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Report No. : |
355401 |
|
Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
PROFESSIONAL HEIGHTS |
|
|
|
|
Registered Office : |
60, Neelum Block, Allama Iqbal Town, Lahore |
|
|
|
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Country : |
Pakistan |
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|
|
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Date of Incorporation : |
2007 |
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|
|
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Legal Form : |
Proprietorship |
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|
|
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Line of Business : |
Engaged in import, export, trading &
wholesale of Dairy Products, Food Additives / Chemicals, Food Products, Mint Products,
Paper Products, Metals and other related products |
|
|
|
|
No. of Employees : |
02 |
RATING & COMMENTS
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MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Pakistan |
B1 |
B1 |
|
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-fourth of output and two-fifths of
employment. Textiles account for most of Pakistan's export earnings, and Pakistan's
failure to diversify its exports has left the country vulnerable to shifts in
world demand. Official unemployment was 6.9% in 2014, but this fails to capture
the true picture, because much of the economy is informal and underemployment
remains high. Pakistan's human development continues to lag behind most of the
region.. As a result of political and macroeconomic instability, the Pakistani
rupee has depreciated more than 40% since 2007. The government agreed to an
International Monetary Fund Standby Arrangement in November 2008 to preventa
balance of payments crisis, but the IMF ended the Arrangement early because of
Pakistan's failure to implement required reforms. The economy has stabilized,
it continues to underperform and foreign investment has not returned to levels
seen during the mid-2000s, due to investor concerns related to governance,
electricity shortages, , and a slow-down in the global economy. Remittances
from overseas workers, averaging more than$1 billion a month, remain a bright
spot for Pakistan. After a small current account surplus in fiscal year 2011
(July 2010/June 2011), Pakistan's current account turned to a deficit where it
remained through 2014, spurred by higher prices for imported oil and lower
prices for exported cotton. In September 2013, after facing balance of payments
concerns, Pakistan entered into a three-year, $6.7 billion IMF Extended Fund
Facility. The Sharif government has since made modest progress implementing
fiscal and energy reforms, and in December 2014 the IMF described Pakistan's
progress as "broadly on track." Pakistan remains stuck in a
low-income, low-growth trap, with growth averaging about 3.5% per year from
2008 to 2014. Pakistan must address long standing issues related to government
revenues and the electricity and natural gas sectors 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 |
PROFESSIONAL HEIGHTS
|
Registered
Address |
|
60, Neelum Block, Allama Iqbal Town, Lahore, Pakistan |
|
Tel # |
+923214939119 |
|
Fax # |
--- |
|
Email |
--- |
|
a. |
Nature of Business |
Engaged in import, export, trading & wholesale
of Dairy Products, Food Additives / Chemicals, Food Products, Mint Products,
Paper Products, Metals and other related products |
|
b. |
Year Established |
2007 |
|
Subject Company was established as a Proprietorship
business in 2007 |
|
Names |
Address |
Occupation |
Designation |
|
Mr. Muhammad Faheem |
60, Neelum Block, Allama Iqbal Town, Lahore |
Business |
CEO / Proprietor |
A. Subsidiary
None
B. Associated
Companies
- Do -
Import, export, trading & wholesale of
Dairy Products, Food Additives / Chemicals, Food Products, Mint Products, Paper
Products, Metals and other related products
2
|
PKR 3,000,000/- (Estimated). |
Subject import globally from Companies belongs
to China, India, Thailand & Sri
Lanka
|
Mainly Private Companies, Traders deal with
cash / credit term basis |
Habib Bank Limited, Pakistan.
Allied Bank Limited, Pakistan.
Silk Bank Limited, Pakistan.
We visited the office of the concern where following observations were
made:
(1) Name Board of the
Company could not be sighted at the time of our visit.
(2) The concern’s office is
difficult to locate.
(3) Subject is located in a
residential area of Lahore.
(4) Items such as Telephones
could not be seen at the concern’s office.
(5) Subject office is not maintained
properly.
Subject operates from rented office premises situated at residential
area of Lahore.
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 106.20 |
|
UK Pound |
1 |
Rs. 158.20 |
|
Euro |
1 |
Rs. 115.00 |
Company looks very small sized and it seems that the main business of
the company is import & trading. From market sources no information is available,
as the company has not enough presence in the market. As per our observation
the company is not very active in the business circle. Trade relations are not
known. Therefore we do not recommend conducting any business activity with the
subject Company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.30 |
|
|
1 |
Rs.98.70 |
|
Euro |
1 |
Rs.72.33 |
|
PKR |
1 |
Rs.0.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
-- |
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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.