MIRA INFORM REPORT
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Report Date : |
03.11.2011 |
IDENTIFICATION DETAILS
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Name : |
TUWAIRQI STEEL MILLS LIMITED |
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Registered Office : |
First Floor, Block D, Finance & Trade Centre, Shahrah-e-Faisal,
Karachi |
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Country : |
Pakistan |
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Year of Establishment : |
2004 |
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Com. Reg. No.: |
0047101 |
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Legal Form : |
Public Limited
Company |
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Line of Business : |
Subject is engaged in Company is to set up and run a steel mill for manufacturing steel and all kinds of allied products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Pakistan |
b2 |
b2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Business Name
TUWAIRQI STEEL MILLS LIMITED
Full Address
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Registered Address |
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First Floor, Block
D, Finance & Trade Centre, Shahrah-e-Faisal, |
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Tel # |
92 (21) 35630951 |
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Fax # |
92 (21) 35631008 |
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Email |
Short Description Of Business
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a. |
Nature of Business |
The objective of the Company is to set up and run a steel complex to
produce and export steel and all kinds of allied products |
|
b. |
Year Established |
2004 |
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c. |
Registration # |
0047101 |
Head Office
P.O. Box: 7600
Dammam, 31472
Saudi Arabia
Tel.: +966 3 812 1143
Fax: +966 3 812 1059
Plant Location
Acquired a land measuring 220 acres at Port Qasim. Plant is
built at a cost of US $ 500 million situated in the Port Qasim area is under
construction.
Auditors
M. Yousuf Adil Saleem & Co.
(Chartered
Accountants)
Cavish Court, A-35,
Block 7 & 8, KCHSU, Shahrah-e-Faisal, Karachi, Pakistan
Legal Status
The Company was incorporated in Pakistan as a Public Limited Company on
2004.
|
Authorized Capital |
Rs.
10,000,000,000/- divided into 1,000,000,000 ordinary shares of Rs. 10/- each |
|
Issued & Paid up Capital |
Rs.
2,420,000,000/- divided into 242,000,000 ordinary shares of Rs. 10/- each |
Details of Directors
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Names |
Occupation |
|
Mr. Mohammad Tariq Barias Dr. Hilal Hussain S. Al Tuwairqi Mr. Aamir Barias Mr. Zaigham Adil Rizvi Mr. Nadeem Khalid Awan |
Chief Executive Director Director Director Director |
Shareholders
|
Names |
No. of Shares |
|
Mr. Mohammad Tariq Barias Dr. Hilal Hussain S. Al Tuwairqi Mr. Aamir Barias Mr. Zaigham Adil Rizvi Mr. Nadeem Khalid Awan Al-Ittefaq Steel Products Company, |
48,398,900 48,399,400 500 500 500 145,200,200 |
Note:
Al-Tuwairqi Holding Limited is the main investor of Tuwairqi
Steel Mills Limited and also part of Al-Tuwairqi Group. As far as Form ‘A’ Filed
in the SECP, their is no information mentioned in the documents as AHL
as a share holder in this Company.
Associated Companies
· Al-Tuwairqi Trading & Contracting.
·
National Steel Company
Limited.
·
Al-Faisal Steel Products
Company.
·
The International
Electrical Product Company.
· Thamesteel Limited
Products
The objective of the Company is to set up and run a steel complex to produce and export steel and all kinds of allied products
Number of Employees
240
Activities & Production
Capacity
The objective of the Company is to set up and run a steel
mill for manufacturing steel and all kinds of allied products. Tuwairqi Steel
Mills Limited as a part of Al-Tuwairqi group of Companies of Saudi Arabia, with
the designed capacity of 1.5 million tons per annum, involving phased
investment to the tune of around US $ 500 million over an area of 220 acres at
Port Qasim is under construction. Tuwairqi Steel Mills had an initial
operational capacity of 1.28 million tons per annum of Directly Reduced Iron
(DRI) & Billets. TSML plans to commission the DRI plant in the Phase-I of
the Project in the first quarter of 2009. The core part of the plant and
machinery has already been imported, major civil works completed and mechanical
works are being carried out on fast track. Keeping in view the local and
international demand for the steel products, TSML has planned alongside the DRI
Plant an Induction Furnace Project to produce 0.5 million tons per annum of
Billets as an intermediary phase.
Achievements
·
POSCO South Korea,
World’s Third Largest Steel Producing Company will Invest in Tuwairqi Steel
Mills Limited,
·
Al-Tuwairqi,
·
Tuwairqi Steel Mills Limited (TSML), the
country-arm of Saudi Arabia’s largest private-sector steel producer Al Tuwairqi
Holding in Pakistan, has signed a contract with Karachi Electric Supply
Corporation (KESC), for adding 14MW of electricity to the power utility’s
network.
Bankers
· Bank Al-Habib Limited, Pakistan.
· National Bank of Pakistan.
· Habib Bank Limited, Pakistan.
· Bank Alfalah Limited, Pakistan.
· Askari Bank Limited, Pakistan.
· United Bank Limited, Pakistan.
· Dubai Islamic Bank Pakistan Limited, Pakistan.
Financial Information
Last available financial information is attached in separate file in PDF format only for Tuwairqi Steel Mills Limited in SECP already provided by you.
Foreign
Exchange Rates
|
Currency |
Unit |
Pakistani
Rupees |
|
US Dollar |
1 |
Rs. 86.30 |
|
|
1 |
Rs. 136.00 |
|
Euro |
1 |
Rs. 117.00 |
Company Profile
Tuwairqi Steel Mills Limited (TSML) is a state of the art
environment-friendly steel manufacturing project which is based on the world’s most
advanced Direct Reduced Iron (DRI) technology of the Midrex Process owned by
Kobe Steel of Japan. With a designed capacity to produce 1.5 million tons of
high-quality DRI per annum, TSML will be the largest private-sector integrated
steel manufacturing unit in
Comments
Subject Group enjoys good reputation internationally. All
the directors are reported as qualified, resourceful & experienced
businessmen. Trade relations are reported as fair. Company can be considered
for normal business dealings at usual trade terms and conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
UK Pound |
1 |
Rs.78.73 |
|
Euro |
1 |
Rs.67.64 |
RATING EXPLANATIONS
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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.