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Report Date : |
18.06.2014 |
IDENTIFICATION DETAILS
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Name : |
AGHA STEEL INDUSTRIES (PVT) LIMITED |
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Registered Office : |
Plot No. N.W.I.Z./ 1 / P-133 (SP-6) D-2,Port Qasim Authority, Karachi,
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Country : |
Pakistan |
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Date of Incorporation : |
2011 |
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Com. Reg. No.: |
0085815 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in manufacture & marketing of Steel Products |
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No. of Employees |
110 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 was 6.6% in 2013, 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. 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 the following two years, 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 3.5% per year from 2008 to 2013. 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
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Source
: CIA |
AGHA STEEL INDUSTRIES (PVT) LIMITED
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Registered Address |
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Plot No. N.W.I.Z./ 1 / P-133 (SP-6) D-2,Port Qasim Authority, Karachi,
Pakistan |
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Office Address |
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Plot No 48 Sector 28 Korangi Industrial Area PK-74900 Karachi Pakistan |
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Tel # |
92 (21) 34154210 - 20 (10 Lines) |
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Fax # |
92 (21) 34154219 |
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a. |
Nature of Business |
Engaged in manufacture & marketing of Steel Products |
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b. |
Year Established |
2011 |
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c. |
Registration No. |
0085815 |
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In Karachi at present |
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Haroon Zakaria
& Co. (Chartered Accountants) |
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Subject Company was incorporated as a Private Limited Company in 2011 |
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6. |
Authorized Capital |
Rs. 10,000,000/-
divided into 1,000,000 shares of Rs. 10/- each |
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Issued & Paid up Capital |
Rs. 10,000,000/- divided
into 1,000,000 shares of Rs. 10/- each |
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Names |
Designation |
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Mr. Iqbal Hussain Agha Mr. Hussain Iqbal Agha Mr. Raza Iqbal Agha |
Chief Executive Director Director |
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Names |
No. of Shares |
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Mr. Iqbal Hussain Agha Mr. Hussain Iqbal Agha Mr. Raza Iqbal Agha |
600,000 200,000 200,000 |
None
Engaged in manufacture & marketing of Steel Products
110
Annual capacity of 300,000 M.Tons
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Year |
In Pak Rupees |
|
2013 |
200,000,000/- (Estimated) |
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Mainly Traders, Dealers, Government Corporations,
Construction Companies, Cement & Sugar Industries etc |
Bank Alfalah Limited,
Pakistan.
Askari Bank Limited, Pakistan.
Faysal Bank Limited, Pakistan.
Soneri Bank Limited, Pakistan.
Allied Bank Limited, Pakistan.
Karachi Chamber of Commerce & Industry.(KCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 99.70 |
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UK Pound |
1 |
Rs. 167.25 |
|
Euro |
1 |
Rs. 135.25 |
Subject Company was established in 2011 and is engaged in manufacture & marketing of Steel Products. Overall reputation is normal. Trade relations are reported as fair. Subject can be considered for normal business dealings at usual trade terms and conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.37 |
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|
1 |
Rs.102.48 |
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Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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<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.