MIRA INFORM REPORT

 

 

Report No. :

306832

Report Date :

09.02.2015

 

IDENTIFICATION DETAILS

 

Name :

PREMIER SYSTEMS (PRIVATE) LIMITED

 

 

Registered Office :

2nd  Floor, Business Plaza, Mumtaz Hasan Road, Karachi

 

 

Country :

Pakistan

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

1993

 

 

Com. Reg. No.:

0030164

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Import & distribution of Computers, Computer’s Hardware and Networking Equipments related to Computers. Also provides technical support facilities relating to Computers networking & Installations

 

 

No. of Employees :

200

 

 

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 :

Slow but correct

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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-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

Business Name

 

PREMIER SYSTEMS (PRIVATE) LIMITED

 

 

Full Address       

 

Registered Address

2nd Floor, Business Plaza, Mumtaz Hasan Road, Karachi, Pakistan.

                       

Tel #

92 (21) 32429051, 32429052

Fax #

92 (21) 32428777

Email

finance.psl@premier.com.pk

 

 

Short Description Of Business

 

a.

Nature of Business        

Import & distribution of Computers, Computer’s Hardware and Networking Equipments related to Computers. Also provides technical support facilities relating to Computers networking & Installations

b.

Incorporated

1993

c.

Registration No.

0030164

 

 

Branches

           

Address

House No. 61, Block D1, Gulberg-III, Lahore-54660, Pakistan

Tel #

92 (42) 35879913, 35879914

Fax #

92 (42) 35879915

           

Address

House # 311-A, Aurangzeb Road, Sector E-7, Islamabad - 44300, Pakistan

Tel #

92 (51) 2655901 - 03 (3 Lines)

Fax #

92 (51) 2655904

 

 

Auditors

           

Ernst & Young Ford Rhodes Sidat Hyder

(Chartered Accountants)

 

 

Legal Status

 

Subject Company was established as a Private Limited Company in 1993

 

 

Authorized Capital       

Rs. 500,000,000/- divided into 50,000,000 shares of Rs. 10/- each

Issued & Paid up Capital

Rs. 300,000,000/- divided into 30,000,000 shares of Rs. 10/- each

 

 

Details of Directors

 

Names

Nationality

Address

Designation

Mrs. Askara Abbasi

 

 

 

 

Mrs. Samia Roomi

 

 

 

 

Mr. Syed Arshad Raza

Pakistani

 

 

 

 

Pakistani

 

 

 

 

Pakistani

 

 

House # 90, 15th Street, Off Khayaban-e-Mohafiz, Phase VI, DHA, Karachi

 

House # 90, 15th Street, Off Khayaban-e-Mohafiz, Phase VI, DHA, Karachi

 

House # 90, 15th Street, Off Khayaban-e-Mohafiz, Phase VI, DHA, Karachi

Chief Executive

 

 

 

 

Director

 

 

 

 

Director

 

 

 

 

Shareholders                

 

Names

No of Shares

Mrs. Askara Abbasi

 

Mrs. Samia Roomi

 

Mr. Syed Arshad Raza

18,167,965

 

11,832,014

 

21

 

 

Associated Companies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

           

(1) Premier Agglo, Pakistan.

(2) Premier Shipping (Pvt) Limited, Pakistan.

(3) Premier Logistics, Pakistan.

(5) Tudor Pakistan.

(6) Byco Petroleum Limited, Pakistan.

Business Activities

 

Import & Distribution of Computers, Computer’s Hardware and Networking Equipments related to Computers. Also provides technical support facilities relating to Computers networking & Installations

 

 

Number of Employees

 

200

 

Annual Sales Revenue

 

Year

In Pak Rupees

2012

1,890,299,266/-

 

 

Principals (Foreign)

 

HEWLETT PACKARD, MICROSOFT, JUNIPER, CISCO, BROCADE, 3COM, SYSTIMAX, KACE, BLUE COAT, GETRONICS, ORACLE, LANCOPE, PATIMAS

 

 

Customers

 

Multinational Companies, Private Companies, Banks & Financial Institutions, Telecommunication Companies, Departmental Stores, Auto Manufacturers etc

 

 

Financial Position

 

Satisfactory.

 

 

Bankers

 

(1) Allied Bank Limited, Pakistan.

(2) Bank Alfalah Limited, Pakistan.

(3) Silk Bank Limited, Pakistan.

(4) KASB Bank Limited, Pakistan.

(5) Soneri Bank Limited, Pakistan.

 

Memberships

 

KCCI

FPCCI

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupees

US Dollar

1

          Rs. 101.70

UK Pound

1

          Rs. 152.75

Euro

1

          Rs. 115.00

 

 

Comments

 

Subject Company enjoys good reputation in Pakistan. Directors of the Company are reported as resourceful & experienced businessmen. The office set-up is good looking & staff employed is reasonably skilled. 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.61.74

UK Pound

1

Rs.94.65

Euro

1

Rs.70.79

 

 

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

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.