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Report No. : |
304031 |
|
Report Date : |
23.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
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Registered Office : |
38 - Peco Road Badami Bagh, Lahore |
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|
|
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Country : |
Pakistan |
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Year of Establishment
: |
1997 |
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Legal Form : |
Partnership Business |
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Line of Business : |
Manufacture and local trading of steel bars. also engaged in import of
iron & steel products, raw materials |
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|
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No. of Employee : |
140 |
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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|
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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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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-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.
|
Source
: CIA |
|
AFCO STEEL
INDUSTRIES |
|
Registered Address |
|
38 - Peco Road Badami Bagh, Lahore, Pakistan |
|
Tel # |
92 (42) 37283373, 37283371, 37281170, 37281171 |
|
Fax # |
92 (42) 37281541 |
|
Email |
|
Nature of Business |
Manufacture & local trading of Steel Bars. Also engaged in import
of Iron & Steel Products, Raw Materials |
|
Year Established |
1997 |
|
National Tax # |
2332491 |
|
Address |
21.5 K.M., Sheikhupura Road, Lahore, Pakistan |
|
Tel No. |
92 (42) 37970770 - 74 (5 Lines) |
|
Fax No. |
92 (42) 37970569 |
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Subject Company was established as a Partnership business in 1997 |
|
Names |
Designation |
|
Mr. Mian Muhammad Azhar Mr. Mian Mohammad Hammad Azhar |
Managing Partner Partner |
M. Abdul Qayyum Fazal Mohammad (Private) Limited,
Pakistan.
Afco Metal, Pakistan.
Manufacture & local trading Of Steel
Bars. Also engaged in import of Iron & Steel Products, Raw Materials
140
Approximately 50,000 - 70,000 Tons per annum
|
Year |
In Pak Rupees |
|
2013 |
260,000,000/- (Estimated) |
|
(1) POWER METAL RECYCLERS (PTY) LIMITED,
AUSTRALIA. (2) SHANS METAL BROKERS (PTY) LIMITED,
AUSTRALIA. (3) PAKISTAN STEEL MILLS (PRIVATE) LIMITED, PAKISTAN. |
|
Mainly Traders, Dealers, Government Enterprises, Steel Manufacturing
Companies, Engineering Concerns etc |
|
(1) MCB Bank Limited, Pakistan. (2) Standard Chartered Bank, Pakistan. (3) Faysal Bank Limited, Pakistan. (4) Habib Metropolitan Bank Limited, Pakistan. (5) NIB Bank Limited, Pakistan. |
Lahore Chamber of Commerce & Industry.(
Subject Company was established in 1997 and is engaged in manufacture
& local trading of Steel Bars. Also engaged in import of Iron & Steel
Products, Raw Materials. Market reputation is satisfactory. 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. 61.69 |
|
|
1 |
Rs. 93.32 |
|
Euro |
1 |
Rs. 71.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ASH |
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.