|
Report Date : |
13.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHAHZAD INTERNATIONAL (SI) |
|
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Registered Office : |
House No. 15, Post Box 1440, |
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Country : |
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Date of Incorporation : |
10.12.1998 |
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Legal Form : |
Partnership Firm |
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|
|
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Line of Business : |
Subject is providing services and trading
related to oil and gas exploration/ production and energy sector. |
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|
|
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No. of Employees : |
500 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
No complaints |
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|
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Pakistan |
B2 |
B2 |
|
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-fifth of output and two-fifths of employment. Textiles account for most of Pakistan's export earnings, and Pakistan's failure to expand a viable export base for other manufactures has left the country vulnerable to shifts in world demand. Official unemployment is under 6%, but this fails to capture the true picture, because much of the economy is informal and underemployment remains high. Over the past few years, low growth and high inflation, led by a spurt in food prices, have increased the amount of poverty - the UN Human Development Report estimated poverty in 2011 at almost 50% of the population. Inflation has worsened the situation, climbing from 7.7% in 2007 to almost 12% for 2011, before declining to 10% in 2012. As a result of political and economic instability, the Pakistani rupee has depreciated more than 40% since 2007. The government agreed to an International Monetary Fund Standby Arrangement in November 2008 in response to a balance of payments crisis. Although the economy has stabilized since the crisis, it has failed to recover. Foreign investment has not returned, due to investor concerns related to governance, energy, security, and a slow-down in the global economy. Remittances from overseas workers, averaging about $1 billion a month since March 2011, remain a bright spot for Pakistan. However, after a small current account surplus in fiscal year 2011 (July 2010/June 2011), Pakistan's current account turned to deficit in fiscal year 2012, spurred by higher prices for imported oil and lower prices for exported cotton. Pakistan remains stuck in a low-income, low-growth trap, with growth averaging about 3% per year from 2008 to 2012. Pakistan must address long standing issues related to government revenues and energy production in 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 |
SHAHZAD
INTERNATIONAL (SI)
|
Business Name |
M/S. SHAHZAD INTERNATIONAL |
|
Corporate & Registered Office |
Registered
Address House No. 15, Post Box 1440, Main Nazimuddin Road, F-10/4, Islamabad Head Office House No. 20, Main Margalla Road, F-8/3, Islamabad Branch Office 95-C, St#16, Phase-VI, DHA, Khayaban-e-Seher, Karachi, Pakistan |
|
Telephone |
Registered
Address 051-2287170-5 Head Office 92-51-2287170-75 (6 Lines), Branch Office 92-21-5859618 |
|
Fax |
Registered
Address 051-2287154-55 Head Office 92-51-2287154 & 55 (2 Lines) Branch Office 92-21-5859616 |
|
Email |
|
|
Website |
|
|
Business activities |
Trading and Services related to Oil and Gas Exploration/ Production
and Energy sector. |
Registry Details
SI is a Partnership Firm, registration with any regulatory body is not
mandatory.
|
CRO Registration Number |
N/A |
|
Date of Registration |
Other registry & certification details:
|
Current Legal Form |
Partnership Firm |
|
National Tax Registration Number |
1151879-7 |
|
Date of Registration |
January 01, 2000 |
|
GST Registration Number |
070184005228 |
|
Date of Registration |
December 10, 1998 |
|
Chamber of Commerce & Industry |
Undetermined |
|
ISO Certification |
None |
|
Other certifications |
Undetermined |
Capital
|
Type |
No. of Shares |
Par Value |
Total Value |
|
Not Applicable |
|||
History
|
Who started |
Mr. Zaheer ud Din
|
|
When started |
1988 |
|
Change in management |
None |
|
Year of change |
N/A |
|
Change in legal status |
None |
|
Year of change |
N/A |
|
Change in business name |
None |
|
Year of change |
N/A |
|
Name |
Number of Shares |
Nationality |
Appointment Date
(Last) |
|
Mr. Zaheer ud Din |
N/A. |
Pakistani |
30 Years |
|
Other partners names not disclosed / Undetermined |
|
|
|
|
Total |
|
|
|
|
Name |
Position in organization |
Qualification |
Years in
employment |
|
Mr. Zaheer ud Din |
CEO/ Managing Partner |
Highly qualifies & experienced people |
|
|
Mr. Zafar Iqbal |
Director Administration |
||
|
Mr. Moeenuddin |
Director Marketing |
||
|
Mr. Shahzad Zaheer |
Director Finance |
||
|
Statutory offices |
Name of service
provider |
|
Statutory Auditors |
Not Appointed |
|
Legal Advisory Services |
Not Appointed |
BANKERS
|
Bank name |
Approved
financing limits PKR |
|
NIB Bank Ltd |
Not disclosed |
The primary focus of the SI is providing
services and trading related to oil and gas exploration/ production and energy
sector.
SI is a reputable business house with worldwide contacts and business experience
of over 25 years. It takes pride in delivering quality products, solutions and
services that give customers a competitive advantage over others. It plays a
leading role in promotion of technologies, innovation, competitiveness in
services; and, economic growth. Shahzad International is a dynamic and result
oriented company that has emerged as a major integrated services and trading
house, in Pakistan. Shahzad International has played a commendable role in
bringing world-renowned multinational companies to Pakistan, for substantial
investment in the oil and gas sector, which has culminated into significant
discoveries in the provinces of Sindh and Balochistan. Shahzad International
also arranges procurement of equipment and specialized services from abroad and
is a supplier of general machinery, equipment, sophisticated materials and
services to energy related industries in Pakistan and elsewhere.
