|
Report No. : |
345467 |
|
Report Date : |
19.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
STAR SHIPPING (PVT) LIMITED |
|
|
|
|
Registered Office : |
6/36, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
2004 |
|
|
|
|
Com. Reg. No.: |
0048971 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in Shipping & Freight Forwarding
Services |
|
|
|
|
No. of Employees : |
20 |
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 : |
Small Company |
|
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 – 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 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 |
In absence of financials, no credit limit could be recommended.
STAR SHIPPING (PVT) LIMITED
|
Registered
Address |
|
6/36, Arkay Square, Shahrah-e-Liaquat,
Karachi, Pakistan |
|
Tel # |
92 (21) 32620750, 32620751, 32620752, 32214373, 32214379 |
|
Fax # |
92 (21) 32212434 |
|
a. |
Nature of Business |
Engaged in shipping & freight forwarding
services |
|
b. |
Year Established |
2004 |
|
c. |
Registration # |
0048971 |
|
(1) Level 1, Bhoja Terrace, Shahrah-e-Liaqat. Karachi – 74200, Pakistan (2) Suite # 1, 2nd Floor, 37 Main Boulevard, Cavalry Ground, Lahore Cantt, Pakistan. |
|
Subject Company was established as a Private Limited Company in 2004 |
|
Authorized Capital |
Rs. 100,000/- divided into 10,000 shares of Rs.
10/- each |
|
Issued & Paid up Capital |
Rs. 20/- divided into 2 shares of Rs. 10/- each |
|
Names |
Nationality |
Address |
Occupation |
Designation |
|
Mr. M. Farhan Mr. M. Kamran |
Pakistani Pakistani |
6/36, Arkay Square, Shahrah-e-Liaquat,
Karachi 6/36, Arkay Square, Shahrah-e-Liaquat,
Karachi |
Business Business |
Chief Executive Director |
|
Names |
No. of Shares |
|
Mr. M. Farhan Mr. M. Kamran |
1 1 |
A. Subsidiary
None
B. Associated
Companies
- Do -
Off Dock Containers Terminal, Containers Freight Station, Warehousing
& Distribution Facilities, Transit Containers/Project handling special for Afghanistan,
Logistic Centers, Air / Sea Freight forwarding, Shipping Agency/Liner/Tremp/Charter Business, Worldwide Chartering, Containerized
Cargo handling and Terminal Operation, NOVOCC Consolidation Services, Owners
Protecting/Husbandry services, Project Cargo handling, Inland Transportation of
General/Containerized Cargos, Project Cargos, heavy lift Haulage
throughout the country with take special care, Stevedoring Contractors
and Terminal operators
20
|
Year |
In Pak Rupees |
|
2014 |
15,000,000/- (Estimated) |
|
Several large corporate business establishments who are involved in
the Import / Export related industries |
Faysal Bank Limited, Pakistan.
Habib Bank Limited, Pakistan.
Allied Bank Limited, Pakistan.
MCB Bank Limited, Pakistan.
Karachi Chamber of Commerce & Industry.
Pakistan International Freight Forwarders
Association.
|
Currency |
Unit |
Pakistani Rupees |
|
US Dollar |
1 |
Rs. 104.45 |
|
UK Pound |
1 |
Rs. 160.50 |
|
Euro |
1 |
Rs. 118.25 |
Subject Company was established in 2004 and is engaged in shipping & freight forwarding services. 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.64.97 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
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.