Karandaaz Capital has a vendor and distributors financing agreement with Meezan Bank. Under this agreement, financing is available for vendors and distributors of partner corporates that have entered corporate framework agreements with Karandaaz and Meezan Bank. Under the programme, the bank provides term and working capital finance through cash flow based product programme (lower collateral thresholds) with efficient loan processing timelines.
In 2017, at the time of expansion, when Makka Distribution Agency, Peshawar required more finances, Unilever facilitated it to acquire finance through Supply Chain Finance Program by Karandaaz and Meezan Bank.
With time the business gained recognition and in 2006, Makka got its first opportunity to enter the fast moving consumer goods (FMCG) distribution industry by signing up for Reckitt Benckiser Pakistan’s distribution. Atif Shehzad, the agency’s owner realized the potential of FMCGs and hence changed the name to Makka Agency to cater to more diverse businesses.
Atif, the CEO of Makka Distribution Agency says, “Finance is for a business what blood is for a human body. Karandaaz’s assistance for facilitating the financing via Meezan Bank has been monumental for our expansion and growth. This finance has enabled us to expand our business, distribute for so many companies, extend our fleet, hire more employees and impact so many lives”. Atif further went on to mention that while finding collateral to acquire loans is a challenge, another great challenge for the business is to use the loan effectively.
The expansion reaped great results for Makka Agency; the turnover and number of employees doubled. The annual sales turnover has reached 2 billion rupees and profitability has improved significantly. Before the assistance, there were 150 employees working for Makka Agency. Today, the business has 300 employees resulting in better livelihoods for 300 homes.
Makka Distribution Agency Peshawar - KRN Capital Wholesale Investment capital gains tax | |
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| Non-profits & Activism | Upload TimePublished on 17 Oct 2018 |
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