In absence of financials, no credit limit could be recommended.

Business Name

PASHTANY FORWARDING COMPANY

Registered Office

Registered Address

Suite # B-812, Saima Trade Tower, I. I. Chundrigar Road, Karachi, Pakistan

Tel #	92 (21) 32312924, 32310360
Fax #	92 (21) 32310360

Short Description Of Business

a.	Nature of Business	Freight Forwarding Company
b.	Year Established	1999

Branches

None

Legal Status

Subject Company was established as a Proprietorship business in 1999

Details of Management

Names

Nationality

Address

Occupation

Designation

Mr. Al H.M.R. Kakazada

Pakistani

Suite # B-812, Saima Trade Tower, I. I. Chundrigar Road, Karachi

Business

Proprietor

Associates

A. SUBSIDIARY

None

B. ASSOCIATED COMPANIES

None

Business Activities

Ocean Freight Forwarding, Air / Sea Freight forwarding, Warehousing & Distribution Facilities, Customs Clearance, Shipping Agency / Liner / Tremp / Charter Business, Stevedoring Contractors and Terminal operators, Project Cargo handling, Containers Freight Station, NVOCC Consolidation services, Transit Containers / Project handling special for Afghanistan, Off Dock Containers Terminal, Owners Protecting / Husbandry services, Inland Transportation of General/Containerized Cargos, Packing, Storage and Distribution, Custom Documentation

No. of Employees

Annual Revenue / Income

Year	In Pak Rupees
2012	6,000,000/- (Estimated)

Bankers

MCB Bank Limited, Pakistan.

NIB Bank Limited, Pakistan.

Silk Bank Limited, Pakistan.

United Bank Limited, Pakistan.

Foreign Exchange Rates

Currency	Unit	Pakistani Rupees
US Dollar	1	Rs. 102.75
UK Pound	1	Rs. 160.75
Euro	1	Rs. 127.35

Comments

Subject Company was established in 1999 and is engaged in freight forwarding business. Trade relations are not known. Such as conducting business activity with the subject is considered to be a trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.92
UK Pound	1	Rs.97.12
Euro	1	Rs.76.93

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NIT

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%)

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