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Report No. : |
355015 |
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Report Date : |
18.12.2015 |
IDENTIFICATION DETAILS
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Name : |
STEEL INNOVATORS (PVT) LIMITED |
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|
|
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Registered Office : |
Karol Ghatti, Mehmood Booti, Bund Road, Near Ishtiaq Steel Kanta, Lahore |
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|
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Country : |
Pakistan |
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Date of Incorporation : |
26.09.2012 |
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Com. Reg. No.: |
0081202 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacture & Marketing of MS Products
& Hardware Items. |
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No. of Employees : |
75 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – 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 |
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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-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 |
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Business Name |
STEEL INNOVATORS (PVT) LIMITED |
|
Registered Address |
|
Karol Ghatti, Mehmood Booti, Bund Road, Near Ishtiaq Steel Kanta, Lahore,
Pakistan |
|
Tel # |
92 (42) 36302445 |
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Fax # |
92 (42) 36302445 |
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Email |
|
a. |
Nature of Business |
Engaged in manufacture & marketing of
MS Products & Hardware Items |
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b. |
Year Established |
26th September, 2012 |
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c. |
Registration No. |
0081202 |
|
None |
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Zaheer Babar & Co. (Chartered Accountants) 58/B, 2nd Floor, 62-Mozang Road, Lahore, Pakistan |
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Subject Company was incorporated as a Private Limited Company in 26th
September, 2012 |
|
Authorized Capital |
Rs. 50,000,000/- divided into 500,000 shares
of Rs. 100/- each |
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Issued & Paid up Capital |
Rs. 32,000,000/- divided into 320,000 shares
of Rs. 100/- each |
|
Names |
Designation |
|
Mr. Umer Iftikhar Mr. Arsalan Iftikhar Mr. Ahsan Iftikhar Mr. Iftikhar Hussain |
Chief Executive Director Director Director |
|
Names |
No. of Shares |
|
Mr. Umer Iftikhar Mr. Arsalan Iftikhar Mr. Ahsan Iftikhar Mr. Iftikhar Hussain |
128,000 64,000 64,000 64,000 |
None
Engaged in manufacture & marketing of MS
Products & Hardware Items
75
|
Annual production volume is indeterminable as its mainly depends upon
the demand / requirements from their domestic customers |
|
Year |
In Pak Rupees |
|
Sales as at June 30, 2015 |
80,000,000/- (Estimated) |
|
Major customers are Private Companies, Retail & Wholesale Traders
deal with cash term basis |
(1) Habib Metropolitan Bank Limited, Pakistan.
(2)
MCB Bank Limited, Pakistan.
(3)
United Bank Limited,
Pakistan.
(4)
Silk Bank Limited, Pakistan.
(Total Mortgage
obtained PKR 335,000,000/-)
·
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 26th September, 2012 and
is engaged in manufacture & marketing of MS Products & Hardware Items. 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.66.65 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.72.33 |
|
PAK |
1 |
Rs.0.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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|
|
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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 |
|
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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 |
|
|
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 |
-- |
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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.