|
Report No. : |
325596 |
|
Report Date : |
06.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
IPAC (INDENTOR OF
PULSES & COMMODITIES) |
|
|
|
|
Registered Office : |
202-A, 2nd Floor, Grain Centre, Dandia Bazar, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Date of Incorporation : |
2000 |
|
|
|
|
Legal Form : |
Proprietorship |
|
|
|
|
Line of Business : |
Import & Trading of Commodities, Pulses & Food Products |
|
|
|
|
No. of Employees : |
7 |
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 – 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-fourth of output and two-fifths of
employment. Textiles account for most of Pakistan's export earnings, and
Pakistan's failure to diversify its exportshas 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 themid-2000’s, 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 sectorsin 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 |
IPAC (INDENTOR OF
PULSES & COMMODITIES)
|
Registered Address |
|
202-A, 2nd Floor, Grain Centre,
Dandia Bazar, Karachi, Pakistan |
|
Tel # |
92 (21) 32773840, 32733869, +923212005605 |
|
Fax # |
92 (21) 32733869 |
|
Email |
|
a. |
Nature of Business |
Import & Trading of Commodities, Pulses & Food Products |
|
b. |
Year Established |
2000 |
|
c. |
National Tax # |
1083796 - 5 |
|
None |
|
Subject Company was established as a Proprietorship business in 2000 |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. Aqil Bawany |
Pakistani |
Suite # 915, 916 & 917, 9th Floor
Hussain Trade Centre Altaf Hussain Road New Challi, Karachi |
Business |
Proprietor |
|
(1) Memon Brothers,
Pakistan. |
Subject Company is engaged in import & trading of Commodities,
Pulses, Food Products including Spices, Dry Ginger, Star Aniseed with stem /
without stem, Black Pepper, Cloves, Cardomum Green, Seed Lac, Cassia Leaves,
Nut Meg, Maice, Cubeb, Turmeric, Tamarind, Red Chillies, Lentils, Kabuli Cheak
Peas, Whole Yellow Peas, Whole Green Peas, Wheat, Sugar, Rice, Canola, Green
Mong Beans, Seeds, Green Mong Beans, Sun Flower Seeds, Red Kidney Beans, Black
Eyed Beans & Pulses.
Local sales are mostly on cash / credit terms basis.
It’s mainly import from China, Vietnam, Guatemala, Madagascar,
Indonesia, India, Canada, Australia, Bangkok, Myanmar & Turkey.
Its’ major customers are Trading
Companies, Retailers etc.
Subject operates from caption leased office premises of area measuring
400 Sq.ft. which is situated at commercial market of Karachi.
Subject employs about 7 persons in its set up.
|
Year |
In Pak Rupees |
|
2013 |
50,000,000/- (Estimated) |
|
Subject mainly import from Companies belongs to China, Vietnam, Guatemala,
Madagascar, Indonesia, India, Canada, Australia, Bangkok, Myanmar &
Turkey |
|
(1) Habib Metropolitan Bank Limited, Pakistan. (2) Meezan Bank Limited, Pakistan. (3) Bank Alfalah Limited, Pakistan. (4) Askari Bank Limited, Pakistan. |
Karachi Chamber of Commerce & Industry.(KCCI)
Karachi Wholesale Grocers Association.(KWGA)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 102.90 |
|
UK Pound |
1 |
Rs. 157.00 |
|
Euro |
1 |
Rs. 115.50 |
Subject Company was established in 2000 and
is engaged in import & trading of Commodities, Pulses & Food Products.
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.63.90 |
|
|
1 |
Rs.71.82 |
|
Euro |
1 |
Rs.97.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.