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MIRA INFORM REPORT
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Report No. : |
516796 |
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Report Date : |
28.06.2018 |
IDENTIFICATION DETAILS
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Name : |
PARADISE DYES
& CHEMICAL CO |
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Registered Office : |
Plot No.
6, 2nd Floor, Watan Building, Circular Road, Lahore |
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Country : |
Pakistan |
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Financials (as on) : |
2016 (Summarized) |
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Year of Establishment : |
2004 |
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Legal Form : |
Proprietorship |
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Line of Business : |
Import & Trading of Textile Chemicals, Dyes & Pigments |
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No. of Employees : |
2 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
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Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
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Pakistan |
B1 |
B1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
PAKISTAN - ECONOMIC OVERVIEW
Decades of internal political disputes and low levels of foreign investment have led to underdevelopment in Pakistan. Pakistan has a large English-speaking population, with English-language skills less prevalent outside urban centers. Despite some progress in recent years in both security and energy, a challenging security environment, electricity shortages, and a burdensome investment climate have traditionally deterred investors. Agriculture accounts for one-fifth of output and two-fifths of employment. Textiles and apparel account for more than half of Pakistan's export earnings; Pakistan's failure to diversify its exports has left the country vulnerable to shifts in world demand. Pakistan’s GDP growth has gradually increased since 2012, and was 5.3% in 2017. Official unemployment was 6% in 2017, but this fails to capture the true picture, because much of the economy is informal and underemployment remains high. Human development continues to lag behind most of the region.
In 2013, Pakistan embarked on a $6.3 billion IMF Extended Fund Facility, which focused on reducing energy shortages, stabilizing public finances, increasing revenue collection, and improving its balance of payments position. The program concluded in September 2016. Although Pakistan missed several structural reform criteria, it restored macroeconomic stability, improved its credit rating, and boosted growth. The Pakistani rupee has remained relatively stable against the US dollar since 2015, though it declined about 10% between November 2017 and March 2018. Balance of payments concerns have reemerged, however, as a result of a significant increase in imports and weak export and remittance growth.
Pakistan must continue to address several longstanding issues, including expanding investment in education, healthcare, and sanitation; adapting to the effects of climate change and natural disasters; improving the country’s business environment; and widening the country’s tax base. Given demographic challenges, Pakistan’s leadership will be pressed to implement economic reforms, promote further development of the energy sector, and attract foreign investment to support sufficient economic growth necessary to employ its growing and rapidly urbanizing population, much of which is under the age of 25.
In an effort to boost development, Pakistan and China are implementing the “China-Pakistan Economic Corridor” (CPEC) with $60 billion in investments targeted towards energy and other infrastructure projects. Pakistan believes CPEC investments will enable growth rates of over 6% of GDP by laying the groundwork for increased exports. CPEC-related obligations, however, have raised IMF concern about Pakistan’s capital outflows and external financing needs over the medium term.
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Source
: CIA |
Company
name
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Business Name |
PARADISE DYES & CHEMICAL CO |
Full
Address
Registered
Address
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Plot No.
6, 2nd Floor, Watan Building, Circular Road, Lahore, Pakistan |
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Tel # |
+923214071983 (Contact details provided
are Mobile No.) |
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Fax # |
--- |
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Email |
Short
Description Of Business
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a. |
Nature of Business |
Import & Trading of Textile Chemicals, Dyes & Pigments |
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b. |
Year Established |
2004 |
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c. |
National Tax No. |
2195439 - 9 |
Branches
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None |
Legal
Status
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Subject Company was established as a Proprietorship business in 2004 |
Details
of Management
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Names |
Nationality |
Address |
Occupation |
Designation |
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Mr. Hafiz Mohammad Farhan Idrees |
Pakistani |
Plot No. 6, 2nd Floor, Watan
Building, Circular Road, Lahore |
Business |
CEO / Proprietor |
Associated
Companies
|
None |
Business
Activities
Subject Company is engaged in import & trading of Textile Chemicals,
Dyes & Pigments.
Local sales are mostly done with credit term basis to its domestic
customers.
Payments would be made through D/A, D/P
basis to its trade suppliers globally.
Its importing countries are China.
Its major customers are Traders,
Private Companies etc.
Subject operates from rented office premises situated at commercial area
of Lahore, Punjab.
Subject employs about 2
persons in its set up.
Annual
Sales Volume
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Year |
In Pak Rupees |
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2016 |
4,000,000/- (Estimated) |
Trade
Suppliers (Foreign)
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Subject import globally from Companies belongs to China. Its global trade
suppliers are Companies related to Textile Chemicals, Dyes & Pigments |
Bankers
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(1) Habib Bank
Limited, Pakistan. (2) Allied Bank
Limited, Pakistan. (3) MCB Bank Limited, Pakistan. |
Comments
Subject Company was established in 2004 and is engaged in import & trading business. Trade relations are
not known. Such as conducting business activity with the subject is considered
to be a trade risk. In view of
current disturbed economic and political situation, we would advise to deal
with all the business in Pakistan with some caution.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.52 |
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1 |
INR 90.60 |
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Euro |
1 |
INR 79.87 |
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PKR |
1 |
INR 0.57 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.