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MIRA INFORM REPORT
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Report No. : |
496456 |
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Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
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Name : |
ZAMSUN STEEL INDUSTRIES |
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Registered Office : |
Plot No. E-13/A, S.I.T.E., Karachi |
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Country : |
Pakistan |
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Financials (as on) : |
2016 [Summarized] |
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Date of Incorporation : |
1996 |
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Legal Form : |
Partnership |
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Line of Business : |
Import, Manufacture & Marketing of Iron & Steel Products |
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No. of Employees : |
74 |
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
ZAMSUN STEEL INDUSTRIES
Full
Address
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Registered
Address |
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Plot No. E-13/A, S.I.T.E., Karachi, Pakistan |
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Tel # |
92 (21) 111-450-045, 32582177 |
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Fax # |
92 (21) 32561168 |
Short
Description Of Business
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a. |
Nature of Business |
Import, Manufacture & Marketing of Iron & Steel Products |
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b. |
Year Established |
1996 |
Branches
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None |
Legal
Status
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Subject Company was established as a Partnership business in 1996 |
Details
of Management
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Names |
Designation |
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Mr. Mian Manzoor Ahmed Mr. Mian Babur Ali |
CEO / Managing Partner Partner |
Associated
Companies
None
Business
Activities
Import, Manufacture & Marketing of Iron & Steel Products
Number
of Employees
74
Actual Steel Consumption
Approximately 30,000 – 40,000 Tons per annum
Annual
Sales Volume
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Years |
In Pak Rupees |
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2016 |
150,000,000/- (Estimated) |
Trade
Suppliers (Foreign)
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Subject import globally from Companies belongs to China, Korea,
U.A.E., Malaysia & European Countries |
Customers
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Major customers are Traders, Government Enterprises, Engineering
Concerns etc |
Bankers
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(1) Meezan Bank Limited, Pakistan. (2) Askari Bank Limited, Pakistan. (3) United Bank Limited, Pakistan. (4) Allied Bank Limited, Pakistan. |
Memberships
PSMA
KCCI
Comments
Subject Company was established in 1996 and is engaged in import,
manufacture & marketing of Iron & Steel Products 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 64.99 |
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1 |
INR 90.83 |
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Euro |
1 |
INR 80.58 |
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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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VIV |
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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
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.