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MIRA
INFORM REPORT
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Report No. : |
495439 |
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Report Date : |
12.03.2018 |
IDENTIFICATION DETAILS
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Name : |
PAKISTAN LNG LIMITED |
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Registered Office : |
9th Floor, Petroleum House, Ataturk Avenue, G-5/2, Islamabad |
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Country : |
Pakistan |
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Date of Incorporation : |
11.12.2015 |
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Com. Reg. No.: |
0096680 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Subject has been mandated by the GOP to carry out the
business of the import, purifying, buying, storing, supplying, distributing,
transporting, transmitting, processing, measuring, metering and selling of
natural gas, LNG, re-gasified LNG to meet the country’s gas requirements. In
this capacity PLL will procure LNG from international markets and enter into
onward arrangements for supply of gas to the end user, thereby managing the
whole supply chain of LNG from procurement to end user gas sale agreements. |
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No. of Employees : |
More Than 26 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow & Delayed |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Pakistan |
B1 |
B1 |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 underdevelopment in Pakistan. Pakistan has a large
English-speaking population. A challenging security environment, electricity
shortages, and a burdensome investment climate have deterred investors.
Agriculture accounts for one-fifth of output and two-fifths of employment.
Textiles and apparel account for more than half of Pakistan's export earnings;
Pakistan's failure to diversify its exports has left the country vulnerable to
shifts in world demand. Pakistan’s GDP growth has gradually increased since
2012. Official unemployment was 6% in 2017, but this fails to capture the true
picture, because much of the economy is informal and underemployment remains
high. Human development continues to lag behind most of the region.
In 2013, Pakistan embarked on a $6.3 billion IMF Extended Fund Facility,
which focused on reducing energy shortages, stabilizing public finances,
increasing revenue collection, and improving its balance of payments position.
The program concluded in September 2016. Although Pakistan missed several
structural reform criteria, it restored macroeconomic stability, improved its
credit rating, and boosted growth. The Pakistani rupee, after heavy
depreciation in 2013, remained relatively stable against the US dollar in
2015-17. Balance of payments concerns have reemerged, however, as a result of
increased imports and declining remittances.
Pakistan must continue to address several longstanding issues, including
expanding investment in education and healthcare, adapting to the effects of
climate change and natural disasters, improving the country’s business
environment, reducing dependence on foreign donors, and widening the country’s
tax base. Given demographic challenges, Pakistan’s leadership will be pressed to
implement economic reforms, promote further development of the energy sector,
and attract foreign investment to support sufficient economic growth necessary
to employ its growing and rapidly urbanizing population, much of which is under
the age of 25.
In an effort to boost development, Pakistan and China are implementing
the “China-Pakistan Economic Corridor,” with $60 billion in investments
targeted towards energy and other infrastructure projects. Pakistan believes
CPEC investments will enable growth rates of over 6% of GDP by laying the
groundwork for increased exports. CPEC-related obligations, however, have
raised IMF concern that capital outflows that will begin to increase in 2020.
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Source
: CIA |
Business Name
PAKISTAN
LNG LIMITED
Full Address
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Registered
Address |
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9th Floor, Petroleum House, Ataturk Avenue, G-5/2, Islamabad, Pakistan |
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Tel # |
92 (51) 9216903, 9216904 |
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Fax # |
92 (51) 9216904 |
Short Description Of Business
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a. |
Nature of Business |
PLL has
been mandated by the GOP to carry out the business of the import, purifying,
buying, storing, supplying, distributing, transporting, transmitting,
processing, measuring, metering and selling of natural gas, LNG, re-gasified
LNG to meet the country’s gas requirements. In this capacity PLL will procure
LNG from international markets and enter into onward arrangements for supply
of gas to the end user, thereby managing the whole supply chain of LNG from
procurement to end user gas sale agreements. |
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b. |
Year Established |
11th December, 2015 |
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c. |
Registration No. |
0096680 |
Branches
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None |
Auditors
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Deloitte Yousuf Adil (Chartered
Accountants) |
Legal Status
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Public Limited Company (Not
listed at Pakistan Stock Exchange) |
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Authorized Capital |
Rs. 1,000,000,000/- divided into 100,000,000 shares of Rs. 10/- each |
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Issued & Paid up Capital |
Rs. 15,000,030/- divided into 1,500,003 shares of Rs. 10/- each |
Details of Management
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Names |
Designation |
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Dr. Manzoor Ahmad Mr. Muhammad Jalal Sikandar Sultan Mr. Hassan Nasir Jamy Mr. Shahid Mahmood Dr. Waqar Masood Khan |
Chairman / Chief
Executive Director Director Director Director |
Shareholders
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Names |
Shareholding
(%) |
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Government Holding (Pvt) Limited, Pakistan |
99.99 |
Parent Company
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(1) Government Holdings (Pvt) Limited, Pakistan. |
Business Activities
PLL has been mandated by the GOP to carry out the
business of the import, purifying, buying, storing, supplying,
distributing, transporting, transmitting, processing, measuring, metering and
selling of natural gas, LNG, re-gasified LNG to
meet the country’s gas requirements. In this capacity PLL will procure LNG from
international markets and enter into onward arrangements for supply
of gas to the end user, thereby managing the whole supply chain of LNG from
procurement to end user gas sale agreements.
It’s import machineries through L/C, D/P basis to its trade suppliers globally.
Its importing countries are China, Korea, Taiwan, Hong Kong, Malaysia, Japan, Singapore & European Countries.
Its major customers are Private Companies, LPG Stations & Industrial Organizations.
Subject operates from owned office premises situated at commercial area of Islamabad.
Subject employs more than 26 persons in its set up.
Annual Sales Volume
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Year |
In Pak Rupees |
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2016 |
Not ascertain as the
subject was incorporated in 11th
December, 2015 |
Trade Suppliers (Foreign)
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Subject import globally from Companies belongs to China, Korea,
Taiwan, Hong Kong, Malaysia, Japan, Singapore & European Countries |
Bankers
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(1) National Bank of Pakistan, Pakistan. (2) Bank Alfalah Limited, Pakistan. (3) Habib Bank Limited, Pakistan. |
Memberships
ICCI
Comments
Subject Company was established on 11th December, 2015. PLL has been mandated by the GOP to carry out the business of the import, purifying, buying, storing, supplying, distributing, transporting, transmitting, processing, measuring, metering and selling of natural gas, LNG, re-gasified LNG to meet the country’s gas requirements. In this capacity PLL will procure LNG from international markets and enter into onward arrangements for supply of gas to the end user, thereby managing the whole supply chain of LNG from procurement to end user gas sale agreements. Trade relations are reported as fair. In view of current disturbed economic and political situation, we would advise to deal with all the business in Pakistan with some caution.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.07 |
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1 |
INR 89.85 |
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Euro |
1 |
INR 80.16 |
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PKR |
1 |
INR 0.59 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.