MIRA INFORM REPORT

Report No. :	322276
Report Date :	18.05.2015

IDENTIFICATION DETAILS

Name :	TPS PAKISTAN (PRIVATE) LIMITED

Registered Office :	A-43, Central Commercial Area, Block 7/8, K.C.H.S, Karachi 75350

Country :	Pakistan

Date of Incorporation :	2003

Com. Reg. No.:	0046131

Legal Form :	Private Limited Company

Line of Business :	Subject is a leading provider of cards and payment solutions worldwide

No of Employees :	150

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

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

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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

Business Name

TPS PAKISTAN (PRIVATE) LIMITED

Full Address

Registered Address

A-43, Central Commercial Area, Block 7/8, K.C.H.S, Karachi 75350, Pakistan

Tel #	92 (21) 111-877-111, 34302791 – 96 (6 Lines)
Fax #	92 (21) 34302786
Website	www.tpsonline.com

Short Description Of Business

a.	Nature of Business	TPS is a leading provider of cards and payment solutions worldwide. TPS offers its customers a combination of technical and business expertise in the area of not only switching technologies but also self service banking; multi-vendor ATMs, IVRs, Call Centers, Core Banking Hosts and their applications; communication and networking; systems integration and project management related to deployment of complex switching environments
b.	Year Established	2003
c.	Registration #	0046131

Branches

Address	TPS Middle East FZ LLC, 1204, Al Thuraya Tower Ii, Dic, 502785, Dubai, U.A.E.
Tel #	+971.4.4264603/4
Fax #	+971.4. 426-4605

Auditors

Jalis Ahmed & Co.

(Chartered Accountants)

121, Clifton Centre, Block 5, Main Clifton Road, Karachi, Pakistan

Legal Status

Subject Company was established as a Private Limited Company in 2003

Authorized Capital	Rs. 50,000,000/- divided into 5,000,000 shares of Rs. 10/- each
Issued & Paid up Capital	Rs. 4,168,840/- divided into 416,884 shares of Rs. 10/- each

Details of Directors

Names

Address

Occupation

Designation

Mr. Shahzad Shahid

Mr. Mohammad Sohail

Mr. Mobushir Rahim Hingorja

A-43, Central Commercial Area, Block 7/8, K.C.H.S, Karachi

Business

Chief Executive

Director

Shareholders

Names

No of Shares

Mr. Mohammad Sohail

Mr. Mobushir Rahim Hingorja

208,442

Associated Companies

None

Business Activities

TPS is a leading provider of cards and payment solutions worldwide. TPS offers its customers a combination of technical and business expertise in the area of not only switching technologies but also self service banking; multi-vendor ATMs, IVRs, Call Centers, Core Banking Hosts and their applications; communication and networking; systems integration and project management related to deployment of complex switching environments

Number of Employees

150

Annual Sales Volume

Year	In Pak Rupees
2013	370,000,000/- (Estimated)

Strategic Partnership

VISA, MASTERCARD, SUN MICRO SYSTEMS, MICROSOFT AND SYMANTEC

Tps Reseller Network (Foreign)

(1) FIDELITY, SYRIA.

(2) HERMES, JORDAN.

(3) AFAQ UNITED, KUWAIT.

(4) SOFT MANAGEMENT, LEBANON.

(5) NCAT, NEPAL.

(6) INTERNATIONAL ACUMEN, BANGLADESH.

(7) MIDEAST DATA SYSTEMS LIMITED, LEBANON.

(8) SYRSE INTERNATIONAL, EUROPE.

(9) AGATHON SYSTEMS, LIBYA.

(10) NCRM, MOROCCO.

(11) ABANA, SAUDI ARABIA.

(12) AL MADINAH, OMAN.

(13) IIS, SAUDI ARABIA.

(14) NATCO, YEMEN.

Tps Sst Partners

NCR, WINCOR NIXDORF, DIEBOLD, GRG, AEROCAR, MDS, PERTO

Tps Solution Partners

SYMANTEC, ORACLE, MICROSOFT, SUN

Clientele

Mainly Multinational Companies, Banks & Financial Institutions etc

Bankers

(1) Faysal Bank Limited, Pakistan.

(2) Askari Bank Limited, Pakistan.

(3) Habib Bank Limited, Pakistan.

(4) Standard Chartered Bank, Pakistan.

Memberships

Pakistan Software Houses Association.
Pakistan Software Export Board.

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 102.50
UK Pound	1	Rs. 158.75
Euro	1	Rs. 114.25

Comments

Subject Company enjoys good reputation internationally as well as 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
UK Pound	1	Rs. 100.29
Euro	1	Rs. 72.37

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	DPT

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