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Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
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Name : |
AMRELI STEELS LIMITED |
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Registered Office : |
D/89, S.I.T.E., |
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Country : |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
0012534 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Manufacturers of Steel Reinforcement Bars, Steel Products |
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No. of Employees : |
370 |
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 |
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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 |
|
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 |
AMRELI STEELS LIMITED
|
Registered Address
& Factory |
|
D/89, S.I.T.E., Shershah
Road, Opp Shaheen Hotel, Karachi, Pakistan |
|
Tel # |
92 (21) 32561150 - 54 (5 Lines) |
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Fax # |
92 (21) 32561964 |
|
Website |
|
a. |
Nature of Business |
Manufacturers of
Steel Reinforcement Bars, Steel Products in Pakistan |
|
b. |
Year Established |
1996 |
|
c. |
Registration # |
0012534 |
|
In Lahore &
Rawalpindi |
Ernst & Young Ford Rhodes Sidat Hyder
(Chartered Accountants)
|
Subject Company
was established as a Private Limited Company in 1996. In 2009 its legal
status was changed to Non-Listed Public Limited Company |
|
6. |
Authorized Capital |
Rs. 3,500,000,000/-
divided into 350,000,000 shares of Rs. 10/- each |
|
|
Issued & Paid up Capital |
Rs. 2,227,585,700
divided into 222,758,570 shares of Rs. 10/- each |
|
Names |
Occupation |
|
Mr. Abbas Akberali Mr. Zoeb Salemwala Mr. Shayan Akberali |
Chief Executive Director Director |
|
Names |
No. of Shares |
|
Mr. Badruddin Akber Ali Mr. Abbas Akberali Mr. Shabbir Badruddin Mrs. Salma Badruddin Mr. Shayan Akberali Mr. Ali Asghar Badruddin Mr. Hadi Akberali Mr. Ghulam Abbas Jumani Mr. Taha Kissat Mr. Saifuddin Abbas Vortex Investment, U.A.E. Mrs. Kinza Shayan Mrs. Sophia Shabbir Mrs. Zohra Ali Mr. Zoeb Salemwala Mr. Salsabil Akberali |
18,891,639 43,715,607 34,884,349 406,509 21,351,960 28,687,477 17,126,366 15,003,586 5,916,552 17,994,257 16,818,535 857,914 321,423 321,423 500 460,473 |
(1)
Fatemi Wires, Pakistan.
(2)
Steel Centre, Pakistan.
Manufacturers of Steel Reinforcement Bars, Steel Products in Pakistan
370
Approximately
100,000 - 250,000 Metric Tons per annum
|
Years |
In Pak Rupees |
|
2011 2012 |
5,431,687,003/- 7,208,886,336/- |
|
Mainly Trading Companies, Dealers, Private
Companies, Government Corporations etc |
NIB Bank Limited, Pakistan.
Bank Al-Falah Limited, Pakistan.
Faysal Bank Limited, Pakistan.
Habib Bank Limited, Pakistan.
Soneri Bank Limited, Pakistan.
The Bank of Khyber, Pakistan.
Dubai Islamic Bank, Pakistan.
Habib Metropolitan Bank Limited, Pakistan.
Askari Bank Limited, Pakistan.
(10) Summit Bank Limited, Pakistan.
(Total mortgage obtained from banks provided above is PKR
7,106,629,200/-)
Karachi Chamber of
Commerce & Industry.(KCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 106.60 |
|
UK Pound |
1 |
Rs. 173.80 |
|
Euro |
1 |
Rs. 144.30 |
Subject Company was
established in 1996 and is engaged in manufacture of Steel Reinforcement Bars,
Steel Products. Market reputation is good. Directors are reported as qualified
& experienced businessmen. 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.62.38 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.97 |
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 |
|
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.