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Report No. : |
355010 |
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Report Date : |
17.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
PUNJAB CON-CAST (PVT) LIMITED |
|
|
|
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Registered Office : |
13-K.M., Sheikhupura Road, Lahore |
|
|
|
|
Country : |
Pakistan |
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|
|
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Year of Establishment : |
1990 |
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|
|
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Com. Reg. No.: |
0021001 |
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|
|
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Legal Form : |
Private Limited Company |
|
|
|
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Line of Business : |
Manufacture
& Marketing of Ingot Billets Iron & Steel Products. Also engaged in
import of Iron & Steel Scrap. |
|
|
|
|
No. of Employees : |
115 |
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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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Pakistan |
B1 |
B1 |
|
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-fourth of output and two-fifths of
employment. Textiles account for most of Pakistan's export earnings, and
Pakistan's failure to diversify its exports has left the country vulnerable to
shifts in world demand. Official unemployment was 6.9% in 2014, but this fails
to capture the true picture, because much of the economy is informal and
underemployment remains high. Pakistan's human development continues to lag
behind most of the region.. As a result of political and macroeconomic
instability, the Pakistani rupee has depreciated more than 40% since 2007. The
government agreed to an International Monetary Fund Standby Arrangement in
November 2008 to preventa balance of payments crisis, but the IMF ended the
Arrangement early because of Pakistan's failure to implement required reforms.
The economy has stabilized, it continues to underperform and foreign investment
has not returned to levels seen during the mid-2000s, due to investor concerns
related to governance, electricity shortages, , and a slow-down in the global
economy. Remittances from overseas workers, averaging more than$1 billion a
month, remain a bright spot for Pakistan. After a small current account surplus
in fiscal year 2011 (July 2010/June 2011), Pakistan's current account turned to
a deficit where it remained through 2014, spurred by higher prices for imported
oil and lower prices for exported cotton. In September 2013, after facing
balance of payments concerns, Pakistan entered into a three-year, $6.7 billion
IMF Extended Fund Facility. The Sharif government has since made modest
progress implementing fiscal and energy reforms, and in December 2014 the IMF
described Pakistan's progress as "broadly on track." Pakistan remains
stuck in a low-income, low-growth trap, with growth averaging about 3.5% per
year from 2008 to 2014. Pakistan must address long standing issues related to
government revenues and the electricity and natural gas sectors 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 |
|
Business Name |
PUNJAB CON-CAST
(PVT) LIMITED |
|
Registered
Address |
|
13-K.M., Sheikhupura Road, Lahore, Pakistan |
|
Tel # |
92 (42) 37970456, 37970457,
37970458, +923008447573 |
|
Fax # |
92 (42) 37970322 |
|
Email |
|
a. |
Nature of Business |
Manufacture
& Marketing of Ingot Billets Iron & Steel Products. Also engaged in
import of Iron & Steel Scrap |
|
b. |
Year Established |
1990 |
|
c. |
Registration No. |
0021001 |
|
In Karachi at present |
|
Hameed Khan & Co. (Chartered Accountants) 16-A, Link Farid
Court Road, Near A.G. Office, Lahore, Pakistan |
|
Subject Company was incorporated as a Private Limited Company in 1990 |
|
Authorized Capital |
Rs. 100,000,000/- divided into 1,000,000
shares of Rs. 100/- each |
|
Issued & Paid up Capital |
Rs. 70,000,000/- divided into 700,000
shares of Rs. 100/- each |
|
Names |
Designation |
|
Mr. Arshad Iqbal Mr. Muhammad Ashraf Mrs. Fauzia Arshad Mrs. Farhat Ashraf Mr. Haji Abdul Sami |
Chief Executive Director Director Director Director |
|
Names |
No. of
Shares |
|
Mr. Arshad Iqbal Mr. Muhammad Ashraf Mrs. Fauzia Arshad Mrs. Farhat Ashraf Mr. Haji Abdul Sami Mr. Muhammad Shareef Mr. Khalid Islam Mrs. Tabassam Islam |
154,000 154,000 70,000 70,000 63,000 112,000 38,500 38,500 |
None
Manufacture & Marketing of Ingot Billets
Iron & Steel Products. Also engaged in import of Iron & Steel Scrap
115
|
Year |
In Pak Rupees |
|
2014 |
300,000,000/- (Estimated) |
Subject import globally from Companies belongs to European Countries, China, Korea, Taiwan, Japan,
U.K. & U.S.A.
|
Annual production volume is indeterminable as its mainly depends upon the
demand / requirements from their domestic customers |
|
Mainly from European
Countries, China, Korea, Taiwan, Japan & U.K. |
|
Mainly Government Corporations, Engineering
Companies, Private Companies etc |
(1) Habib Bank Limited,
Pakistan.
(2) Allied Bank
Limited, Pakistan.
(3) Faysal Bank
Limited, Pakistan.
(4) KASB Bank Limited,
Pakistan.
(5) Bank Alfalah
Limited, Pakistan.
·
Lahore
Chamber of Commerce & Industry.(LCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 106.10 |
|
UK Pound |
1 |
Rs. 159.75 |
|
Euro |
1 |
Rs. 116.00 |
Subject Company was established in 1990 and is
engaged in manufacture & marketing of Ingot Billets Iron & Steel
Products. Also engaged in import of Iron & Steel Scrap. 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.66.85 |
|
|
1 |
Rs.100.58 |
|
Euro |
1 |
Rs.73.16 |
|
PAK |
1 |
Rs.0.64 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.