Muhammad Noor Ul Haq
PACRA Upgrades Entity Ratings of Etimaad Engineering (Pvt.) Limited
The ratings demonstrate Etimaad’s strength which emanates from its sustained operational history. The upgrade reflects Etimaad's sustained improvement in business performance, with growth in revenue and margin, aided by healthy relationships with existing customers, and extensive experience of the management. The pipeline is healthy; therein for the sake of sustainable long term growth, management follows a balanced approach aiming to gain more share in different lines of businesses. The entity is following a pyramid strategy; the top being mega projects (EPC), followed by construction and lastly maintenance related projects. The customer list portrays some of the best names in the domestic market. The Company has a track record of over a decade with strong capabilities in executing turnkey projects, as reflected in repeat orders from customers. The Company is adequately leveraged and the performance of the company rests with projects in hand and timely completion. The sponsors have demonstrated their commitment by operationally supporting the business by providing security and personal guarantees to obtain financial facilities. Meanwhile, strengthening of business development structure by inducting expert and experienced professionals is considered a key catalyst for upcoming projects. Financial risk metrics need to be upheld.
Rating is dependent upon several contracts successfully completed and upcoming projects undertaken by management to streamline its business for improved profitability, which is pivotal for considerable growth.
Established by a team of professionals in May 2007, Etimaad is an integrated engineering and contracting company. The company is engaged in providing turnkey, retrofit and debottlenecking solutions for power/oil & gas sector, project management, general industrial construction (Civil, Mechanical, E&I), shut-down and turnaround services. Etimaad's two-members board is chaired by Mr Mohammad Sohail Shafique, who holds 25.6% shareholding, is an Engineer with more than two decades of experience with renowned organizations. Mr. Mazharuddin Ansari (late)'s family, holds 37.4% shareholding. Mr Farooq Hussain Mughal, President & CEO,is a fellow chartered accountant, holds 26.9% shareholding and is supported by a qualified team. Grant Thornton Anjum Rehman, Chartered Accountants, is the external auditor of the company.