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PACRA Assigns Initial Entity Ratings to Bilal Steel Mills (Private) Limited

Lahore, January 23, 2020 (PPI-OT): Bilal Steel is a distinct player in the steel industry. The company’s business model is designed around fulfilling demand from multiple segments, where in which sustainability is stronger fundamentally. Lately, Bilal has ventured into retail market and intends to build meaningful presence therein. The ratings reflect small market share of the company in a large fragmented industry. Bilal Steel has large orders in hand which bodes well for the company. The Company has improved the quality of auditor by switching to a firm included in SBP panel.

The company operates on adequate business margins in order to compete in local market, hence Bilal Steel’s profitability is commensurate to its size. The Company has depicted growth, which is an evidence of superiority of its business model. The volumes are expected to rise which will help in its future projections. The Company holds an adequate financial risk profile; absence of long term financing. The debt on balance sheet pertains to short term borrowings. Bilal Steel is a private limited company with two member board – hence board oversight is desired.

The ratings are dependent upon the company’s ability to sustain its market presence. Enhancement of business profile with improvement in financial risk indicators is crucial. Moreover, strengthening of governance framework including quarterly financial statement.

For more information, contact:
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore, Pakistan
Tel: +92-42-5869504-6
Fax: +92-42-5830425

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