Shahzad International can render valuable assistance and excellent
services in commercial and engineering projects. In view of the experience,
expertise and well-established offices in Pakistan and foreign countries,
Shahzad International is in the best position to provide excellent and
efficient services in all areas of procurement of equipment and services. Over
two decades of a proven track record, experience and growth
has credited Shahzad International as a leading Pakistani Corporate entity in
the following specialized fields:
·
Oil and Gas Upstream and Downstream
·
Oil and Gas Equipment, Materials, Services
·
Refineries and Oil / Gas Pipelines
·
Geological / Geophysical Surveys, Seismic Data
Processing
·
Oil and Gas Production & Processing Equipments
/ Materials, Petrochemical Plants
·
Power Generation, Telecommunication, Mining and
Metallurgy
·
Civil Aviation, Civil Construction, Airports,
Hotels
·
Environment, Pollution Treatment
·
Procurement Services
·
Consultancy and Project Manpower Support
·
Gold Exploration and Prospecting
·
Minerals, Gemstones and industrial rocks
·
Coal washing and coal gasification
·
Security Documents, and security related materials
·
Computerized Vehicles Licensing Systems.
·
Security Services including Police Wireless
Systems, VIP Security Systems
·
Geographical Information Systems
·
Automatic Mapping Facility Management Systems
Purchases (Incl.
Imports) (Details not provided)
|
Imports from |
Not Disclosed |
|
Importing terms |
|
|
Local |
|
|
Local buying terms |
Sales (Incl.
Exports) (Details not provided)
|
Exports to |
Not Disclosed |
|
Exporting terms |
|
|
Local (%) |
|
|
Local selling terms |
|
Nature of
employment |
Current Year |
Previous Year |
|
All Staff |
500 |
500 |
|
Total |
500 |
500 |
|
Corporate & Registered
Office Owned / Rented Area (approx) |
House No. 15, Post Box 1440, Main Nazi mud Din Road, F-10/4, Islamabad
Owned Owned Not Disclosed |
|
Corporate Head Office Owned / Rented Area (approx |
House No. 20, Main Margalla Road, F-8/3, Islamabad Owned Not Disclosed |
|
Branch Office Owned / Rented Area (approx |
95-C, St#16, Phase-VI, DHA, Khayaban-e-Sehr, Karachi, Pakistan Owned Not Disclosed |
We contacted many customers/ competitors of
the concern, we got to know that the concern has been operating this business for
many years with customers as old as 10 years, we also got to know that the
business holds a good market reputation and a good customer base. During the
market check we did not hear any negative remarks, no complaints or disputes
were reported to us.
|
Business Name |
City |
LINE OF BUSINESS |
Percentile of
Shareholding |
|
|
Shahzad Travels (Private) Limited |
Islamabad |
Travelling Agency |
1). Mr. Zaheer ud din’s 2). Mr. Zafar Iqbal’s 3). Mr. Moeen Uddin’s |
27.5%. 45% 27.5% |
|
Flash Securities Services (Private) Limited |
Security Services provider |
1). Mr. Zaheer ud din’s 2). Mr. Zafar Iqbal’s 3). Mr. Moeen Uddin’s |
50%. 25% 25% |
|
|
Global Mining Company (Private) Limited |
Exploration & Mining |
1). Mr. Zaheer ud din’s 2). Mr. Zafar Iqbal’s 3). Mr. Moeen Uddin’s 4). Mr. Shahzad Zaheer’s |
25%. 25% 25% 25% |
|
|
Kandra Power Company (Private) Limited |
Independent power Provider |
1). Mr. Zaheer ud din’s 2). Mr. Shahzad Zaheer’s |
50%. 50% |
|
|
Shahzad CGG Veritas (Private) Limited |
Not Disclosed |
1). Mr. Shahzad Zaheer 2). Mr. Moeen Uddin 3). Mr. Zaheer Uddin’s 4). Mr. Daniel Van Hulle 5). Mr. Thiery Le Roux |
20% 20% 20% 20% 20% |
|
|
Petroleum Exploration Pvt Ltd |
Oil & Gas Exploration |
Mr. Zaheer ud din Mr. Zafar Iqbal Mr. Moeen uddin Mr. Shahzad Zaheer |
10% 80% 05% 05% |
|
The Contact person decline to share financial information.
|
Contact person |
Mr. Jawad Ahmed |
|
Position |
Personal Staff to Director |
|
Analyst’s Observations/ comments |
At the time of visit the contact person disclosed that subject is part
of Shahzad Group of companies. And Shahzad International is main managing
company of overall group. We observed during our
investigation that subject has group of companies and all companies has same
top management structure and sponsors and also operates all activities from
same head office. During our assessment it was observed and disclosed by contacted
person that subject group has number of sites & branch offices located
all over the world. The contact person told us that SI was the first registered
established company of the group, while all others were formed afterwards. We observed that the company has a good office setup, employees were
busy in their respective tasks. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.62 |
|
|
1 |
Rs.100.84 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.