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Report Date : |
12.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
MS. RASTGAR ENGINEERING COMPANY PVT. LTD (REC) |
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Registered Office : |
Plot-304 to 307, Street-3, Industrial Area Sector, I-9/3, Islamabad |
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Country : |
Pakistan |
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Date of Incorporation : |
05.03.1968 |
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Com. Reg. No.: |
0002618 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject has been involved in the business of manufacturing, Import, Exporter & trading of Auto Part |
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No. of Employees : |
400 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Pakistan |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 |
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 |
M/S. RASTGAR
ENGINEERING COMPANY PVT. LTD (REC)
|
Business Name |
M/s. Rastgar Engineering Company Pvt. Ltd (REC) |
|
Office Address |
Registered Address: Plot-304 to 307, Street-3, Industrial Area Sector, I-9/3, Islamabad |
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Telephone |
051-4433544-7 |
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Fax |
92 51 4433 548 |
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|
|
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Website |
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Business activities |
Subject has been involved in the business of manufacturing, Import, Exporter & trading of Auto Parts |
Registry Details
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CRO Registration Number |
0002618 |
|
Date of Registration |
March 05, 1968 |
Other registry &
certification details:
|
Current Legal Form |
Private Limited Company |
|
National Tax Registration Number |
1359380-3 |
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Date of Registration |
May 04, 2002 |
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GST Registration Number |
070187080173 |
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Date of Registration |
April 10, 1993 |
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Chamber of Commerce & Industry |
Undetermined |
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ISO Certification |
ISO 9001, ISO 14001 |
|
Other certifications |
OHSAS 18001, ISO/TS 16949 |
Capital
|
Type |
No. of Shares |
Par Value |
Total Value |
|
Authorized |
100,000 |
100/- |
10,000,000/- |
|
Issued, Subscribed & Paid-Up |
41,909 |
100/- |
4,190,900/- |
History
|
Who started |
Undetermined |
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When started |
1968 |
|
Change in management |
Undetermined |
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Year of change |
Undetermined |
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Change in legal status |
Undetermined |
|
Year of change |
Undetermined |
|
Change in business name |
Rastgar Industries (Pvt.) Ltd to Rastgar Engineering (Pvt.) Ltd. |
|
Year of change |
Undetermined |
|
Name |
Number of Shares |
Nationality |
Appointment Date
(Last) |
|
Mr. Imtiaz Ali
Rastgar |
39,909 |
Pakistani |
October 28 2006 |
|
Mrs. Munawar
Rastgar |
2,000 |
Pakistani |
October 28 2006 |
|
Name |
Position in organization |
Qualification |
Years in employment |
|
Mr. Imtiaz Ali
Rastgar |
Managing
Director |
Undetermined |
40 years |
|
Mr. Saif Ali
Rastgar |
Chief
Accountant |
FCMA |
17 Years |
|
Mr. Qasim Ali
Rastgar |
Director
Marketing |
MBA |
20 Years |
|
Mr. Muhammad
Nisar |
Finance &
Accounts Coordinator |
CMA |
7 years |
|
Statutory offices |
Name of service
provider |
|
Statutory
Auditors |
M/s Riaz Ahmad
& Co. |
|
Legal
Advisory Services |
Raja Abdul
Rasheed |
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Bank name |
Approved financing
limits PKR |
|
Summit
Bank Ltd |
135,000,000 |
|
Standard
Chartered Bank |
120,000,000 |
The prime focus of the concern is to Manufacture, Import and Trade Auto parts, the company is dealing with top automobile companies of Pakistan.
Products:
Wheel Hubs and Drums
Trailer axle
Truck Axle
Utility and Agri axle
Steering Knuckles
Cast and Machined Parts
Purchases (Incl.
Imports)
|
Imports from |
Not Disclosed |
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Importing terms |
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Local |
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Local buying terms |
Sales (Incl. Exports)
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Exports to |
Not Disclosed |
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Exporting terms |
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Local (%) |
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|
Local selling terms |
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Nature of employment |
Current Year |
Previous Year |
|
All Staff |
400 |
400 |
|
Total |
400 |
400 |
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H. Office & Factory Address Owned / Rented Area (approx) |
Plot-304 to 307, Street-3, Industrial Area Sector, I-9/3, Islamabad Owned Undetermined |
We contacted 2 customers to get a feedback of REC. As per the customers they have been working with the REC for last few years, they claimed that they are completely satisfied with the products and services of REC and claimed that the company itself holds a very good reputation in the local market. No disputes or untoward activities were reported against the subject company.
|
Business Name |
City |
Line of Business |
Percentile of
Shareholding |
|
Rastgar and Co. |
Karachi |
Industrial Machinery |
Undetermined |
The contact person declined to share financial information.
|
Contact person |
Mr. Muhammad
Nisar |
|
Position |
Finance & Accounts Coordinator |
|
Contact Person Comments |
Mr. Muhammad Nisar confirmed business operations and business information however; he declined to share financial information. |
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Analyst’s Observations/ comments |
Subject business was established in 1968, as a private limited company with the name of “M/s. Rastgar Industries Pvt. Ltd”. Mr. Imtiaz Ali Rastgar is the chief executive officer of said company. The business premises (Sponsors owned) are situated in Plot 304 to 307, Industrial Area, I-9/3, Islamabad. Subject is involved in Auto spare Parts manufacturing and exporting business. Subject also sales its products to local auto companies as well. During our physical visit, we found the subject business in operations. The staff and labors were performing their routine duties. Subject business has installed huge and modern imported technological plant and machinery for its manufacturing purposes. Subject provided quality services to its customers as well as provide better facilities to its employees who are working in subjects manufacturing unit. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.44 |
|
|
1 |
Rs.102.48 |
|
Euro |
1 |
Rs.84.28 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
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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 |
|
-- |
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.