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Report No. : |
322277 |
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Report Date : |
18.05.2015 |
IDENTIFICATION DETAILS
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Name : |
PAKISTAN REVENUE AUTOMATION (PRIVATE) LIMITED |
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Registered Office : |
3rd Floor, Software Technology Park, Service Road (North) Sector I-9/3, Islamabad |
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Country : |
Pakistan |
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Date of Incorporation : |
1994 |
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Com. Reg. No.: |
0032729 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The main objective of the Company is to plan, make arrangements for
and carry out computerization of the Federal / Provincial revenue collection
mechanism, and related work and activities, provide services to individuals
and organizations related to Federal / Provincial revenue collection and
provide consultancy services for the simplification and automation of all
revenue collection procedures |
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|
|
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No. of Employees : |
400 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – 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 |
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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 |
PAKISTAN REVENUE AUTOMATION
(PRIVATE) LIMITED
|
Registered
Address |
|
3rd Floor, Software Technology Park, Service Road (North)
Sector I-9/3, Islamabad, Pakistan |
|
Tel # |
92 (51) 111-772-772, 9257428 |
|
Fax # |
92 (51) 9254731, 9257431 |
|
Website |
|
a. |
Nature of Business |
The main objective of the Company is to plan, make arrangements for and
carry out computerization of the Federal / Provincial revenue collection
mechanism, and related work and activities, provide services to individuals
and organizations related to Federal / Provincial revenue collection and
provide consultancy services for the simplification and automation of all
revenue collection procedures |
|
b. |
Year Established |
1994 |
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c. |
Registration # |
0032729 |
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Mainly exist at major cities of Pakistan |
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KPMG Taseer Hadi & Co. (Chartered Accountants) Sixth Floor, State Life Building No. 5, Jinnah Avenue, Blue Area,
Islamabad, Pakistan |
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Subject Company was established as a Private
Limited Company in 1994 |
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Authorized Capital |
Rs. 300,000,000/- divided into 30,000,000 shares
of Rs. 10/- each |
|
Issued & Paid up Capital |
Rs. 265,420,000/- divided into 26,542,000 shares
of Rs. 10/- each |
|
Names |
Designation |
|
Ms. Raana Ahmed Mr. Tariq Bajwa Mr. Muhammad Ashraf Khan Mr. Nisar Muhammad Khan Mr. Shahid Hussain Jatoi Mr. Ahmad Dildar Mr. Khawaja Tanveer Ahmad |
Chief Executive Director Director Director Director Director Director |
|
Names |
No of Shares |
|
Ms. Raana Ahmed Mr. Tariq Bajwa Mr. Muhammad Ashraf Khan Mr. Nisar Muhammad Khan Mr. Shahid Hussain Jatoi Mr. Ahmad Dildar Mr. Khawaja Tanveer Ahmad Federal Board of Revenue, Pakistan |
01 01 01 01 01 01 01 26,541,993 |
None
|
The main objective of the Company is to plan, make arrangemensts for
and carry out computerization of the Federal / Provincial revenue collection
mechanism, and related work and activities, provide services to individuals
and organizations related to Federal / Provincial revenue collection and
provide consultancy services for the simplification and automation of all
revenue collection procedures |
400
|
Years |
In Pak Rupees |
|
2013 2014 |
700,000,000/- 799,696,000/- |
|
Mainly from U.S.A., European Countries, China, Korea & Japan
related to Information Technology related hardware & equipments |
|
EFBR PORTAL, E-CUSTOMS SYSTEMS, TEPI
(CUSTOMS WIDE AREA NETWORKING), TAX MANAGEMENT SYSTEM, MOTORWAY AUTOMATED
TOLL COLLECTION PROJECT (NATIONAL HIGHWAY AUTHORITY), BIODIVERSITY OF
PAKISTAN: DATABASES & GLOBAL NETWORKING (BGN) PROJECT (PAKISTAN MUSEUM
NATURAL HISTORY), UIP (URBAN IMMOVABLE PROPERTY TAX & SURVEY) (EXCISE AND
TAXATION DEPARTMENT, GOVT. OF NWFP), CONSULTANCY SERVICES FOR NTTFC, UNCTAD,
INSTITUTIONAL SUPPORT FOR TRADE REGIME (MINISTRY OF COMMERCE & CROWN
AGENTS), HUMAN RESOURCE MANAGEMENT SYSTEM (FEDERAL BOARD OF REVENUE AND ITS
ALLIED ORGANIZATIONS) |
|
Mainly Government of Pakistan. Ministry of
Commerce, National Highway Authority, Government of NWFP |
|
(1) Bank Alfalah Limited, Pakistan. (2) Soneri Bank Limited, Pakistan. (3) Habib Bank Limited, Pakistan. (4) Standard Chartered Bank, Pakistan. (Total Mortgage
obtained PKR: 30,000,000/-) |
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 102.50 |
|
UK Pound |
1 |
Rs. 158.75 |
|
Euro |
1 |
Rs. 114.25 |
Subject Company enjoys good reputation in Pakistan. Directors are
reported as qualified & experienced professionals in their fields. 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.63.57 |
|
|
1 |
Rs.100.30 |
|
Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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 |
|
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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 |
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|
-- |
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.